TPL · Earnings call · 2026Q2T · Full report

Acquisition / Partnership / Divestiture

Texas Pacific Land Corp · 2026-08-05 · Importance 52 · Surprise 42 · In source text

During the second quarter, TPL acquired more than 10,000 acres in Shackelford and Jones Counties, Texas, for approximately $100 million. The property has contiguous land, water resources, natural-gas and grid access, established fiber and proximity to a midsized city. Management is developing the project with Bolt Data & Energy and is evaluating land, water, aggregates and other potential revenue streams while remaining capital light. TPL is in advanced discussions with multiple hyperscalers, AI labs and power generators on projects totaling approximately 25 gigawatts, with at least one definitive agreement expected in the near term.

Key facts

• During the quarter, TPL acquired over 10,000 acres of land in Shackelford and Jones County, Texas, for approximately $100 million.
• Management said they are in advanced diligence and working with Bolt to develop the Shackelford project and are working with local communities on tax abatements and other tail-end diligence items, and would be very disappointed if they don't have a definitive agreement in the very near term.
• TPL is progressing on a number of projects with various high-quality hyperscalers and AI labs, including a joint effort alongside Bolt Data & Energy.
• A previously announced land sale and water supply agreement was related to Project Kilby, a large-scale power generation facility Chevron is developing to support a customer data center in Reeves County, Texas.
• TPL has almost 1 million surface acres already.
• The Shackelford/Jones County land was attractive due to its contiguousness, land and water resources, access to natural gas and grid infrastructure, established fiber and proximity to a midsized city.

Impact estimates