Deals - Acquisition, Mergers, Divestitures
TPL Acquires Delaware Basin Minerals & Midland Property
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Texas Pacific Land announced the closing of two acquisitions for oil and gas mineral interests and surface acreage located in the Permian Basin for an aggregate $169 million in cash.
TPL acquired mineral interests across approximately 4,106 net royalty acres located in Culberson County, Texas. The acreage is leased to and operated by Coterra Energy. In addition, the acquired mineral interests overlap with TPL surface acreage.
The acquired surface asset spans approximately 4,120 acres in Martin County, Texas and is strategically located in the core of the Midland Basin.
"Acquiring high-quality mineral interests in the northern Delaware Basin and strategic surface acreage in the Midland Basin will immediately contribute to TPL’s free cash flow," said Tyler Glover, Chief Executive Officer of the Company. "The combined asset purchase price implies a greater than 13% 2025 free cash flow yield at current strip prices giving credit to only existing production and line-of-sight wells and opportunities. These bolt-on transactions, in addition to the cash flow currently generated, 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. Both assets were sourced through our industry and professional networks and were not part of a broad marketed process. These type of premium assets located within the core subregions of the Permian Basin represent the growth opportunities available to TPL that can provide a substantial incremental value driver to our legacy asset
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|---|---|---|---|---|---|
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