U.S. Energy Landowner Major Shareholder Acquires Additional Stake Worth 2 Trillion Won

Horizon Kinetics Asset Management LLC, a U.S. asset manager, purchased common shares of Texas Pacific Land Corporation (NYSE: TPL) in the open market on May 5, 6 and 20, raising its direct stake to approximately 3.4 million shares. The average purchase price was reported between $396 and $433 per share. Following these transactions, the value of Horizon Kinetics’ direct holding stands at roughly $1.4–1.5 billion (about 2 trillion Korean won), and its total economic interest across all accounts totals approximately 10.1 million shares, according to its Schedule 13D filing.

In its first-quarter 2026 earnings announcement earlier this month, Texas Pacific Land reported revenue of $230 million and net income of $140 million, both above market expectations. The company also disclosed a land-sale and water-supply agreement worth about $42.5 million, connected to a West Texas data-center and power project. On the same day, it further solidified major‐shareholder influence within its official governance structure by appointing Peter Doyle of Horizon Kinetics—a long‐time significant investor—to its board of directors.

Texas Pacific Land is one of the largest private landowners in the United States, holding roughly 880,000 acres in West Texas along with oil, gas and water royalties. Its primary revenue sources are royalties and water services tied to energy development in the Permian Basin. Horizon Kinetics has been TPL’s largest shareholder for several years. After past litigation and governance disputes over board composition, the relationship has recently shifted toward direct strategic involvement through board participation and formal agreements.