# EDGAR Filing Document

**Accession Number:** 0001811074
**File Stem:** 0000000000-25-010229
**Filing Date:** 2025-9
**Character Count:** 8044
**Document Hash:** 0703401466fabf68b9ab81dc81614f00
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-010229.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0000000000-25-010229

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250919

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Texas Pacific Land Corp
- **CENTRAL INDEX KEY:** 0001811074
- **STANDARD INDUSTRIAL CLASSIFICATION:** OIL ROYALTY TRADERS [6792]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 750279735
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 001-39804

**BUSINESS ADDRESS:**
- **STREET 1:** 2699 HOWELL STREET
- **STREET 2:** SUITE 800
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75204
- **BUSINESS PHONE:** 214-969-5530

**MAIL ADDRESS:**
- **STREET 1:** 2699 HOWELL STREET
- **STREET 2:** SUITE 800
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75204
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001811074-25-000044

## Text-Extract

```

                                                            September 19, 2025

Tyler Glover
President, Chief Executive Officer and Director
Texas Pacific Land Corporation
1700 Pacific Avenue
Suite 2900
Dallas, TX 75201

       Re: Texas Pacific Land Corporation
           Form 10-K for the Fiscal Year ended December 31, 2024
           Filed February 19, 2025
           File No. 001-39804
Dear Tyler Glover:

       We have reviewed your filing and have the following comments.

       Please respond to this letter within ten business days by providing the
requested
information or advise us as soon as possible when you will respond. If you do
not believe a
comment applies to your facts and circumstances, please tell us why in your
response.

       After reviewing your response to this letter, we may have additional
comments.

Form 10-K for the Fiscal Year ended December 31, 2024
Properties, page 17

1.     Please expand your filing to include a summary of your oil and gas
reserves at fiscal
       year-end. Refer to the disclosure requirements in Items 1202(a)(1)
through 1202(a)(4)
       of Regulation S-K.
2.     We note that you have not previously disclosed reserves estimates in a
filing with the
       Commission and that you are disclosing material additions to your
reserves estimates.
       Accordingly, explain to us how you considered providing a general
discussion of the
       technologies used to establish the appropriate level of certainty for
reserves estimates
       from material properties included in the total reserves disclosed. See
Item 1202(a)(6)
       of Regulation S-K.
3.     Disclose and describe the internal controls you use in your reserves
estimation effort.
       In addition, disclose the qualifications of the technical person
primarily responsible
       for overseeing the preparation of the reserves estimates and, if you
represent that a
       third party conducted a reserves audit, disclose the qualifications of
the technical
 September 19, 2025
Page 2

      person primarily responsible for overseeing such reserves audit. See Item
1202(a)(7)
      of Regulation S-K.
4.    Expand your disclosure to include total gross and net productive wells,
expressed
      separately for oil and gas, associated with your interests. Refer to the
disclosure
      requirements in Item 1208(a) of Regulation S-K.
5.    Please expand your acreage disclosure to provide a break-out of gross and
net
      developed and undeveloped acreage. Refer to the disclosure requirements
in Item
      1208(b) of Regulation S-K.
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Year Ended December 31, 2024 Compared to Year Ended December 31, 2023
Land and Resource Management, page 26

6.    Please expand your disclosure to provide the last three fiscal years of
production and
      average sales prices. Refer to the disclosure requirements in Item 1204
of Regulation
      S-K.
Non-GAAP Performance Measures, page 27

7.    We note your presentation of a non-GAAP financial measure titled 'Free
Cash Flow'.
      Please address the following:

             You identify Free Cash Flow as performance measure, but the label
suggests it
           may be a liquidity measure. Tell us the specific facts and
circumstances that led
           you to conclude this is a performance measure. If you continue to
believe Free
           Cash Flow is a performance measure, tell us how you determined it is
appropriate
           to exclude cash-based adjustments in the calculation of a
performance measure.
           Refer to Questions 100.01 and 100.05 of the Non-GAAP Financial
Measures
           C&DI's.

             Regardless of whether you conclude Free Cash Flow is a performance
or liquidity
           measure, please revise your non-GAAP reconciliation to reconcile the
measure to
           the most directly comparable GAAP measure, rather than presenting a
           "compound" reconciliation from Net Income to Adjusted EBITDA then to
Free
           Cash Flow.

             Please disclose the reasons why you believe Free Cash Flow
provides useful
           information to investors and any additional purposes for which
management uses
           this measure. Refer to Items 10(e)(1)(i)(C) and (D) of Regulation
S-K.

             Finally, we note you define Free Cash Flow as Adjusted EBITDA less
current
           income tax expense and capital expenditures. Per your consolidated
Statement of
           Cash Flows, Cash flows from investing activities, total capital
expenditures
           (excluding acquisitions of a business) appears to be $426.7 million
($395,577 +
           $1,476 + $29,696). Please revise your reconciliation accordingly, or
tell us why
           the amount presented in the reconciliation differs from this amount,
and explain
           the differences.
 September 19, 2025
Page 3

       This comment also applies to your Forms 10-Q and earnings releases.
Supplemental Oil and Gas Reserve Information (Unaudited)
Analysis of Changes in Oil and Natural Gas PDP Reserves, page F-32

8.     We note your disclosure on page 3 that the average realized price
received per Boe
       during the year 2024 decreased 6.4% from the year 2023; however, the
reconciliation
       of the changes in proved reserves during 2024 does not include a
negative revision
       due to prices. Please review and revise your disclosure to identify and
quantify the net
       amount of change due to the decrease in commodity prices, and any other
contributing
       factors, including offsetting factors, so the change due to revisions of
prior estimates
       is fully explained. Refer to the disclosure requirements in FASB ASC
932-235-50-
       5(a).
9.     Please expand the disclosure of the net developed reserves appearing
below the table
       of changes in estimated reserves to include the volumes as of the
beginning of the
       earliest period presented, i.e. as of December 31, 2021. Refer to the
disclosure
       requirements in FASB ASC 932-235-50-4.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.

        Please contact Joseph Klinko at (202) 551-3824 or Mark Wojciechowski at
(202) 551-
3759 if you have questions regarding comments on the financial statements and
related
matters. Please contact Sandra Wall, Petroleum Engineer, at (202) 551-4727 or
Brad Skinner,
Office Chief, at (202) 551-3489 if you have any questions regarding the
engineering
comments.

                                                            Sincerely,

                                                            Division of
Corporation Finance
                                                            Office of Energy &
Transportation
cc:   Chris Steddum

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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