TPL · 10-Q · 2026Q2 · Full report

Acquisitions and Partnerships

Texas Pacific Land Corp · 2026-08-05 · Importance 83 · Surprise 82 · In source text

TPL acquired land for $110.2 million during the six months ended June 30, 2026, including acreage in Shackelford and Jones Counties supporting data center and power generation initiatives and additional land in Winkler County. The acquisitions represented a substantial increase from $8.1 million of acquisition spending in the prior-year period. TPL entered into an agreement with Chevron U.S.A. Inc. to provide land and brackish water resources for Project Kilby, a power-generation facility supporting a customer data center in Reeves County. The Chevron arrangement provided aggregate land-sale consideration of $42.5 million, including annual payments through 2046, and generated $20.9 million of land-sales revenue recognized at closing.

Key facts

• Sold land for aggregate consideration of $42.5 million to Chevron as part of agreement to provide land and brackish water resources for Project Kilby; recognized $20.9 million land sales revenue at closing and recorded a financing receivable at present value $20.9 million representing contractual payments of $42.4 million discounted at 7.5% effective interest rate. source
• Acquired land for an aggregate purchase price of $110.2 million during the six months ended June 30, 2026, including Shackelford and Jones Counties (data center and power generation initiatives) and Winkler County, Texas. source
• Agreement with Chevron provides for a put option held by the developer and a call option held by us regarding repurchase of the land if certain development milestones are not achieved, and a separate agreement to supply water to the project. source

Impact estimates