Dallas-based Texas Pacific Land Corp. said last week it closed two transactions for $169 million for oil and gas mineral interests and surface acreage in Permian Basin. TPL acquired mineral interests on 4,106 net royalty acres in Culberson County leased to and operated by Coterra Energy. The acquired surface acres span 4,120 acres in Martin County in the core of the Midland Basin.
Tyler Glover, CEO, said Aug. 27, “These bolt-on transactions … have excellent growth qualities commensurate with TPL’s legacy portfolio. By owning overlapping and nearby surface and water assets, we believe we can accelerate development and generate incremental value… These types of premium assets located within the core subregions of the Permian Basin represent the growth opportunities available to TPL.”
Texas Pacific Land is one of the largest landowners in Texas with about 873,000 acres in west Texas primarily in Permian Basin.