Texas Pacific Land's second quarter EPS of $2.23 beat estimates, while revenue of $246.1 million missed expectations.

Texas Pacific Land Corporation reported second quarter revenue of $246.1 million, narrowly missing analyst estimates of $249.5 million, but delivered diluted EPS of $2.23, beating expectations of $2.14. The results were driven by record performance in oil and gas royalty production and produced water volumes, capitalizing on higher commodity prices.

Key Highlights

• Record oil and gas royalty production reached 39.7 thousand barrels of oil equivalent per day, benefiting from an average realized price of $42.17 per Boe.
• Produced water royalties set a new record with revenue of $37.1 million from volumes of 4.9 million barrels per day.
• The company announced a strategic agreement to provide land and water resources for Chevron's Project Kilby, a multi-gigawatt power generation and data center hub.