Texas Pacific Land Corporation announced its financial and operating results for the second quarter of 2025, reporting a net income of $116.1 million. Total revenues for the quarter were $187.5 million. While net income and total revenues saw a sequential decrease from the first quarter of 2025, the company achieved record produced water royalties.
Oil and gas royalty production continued its upward trend, reaching 33.2 thousand Boe per day in Q2 2025, an increase from 31.1 thousand Boe per day in the prior quarter. The average realized price per Boe, however, decreased to $32.94 from $41.58 in Q1 2025, impacting overall revenue. Easements and other surface-related income increased by $18.0 million sequentially, demonstrating strength in this segment.
For the six months ended June 30, 2025, net income grew to $236.8 million, up from $229.0 million in the same period of 2024. Total revenues for the first half of 2025 increased to $383.5 million, compared to $346.5 million in the first half of 2024. This year-over-year growth was primarily driven by a $24.3 million increase in oil and gas royalty revenue and a $17.2 million increase in easements and other surface-related income, including significant gains from pipeline and wellbore easements.
The Board of Directors declared a quarterly cash dividend of $1.60 per share, payable on September 16, 2025. This consistent dividend, coupled with the company's robust production volumes and diversified revenue streams, underscores its financial resilience. TPL's strategic focus on produced water management, including out-of-basin pore space acquisition and desalination technology, positions it for continued growth in the Permian Basin.
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