TPLUSD

Texas Pacific Land Corporation

A land and resource company that owns a vast stretch of West Texas, mostly in the oil-rich Permian Basin, and makes money by leasing its ground and supplying water to drillers rather than drilling itself. Its roots trace to 1888, when the bankrupt Texas and Pacific Railway's land grant—originally millions of acres—was handed to a trust to repay bondholders, a trust that ran for over a century before becoming a corporation in 2021. Today it's known as "the Landlord of the Permian," earning royalties, surface leases, and fees from its water services business that supports hydraulic fracturing.