U.S. Energy Royalty Firm Shares, Major Shareholder Buys for Three Consecutive Days

Horizon Kinetics Asset Management LLC bolstered its direct stake in Texas Pacific Land Corp (TPL) by purchasing common shares in the open market over three consecutive days—from February 17 to 19, 2026—bringing its holdings to approximately 3.47 million shares. According to disclosure filings, the firm acquired shares sequentially at average prices of about $425 on the first day, then $435, and finally around $469. Those filings show that the aggregate value of individual transactions was roughly $1.5 billion, while the total holding is valued at about $1.6 billion—equivalent to roughly KRW 2 trillion and just over KRW 2 trillion, respectively. The recent disclosures reiterate prior amendments to Schedule 13D and reference the 3-for-1 stock split that took effect on December 22, 2025, with a focus on clarifying the broader economic interests and investment discretion, including the friendly stake associated with Murray Stahl.

In its recent announcement of fourth-quarter and full-year 2025 results, TPL reported revenues from its land, royalty and water services operations in the Texas Permian Basin, noting that annual revenue from water services exceeded $100 million—underscoring growth in that segment. In official materials and investor presentations, the company has emphasized its asset-light, royalty-centric model underpinned by extensive land holdings, royalty interests and water infrastructure in the Permian Basin.

Texas Pacific Land Corp (TPL) owns roughly 870,000 surface acres and about 200,000 royalty acres in the Texas Permian Basin. Its primary revenue streams include oil and gas royalties, land-use agreements and water supply and treatment services. Horizon Kinetics Asset Management LLC, headquartered in New York, is known as a significant long-term shareholder that considers TPL a core holding.