Record Revenue and Volume Performance
TPL achieved over $200 million in revenue for the first time in its history, with significant growth in oil and gas royalty production (28% year-over-year increase) and water sales (23% growth year-over-year).
Significant Royalty Acquisition
TPL acquired approximately 17,300 net royalty acres for $474 million, expected to yield a double-digit pretax cash flow at $60 per barrel of oil and $2 per 1,000 cubic feet of natural gas.
Strong Free Cash Flow and EBITDA
TPL reported $123 million in free cash flow, a 15% increase year-over-year, with an adjusted EBITDA margin of 85%.
Water Segment Growth
Water sales revenue hit a record $45 million, with produced water royalty revenues increasing by 16% year-over-year.
Credit Facility Enhancing Liquidity
TPL closed on a $500 million credit facility to fund growth opportunities, with attractive interest rates, enhancing liquidity.