Texas Pacific Land Corporation

Revenue durability benefits from broad Permian development, but top line is still driven by producer activity and realized commodity prices. The EIA projects U.S. output at record levels and continued Permian growth into 2025–2026, which supports volumes, though price volatility can swing cash flows.

Water handling needs continue to rise with produced-water volumes, adding a secular tailwind. These positives are offset by regulatory tightening on saltwater disposal that may alter mix and timing. Predictability is solid but not in the tollbooth class of global networks.