Texas Pacific Land acquires Permian mineral and surface assets for $169M cash

Texas Pacific Land Corp

Acquired 4,106 net royalty acres in Culberson County, TX (Delaware Basin) leased to Coterra Energy.
Acquired 4,120 surface acres in Martin County, TX (Midland Basin) with water, disposal, landfill royalties from Waste Connections.
Total cash consideration $169M; combined asset price implies >13% 2025 FCF yield at current strip prices.
Board member Robert Roosa is CEO of Brigham Royalties; TPL acquired 55.4% interest; Roosa abstained from vote.
TPL paid $275/net acre commission to Brigham employees (less than typical third-party fees); no fees paid to Brigham or Roosa.

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