West Texas 'Land Tycoon' Acquires More Shares as Major Stakeholder... Continues Multi-Billion Dollar Bet

Horizon Kinetics Asset Management, which holds over 10% of Texas Pacific Land Corp (NASDAQ: TPL), executed two public‐market share purchases on January 14 and February 6. Even after the 3-for-1 stock split, it maintained a direct stake of roughly 3.5 million shares, reaffirming its multi-trillion-won investment exposure. Filings show average acquisition prices of about $330 and $360 per share, implying a mid-$1 billion stake value (approximately KRW 1.5–1.7 trillion). The disclosures also clarified that these holdings represent the economic interests of client and fund accounts managed by HKAM, not personal investments by Murray Stahl.

Recently, Texas Pacific Land announced a strategic partnership with AI infrastructure firm Bolt Data & Energy to develop a large-scale AI data-center campus in the West Texas desert. The announcement propelled TPL to the top of the S&P 500’s daily gainers, adding a new growth narrative of data-center development to its traditional oil-and-gas business. Meanwhile, the company has continued acquiring additional oil and gas leases and royalty interests in the Permian Basin, and into 2025 it has sustained high profitability and cash generation—driven largely by royalties and water services—according to its latest results and analyst reports.

Founded in 1888 and listed on U.S. exchanges, Texas Pacific Land is a major land and resource management and water-services company owning about 870,000 acres in the West Texas Permian Basin. Without conducting its own drilling, it generates most of its revenue from oil and gas royalties, surface leases, and water supply and disposal services. Since the mid-2010s, Horizon Kinetics has been one of its largest shareholder groups, and after past governance disputes and negotiations, remains a committed long-term investor.