NYSE$TPL
Texas Pacific Land Corporation · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Texas Pacific's financial performance remained strong, driven by solid free cash flow generation and continued performance across surface and water assets.
Texas Pacific Land Corporation reported a net income of $105.6 million for Q3 2023, with revenues reaching $158.0 million. The company's royalty production was 21.8 thousand barrels of oil equivalent per day, and it generated $141.0 million in adjusted EBITDA and $106.1 million in free cash flow.
- Net income reached $105.6 million, translating to $13.74 per share (diluted).
- Revenues totaled $158.0 million.
- Adjusted EBITDA amounted to $141.0 million.
- Free cash flow generation reached $106.1 million.
Headline financials
Revenue & EPS history
Texas Pacific · Revenue · Quarterly
$158M
Revenue by segment
Texas Pacific · $153M total across 4 segments · Q3 2023
- Oil and Gas Royalties$87.1M-33.2%57.1%
- Water Sales$26.4M+8.2%17.3%
- Produced Water Royalties$20.8M+9.0%13.7%
- Easements and Other Surface-Related Income$18.2M+28.7%11.9%
Forward guidance
The outlook remains robust for Permian development with increased permit and spud activity, a strong well inventory backlog, over 50 rigs operating on TPL royalty acreage, and a supportive commodity price backdrop.
Tailwinds
- Improving oil and gas prices.
- Continued performance across surface and water assets.
- Strong free cash flow generation.
- Increased permit and new spud activity.
- Strong well inventory backlog.
Headwinds
- Recent oil and gas production volumes impacted by infrastructure challenges.
- Turned-to-sales timing from greater co-completion developments.
- Decrease in oil and gas royalty revenue due to lower average commodity prices.
- Decrease in oil and gas royalty revenue due to lower production volumes.
- Increase in total operating expenses.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+1.2%
Avg return
Earnings day
+3.1%
Avg return
5 days after
+4.6%
Avg return
30 days after
64%
41 / 64 earnings
Positive
+10.2%
Q3 2025
Best reaction
-10.1%
Q2 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.0% | -7.8% | -7.2% | |
| Q4 2025 | +10.0% | +20.7% | +17.9% | |
| Q3 2025 | +10.2% | +7.6% | +0.7% | |
| Q1 2025 | -3.8% | +2.6% | -17.1% | |
| Q4 2024 | +1.9% | -8.2% | -9.4% | |
| Q3 2024 | +7.4% | +12.6% | +7.7% | |
| Q2 2024 | +7.1% | +7.7% | +3.3% | |
| Q1 2024 | +8.0% | +6.2% | +2.2% | |
| Q4 2023 | +4.9% | +4.6% | +13.1% | |
| Q3 2023 | -2.6% | -4.7% | -5.4% | |
| Q2 2023 | +8.5% | +17.5% | +28.5% | |
| Q1 2023 | -3.8% | -2.5% | -4.5% | |
| Q4 2022 | -1.7% | -1.1% | -8.3% | |
| Q3 2022 | +2.3% | +15.9% | +11.0% | |
| Q2 2022 | -9.9% | -6.1% | +3.6% | |
| Q1 2022 | +1.7% | -6.0% | +21.6% | |
| Q4 2021 | +9.9% | +19.0% | +45.6% | |
| Q3 2021 | +7.3% | +11.6% | -5.4% | |
| Q2 2021 | +2.3% | +4.1% | -10.4% | |
| Q1 2021 | +3.0% | +1.5% | -12.7% | |
| Q4 2020 | -3.5% | -4.0% | +38.0% | |
| Q3 2020 | +7.5% | +10.5% | +37.7% | |
| Q2 2020 | -5.2% | +0.4% | -5.4% | |
| Q1 2020 | -9.2% | -7.8% | +4.7% | |
| Q4 2019 | +1.8% | +5.1% | -6.2% | |
| Q3 2019 | +6.0% | +10.8% | +14.2% | |
| Q2 2019 | -4.3% | -8.5% | -13.8% | |
| Q1 2019 | -5.8% | -10.4% | -12.5% | |
| Q4 2018 | +1.4% | +4.8% | +8.4% | |
| Q3 2018 | -5.6% | -5.5% | -18.4% | |
| Q2 2018 | +7.8% | +8.9% | +13.0% | |
| Q1 2018 | +8.9% | +15.8% | +27.7% | |
| Q4 2017 | -1.9% | -7.2% | -3.6% | |
| Q3 2017 | +2.8% | +4.3% | +1.9% | |
| Q2 2017 | +4.4% | +9.8% | +20.0% | |
| Q1 2017 | +5.8% | +6.2% | -0.3% | |
| Q4 2016 | +0.2% | -0.4% | -6.8% | |
| Q3 2016 | -6.4% | -7.6% | +1.2% | |
| Q2 2016 | -2.0% | -0.6% | +6.4% | |
| Q1 2016 | -3.1% | — | — | |
| Q4 2015 | +0.7% | — | — | |
| Q3 2015 | +0.9% | — | — | |
| Q2 2015 | +0.9% | — | — | |
| Q1 2015 | -0.0% | — | — | |
| Q4 2014 | +2.0% | — | — | |
| Q3 2014 | -0.8% | — | — | |
| Q2 2014 | -1.2% | — | — | |
| Q1 2014 | +3.1% | — | — | |
| Q4 2013 | +1.9% | — | — | |
| Q3 2013 | +0.5% | — | — | |
| Q2 2013 | -1.4% | — | — | |
| Q1 2013 | +2.3% | — | — | |
| Q4 2012 | +1.1% | — | — | |
| Q3 2012 | +2.4% | — | — | |
| Q2 2012 | +2.3% | — | — | |
| Q1 2012 | +4.5% | — | — | |
| Q4 2011 | +0.3% | — | — | |
| Q3 2011 | +6.5% | — | — | |
| Q2 2011 | -10.1% | — | — | |
| Q1 2011 | +0.8% | — | — | |
| Q4 2010 | -2.7% | — | — | |
| Q3 2010 | +1.6% | — | — | |
| Q2 2010 | +1.6% | — | — | |
| Q1 2010 | -2.6% | — | — |
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