Texas Pacific Land Corporation

We view capital allocation as solid with some tradeoffs. In 2024 TPL deployed ~396 million dollars to acquire mineral interests and 45 million dollars for surface assets, while also paying a 10 dollar per share special dividend and regular quarterly dividends.

Share repurchases were modest at ~29 million dollars in 2024 and none in 1H25, and management has articulated a 700 million dollar cash target before leaning into incremental buybacks or specials. The mix shows prudence and balance-sheet conservatism, though some investors may prefer heavier repurchases at prudent valuations.