Texas Pacific Land closes acquisition of Permian interests for $286M

Texas Pacific Land (TPL) “announced the closing of an acquisition of Permian oil and gas mineral and royalty interests for $286 million in cash. The interests span across approximately 7,490 net royalty acres located primarily in the Midland Basin in Martin, Midland, and other counties, with over 80% of the acquired interests adjacent to or overlapping existing TPL surface and royalty acreage. Exxon Mobil Corporation (XOM) and Diamondback Energy Inc (FANG) operate approximately 66% of the acreage. The acquired assets have current production of approximately 1,300 barrels of oil equivalent per day (~78% liquids), with strong line of sight to near-term development and production growth.