Q2 2024 Texas Pacific Land Corp Earnings Call

August 8, 2024

Tyler Glover: Our prior investments in people and commercial development continue to provide a substantial windfall for the company. Toning in on water sales, our team has successfully captured opportunities both on and off DPL-8, with sales volumes averaging 800,000 barrels per day during this quarter. Upstream operators utilizing simulfrac, trimulfrac, and co-completions as part of their development strategies are driving robust demand for TPL water as our strategically located infrastructure network has the size and reach to reliably accommodate the ever-increasing demand for both brackish and recycled water. Our top five customers for water sales this quarter were Exxon, Conoco, Occidental, EOG, and BP. Customer quality doesn't get much better than that.

greetings and welcome to the texas specific landan corporation second quarter two thousand and twenty-four earnings conference call at this time all participants are in listen only mode a brief question and answer session will follow the followall presentation

Operator: If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Shawn Amini, Investor Relations. Thank you, sir.

Speaker Change: If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.

Shawn Amini: For more detailed discussion of the factors that may affect the company's results, please refer to our earnings release for this quarter and to our recent SEC filing. Now, I will turn the call over to Ty. Thanks, Shawn. Good morning everyone, and thank you for joining us today.

As a reminder, this conference is being recorded.

Speaker Change: It is now my pleasure to introduce your host, Shawn Amini, Investor Relations. Thank you, sir. You may begin.

Tyler Glover: On the produced water side, we are reaping the benefits of our prior and ongoing commercial and contracting efforts as upstream and midstream operators drive produced water volumes into TPL's surface area. We collected a royalty on over 300 million barrels of produced water this quarter, which represents a 43% increase versus the same quarter last year. Our top customers here again represent some of the highest quality operators in the Permian, names like Conoco, BP, Cotera, and Occidental.

Shawn Amini: Thank you for joining us today for Texas Pacific Land Corporation's 2nd Quarter 2024 Earnings Conference Call. Yesterday afternoon, the company released its financial results and filed its Form 10-Q with the Securities and Exchange Commission, which is available on the Investors section of the company's website at www.texaspacific.com.

Speaker Change: As a reminder, remarks made on today's conference call may include forelooking statements. Forelooking statements are subject to risk uncertainties that may cause actual results to differ maturely from those discussed today. We do not undertake any obligation to update our forelooking statements in light of new information or future events.

for more detailed discussion of the factors that may affect the company's results please refer to our earnings release for this quarter and to our recent sec filings

Speaker Change: During this call, we will also be discussing certain non-GAAP financial measures. More information and reconciliations about these non-GAAP financial measures are contained in our earnings release and SEC filings. Please also note, we may at times refer to our company by its stock ticker, TPL.

Tyler Glover: For our produce water desalination and beneficial reuse endeavors, procurement and process and equipment testing continue on our 10,000 barrel per day test facility, which we refer to as Phase 2B. We still expect completion of this facility in the middle of next year.

Speaker Change: This morning's conference call is hosted by TPL Chief Executive Officer Ty Glover and TPL Chief Financial Officer Chris Steddum. Management will make some prepared comments after which we will open the call for questions.

Tyler Glover: CapEx related to these efforts is approximately $4 million year-to-date. On the beneficial reuse side, our alfalfa plot is currently operational and going very well, and we continue to make good progress on various permitting processes with regulatory agencies. As we discussed last quarter, we believe produced water desalination and beneficial reuse will potentially play a critical role in providing sustainable produced water solutions that will allow the Permian to maintain robust development activity. Oil and gas royalty production of approximately 24,900 barrels of oil equivalent per day was up slightly from the previous sequential quarter.

Speaker Change: now i will turn the call over to type thank sho good morning everyone and thank you for joining us today

Tyler Glover: Encouragingly, our line-of-sight inventory has expanded to 19.8 net wells, comprised of 6.3 net permits, 9.5 net drilled but uncompleted wells, and 4 net completed but not producing wells. Furthermore, we saw a large ramp in new permit activity during the second quarter with 344 growths and five net new permits. Permitting activity was especially strong in our beloved Northern Reefs and Central Midland sub-regions

Ty Glover: Our second quarter 2024 results demonstrate the overall strength of our business as TPL has positioned itself at the forefront of the Permian Basin's emergence as a world-class resource.

Speaker Change: Performance was led by another outstanding quarter from our water services and operations segment.

Speaker Change: we set corporate records across virtually every manager water performance indicator while our sales revenues water sales volumes produce water royalties revenues produce royalties volumes

Tyler Glover: Total Water Segment revenues, Total Water Segment Free Cash Flow, and Total Water Segment Net Income. Our prior investments in people and commercial development continue to provide a substantial windfall for the company. Toning in on water sales, our team has successfully captured opportunities both on and off DPL-8. Our top five customers for water sales this quarter were Exxon, Conoco, Occidental, EOG, and BP. Customer quality doesn't get much better than that. Our top customers here again represent some of the highest quality operators in the Permian.

Speaker Change: Total Water Segment Revenues, Total Water Segment Free Cash Flow, and Total Water Segment Net Income. Our prior investments in the people and commercial development continues to provide a substantial windfall for the company.

Speaker Change: Honing in on water sales, our team has successfully captured opportunities both on and off DPL acreage.

Speaker Change: with sales volumes averaging eight hundred thousand barrels per day during this quarter

Speaker Change: Upstream operators utilizing simulfrac, trimulfrac, and co-completions as part of their development strategies are driving robust demand for TPL water as our strategically located infrastructure network has the size and reach to reliably accommodate ever-increasing demand for both brackish and recycled water.

Speaker Change: Our top five customers for water sales this quarter were Exxon, Conoco, Occidental, EOG, and BP. Customer quality doesn't get much better than that.

Speaker Change: On the produced water side, we are reaping the benefits of our prior and ongoing commercial and contracting efforts as upstream and midstream operators drive produced water volumes into TPL's surface acreage.

Speaker Change: We collected a royalty on over 300 million barrels of produced water this quarter, which represents a 43% increase versus the same quarter last year. Our top customers here, again, represent some of the highest quality operators in the Permian, names like Conoco, BP, Koterra, and Occidental.

Tyler Glover: Names like Conoco, BP, Koterra, and Occidental. For our produced water desalination and beneficial reuse endeavors, procurement and process and equipment testing continue on our 10,000 barrel per day test facility, which we refer to as Phase 2B. On the beneficial reuse side, our alfalfa plot is currently operational and going very well, and we continue to make good progress on various permitting processes with regulatory agencies.

Speaker Change: For our produced water desalination and beneficial reuse endeavors, procurement and process and equipment testing continues on our 10,000 barrel per day test facility, which we refer to as Phase 2B.

Speaker Change: We still expect completion of this facility in the middle of next year.

Speaker Change: capex related to these efforts is approximately four million dollars year-to-date

Speaker Change: on the beneficial re sign our al plaudits currently operational ongoing very well and we continue to make good progress on various permmating processes with regulatory agencies

Speaker Change: As we discussed last quarter, we believe produced water desalination and beneficial reuse will potentially play a critical role in providing sustainable produced water solutions that will allow the Permian to maintain robust development activity.

Speaker Change: oiland gas royty production of approximately twenty-four thousand nine hundred barrels of oil equivalent per day was up slightly for the previous sequential quarter

Speaker Change: Encouragingly, our line-of-sight inventory has expanded to 19.8 net wells comprised of 6.3 net permits, 9.5 net drilled uncompleted wells, and 4 net completed but not producing wells.

Speaker Change: furthermore we saw a large ramp and new permit activity during second quarter with three hundred and forty-four growth in five net new permits

Speaker Change: Permitting activity was especially strong in our loving Northern Reefs and Central Midland sub-regions.

Tyler Glover: This level of near-term inventory and new activity gives us a lot of confidence that our royalty production can sustain an attractive growth trajectory. This is especially pertinent during periods of high and persistent inflation like we've experienced over the last few years. Rising development expenditures and labor expenses effectively raise the global oil supply cost curve. Thus, for operators to hit the same pre-inflationary return targets, they would need higher commodity prices. However, from the royalty owner's perspective, higher upstream development costs do not directly impact the economy.

Tyler Glover: This level of near-term inventory and new activity gives us a lot of confidence our royalty production can sustain an attractive growth trajectory. For the second quarter of 2024, oil and gas royalties comprise 52% of TPO's total consolidated revenues, which makes it the single largest revenue source TPO has. Although commodity price volatility over the last year or so has dampened top-line revenue growth versus recent prior years, we still very much consider oil and gas royalties to be one of the highest quality cash flow streams, not just within the energy industry but in the market more broadly.

Speaker Change: This level of near-term inventory and new activity gives us a lot of confidence our royalty production can sustain an attractive growth trajectory.

Speaker Change: For the second quarter 2024, oil and gas royalties comprise 52% of TPO's total consolidated revenues, which makes it the single largest revenue source TPO has.

Speaker Change: Although commodity price volatility over the last year or so has dampened top line revenue growth versus recent prior years, we still very much consider oil and gas royalties to be one of the highest quality cash flow streams, not just within the energy industry, but in the market more broadly.

Tyler Glover: As many of you know, oil and gas royalties provide owners with a fixed percentage of revenues and production from oil and gas wells but without being burdened by any capital costs and almost none of the operating costs. Although they do bear exposure to fluctuating commodity prices, their high margin capital light attributes mean that even during periods of depressed commodity prices, royalties can still generate significant positive free cash flow. This is especially pertinent during periods of high and persistent inflation like we've experienced over the last few years. Rising development expenditures and labor expenses effectively raise the global oil supply cost curve.

Speaker Change: As many of you know, oil and gas royalties provide owners a fixed percentage of revenues and production from oil and gas wells, but without being burdened by any capital costs and almost none of the operating costs.

Speaker Change: although they do very exposure to fluctuating commodity prices their high-margin capital light attributes mean that even during periods of depressed commodity prices royties can still generate significant positive free cash flow

Tyler Glover: This is especially pertinent during periods of high and persistent inflation like we've experienced over the last few years.

Speaker Change: rising development expenditures and labor expenses effectively raises the global oil supply cost scare

Tyler Glover: Thus, for operators to hit the same pre-inflationary return targets, they would need higher commodity prices. In other words, operators are constantly fighting a battle where cost inflation diminishes their returns unless commodity prices eventually rise commensurately. However, from the royalty owner's perspective, higher upstream development costs do not directly impact our economy. Over the long-term, its commodity prices potentially reset higher in response to the structurally higher global supply cost fair, then loyalty owners capture the incremental revenue upside without bearing the burden of higher expenses.

Speaker Change: thus for operators to hit the same preinflationary return targets they would need higher commodity prices

Speaker Change: In other words, operators are constantly fighting a battle where cost inflation diminishes their returns unless commodity prices eventually rise commensurately.

Speaker Change: However, from the royalty owner's perspective, higher upstream development costs do not directly impact our economics.

Tyler Glover: Over the long term, as commodity prices potentially reset higher in response to the structurally higher global supply cost here, then loyalty owners capture the incremental revenue upside without bearing the burden of higher expenses. The goal with any acquisition is to generate at least double-digit IRRs on invested capital and to generate increased long-term free cash flow per share.

Tyler Glover: Over the long term, as commodity prices potentially reset higher in response to a structurally higher global supply-cost pair, then loyalty owners capture the incremental revenue upside without bearing the burden of higher expenses.

Tyler Glover: As we've discussed many times before, over the years, we've actively searched for external assets that look like TPL across surface water and rural Texas. On the royalty side specifically, TPL is well positioned to consolidate a vast opportunity set of Permian minerals and royalties. Our current royalty position of 500,000 gross royalty acres provides unique advantages spanning across both the Midland and Delaware portions of the Permian Basin. With our industry-leading, actively managed surface and water business, we have developed deep relationships with virtually every upstream, midstream, and water operator, as well as land and mineral estate owners across the basin, giving TPL unique access to off-market packages and extensive intel on development patterns.

Speaker Change: as we've discussed many times before over the years we've actively searched for external assets that look like tpl across surface water and royties

Speaker Change: on the royalty side specifically tpll is well positioned to consolidate a vast opportunity set of permian minerals and roalties

Speaker Change: Our current royalty position of 500,000 gross royalty acres provides unique advantages spanning across both the Midland and Delaware portions of the Permian Basin.

Speaker Change: With our industry-leading, actively managed surface and water business, we have developed deep relationships with virtually every upstream, midstream, and water operator, as well as land and mineral estate owners across the basin, giving TPL unique access to off-market packages and extensive intel on development patterns.

Tyler Glover: For potential mineral and royalty acquisitions, we evaluate each package with a bottom-up, intrinsic value approach. The goal with any acquisition is to generate at least double-digit IRR on invested capital and to generate increased long-term free cash flow per share. Because TPL already owns great assets, we have no interest in diluting our asset quality, our growth prospects, or our unique business model. Any asset acquisition has to enhance the quality of our overall asset portfolio. It has to augment our growth.

Speaker Change: For potential mineral and royalty acquisitions, we evaluate each package with a bottoms-up intrinsic value approach.

Speaker Change: The goal with any acquisition is to generate at least double-digit IRRs on invested capital and to generate increased long-term free cash flow per share.

Speaker Change: because tpl al owned greatade assets we have no interest in diluting down our asset quality our growth prospects where our unique business small

Tyler Glover: Any asset acquisition has to enhance the quality of our overall asset portfolio, it has to augment our growth runway, it has to support our high margin capital life business model, and ultimately it has to increase TPL's intrinsic value per share.

Tyler Glover: It has to support our high-margin capitalized business model, and ultimately, it has to increase TPL's intrinsic value per share. To this end, we employ an excellent team across M&A, Reservoir Engineering, GIS, and Minerals and Royalties Management, all with extensive industry experience. We have internally developed robust technology-driven data management systems that allow us to efficiently process, monitor, and manage our mineral and royalty assets, which means we can roll up mineral and royalty assets in a very efficient manner without a proportionate increase in cost.

Speaker Change: to this end we employ an excellent team across immina reservoir engineering gs and minerals and royalties management all of extensive industry experience

Tyler Glover: We have internally developed robust technology-driven data management systems that allow us to efficiently process, monitor, and manage our mineral and royalty assets, which means we can roll up mineral and royalty assets in a very efficient manner without a proportionate increase in cost.

Tyler Glover: The opportunity set for minerals and royalties is quite large. Just within our existing asset footprint, we can buy real estate that is literally identical to what we already own. For example, in our core Texas-Northern Delaware area, thus for a two-mile well lateral.

Tyler Glover: The opportunity set for minerals and royalties is quite large. Although TPL's Royalty Acreage overlaps with some of the highest quality sub-regions in the Permian, there is still plenty of opportunity to consolidate royalties both within our existing acreage footprint and also within other Permian sub-regions that also contain excellent resource quality. Just within our existing asset footprint, we can buy real estate that is literally identical to what we already own. For example, in our core Texas-Northern Delaware region, our typical royalty interest for a one mile by one mile section is generally 1 16th or 6.25 percent. With well laterals today typically extending out to 2 miles, a common drilling section unit, or DSU, is generally comprised of two adjacent sections, thus forming a two-mile well ladder.

Tyler Glover: The opportunity set for minerals and royalties is quite large.

Tyler Glover: Although TPL's Royalty Acreage overlaps with some of the highest quality sub-regions in the Permian, there is still plenty of opportunity to consolidate royalties both within our existing acreage footprint, but also within other Permian sub-regions that also contain excellent resource quality.

Tyler Glover: Just within our existing asset footprint, we can buy realties that are literally identical to what we already own.

Tyler Glover: Our section would be one half of that DSU, so our net revenue interest in that well would be one half of 6.25%, resulting in a net revenue interest of 3.125%. In the state of Texas, where the vast majority of mineral and royalty rights are privately owned, the total aggregate mineral and royalty interest is generally 25%. TPL's average net revenue interest across our entire portfolio is likely between 1% and 2%, which means that the other 23 or so percent are held by third parties.

Tyler Glover: For example, in our core Texas-Northern Delaware acreage, our typical royalty interest for a one-mile-by-one-mile section is generally one-sixteenth, or 6.25%.

Tyler Glover: With well laterals today typically extending out to two miles, a common drilling section unit, or DSU, is generally comprised of two adjacent sections.

Tyler Glover: thus for a two mile well lateral

Speaker Change: our section would be one half of that b sosaw our net revenue interest in that well would be one half of six point y five percent resulting in in net revenue interest of three point one to five percent

Tyler Glover: In the state of Texas, where the vast majority of mineral and royalty rights are privately owned, the total aggregate mineral and royalty interest is generally 25%.

Tyler Glover: TPL's average net revenue interest across our entire portfolio is likely between 1% and 2%, which means that the other 23 or so percent are held by third parties. And adding resources here could be just as lucrative and high quality as our current portfolio. In fact, arguably the biggest and most lucrative wells in TPL's portfolio reside in this region. Potentially adding mineral and royalty resources there would further enhance our current royalty position. Contrast that with TPL's current net crude oil royalty production of approximately 11,000 barrels per day.

Tyler Glover: tp's average net revenue interest across our entire portfolio is likely between one and two percent which means that the other twenty-three or so percent are held by third parties

Tyler Glover: In other words, just on the DSUs that overlap with existing TPL royalty acreage, third-party ownership of those minerals and royalties is approximately 10 times TPL's net ownership. Looking beyond our current royalty footprint on the Midland side of the Permian, TPL's royalty position is much more fragmented with a much smaller net revenue interest compared to our Texas Northern Delaware footprint. There are numerous sub-regions within the Midland that contain superb shell reserves, or TPL does not have a meaningful position, and adding resources here could be just as lucrative and high quality as our current portfolio.

Tyler Glover: In other words, just on the DSUs that overlap with existing TPL royalty acreage, third-party ownership of those minerals and royalties is approximately 10 times TPL's net ownership.

Speaker Change: looking beyond our current royalty footprint on themiddle sideof the permman' 's royalty position is much more fragmented with much smaller net revenue interest compared to our texas northern delaware footprint

Tyler Glover: There are numerous sub-regions within the Midland that contain superb shale reserves where TPL does not have a meaningful position.

Tyler Glover: and adding resources here could be just as lucrative and high-quality as our portfolio

Tyler Glover: On the Delaware side, TPL's core Texas-Northern Delaware royalty position stops at the state line between Texas and New Mexico. Arguably, the biggest and most lucrative wells in TPL's portfolio reside in this region. However, the excellent geology that lies under our Texas position extends well into New Mexico, where TPL does not currently own rural Texas. The resource quality on the New Mexico side is every bit as good as the Texas side, and the rock there is widely considered some of the absolute best shale reserves found anywhere in North America.

Tyler Glover: On the Delaware side, TPL's core Texas-Northern Delaware royalty position stops at the state line of Texas and New Mexico.

Tyler Glover: Arguably the biggest and most lucrative wells in TPL's portfolio reside in this region.

Tyler Glover: However, the excellent geology that lies under our Texas position extends well into New Mexico, where TPL does not currently own ruralties.

Tyler Glover: The resource quality on the New Mexico side is every bit as good as the Texas side, and the rock there is widely considered some of the absolute best shale reserves found anywhere in North America.

Tyler Glover: Potentially adding mineral and royalty resources there with further and higher grades of current, One last way to contemplate the sheer size of the overall consolidation opportunity is to consider that Permian currently produces north of six million barrels of crude oil per day. Assuming that the aggregate mineral and royalty interest held by third parties is around 20% across Texas and New Mexico and excluding production on federal and state lands, this would imply that roughly 1 million barrels per day of crude oil production is held by private mineral and royalty owners.

Tyler Glover: potentially adding mineral and royalty resources there with further high-grade current roty position

Speaker Change: one last weway to contemplary the shere size of the overall consolidation opportunity is to consider the permian currently produces north to six millionbarrels bred over day

Tyler Glover: Assuming that the aggregate mineral and royalty interest held by third parties is around 20% across Texas and New Mexico and excluding production on federal and state lands would imply that roughly 1 million barrels per day of crude oil production is held by private mineral and royalty owners.

Tyler Glover: Contrast that with TPL's current net crude oil royalty production of approximately 11,000 barrels per day. In other words, TPL's royalty production, as one of the largest royalty owners in the country, still only represents a minuscule fraction of the total production accruing to mineral and royalty owners in the Permian. In summary, we believe Permian oil and gas realties are some of the most attractive assets investors can own. The opportunity set to acquire high-quality mineral and realty assets is immense.

Tyler Glover: Contrast that with TPL's current net crude oil royalty production of approximately 11,000 barrels per day.

Tyler Glover: In other words, TPL's royalty production, and we are one of the largest royalty owners in the country, still only represents a minuscule fraction of the total production accruing to mineral and royalty owners in the Permian. The opportunity set to acquire high quality mineral and royalty assets is a myth. We don't need to acquire anything to grow.

Tyler Glover: In other words, TPL's royalty production, ourselves one of the largest royalty owners in the country, still only represents a minuscule fraction of the total production accruing to mineral and royalty owners in the Permian.

Tyler Glover: In summary, we believe Permian oil and gas realties are some of the most attractive assets investors can own.

Tyler Glover: the opportunity set to acquire high-quality mineral and realyty assets is id

Tyler Glover: And with TPL's extensive network and deep relationships from our legacy royalty and surface ownership, we have a unique combination of off-market deal access, technical wherewithal, and a fortress balance sheet to roll up premium minerals and royalties that public equity investors would not otherwise have access to. As our current royalty and surface footprint is already a free cash flow machine, and with plenty of runway for future growth, we can remain selective. We don't need to acquire anything to grow.

Tyler Glover: As our current royalty and surface footprint is already a free cash flow machine, and with plenty of runway for future growth, we can remain selected.

Tyler Glover: Any M&A pursuits can be purely optimistic. We can discerningly consolidate assets that will enhance the company's intrinsic value per share, and we can and will remain disciplined. This has been the same strategy we've deployed for years now, and it's one that has served TPL and our shareholders well. And now, as the Permian has emerged as an unequivocally world-class resource basin, TPL has never been in a better position to beneficially exploit this tailwind in our own backyard.

Tyler Glover: we don't need to acquire anything to grow

Tyler Glover: Any M&A pursuits can be purely optimistic. We can discerningly consolidate assets that will enhance the company's intrinsic value per share, and we can and will remain disciplined.

Tyler Glover: this has been the same strategy we've deployed for years now and it's one that has served tpl and our shareholders well

Tyler Glover: And now, as the Permian has emerged as an unequivocally world-class resource basin, TPL has never been in a better position to beneficially exploit this tailwind in our own backyard.

Tyler Glover: Finally, I want to give shareholders a heads up that TPO will be ringing the opening bell at the New York Stock Exchange next Monday, August 12. TPL Common Stock and its predecessor subshares from our trustees have been listed on the NYSE since June 27, 1888, making this our 136th anniversary. We were told by the NYSE that TPL is their seventh longest listed company. This also comes off our recent inclusion in the S&P 400, which is another great milestone.

Speaker Change: Finally, I want to give shareholders a heads up that TPO will be ringing the opening bell at the New York Stock Exchange next Monday, August 12.

Tyler Glover: TPL Common Stock and its predecessor subshares from our trustees have been listed on the NYSE since June 27, 1888, making this our 136-year anniversary. We're told by the NYSE that TPL is their seventh longest-listed company. There are not many companies that have had a history as long-standing or colorful as TPL. And even though TPL may be one of the oldest public companies in existence, there's still a lot to be excited about for our future. With that, I'll hand the call over to Chris. Thanks.

Tyler Glover: TPL Common Stock and its predecessor subshares from our trustees have been listed on the NYSE since June 27, 1888, making this our 136-year anniversary.

Tyler Glover: we're told by the inletse the tpll is there are seventh longest listed company

Chris: This also comes off our recent inclusion into the S&P 400, which is another great milestone.

Tyler Glover: There are not many companies that have had a history as longstanding or colorful as TPL. And even though TPL may be one of the oldest public companies in existence, there's still a lot to be excited about for our future. The enterprise today is as strong and as profitable as it's ever been. The opportunity set has never been greater, and the company is primed to last another hundred plus years. With that, I'll hand the call over to Chris. Thanks.

Chris: There are not many companies that have had a history as longstanding or colorful as TPL. And even though TPL may be one of the oldest public companies in existence, there's still a lot to be excited about for our future.

Tyler Glover: the enterprise today is as strong and as's profitable as it's ever been the opportunity said has never been greater and the company is prime to last another one hundred plus years with that i'll hand the call over to chris

Chris Steddum: consolidated revenues during the second quarter of 2024 were approximately $172 million. Consolidated adjusted EBITDA was $153 million, and the adjusted EBITDA margin was 89%. Diluted earnings per share was $4.98, which represents 14% year-over-year growth. Performance year-over-year was driven by high royalty production, water sales, and produced water royalties. As discussed last quarter, weak natural gas prices at the Waha Hub, which is a local pricing hub in West Texas, led to low realized natural gas prices.

Chris: Thanks, Ty.

Speaker Change: consolidated revenues during the second quarter two thousand andtwenty four for approximately one hundred seventy two million dollars

Chris Steddum: Consolidated Adjusted EBITDA was $153 million, and Adjusted EBITDA Margin was 89%. Diluted earnings per share was $4.98, which represents 14% year-over-year growth. Performance year-over-year was driven by high royalty production, water sales, and produced water royalties.

Chris Steddum: Consolidated adjusted EBITDA was 153 million dollars and adjusted EBITDA margin was 89 percent.

Chris Steddum: Diluted earnings per share was $4.98, which represents 14% year-over-year growth. Performance year-over-year was driven by high royalty production, water sales, and produced water royalties.

Speaker Change: As discussed last quarter, weak natural gas prices at the Waha Hub, which is a local pricing hub in West Texas, led to low realized natural gas prices.

Chris Steddum: Average benchmark Waha prices during second quarter 2024 were negative, and that negative pricing has persisted into early third quarter so far. Weak pricing is in a large part due to insufficient natural gas pipeline capacity out of the Permian Basin. However, a Matterhorn natural gas pipeline is expected to be in service later this year, and once in service, we would expect to see reduced locational basis differential.

Chris Steddum: Average benchmark WAHA prices during second quarter 2024 were negative.

Speaker Change: and that negative pricing has persisted into early third quarter so far. Weak pricing is in a large part due to insufficient natural gas pipeline capacity out of the Permian Basin.

Chris Steddum: However...

Speaker Change: A Matterhorn natural gas pipeline is expected in service later this year, and once in service, we would expect to see reduced locational basis differentials.

Chris Steddum: Last June, we announced that we had set a target cash and cash equivalence balance of approximately $700 million. Above this targeted level, TPO will seek to deploy the majority of its free cash flow toward share repurchases and dividends. In conjunction with this announcement, we also declared a $10 per share special dividend. Our cash and cash equivalence balance at the end of the second quarter, 2024, as of June 30th was approximately $895 million, though the $10 per share special dividend was paid in July, with a total outlay of approximately $230 million.

Chris Steddum: last june we announced that we have set a target cash and cash equivalent balids of approximately seven hundred million dollars

Chris Steddum: above this targeted level tp will seek to deploy the majority of its free cash flow to which share repurchases and dividends

Chris Steddum: In conjunction with this announcement, we also declared a $10 per share special dividend.

Chris Steddum: Our cash and cash equivalents balance at the end of the second quarter, 2024, as of June 30th was approximately $895 million, though the $10 per share special dividend was paid in July , with a total outlay of approximately $230 million.

Chris Steddum: Target Cash Balance is intended to provide a framework and some predictability on how the company will allocate cash. The company continues to generate substantial free cash flow while maintaining a pristine balance sheet. Even beyond this most recent special bid, then, the company still retains tremendous optionality to return additional capital to stockholders and to invest in attractive growth opportunities. We're very much in a position of strength to maximize shareholder value, and we're excited about the opportunities and option value our business can generate. And with that, operator, we will now take questions.

Chris Steddum: The Target Cash Balance is intended to provide a framework and some predictability on how the company will allocate cash.

Chris Steddum: The company continues to generate substantial free cash flow while maintaining a pristine balance sheet. Even beyond this most recent special bid, then, the company still retains tremendous optionality to return additional capital to stockholders and to invest in attractive growth opportunities.

Chris Steddum: we're very much in a position of strength to maximize shareholder value and we're excited about the opportunities and option value our business can generate and with that operator we will now take question

Operator: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Chris Steddum: but

Speaker Change: thank you we will now be conducting a questioningand- answer session

Speaker Change: If you would like to ask a question, please press star 1 on your telephone keypad.

Speaker Change: A confirmation tone will indicate your line is in the question queue.

Speaker Change: you may press store q if you would like to remove your question from the que for participants using speaker equment it may be necessary to pick up your handset before present star guys when moment please while we pull for questions

Operator: One moment, please, while we poll for questions. Thank you. Our first question comes from the line of Nate Pendleton with Texas Capitol. Please proceed with your question.

Speaker Change: thank you our first question comes re mind of mate pendleton with texas capital please receive with your question

Nate Pendleton: Good morning. Thanks for taking my question. Starting with the quarter, you posted really strong revenue and volume numbers for both water sales and produced water. Can you speak to the drivers of the sequential increases we are seeing there, and can you touch on the sustainability of those results, given the couple quarters of increase?

Speaker Change: Good morning, thanks for taking my questions. Starting on the quarter, you posted really strong revenue and volume numbers for both water sales and produced water. Can you speak to the drivers of the sequential increases we are seeing there and can you touch on the sustainability of those results given the couple quarters of increases?

Tyler Glover: Yeah Nate, thanks for the question. You know, I think on the source water side... 73% of our sales this quarter were off of our footprint outside of TPL's acreage, so that number continues to grow. We were over 70% last quarter as well, so the team's done a really good job of expanding our reach, selling water further and further outside of our footprint. They've also done a really good job of building additional storage and infrastructure that's allowing us to sell more barrels per day.

Chris Steddum: Yeah Nate, thanks for the question. You know, I think on the source water side... You know, just with SimulFrac and TriMulFrac, the volumes needed delivered to sites are continuing to grow, and that's a real advantage for us because we're one of the few, you know, water service operators that have the ability to actually supply those kind of volumes. You know, we've had a really strong first half of the year. I think we'll continue to see...

Chris Steddum: yes and i thanks for questions i think on the sourcewaterside

Speaker Change: Seventy-three percent of our sales this quarter were off of our footprint outside of TPLs.

Chris Steddum: Acreage. So that number continues to grow. We were over 70% last quarter as well. So the team's done a really good job of just expanding our reach, selling water you know further and further outside of our footprint.

Chris Steddum: The team's also done a really good job of building additional storage and infrastructure that's allowing us to sell more barrels per day. And then I think...

Tyler Glover: And then I think, just with SimulFrac and TriMulFrac, the volumes needed delivered to sites are continuing to grow, and that's a real advantage for us because we're one of the few water service operators that have the ability to actually supply those kind of volumes. I think on the produce water side, we've had a few new tie-ins this quarter that brought some water in, but a lot of that additional volume is in areas where we have existing contracts, and so we're seeing some really robust activity in those areas where we've got some of those larger AMI style agreements that we've talked about in the past.

Chris Steddum: just with simal frac and tri frac though the volumes needed delivered to location are continuing to grow and that's a really advantage for us because we're one of the few water service operators that

Chris Steddum: that have the ability to actually supply those kind of volumes

Chris Steddum: I think on the produce water side, we've had a few new tie-ins this quarter that brought

Chris Steddum: a lot of that additional volume is in areas where we have existing contracts and so we're seeing some really robust activity in those areas where we've got some of those larger ami stall agreements that we've talked about in the past

Tyler Glover: And then with co-completions, you're seeing some lumpier volumes as well, and we're very well positioned to take those volumes we get. You know, a lot of active capacity, a lot of permitted capacity, and so there's definitely some room to grow, you know, from an infrastructure standpoint. And even though we don't operate that infrastructure, our, you know, BD and water teams do a great job of making sure we're working with our water midstream partners to make sure that, you know, additional capacity is available for operators in those areas to meet their needs and make sure we don't bottleneck.

Speaker Change: and then with cocompletions you're just you're seeing somewhatump ier volumes as well and we're very well positioned to take those volumes we've get

Chris Steddum: You know a lot of active capacity a lot of permitted capacity, and so there's definitely some room to grow

Chris Steddum: from an infrastructure standpoint and even though we don't operate that infrastructure

Chris Steddum: Our, you know, BD and water teams do a great job of making sure we're working with our water midstream partners to make sure that, you know, additional capacity is available for operators in those areas to, you know, to meet their needs and make sure we don't bottleneck.

Tyler Glover: So I think it is sustainable. You know, we've had a really strong first half of the year. I think we'll continue to see a good pace of development in the back half of the year. It could be a little softer than the first half, but I think overall, you know, we're setting up to have a really nice 2024 both on the source water and the produced water side.

Chris Steddum: So I think it is sustainable.

Chris Steddum: we've had a really strong first half of the year

Chris Steddum: i think we'll continue to see

Chris Steddum: good pace of development. You know, back half of the year could be a little softer than in the first half, but I think overall, you know, we're setting up to have a really nice 2024, both on the source water and the produced water side.

Chris Steddum: Definitely. Thanks for all that detail. And regarding the increasing net well inventory you referenced in your prepared remarks, how do you view the outlook for activity in the near term, and can you speak to how you expect the oil cut to trend over time?

Speaker Change: Definitely, thanks for all that detail. And regarding the increasing net well inventory you referenced in your prepared remarks, how do you view the outlook for activity in the near term and can you speak to how you expect the oil cut to trend over time?

Chris Steddum: Hey Nate, this is Chris. Yeah, you know, when we look at that near-term inventory, it's obviously very encouraging, and it sets us up for a lot of potential growth over the near term. Now, obviously, you know, a lot of those ducks and permits have to be converted. But I think the good news is, like we said, we have four cups, and those tend to come on fairly quickly, and the checks get in the mail a few months after that.

Chris Steddum: Hey Nate, this is Chris. Yeah, you know when we look at that near-term inventory it's obviously very encouraging and it sets us up for a lot of potential growth.

Chris Steddum: over the near term

Speaker Change: now obviously a lot of those ducts and permits have to be converted but i think the good news is like like we said we have

Speaker Change: Before cups and you know those those tend to come on fairly quickly and the checks get in the mail You know a few months after that so that I think that speaks to You know a strong position for the remainder of the year

Chris Steddum: So that, I think that speaks to, you know, a strong position for the remainder of the year, and the permits and ducks, you know, if those get converted, ought to present a pretty strong position for the beginning of 2025. As far as the oil cut, I think, you know, something kind of in the mid 40% is a pretty reasonable number to expect. It can bump around, you know, as new wells come on, they tend to have higher oil cuts, and then over time, you know, the oil decreases. But overall, you know, we've consistently kind of been in that mid 40% oil cut range. And I think that's a pretty reasonable place to expect it to continue in the near term.

Speaker Change: and the Permanents and Ducks.

Chris Steddum: if those get converted ought to present a pretty strong position for the beginning of two thousand and twenty five

Speaker Change: You know, as far as the oil cut...

Speaker Change: i think something kind of in the mid forty percent is a pretty reasonable number to expect it can bump around you as the wells come ond and to have higheroil cuts and then over time

Speaker Change: you know the oil decreases but overall you know we've consistently kind of been in that mid 40% oil cut range and I think that's a pretty reasonable place to expect it to continue over the near term.

Tyler Glover: Got it, thank you. And going back to the prepared remarks regarding the minerals A&D market, can you provide some perspective on what the ideal deal size is that your team is looking at and some of the key criteria your team is using to assess potential deals across the portfolio?

Chris Steddum: and

Speaker Change: i thank you and back to the prepared remarks regarding the nals and de market can you provide some perspective on what the ideal deal sizes your team is looking at and some of the key criteria your team is even to assess potential deals across the portfolio

Tyler Glover: Yeah, I mean, I would say we're definitely more focused on deal quality than deal size. I mean, you know, some deals are small enough that they're not worth the brain damage, and, you know, your larger deals have less competition. But, uh... Again, just to reinforce, we're focused more on deal quality than deal size.

Chris Steddum: Yeah, I mean, I would say we're definitely more focused on deal quality than deal size. I mean, you know, some deals are small enough that they're not worth the brain damage, and, and you know, your larger deals have less competition. But, uh...

Chris Steddum: yeah i mean i would say we're you know we're definitely more focused on deal quality than deal size i mean you know some deals are small enoughthey're not worth the brain damage and you know your larger deals have less competition but

Chris Steddum: You know again just just to reinforce we're focused more on deal quality than deal size.

Tyler Glover: Regarding recent earthquakes in the Permian, can we get your perspective on what you're hearing from the industry and any potential impacts on your acreage that you can speak to?

Speaker Change: Okay, got it. Thank you. Regarding recent earthquakes in the Permian, can we get your perspective on what you're hearing from the industry and any potential impacts on your acreage that you can speak to?

Tyler Glover: Yeah, you know, there was recently a 5.0 earthquake in Scurry County, which is, you know, a good way is probably 100 miles for many of our closest operations. So we haven't been affected by that one. Robert Crane is on the call. I'll kick that over to you, Robert, just to talk about some of the others that we've had and kind of how you handle that in relation to our operation. Yeah.

Chris Steddum: Yeah, you know, there was recently a 5.0 earthquake in Scurry County, which is, you know, a good way is probably 100 miles for many of our closest operations. So we haven't been affected. Robert Crain is on the call. I'll kick that over to you, Robert, just to talk about some of the others that we've had and kind of how you, Yeah.

Chris Steddum: Yeah, you know, there was recently a 5.0 in Scurry County, which is, you know, a good way is probably 100 miles for many of our closest operations, so we haven't been affected.

Robert Crain: by that one

Chris Steddum: Robert Crain is on the call. I'll kick that over to you, Robert, just to talk about some of the others that we've had and kind of how you...

Robert Crain: Thanks, Ty. Real quick on Scurry County, which as Ty mentioned, is a good distance away from any of our operational areas. The Road Commission is investigating. I think it's in nature it's going to be a little bit different from some of the seismic activity that you see more in our acreage, mainly due to the lower water injection rates over there and a possible contribution from EOR activities that are occurring in that area. But when we go back to the historic seismic activity that we've seen in the Delaware and the Midland Basin, it's on a significant decline.

Robert Crain: view that in relation to our operations.

Robert Crain: yesthanks type real quick on the skcurveryry counties i mentioned good distance away from any of our operational areas

Robert Crain: road commission is investigating I think it's in nature it's going to be a little bit different from some of the seismic activity that you see more in our acreage

Robert Crain: mainly due to the lower water injection rates over there in a possible contribution from bor

Robert Crain: activities are occurring in that area.

Robert Crain: But when we go back to the historic seismic activity that we've seen in the Delaware and the Midland Basin...

Robert Crain: Operators and regulators worked very well together to identify the cause of those that were seeing deep disposal. We've seen significant curtailments and shut-ins of the majority of deep disposal wells and all of the contributing deep disposal wells. It's been a benefit to us. As you've seen now, those deep disposal volumes need to go into more shallow formations, a good deal of which are located on our property.

Robert Crain: On a significant decline, the operators and regulators worked very well together to identify the cause of those at the C&D disposal.

Robert Crain: And we've seen significant curtailment and shut-ins of...

Robert Crain: The majority of deep disposal wells, and all of the contributing deep disposal wells, been a benefit to us. As you've seen now, those deep disposal volumes need to go into more shallow formations, a good deal of which are located on our properties.

Chris Steddum: That's really encouraging. Thanks for that, Tyler. And then last one for me, regarding your prior announcement to target a cash position of $700 million on the balance sheet, can you provide some perspective on how you arrived at that level and how the team makes the decision between using that cash for share buybacks or dividends for a given period?

Speaker Change: That's really encouraging. Thanks for that, Tyler. And then last one for me, regarding your prior announcement to target cash position of $700 million on the balance sheet.

Speaker Change: If you provide some perspective on how you arrived at that level and how the team makes the decision between using that cash for share buybacks or dividends for a given period.

Chris Steddum: Yeah, hey Nate, this is Chris. You know, I think the way that we've kind of targeted the absolute number is, you know, just thinking about opportunistically how much cash would you want to have to kind of be effective in the market? And that could be both for potential buybacks as well as potential M&A. And we felt like that level of cash gave us a significant advantage in the market, so that if there were great opportunities out there, we would be in a position to act quickly on them. And then as far as how it gets deployed, you know, I think we've spent a lot of time talking about it, but it's really just fundamentally return-driven.

Chris Steddum: Yeah, hey Nate, this is Chris.

Chris Steddum: You know, I think the way that we've kind of targeted the absolute number is, you know, just thinking about opportunistically, how much cash would you want to have to kind of be a to be effective in the market. And that could be both for, you know, potential buybacks, as well as potential M&A.

Chris Steddum: and we felt like that level of cash

Chris Steddum: gave us a significant advantage.

Chris Steddum: in the market, that if there were great opportunities out there, we would be in a position to act quickly on them.

Chris Steddum: And then as far as like how it gets deployed, you know, I think we've spent a lot of time talking about it, but it's really just fundamentally return driven.

Chris Steddum: We're looking to see where we can get the best risk-adjusted returns, and if that's buybacks, we're going to put more of that money toward buybacks. If that's potentially adding third-party acreage, whether it's surface, royalties, or water-related, we're going to try to put more of that money there. And if we think that, you know, neither of those two opportunities is sufficiently attractive, then a lot of times that gets moved toward a dividend. So that's kind of the framework that we've always tried to use, trying to put it towards the best risk-adjusted returns.

Chris Steddum: We're looking to see where we can get the best risk-adjusted returns, and if that's buybacks, we're going to put more of that money toward buybacks.

Chris Steddum: if that's potentially adding third party acreage

Chris Steddum: Whether it's surface, royalties, water related, we're going to try to put more of that money there.

Chris Steddum: And if we think that, you know, neither of those two opportunities are sufficiently attractive, then a lot of times that gets moved toward a dividend. So that's kind of the framework that we've tried to always use, is try to put it towards the best risk-adjusted returns.

Chris Steddum: And again, like we said, once we feel like we've kind of had that sufficient capital to be competitive and effective, then at that point, it just makes sense to return all the remaining excess cash flow, which continues to be very robust, to our shareholders.

Chris Steddum: And, again, like we said, once we, you know, feel like we kind of have that sufficient capital to be competitive and effective, then at that point it just makes sense to return all the remaining excess cash flow, which continues to be very robust, to our shareholders.

Nate Pendleton: Cents. I appreciate your time.

Chris Steddum: sense appreciate your time

Operator: Our next question comes from a line by Hamed Khorsand with BWS Financial. Please proceed with your question.

Nate: Thanks, Nate.

Speaker Change: Our next question comes from the line of Hamed Khorsand with BWS Financial. Please proceed with your question.

Hamed Khorsand: Hey, good morning.

Hamed Khorsand: So my first question was regarding your intention, you know, or evaluation of acquiring more royalty interests. Is it feasible to actually acquire anything in the Pyramid, just given you know what you've said, it is a premier asset area? Or are you trying to leverage the lower net gas prices at the moment to find deals out there? Morning Hamed, thanks, thanks for the question.

Speaker Change: Hey, good morning. So my first question was regarding the, your intention, you know...

Speaker Change: evaluation of acquiring more royalty interests is it feasible to actually acquire anything in the Pyramid just given you know what you've said you know it is a premier asset area

Speaker Change: where areyou trying to leverage the lower on that gas prices at the moment to find deals out there

Chris Steddum: moment to find deals out there.

Tyler Glover: You know, the Permian is a premier basin, but we, you know, we're still seeing a lot of opportunity to acquire high-quality assets, like I talked about a little bit in the prepared remarks. You know, a lot of those assets are within the same footprint that we already own, a lot of times in the same DSU, and so... That market is still very fragmented, and there are a lot of interests So I think we'll continue to see a lot of opportunities on that front.

Chris Steddum: Morning Hamed, thanks for the question. You know the Permian is...

Chris Steddum: Premier Basin, but we, you know, we're still seeing a lot of opportunity to acquire high-quality assets like I talked about a little bit in the prepared remarks, you know, a lot of those assets are within the same footprint that we already own.

Chris Steddum: you know, a lot of times in the same DSU, and so...

Chris Steddum: That market is still very fragmented, and there are a lot of interests trading hands, so I think we'll continue to see a lot of opportunity on that front. And, you know, with the intelligence that we gained through our surface and water business and access to off-market deals,

Tyler Glover: And, you know, with the intelligence that we gained through our surface and water business and access to off-market deals, I think we've got an advantage over a lot of other buyers in the basin as well. Okay, and then on the water segment side, what is the, you know, what is the issue? Is it competition? Is it other sources as far as not being able to sell as much water to the people on your land?

Chris Steddum: I think we've got an advantage over a lot of other buyers in the basin as well. Okay, and then on the water segment side, what is the issue? Is it competition? Is it other sources as far as not being able to sell as much water to the people on your land?

Chris Steddum: I think we've got an advantage on a lot of other buyers in the basin as well.

Chris Steddum: Okay, and then on the water segment side, what is the, you know...

Speaker Change: is a where is the issue is a competition as other sources as far as not being able to sell as much water to the people on on your land that you have to go outside of your area that you cover

Hamed Khorsand: as much water to the people on your land that you have to go outside of your area that you cover.

Chris Steddum: As much water to the people on your land as you have to go outside of your area that you cover.

Tyler Glover: Well, I think, if I understand your question correctly, is "Is there competition for wells being completed on our land?" I think to answer that...

Chris Steddum: um

Chris Steddum: Well...

Speaker Change: Well, I think, if I understand your question correctly, is...

Chris Steddum: Is there competition for wells being completed on our land? The reason that we're selling more and more water off of our footprint is just to expand the business and capture more of the overall Permian market. So we're still sourcing a ton of completions and providing volumes on our land. We just continue to expand our infrastructure and network to sell more water off of our land, and that's how we've been able to capture more of the overall market to increase our overall daily production and sales, and that's why you're seeing the increase in revenue. Big shout out to the team, you know, the water team and the BD team.

Chris Steddum: Is there competition for wells being completed on our land?

Tyler Glover: The reason that we're selling more and more water off of our footprint is just to expand the business, capture more of the overall Permian market. So we're still sourcing a ton of completions and providing volumes on our land. We just continue to expand our infrastructure and network to sell more water off of our land, and that's how we've been able to capture more of the overall market to increase our overall daily production and sales, and that's why you're seeing the increase in revenue.

Speaker Change: I think to answer that...

Chris Steddum: The reason that we're selling more and more water off of our footprint is just to expand the business, capture more of the overall Permian market. So we're still sourcing a ton of completions.

Chris Steddum: and providing volumes on our land. We just continue to expand our infrastructure and network to sell more water off of our land, and that's how we've been able to capture more of the overall market.

Chris Steddum: to increase our overall, you know, daily production and sales and that's why you're seeing the increase in revenue and and, you know,

Tyler Glover: Big shout out to the team, the water team, and the BD team. I think, you know, we started last year at roughly 50% of our sales were off of our footprint, and they've been able to grow that to 73% this quarter, so they've done a tremendous job there.

Chris Steddum: Big shout out to the team, the water team and the BD team.

Chris Steddum: I think, you know, we started last year at roughly 50% of our sales were off of our footprint and they've been able to grow that to 73 this quarter, so they've done a tremendous job there.

Speaker Change: Great, thank you.

Operator: Thank you. We have reached the end of the question and answer session, and with that, the conclusion of today's call. Ladies and gentlemen, thank you for your participation. You may disconnect your lines at this time and have a wonderful day.

Speaker Change: thanks men

Speaker Change: Thank you. We have reached the end of the question and answer session and with that the conclusion of today's call. Ladies and gentlemen, thank you for your participation. You may disconnect your lines at this time and have a wonderful day.

Operator: Ladies and gentlemen, thank you for your participation. You may disconnect your lines at this time. Have a wonderful day.

Operator: Greetings, and welcome to the Texas Pacific Land Corporation 2nd quarter of 2024 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the follow-up presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Shawn Amini, Director of Investor Relations. Thank you, sir. You may begin.

Tyler Glover: Good morning, everyone, and thank you for joining us today. Our second quarter 2024 results demonstrate the overall strength of our business as TPL has positioned itself at the forefront of the Permian Basin's emergence as a world-class resource. Our performance was led by another outstanding quarter from our Water Services and Operations segment. We set corporate records across virtually every major water performance indicator. Water Sales Revenues, Water Sales Volumes, Produced Water Royalties Revenues, Produced Water Royalties Volumes, Total Water Segment revenues, Total Water Segment Free Cash Flow, and Total Water Segment Net Income.

Shawn Amini: For a more detailed discussion of the factors that may affect the company's results, please refer to our earnings release for this quarter and to our recent FET filing. During this call, we will also be discussing certain non-GAAP financial measures. More information and reconciliations about these non-GAAP financial measures are contained in our earnings release and SEC filing. Please also note that we may at times refer to our company by its stock ticker, TPL. This morning's conference call will be hosted by TPL Chief Executive Officer Ty Glover and TPL Chief Financial Officer Chris Steddum. Management will make some prepared comments, after which we will open the call for questions. Now, I will turn the call over to Ty. Thanks, Shawn.

Q2 2024 Texas Pacific Land Corp Earnings Call

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