Shares of Texas Pacific Land Corporation declined 6.1% following the earnings release, reflecting investor disappointment likely driven by cautious commentary on near-term operator activity and uncertainty around the duration of oil supply disruption, which tempered optimism for short-term volume growth despite higher oil prices.

• Oil and gas royalty production averaged ~37,001 BOE/day, roughly flat sequentially and up ~19% year over year.
• Water sales and produced water royalties reached the second-highest volume levels in company history.
• Management highlighted only a marginal increase in operator activity in the Permian Basin despite elevated crude prices, citing ongoing industry uncertainty.
• The company remains fully unhedged and exposed to elevated oil prices, with a strong balance sheet maintained throughout prior price declines.
• Progress continues on NextGen initiatives, including a $43 million land sale tied to a major power and data center development, though broader commercial details remain limited.