HIGHBuilt-inCommodity
52%
oil and gas royalties
“10-K Item 1: 'Oil and gas royalties | $| 411,677 | | | 52 | %'”
TPL · Concentration risk · 10-K extracted
Texas Pacific Land (TPL) concentration risks
Updated
The most significant concentration Texas Pacific Land discloses is oil and gas royalties at 52%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Source: Texas Pacific Land’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-in & outside partyCustomer
40%
three customers
“10-K Item 1: 'approximately 40% of our 2025 revenue was derived from only three customers'”
MEDIUMBuilt-inGeographic
Permian Basin
“10-K Item 1: 'principally concentrated in the Permian Basin'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile reflects a commodity-anchored, geographically focused land royalty business with meaningful customer-level dependency. The oil and gas royalties segment is the largest disclosed revenue category — appearing only in a pipe-delimited table fragment, so the specific share is described qualitatively rather than cited as a figure. The structural character of this exposure is clear: the royalty model derives revenue from production activity on owned land, meaning results are governed by commodity prices and operator drilling decisions rather than reliance on any single service or product the company delivers. The geographic concentration compounds this commodity exposure: the business is principally concentrated in the Permian Basin — a medium-share, structural tilt toward one of the most productive but also most competitively watched oil and gas basins in the United States. The concentration is deliberate and historically valuable, but it means that Permian-specific drilling economics, infrastructure constraints, and regulatory developments are the primary geographic variables. Customer dependency adds a meaningful overlay: approximately 40% of 2025 revenue was derived from only three customers — a medium-share, mixed-character exposure indicating that despite the land royalty model's apparent passivity, a small number of active producers determine the pace of drilling and therefore the royalty income stream. A reduction in activity by any of the top three would have a measurable effect on reported revenues. Together, Permian Basin commodity prices, the drilling activity of a handful of major operators, and the oil-and-gas royalty revenue mix define the dominant concentration variables for this company.
For the engine’s reasoning on TPL’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Oil & Gas E&P
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BKV | BKV Corporation | 4 | 0 | 0 | 4 |
| CHRD | Chord Energy Corporation | 2 | 1 | 0 | 3 |
| TPL● | Texas Pacific Land Corporation | 1 | 2 | 0 | 3 |
| BSM | Black Stone Minerals, L.P. | 1 | 1 | 1 | 3 |
| APA | APA Corporation | 0 | 0 | 0 | 0 |
| AR | Antero Resources Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.