The following is a summary of the Texas Pacific Land Corporation (TPL) Q3 2024 Earnings Call Transcript:

Financial Performance:

• TPL reported Q3 2024 revenues of approximately $174 million.

• Adjusted EBITDA reached $144 million, with an 83% adjusted EBITDA margin.

• Diluted earnings per share increased slightly to $4.63, compared to the same period last year.

Business Progress:

• Recorded a corporate record of approximately 28,300 barrels of oil equivalent per day in royalty production.

• Water sales revenues increased by 37% year-over-year.

• Produced water royalty revenues saw a 46% increase year-over-year, driven by expanding commercial arrangements with third-party customers.

Opportunities:

• Recent strategic acquisitions, costing nearly $40 million, of over 50,000 acres should provide incremental growth for produced water operations, specifically outside core oil and gas zones in the Permian Basin.

• Signed agreements for commercial exploitation of newly acquired surfaces that offer critical support for expanding produced water solutions.

Risks:

• Lower realized oil and natural gas prices, which declined by 8% and 65%, respectively, could impact profitability.

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