This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Texas Pacific Land Corporation is a landowner in the State of Texas whose business model is fundamentally tied to fossil fuel extraction. The company generates revenue through oil and gas royalty interests, water sales for hydraulic fracturing, and produced water royalties from saltwater disposal on its land. Its 2025 revenue was approximately $798 million, derived almost entirely from these activities supporting upstream oil and gas production in the Permian Basin. The company retains a 1/128th nonparticipating perpetual oil and gas royalty interest across its vast surface and mineral acreage.
This structure makes Texas Pacific Land a perpetual financial participant in oil and gas development on its lands, with no announced transition away from fossil fuels. The company’s operations span the full fossil fuel value chain specific to its acreage, encompassing the upstream (royalties from production), midstream (water sourcing and disposal infrastructure), and downstream (revenue tied to end-volume of hydrocarbons extracted).
Texas Pacific Land Corp. is an upstream fossil fuel company whose core business is the ownership and leasing of land for oil and gas extraction. The company holds approximately 880,000 acres of surface and mineral rights in the Permian Basin, one of the most prolific oil-producing regions in the United States. Its primary revenue streams are royalties from hydrocarbon production and fees for land use and water services directly supporting drilling operations.
The company’s financial performance is directly tied to upstream activity in the Permian. Analysis of its SEC filings shows revenue is overwhelmingly derived from oil and gas royalties, with its business model structured to capitalize on the volume of drilling on its lands. The company is consistently categorized among top-performing exploration and production stocks, reflecting its integral role in fossil fuel extraction.
Texas Pacific Land Corp. has no announced plan to transition its business model away from fossil fuel extraction. Its operations remain focused on enabling and profiting from ongoing oil and gas production.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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