U.S. Energy Landowner Sees Institutional Investor with ₩2 Trillion Stake Make Additional Purchases

Horizon Kinetics Asset Management, which holds more than a 10% stake in U.S.-listed Texas Pacific Land Corp (TPL), disclosed open‐market purchases on May 5, 6 and 20, maintaining a direct holding of several million shares. After these transactions, its directly held shares are valued at about $1.5 billion (roughly KRW 2 trillion). The May 20 purchase alone was disclosed at approximately $800,000 (around KRW 1 billion). The amended Schedule 13D filing reaffirmed that the firm holds roughly 10.1 million voting shares in total.

Meanwhile, in its first-quarter 2026 results released on May 6, Texas Pacific Land reported revenues of about $236 million and net income of roughly $140 million. On the same day, the company announced the sale of land and a water‐supply agreement with a power‐plant developer supporting data‐center operations, valued at around $42.5 million. The board also declared a quarterly dividend of $0.60 per share, payable on June 15.

Texas Pacific Land is one of the largest landowners in Texas. Leveraging extensive land, mineral and royalty rights, the company generates income through oil and gas production support, pipeline and power‐line access, and water‐resource supply. With a market capitalization of about $27 billion (approximately KRW 30 trillion), it is a major large‐cap stock. Horizon Kinetics is known as one of its largest shareholders, holding over 15% according to the latest Schedule 13D filing.