Texas Pacific Land Corporation Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Oil and Gas Royalty Interests

Oil and Gas Royalty Interests

3 Months Ended

Mar. 31, 2026

As of March 31, 2026 and December 31, 2025, the net book value of the oil and gas royalty interests we owned was as follows (in thousands):


	March 31, 2026		December 31, 2025
Oil and gas royalty interests:
1/16th nonparticipating perpetual royalty interests (1)	$	—	$	—
1/128th nonparticipating perpetual royalty interests (2)	—		—
Royalty interests acquired, at cost (3)	897,437		897,437
Total royalty interests	897,437		897,437
Less: accumulated depletion	(65,987)		(57,413)
Royalty interests, net	$	831,450	$	840,024

(1)Royalty interests assigned through the Declaration of Trust. Nonparticipating perpetual royalty interests in 185,369 NRA as of March 31, 2026 and December 31, 2025.

(2)Royalty interests assigned through the Declaration of Trust. Nonparticipating perpetual royalty interests in 5,308 NRA as of March 31, 2026 and December 31, 2025.

(3)Royalty interest in 33,380 NRA as of March 31, 2026 and December 31, 2025

There were no acquisitions of oil and gas royalty interests during the three months ended March 31, 2026. During the three months ended March 31, 2025, we acquired oil and gas royalty interests for a purchase price of approximately $3.5 million, net of post-closing adjustments, in an all-cash transaction. There were no sales of oil and gas royalty interests during the three months ended March 31, 2026 or 2025.

Depletion expense was $8.6 million and $7.3 million for the three months ended March 31, 2026 and 2025, respectively.