2024-11-07 Texas Pacific Land Corporation (TPL) Q3 2024 Earnings Call Transcript

Texas Pacific Land Corporation (NYSE:TPL) Q3 2024 Results Conference Call November 7, 2024 8:30 AM ET

德克萨斯太平洋土地公司（NYSE: TPL）2024 年第三季度业绩电话会议 2024 年 11 月 7 日上午 8:30 ET

Company Participants 公司参与者

Shawn Amini - Vice President, Finance and Investor Relations

肖恩·阿米尼 - 财务和投资者关系副总裁

Tyler Glover - Chief Executive Officer

泰勒·格洛弗 - 首席执行官

Chris Steddum - Chief Financial Officer

克里斯·斯特德姆 - 首席财务官

Robert Crain - Executive Vice President, Texas Pacific Water Resources

罗伯特·克雷恩 - 执行副总裁，德克萨斯太平洋水资源

Conference Call Participants

电话会议参与者

Derrick Whitfield - Stifel

Operator 操作员

Ladies and gentlemen, good morning, and welcome to the Texas Pacific Land Corporation's Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

女士们，先生们，早上好，欢迎参加德州太平洋土地公司的 2024 年第三季度收益电话会议。[操作员说明] 提醒您，本次会议正在录音。

It is now my pleasure to introduce your host, Shawn Amini, VP Finance and Investor Relations. Please go ahead, sir.

现在我很高兴为大家介绍您的主持人，财务和投资者关系副总裁肖恩·阿米尼。请开始，先生。

Shawn Amini

Thank you for joining us today for Texas Pacific Land Corporation's Third Quarter 2024 Earnings Conference Call.

感谢您今天参加德州太平洋土地公司 2024 年第三季度收益电话会议。

Yesterday afternoon, the company released its financial results and filed its Form 10-Q with the Securities and Exchange Commission, which is available on the Investors section of the company's website at www.texaspacific.com.

昨天下午，公司发布了财务业绩，并向证券交易委员会提交了 10-Q 表格，该表格可在公司网站的投资者部分 www.texaspacific.com 上查阅。

As a reminder, remarks made on today's conference call may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. We do not undertake any obligation to update our forward-looking statements in light of new information or future events. For a more detailed discussion of the factors that may affect the company's results, please refer to our earnings release for this quarter and to our recent SEC filings.

请注意，今天电话会议上的发言可能包含前瞻性声明。前瞻性声明受风险和不确定性的影响，可能导致实际结果与今天讨论的内容有重大差异。我们不承担根据新信息或未来事件更新前瞻性声明的义务。有关可能影响公司业绩的因素的更详细讨论，请参阅我们本季度的收益发布和我们最近的 SEC 文件。

During this call, we will also be discussing certain non-GAAP financial measures. More information and reconciliations about these non-GAAP financial measures are contained in our earnings release and SEC filings. Please also note, we may at times refer to our company by its stock ticker, TPL.

在此次电话会议中，我们还将讨论某些非 GAAP 财务指标。有关这些非 GAAP 财务指标的更多信息和对账包含在我们的收益发布和 SEC 文件中。请注意，我们有时可能会通过其股票代码 TPL 来提及我们的公司。

This morning's conference call is hosted by TPL's Chief Executive Officer, Ty Glover; and TPL's Chief Financial Officer, Chris Steddum. Management will make some prepared comments, after which we will open the call for questions. Now I will turn the call over to Ty.

今天上午的电话会议由 TPL 的首席执行官 Ty Glover 和 TPL 的首席财务官 Chris Steddum 主持。管理层将发表一些准备好的评论，之后我们将开放提问环节。现在我将把电话交给 Ty。

Tyler Glover

Thanks, Shawn. Good morning, everyone, and thank you for joining us today.

谢谢，肖恩。大家早上好，感谢大家今天加入我们。

Our strong third quarter 2024 performance underscores the success of our active management strategy focused on maximizing oil and gas royalties, surface and water assets with acquisition activity over the last couple of years set to provide incremental growth tailwinds. In addition, TPL continues to benefit from activity levels in the Permian Basin, which remain resilient despite fluctuations in oil and natural gas prices.

我们强劲的 2024 年第三季度业绩强调了我们积极管理策略的成功，该策略专注于最大化石油和天然气特许权使用费、地表和水资源资产，过去几年中的收购活动将提供额外的增长顺风。此外，尽管油价和天然气价格波动，TPL 仍继续受益于二叠纪盆地的活动水平，该水平保持强劲。

To start, TPL's oil and gas royalty production of approximately 28,300 barrels of oil equivalent per day represents a corporate record, driven by our Central Midland and oily Loving subregions. For water sales, revenues were up 37% year-over-year as the size and scale of our operations provide a meaningful competitive advantage as operator customers look for delivery assurance. Continued deployment of co completions and simul and trimul fracking placed tremendous volume demands for water delivered over a relatively short period and our substantial investment in brackish and treated water infrastructure has established one of the few systems in the Permian capable of this type of volume intensity.

首先，TPL 的石油和天然气特许权使用费产量约为每天 28,300 桶油当量，创下公司纪录，这得益于我们中部米德兰和富油的拉文子区域。在水销售方面，收入同比增长 37%，因为我们运营的规模和规模为运营商客户提供了有意义的竞争优势，他们寻求交付保证。持续部署的共同完井和同时及多重压裂对在相对较短时间内交付的水量提出了巨大需求，而我们在微咸水和处理水基础设施上的大量投资建立了二叠纪盆地中少数能够应对这种体量强度的系统之一。

This was also another record quarter for our produced water royalty revenues with produced water royalty volumes up 46% year-over-year as our expanding set of commercial arrangements with third-party customers continues to drive increased market capture. In our conversations with investors, our produced water royalties is by far the most misunderstood aspect of our business. Today, I'd like to spend some time elaborating on this topic, especially given the growth we've seen to date and also given the robust outlook over the near term and long term, underpinned by acquisitions we made last year.

这也是我们产水特许权使用费收入的又一个创纪录的季度，产水特许权使用费量同比增长 46%，因为我们与第三方客户不断扩大的商业安排继续推动市场份额的增加。在与投资者的对话中，我们的产水特许权使用费无疑是我们业务中最被误解的方面。今天，我想花一些时间详细阐述这个话题，特别是考虑到我们迄今为止的增长，以及基于我们去年进行的收购所支撑的短期和长期强劲前景。

Our produced water royalties business is often conflated with traditional saltwater midstream and disposal operations. In traditional saltwater disposal operations, otherwise known by its acronym, SWD, an operator will collect water produced via an oil and gas well at a centralized storage facility, transport it typically via pipeline to an SWD facility, where it is then injected thousands of feet below the surface. From a high level, TPL's role in the disposal of produced water is providing SWD operators access to our surface and our core space and in return, we charge a produced water royalty. TPL does not currently operate SWD infrastructure.

我们的产水特许权业务经常与传统的盐水中游和处置业务混为一谈。在传统的盐水处置业务中，也被称为 SWD，运营商会在一个集中存储设施收集通过油气井产生的水，通常通过管道运输到 SWD 设施，然后将其注入地下数千英尺。从高层次来看，TPL 在产水处置中的角色是为 SWD 运营商提供进入我们地表和核心空间的权限，作为回报，我们收取产水特许权使用费。TPL 目前不运营 SWD 基础设施。

To receive these produced water royalties, we have negotiated separate individualized commercial agreements with each operator that wants to operate SWD infrastructure on our land. These agreements often cover massive acreage extents and can take months or even years to negotiate. Since we started in 2017, the team has easily spent more hours negotiating, structuring and executing produced water royalty agreements than any other part of the business. The effort was well worth it as these produced water royalties provide TPL with a commercially unique, extremely high-quality cash flow stream.

为了获得这些生产水特许权使用费，我们与每个想在我们土地上运营 SWD 基础设施的运营商谈判了单独的个性化商业协议。这些协议通常涵盖大面积的土地，并且可能需要数月甚至数年才能谈判。自 2017 年开始以来，团队在谈判、构建和执行生产水特许权使用费协议上花费的时间比业务的任何其他部分都多。这一努力非常值得，因为这些生产水特许权使用费为 TPL 提供了商业上独特、极高质量的现金流。

In 2016, before active management, TPL generated virtually 0 produced water royalties. Fast forward to today, and TPL is positioned to collect royalties on well over 1 billion barrels of produced water for the full year 2024, which will in turn generate around $100 million of royalty revenues. And because of how we've structured these agreements, this revenue stream incurs 0 capital expenditures and 0 operating expense burden outside of personnel salaries and legal expenses that go into negotiating the agreements. In effect, the hundreds of millions or likely billions of dollars this business will cumulatively generate in the years to come, flows directly to TPL's bottom line, representing nearly pure margin.

2016 年，在积极管理之前，TPL 几乎没有产生任何生产水的特许权使用费。快进到今天，TPL 有望在 2024 年全年收取超过 10 亿桶生产水的特许权使用费，这将产生约 1 亿美元的特许权使用费收入。由于我们对这些协议的结构安排，这一收入流不涉及资本支出和运营费用负担，除了人员工资和用于谈判协议的法律费用。实际上，这项业务在未来几年内将累积产生的数亿美元甚至数十亿美元，直接流入 TPL 的底线，几乎代表纯利润。

By applying our historical earnings trading multiple to the current produced water royalties annualized run rate cash flow, it's easy to see the immense value this business has created for shareholders. It's also worth noting that our agreements provide TPL with extremely robust indemnification against spills, accidents, injuries or other types of liabilities. In addition to benefiting from the significant financial upside, we've also been very intentional in protecting TPL interest from potential risks. Furthermore, these produced water realty agreements enhance our water sales business. Many of our contracts include provisions providing TPL the exclusive right to offtake produced water barrels within an area of mutual interest for treatment and resale. This allows TPL to procure produced water from an operator's system, treat it to a customer's specifications and sell the recycled water for well completions.

通过将我们历史的盈余交易倍数应用于当前生产水权年化现金流的运行率，可以清楚地看到这项业务为股东创造了巨大的价值。还值得注意的是，我们的协议为TPL提供了极为强大的免责条款，涵盖了泄漏、事故、伤害或其他类型的责任。除了享受显著的财务上行潜力外，我们还在保护TPL利益免受潜在风险方面非常有意识。此外，这些生产水产权协议还增强了我们的水销售业务。我们许多合同包括条款，赋予TPL在共同利益区域内独占的生产水提取权，供处理和转售。这使TPL能够从运营商的系统中采购生产水，按照客户的要求进行处理，并将回收的水用于油井完工。

In such circumstances, TPL is paid twice on a single barrel, once through a produced water royalty and again through a treated water sale. This feature has been especially critical for TPL as operators have been increasingly using raw or treated produced water for well development over the last few years.

在这种情况下，TPL 在单个桶上获得两次付款，一次是通过生产水特许权使用费，另一次是通过处理水销售。这一特点对 TPL 尤为重要，因为近年来运营商越来越多地使用原水或处理过的生产水进行油井开发。

Looking ahead, recent strategic acquisitions will provide incremental produced water growth opportunities. Last year, we spent nearly $40 million across multiple transactions to acquire over 50,000 acres of surface acreage and core space. These acquisitions were strategically targeted given their location along the East state line of Texas and Mexico in Andrews and Winkler counties. This location is significant as this acreage is outside the core oil and gas development areas of the Permian Basin, where produced water disposal zones will not interfere with drilling and completion operations.

展望未来，最近的战略收购将提供增量的产出水增长机会。去年，我们在多笔交易中花费了近 4000 万美元，收购了超过 50,000 英亩的地表土地和核心空间。鉴于这些收购位于德克萨斯州和墨西哥东部州界的安德鲁斯和温克勒县，因此具有战略意义。这个位置很重要，因为这些土地位于二叠纪盆地的核心油气开发区之外，产出水的处置区不会干扰钻井和完井作业。

Over the last year, our business development teams have been working diligently to commercialize this otherwise raw land. We have since signed an agreement with one of the largest midstream operators serving the broader Delaware market to bring produced water into these new tracks with initial volumes expected in fourth quarter 2024. We are also in advanced discussions with other parties for additional access, and we expect that the aggregate contribution for current and future agreements will support multiple hundreds of thousands of produced water barrels per day. These strategic surface acquisitions play a critical role for TPL as we look to deliver produced water solutions for the broader oil and gas industry. At the same time, they generate substantial incremental cash flows for TPL and help ensure that our oil and gas royalty interests remain undeterred by development constraints.

在过去的一年中，我们的业务发展团队一直在努力将这些原始土地商业化。此后，我们与服务广泛德克萨斯州德拉瓦尔市场的最大中游运营商之一签订了协议，将生产水引入这些新地区，预计初步的水量将在2024年第四季度到达。我们还与其他方进行着高级别的讨论，寻求更多的进入机会，预计当前和未来的协议总贡献将支持每天数十万桶的生产水供应。这些战略性地表面收购对TPL至关重要，因为我们力求为更广泛的石油和天然气行业提供生产水解决方案。同时，它们为TPL带来了可观的增量现金流，并有助于确保我们的石油和天然气特许权利益不受开发限制的影响。

Next, I'd like to spend some time discussing our most recent acquisition activity that we announced this past August and October. In total, we closed on three separate transactions totaling nearly $0.5 billion. The first asset was over 4,000 surface acres in Martin County, which is strategically located in the core of the Midland Basin. These surface assets provide numerous revenue streams across brackish water, produced water and other surface-related activities. The next asset we closed on was over 4,000 net royalty acres standardized to an 1/8th located in Culberson County. This acquired acreage was especially attractive given the royalty acreage overlap drilling spacing units where we already have an interest in with our legacy royalties. Meaning we essentially acquired a higher net revenue interest in current and future well locations we already own.

接下来，我想花些时间讨论我们在今年八月和十月宣布的最新收购活动。总的来说，我们完成了三项独立交易，总额接近5亿美元。第一项资产是在马丁县的超过4,000英亩土地，这个位置战略性地位于米德兰盆地的核心区域。这些土地资产通过含咸水、生产水和其他与土地相关的活动提供了多种收入来源。我们收购的第二项资产是在卡尔伯森县的超过4,000英亩净特许权土地，标准为1/8的权益。考虑到该土地与我们已有的传统特许权在钻井间距单元中的重叠，这项收购尤其具有吸引力。这意味着我们本质上收购了已经拥有的当前和未来油井位置的更高净收入权益。

The third asset we closed on was over 7,000 net royalty acres located primarily in the Midland Basin in Martin, Midland and other counties. These assets represent some of the best geology for oil development found anywhere in the Lower 48 and it significantly expands our net royalty acreage on the Midland side of the Permian Basin. All of these assets, both individually and on an aggregate basis, high grades TPL's asset portfolio. These newly acquired assets are on par with or even exceed the quality of our legacy portfolio. They are expected to be highly accretive to our near-term financial and operating metrics on a per share basis while also enhancing and extending our growth runway given the remaining undeveloped inventory on the royalty acreage and the untapped commercial potential on the surface acreage.

我们完成的第三项收购资产是超过7,000英亩净特许权土地，主要位于米德兰盆地的马丁县、米德兰县以及其他一些县。这些资产代表了美国本土48州中最适合石油开发的地质条件，极大地扩展了我们在二叠纪盆地米德兰区的净特许权土地面积。所有这些资产，无论是单独来看还是整体来看，都大大提升了TPL的资产组合。这些新收购的资产与我们传统的资产组合质量相当，甚至超越了它们。预计它们将在每股基础上对我们短期的财务和运营指标产生高度增值，同时也将增强并延长我们的增长潜力，考虑到特许权土地上的剩余未开发储备以及地面土地上尚未开发的商业潜力。

We expect the two royalty acquisitions to add upwards of approximately 30,000 barrels of oil equivalent per day in the near term, which represents an over 10% increase to our current oil and gas royalty production. Aggregating all three deals, we expect them to generate double-digit cash flow yield at a flat $70 oil price. As a result of the overall business performance and the additional free cash flow per share accretion these acquisitions provide, we announced yesterday that the Board has approved a 37% increase of our regular quarterly dividend to $1.60 per share. We continue to identify acquisition opportunities that could be excellent additions to the TPL portfolio.

我们预计这两项特许权收购将在短期内增加大约30,000桶油当量/日的产量，相当于目前石油和天然气特许权生产的增长超过10%。将三项交易合并来看，我们预计它们将在油价保持在70美元时产生两位数的现金流收益。由于整体业务表现和这些收购所带来的每股自由现金流增值，我们昨日宣布董事会已批准将常规季度股息提高37%，达到每股1.60美元。我们将继续寻找潜在的收购机会，这些机会可能成为TPL资产组合的优秀补充。

Our team brings exceptional technical, financial and operating capabilities across land, water and royalties and with a fortress balance sheet and a net cash position coupled with our free cash flow proficiency, we are well positioned to evaluate, execute and consolidate high-quality assets. As always, we remain intently focused on maximizing intrinsic value per share with a disciplined capital allocation approach aimed on maximizing returns over the long term.

我们的团队在土地、水资源和特许权方面具备卓越的技术、财务和运营能力，并且拥有坚如磐石的资产负债表和净现金头寸，加上我们的自由现金流能力，我们处于有利地位，可以评估、执行和整合高质量资产。我们始终专注于通过纪律严明的资本分配方法最大化每股内在价值，目标是长期最大化回报。

Next, I want to provide an update on our desalination efforts. We are making progress with equipment procurement, manufacturing and testing as we work towards our 10,000 barrel per day test facility, which we refer to as Phase 2b. We still expect completion of this facility in the middle of next year. We have also advanced various operating optimizations, cost efficiencies and economic analysis. Currently, we expect the total cost of Phase 2b to be approximately $25 million, with $10 million incurred in 2024 and the remaining balance in 2025. As an alternative to a direct grid connection, we are also evaluating a direct natural gas power generation option with a tie-in to a nearby nat gas pipeline which would require additional capital investment of approximately $10 million. Negotiations are ongoing with third-party partners and customers as we evaluate various commercial structures.

接下来，我想提供关于我们海水淡化工作的最新情况。我们在设备采购、制造和测试方面取得了进展，正在朝着我们称为 2b 阶段的每日 1 万桶测试设施努力。我们仍然预计该设施将在明年年中完成。我们还推进了各种运营优化、成本效率和经济分析。目前，我们预计 2b 阶段的总成本约为 2500 万美元，其中 1000 万美元将在 2024 年发生，其余余额将在 2025 年发生。作为直接电网连接的替代方案，我们还在评估直接天然气发电选项，并与附近的天然气管道连接，这将需要额外约 1000 万美元的资本投资。我们正在与第三方合作伙伴和客户进行谈判，以评估各种商业结构。

As we've discussed in the past, we believe produced water desalination and beneficial reuse will potentially play a critical role in providing sustainable produced water solutions that will allow the Permian to maintain robust development activity.

正如我们过去所讨论的，我们相信产出水的脱盐和有益再利用可能在提供可持续的产出水解决方案方面发挥关键作用，从而使二叠纪保持强劲的发展活动。

And finally, I want to remind TPL shareholders that we will be having our annual meeting tomorrow in Dallas. If you haven't already, I would encourage shareholders to submit their proxy votes soon. You can find the generic proxy statement posted on the TPL website or via the SEC website. If you have any questions, please contact Investor Relations.

最后，我想提醒 TPL 的股东，我们明天将在达拉斯召开年度会议。如果您还没有这样做，我鼓励股东尽快提交代理投票。您可以在 TPL 网站或 SEC 网站上找到通用代理声明。如果您有任何问题，请联系投资者关系。

With that, I'll hand the call over to Chris.

接下来，我将把电话交给克里斯。

Chris Steddum

Thanks, Ty. Consolidated revenues during the third quarter 2024 were approximately $174 million. Consolidated adjusted EBITDA was $144 million and adjusted EBITDA margin was 83%. Diluted earnings per share was $4.63, which was up slightly versus the same period last year. Performance year-over-year benefited from higher oil and gas royalty production, which increased 29%, higher water sales volumes, which increased 32%, and higher produced water royalty volumes which increased 46%. Results were offset by lower realized oil and natural gas prices, which declined by 8% and 65%, respectively.

谢谢，Ty。2024 年第三季度的合并收入约为 1.74 亿美元。合并调整后的 EBITDA 为 1.44 亿美元，调整后的 EBITDA 利润率为 83%。摊薄每股收益为 4.63 美元，较去年同期略有上升。同比业绩受益于油气特许权使用费产量增加 29%、水销售量增加 32%以及生产水特许权使用费量增加 46%。业绩被实现的油价和天然气价格分别下降 8%和 65%所抵消。

Royalty production of approximately 28,300 barrels of oil equivalent per day represents 13% growth on a sequential quarter-over-quarter basis. Production continues to benefit from strong activity levels across our Northern Delaware and Midland Basin footprint with strong contributions from Exxon, Occidental, Coterra, BP and Diamondback. Our recent M&A activity that closed during the third quarter 2024 added approximately 900 barrels of oil equivalent per day and $3 million of cash flow. As Ty mentioned earlier, on a full quarterly run rate basis we expect our recent royalty and minerals acquisitions to add over 3,000 barrels of oil equivalent per day with an approximate 50% oil cut and the rest split relatively evenly between gas and NGLs.

每天约 28,300 桶油当量的特许权使用费产量代表了环比季度增长 13%。生产继续受益于我们在北特拉华和米德兰盆地的强劲活动水平，并得到了埃克森美孚、西方石油、Coterra、BP 和 Diamondback 的强劲贡献。我们在 2024 年第三季度完成的近期并购活动增加了约 900 桶油当量的日产量和 300 万美元的现金流。如 Ty 先前所述，在完整的季度运行率基础上，我们预计近期的特许权使用费和矿产收购将增加超过 3,000 桶油当量的日产量，其中约 50%为石油，其余部分在天然气和 NGL 之间相对平均分配。

As of quarter end, we had 6.9 net permitted wells, 11.8 net drilled but uncompleted wells and 3.4 net completed but not producing wells. That amounts to 22.1% net line of sight inventory, which is the highest ever for TPL. The recent minerals and royalties acquisitions that closed in October is not reflected in the well statistics. We anticipate this acquisition to add approximately 1.5 net wells to our line of sight inventory. While we continue to monitor activity on our acreage and in the broader Permian amid recent commodity price volatility, current activity levels remain robust from our vantage point.

截至季度末，我们拥有 6.9 口净许可井、11.8 口净已钻但未完井井和 3.4 口净已完井但未生产井。这相当于 22.1%的净视线库存，这是 TPL 有史以来的最高水平。最近在十月完成的矿产和特许权收购未反映在井统计中。我们预计此次收购将为我们的视线库存增加约 1.5 口净井。尽管我们在最近商品价格波动中继续监测我们土地上的活动和更广泛的二叠纪活动，但从我们的角度来看，目前的活动水平仍然强劲。

Finally, our balance sheet remains incredibly strong with 0 debt and in a net cash position. While commodity prices are beyond our control, we remain focused on maximizing value where we can. The business has been set up to thrive in virtually any commodity price environment and regardless of which way the macroeconomic environment unfolds, TPL will be operating from a position of strength and will look to be opportunistic.

最后，我们的资产负债表依然非常强劲，没有债务，并处于净现金状态。虽然商品价格超出了我们的控制范围，但我们仍然专注于在我们可以的地方最大化价值。业务已经设置为在几乎任何商品价格环境中蓬勃发展，无论宏观经济环境如何变化，TPL 都将从一个强势地位运营，并寻求机会。

And with that, operator, we will now take questions.

好了，接下来我们将开始回答问题。

Question-and-Answer Session

问答环节

Operator 操作员

[Operator Instructions] The first question comes from the line of Derrick Whitfield from [Texas Pacific Land Corporation].

[操作员说明] 第一个问题来自德里克·惠特菲尔德的电话线，[德克萨斯太平洋土地公司]。

Derrick Whitfield

Congrats on your quarter and recent acquisitions.

祝贺你们的季度业绩和最近的收购。

Tyler Glover

Thanks, Derek. 谢谢，德里克。

Derrick Whitfield

Starting on M&A, could you help frame what led you to be more active as of recent and your view on the opportunity set that meets your checklist?

从并购开始，您能否帮助说明最近让您更积极的原因，以及您对符合您清单的机会集的看法？

Tyler Glover

Yes, sure. I think we've talked about it for the last couple of years, like we have a lot of interest in owning more assets that look just like what we own today. I mean we love surface, minerals, water. The overall environment has been pretty good for M&A lately where commodity prices are, sellers are willing to sell, and it's an attractive time to buy. So those deals were directly sourced, nonmarketed deals, but just really attractive asset classes, high-quality long-duration cash flows, very similar to what we own today.

是的，当然。我想我们在过去几年里谈过这个问题，比如我们对拥有更多像我们今天拥有的资产非常感兴趣。我的意思是我们喜欢地表、矿产、水。最近的整体环境对并购来说相当不错，商品价格处于较高水平，卖家愿意出售，这是一个吸引人的购买时机。因此，这些交易是直接来源的，非市场化的交易，但确实是非常有吸引力的资产类别，高质量的长期现金流，与我们今天拥有的非常相似。

I mean a lot of the interest we bought was actually in DSUs that we already own. So some intelligence there on development timing and pretty easy to manage when you're just going in and changing decimal places in the database that we already have. So again, just really high quality, very attractive assets that are really easy to integrate into our management system.

我的意思是，我们购买的很多权益实际上是在我们已经拥有的 DSU 中。因此，在开发时机上有一些智能，当你只是进入并更改我们已经拥有的数据库中的小数位时，这很容易管理。因此，再次强调，这些是真正高质量、非常有吸引力的资产，真的很容易整合到我们的管理系统中。

Derrick Whitfield

Terrific. And then maybe shifting over to the surface side of the business. I mean there's been a tremendous uptick in interest in surface rights since the LandBridge IPO. Given that you guys own one of the largest surface acre spreads in Texas, could you speak to the level of non-oil and gas revenue you're generating to date and the potential you see in opportunities surrounding AI, data centers, renewable energy, crypto mining, et cetera?

太好了。然后可能转向业务的地面方面。我的意思是，自从 LandBridge 首次公开募股以来，地面权利的兴趣大幅增加。鉴于你们拥有德克萨斯州最大的地面面积之一，您能否谈谈迄今为止您所产生的非石油和天然气收入的水平，以及您在人工智能、数据中心、可再生能源、加密货币挖矿等机会中看到的潜力？

Tyler Glover

Yes. I mean surface is a fantastic asset. I think the thing we like about it the most is just the optionality that you have. Minerals are a great asset as well, but you don't have as much control over the actual development. Whereas surface, you can be more proactive and kind of have more control over how and when that asset is developed. So as far as non-oil and gas revenue, it's pretty immaterial today, but we've signed a lot of contracts in the last couple of years. I think we've got over 700 megawatts of solar that we've contracted in the last 24 months that's in development phases. We've got seven utility-scale battery projects going. I think we've got four Bitcoin mines, like 78 megawatts that are active today with another 50 in development stages.

是的。我的意思是，地表是一项极好的资产。我认为我们最喜欢它的一点就是你拥有的选择性。矿产也是一项很好的资产，但你对实际开发的控制力不如地表。而地表，你可以更主动地控制该资产的开发方式和时间。就非石油和天然气收入而言，今天几乎无关紧要，但我们在过去几年签署了很多合同。我认为我们在过去 24 个月内签署了超过 700 兆瓦的太阳能合同，目前处于开发阶段。我们有七个公用事业规模的电池项目正在进行。我认为我们有四个比特币矿场，今天活跃的有 78 兆瓦，另有 50 兆瓦处于开发阶段。

So I think there's a lot of opportunity outside of oil and gas. We've seen an increase in wind power interest lately. And then there's been a lot of talk about data centers, as you know, I think Diamondback and Permian Resources have mentioned that lately. But that's something that we've been working on for some time now. And if you think about data centers as compute centers, then we've actually got a couple of small compute centers in the form of Bitcoin mining, like I mentioned, that are up and running with a couple more in negotiations. So we know what it takes to negotiate these things and every deal is unique, but if you think about the large data center you might see for hyperscalers, those are still in the early days of development for the Permian.

所以我认为在石油和天然气之外有很多机会。最近我们看到风能的兴趣有所增加。然后，正如你所知，关于数据中心的讨论很多，我认为 Diamondback 和 Permian Resources 最近提到过。但这是我们已经研究了一段时间的事情。如果你把数据中心看作计算中心，那么我们实际上有几个小型计算中心，以比特币挖矿的形式运行，就像我提到的，还有几个正在谈判中。所以我们知道谈判这些事情需要什么，每笔交易都是独特的，但如果你考虑到你可能看到的大型数据中心用于超大规模计算，那些在 Permian 的开发仍处于早期阶段。

And I would just say that there's a lot of conversations taking place within the industry and definitely within TPL. And we feel that we're positioned as well as anyone in West Texas to provide land and water solutions as those opportunities unfold. And so we've got a lot of experience negotiating and contracting compute facilities, but also all the things that might be ancillary to a data center, things like solar, wind, gas generation, pipeline and electric easements, water, grid-scale batteries, like I mentioned, and carbon capture. So we've signed contracts. We're cash flowing along a lot of those items already today.

我只想说，行业内，尤其是 TPL 内部，正在进行大量对话。我们认为自己在西德克萨斯州的地位与任何人一样好，可以在这些机会展开时提供土地和水资源解决方案。因此，我们在谈判和签订计算设施合同方面有丰富的经验，同时也涉及数据中心的附属事物，如太阳能、风能、天然气发电、管道和电力通道、水、网格级电池（如我提到的）以及碳捕获。因此，我们已经签署了合同。我们在很多这些项目上已经开始产生现金流。

So again, TPL just has a lot of positive attributes for data centers and nobody has more land than us in West Texas. So another thing, too, is if we need to buy more land to accommodate a data center, then we have proven that, that's not hard for us to do so. I think there's also a lot of other parts of the country that are also attractive for data centers. So we're working hard to make TPL as attractive as possible. But again, we're just -- we're having a lot of good discussions, and we'll definitely update you guys along the way.

所以，再次强调，TPL 对数据中心有很多积极的属性，而且在西德克萨斯没有人比我们拥有更多的土地。因此，另一件事是，如果我们需要购买更多的土地来容纳数据中心，我们已经证明这对我们来说并不难。我认为在全国还有很多其他地方对数据中心也很有吸引力。所以我们正在努力使 TPL 尽可能具有吸引力。但再次强调，我们正在进行很多良好的讨论，并且一定会在过程中为大家更新。

Derrick Whitfield

Terrific. And maybe just staying on water. A few of your midstream peers are pursuing mineral extraction opportunities with iodine and lithium. Is there a royalty opportunity for you guys on that front?

太棒了。接下来还是围绕水资源。你们的一些中游同行正在寻求从含碘和锂的矿物提取机会。你们是否有在这一领域的特许权机会？

Tyler Glover

Robert, do you want to take that one?

罗伯特，你想接这个吗？

Robert Crain

Yes, sure. We talk about beneficial extraction of the produced water. A lot of folks are chasing it. I think those conversations are very similar to the very early stages of large data centers, judging that opportunity. What we've done, I'll say, from a long time out is to start identifying and cataloging by strata and by spatial area, what those concentrations are and in a compounded in a raw and then in a compounded environment, is that marketable? We -- I think we have a good line of sight internally on what are those analytes that can be compounded in our commercial at scale. And we continue to evaluate it.

是的，当然。我们谈论的是如何有益地提取生产水。很多公司都在追逐这个机会。我认为这些讨论非常类似于大型数据中心发展的初期阶段，评估这一机会时的思维方式。从很早之前开始，我们就着手识别和 cataloging 按层位和空间区域来分析这些矿物的浓度，并评估在原始和复合环境下这些矿物是否具有市场价值。我们内部对哪些分析元素可以在大规模商业化中提取有一个清晰的认知，并且我们继续在评估这一机会。

And then conversations regarding that, whatever beneficial use comes of that water and how that goes into play. I think it's still developing in the regulatory world on ownership of produced water and is going to kind of to be determined on the ownership of produced water and any downstream revenues that are associated with it.

然后关于这一点的对话，无论该水的有益用途是什么，以及如何发挥作用。我认为在监管领域，关于生产水的所有权仍在发展，并且将决定生产水的所有权及其相关的任何下游收入。

Derrick Whitfield

And finally, if I could, just referencing the new midstream agreement you mentioned in your prepared remarks that will bring additional produced water in Q4. How material of a step-up in SWD volumes is that?

最后，如果可以的话，参考您在准备好的发言中提到的新中游协议，该协议将在第四季度带来额外的产出水。这在 SWD 量的增加中有多大意义？

Tyler Glover

I think that contract is a couple of hundred thousand barrels a day. And if you look at our run rate, we're just under 4 million barrels a day on average today.

我认为那份合同是每天几十万桶。如果你看看我们的运行速度，今天平均每天不到 400 万桶。

Operator 操作员

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. The conference of Texas Pacific Land Corporation has now concluded. Thank you for your participation. You may now disconnect your lines.

谢谢。女士们，先生们，我们的问答环节到此结束。德克萨斯太平洋土地公司的会议现已结束。感谢您的参与。您现在可以断开线路。

2024-11-07 Texas Pacific Land Corporation (TPL) Q3 2024 Earnings Call Transcript

2024-11-07 Texas Pacific Land Corporation (TPL) Q3 2024 Earnings Call Transcript

Article Comments Update

热门标签

Related Articles

2024-05-08 Occidental Petroleum Corporation (OXY) Q1 2024 Earnings Call Transcript

2022-02-25 Occidental Petroleum Corporation (OXY) Q4 2021 Earnings Call Transcript

2024-08-02 Exxon Mobil Corporation (XOM) Q2 2024 Earnings Call Transcript

2024-11-01 Exxon Mobil Corporation (XOM) Q3 2024 Earnings Call Transcript

2024-08-02 Chevron Corporation (CVX) Q2 2024 Earnings Call Transcript