Texas Pacific Land Corporation

Oil and gas royalties participate in commodity prices and volumes rather than explicit pricing power. However, surface and easement revenues, along with certain water-related fees, reflect the company’s ability to charge for access to its land.

Produced water royalties are fee-based and not directly tied to commodity prices, giving partial insulation. Overall pricing latitude is real in surface and water, but the aggregate portfolio remains exposed to commodity and activity levels, keeping this below the very top tier.