Texas Pacific Land's Q3 revenue rises on increased oil and gas royalties
TPL•Texas Pacific Land reported record Q3 revenue, driven by oil and gas royalties. Adjusted EBITDA was $238.37 million, beating the $217.50 million analyst estimate, and net income was $167.37 million.
1. Record royalty revenue
Texas Pacific Land said its Q3 revenue reached a record high, driven by oil and gas royalties. CEO Tyler Glover cited robust development activity and elevated oil prices, while produced water royalty volumes and revenue also hit records.
2. Adjusted EBITDA beats estimates
Adjusted EBITDA rose to $238.37 million, above the $217.50 million consensus estimate from two analysts. Net income was $167.37 million. Strong pipeline easement revenue reflected operators' expanded midstream infrastructure development.
