A royalty is a payment made to the owner of a resource or asset—such as a patent, mineral rights, or creative work—whenever others use or profit from it. For investors, royalties provide a steady stream of income without owning the entire asset, similar to earning a small commission each time a product is sold or a service is used. This makes royalties an important factor in valuing certain types of investments.
calichetechnical
A caliche is a hard, cement-like layer in soil made when minerals such as calcium carbonate build up and bind sand, silt or gravel together, usually in dry climates. For investors, caliche matters because it can make ground harder to dig or process — like hitting a thin sheet of concrete under the surface — which affects costs and feasibility for mining, drilling, construction, land development and agricultural use.
sourced watertechnical
Sourced water is the specific type and origin of water a company uses or claims on its products—such as spring, well, municipal, or recycled water—identified for quality, regulatory, or marketing reasons. Investors care because the source affects cost, supply reliability, legal labeling requirements, and brand perception—much like knowing the origin of ingredients on a recipe can change price, trust, and how customers value the final product.
produced watertechnical
Produced water is the salty, oily wastewater that comes up from underground alongside oil and gas when wells are drilled and operated; it contains dissolved salts, leftover hydrocarbons and treatment chemicals. For investors, produced water matters because handling, treating, storing and disposing of it creates ongoing operating costs, regulatory obligations and environmental risk—similar to how a factory’s wastewater can drive cleanup bills or fines—while opportunities to reuse or recover resources can offset some costs.
saltwater disposaltechnical
Saltwater disposal is the process of collecting the salty, often chemically contaminated water that comes up during oil and gas production and permanently sending it deep underground into licensed formations using special disposal wells. Investors care because this handling creates ongoing operating costs, regulatory permits and environmental risks—like a factory’s wastewater system—any of which can affect a project’s profitability, legal exposure and timetable.
easementstechnical
Easements are legal rights that let someone use part of another person’s land for a specific purpose—examples include access roads, utility lines, or shared driveways. They matter to investors because easements reduce how a property can be used or developed, can affect market value, and may create ongoing obligations or restrictions—like a permanent shared lane that limits what a buyer can do with the land.
midstream infrastructuretechnical
Midstream infrastructure includes the networks and facilities that transport, store, and process natural resources like oil and gas after they are extracted but before they reach consumers. Think of it as the pipelines, storage tanks, and processing plants that move and prepare these resources for use. For investors, it represents a vital link in the energy supply chain, often providing steady income due to long-term contracts and consistent demand.
hydrocarbon processing facilitiestechnical
Hydrocarbon processing facilities are industrial plants that turn raw oils and natural gas into usable products such as gasoline, diesel, jet fuel, plastics and chemical feedstocks. Think of them as large kitchens that transform basic ingredients into a range of finished goods; their operating capacity, efficiency and safety directly affect a company’s revenue, costs and exposure to supply disruptions, price swings and environmental or regulatory risks, all of which matter to investors.
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DALLAS--(BUSINESS WIRE)--
Texas Pacific Land Corporation (NYSE: TPL) (“TPL” or the “Company”) and the Company’s Board of Directors (“Board”) announced today that Murray Stahl, a member of TPL’s Board, has passed away. Mr. Stahl was the Chief Executive Officer, Chairman of the Board and Chief Investment Strategist of Horizon Kinetics Holding Corporation, which, through various owned subsidiaries, is TPL’s largest shareholder.
Murray Stahl
Ty Glover, CEO of TPL, said, “Murray was a tremendous advocate for TPL from the very day I joined the Company. His firm, Horizon Kinetics, along with its predecessors, had been TPL’s largest shareholder for many decades. Murray believed in the Company when it was still a thinly-traded, little-known trust that simply owned some land in west Texas. Today, TPL stands as one of the largest publicly-traded energy companies in the world—a transformation that seemed inconceivable to almost everyone just a decade ago. Everyone, that is, except Murray. He was a true independent thinker and a visionary who saw what others could not. I am saddened by his sudden passing, and I will miss his presence in the boardroom and outside of it. On behalf of the entire Company, I offer our condolences to Murray’s family.”
Rhys Best, Chairman of the Board of TPL, stated, “We will be forever grateful to Murray for his dedication and contribution to TPL. It has been a privilege for me and the other Board members to work alongside Murray. He will be greatly missed.”
Texas Pacific Land Corporation
Texas Pacific Land Corporation is one of the largest landowners in the State of Texas with approximately 882,000 acres of land, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership provides revenue opportunities throughout the life cycle of a well. These revenue opportunities include fixed fee payments for use of the Company’s land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and/or treated produced water, revenue from the Company’s oil and gas royalty interests, and revenue related to saltwater disposal on the Company’s land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases and temporary permits principally related to a variety of land uses including, but not limited to, midstream infrastructure projects and hydrocarbon processing facilities.
