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Texas Pacific Land Corp. (TPL) closed its acquisition of Permian Basin oil and gas minerals and royalties for $286 million in cash, the company announced Oct. 2.
Located mainly in the Midland Basin, the interests span across approximately 7,490 net royalty acres in Martin and Midland counties, Texas, among other counties. More than 80% of the interests are adjacent to existing Texas Pacific Land surface and royalty acreage, the company said in the press release.
Exxon Mobil and Diamondback Energy operate about 60% of the acquired acreage, which average approximately 1,300 boe/d (~78% liquids) with 12 rigs running currently. Occidental Petroleum and ConocoPhillips are other operators, TPL CEO Tyler Glover said.
TPL expects the acquired assets to have significant growth potential and cash flow yield because over half of its drilling and spacing units have been minimally developed, if at all, Glover said. The assets include numerous permitted wells and DUCs.
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