Permian Landowner 'TPL' Major Shareholder Maintains 5 Trillion Won Stake While Increasing Purchases

Horizon Kinetics Asset Management, which holds more than 10% of Texas Pacific Land Corp (TPL), added to its stake through open‐market purchases on June 15 and 29. As of its latest disclosures, its directly held shares are valued at roughly $1.2–1.4 billion (about ₩1.7–2.0 trillion).

On June 5 and 8, CFO Chris Steddum sold a portion of his shares under a pre‐arranged Rule 10b5-1 trading plan at around $400 per share, generating approximately $1.6 million (₩22 billion) in cash. After those sales, his direct equity stake is valued at about $4.6 million (₩64 billion).

Steddum also holds several thousand restricted stock units (RSUs) that are scheduled to vest between 2027 and 2029.

On June 23, TPL announced a contract with Chevron to provide land and water-resource solutions for a major power project in Texas, underscoring its expansion of energy‐infrastructure services in the Permian Basin. In its May 6 filing, the company reported record first-quarter revenue of $236.8 million (about ₩330 billion).

Since May, Horizon Kinetics and other major shareholders with stakes above 10% have filed small, additional purchase disclosures. Their total economic interest in TPL remains around $4.1 billion (₩5.7 trillion), according to an amended Schedule 13D.

Texas Pacific Land Corp owns roughly 870,000 acres in the Permian Basin and generates revenue from oil and gas royalties, land leases, pipeline and power-line fees, and water-resource services.

Headquartered in New York, Horizon Kinetics Asset Management is one of TPL’s largest shareholders, and these filings reaffirm its commitment to long-term exposure in energy royalties and land assets.