U.S. 'Land Baron' Energy Stock Acquires $1.9 Billion in Shares Through Market Purchase

On June 3, Horizon Kinetics Asset Management disclosed in a U.S. Securities and Exchange Commission filing that it purchased Texas Pacific Land Corp (TPL) common shares on the open market at $406.72 per share, raising its direct holding to approximately 3.39 million shares. That stake is valued at about $1.4 billion, or roughly KRW 1.9 trillion.

Earlier, on May 20 and May 28, the firm reported open‐market purchases at around $395.93 and $406.26 per share. The May 20 transaction amounted to about $800,000 (approximately KRW 1 billion). A separate amended Schedule 13D filing also revealed beneficial ownership of roughly 10 million TPL common shares.

In its May 6 announcement of first-quarter 2026 results, TPL reported revenue of about $236.8 million (around KRW 300 billion) and net income of $142.9 million (about KRW 200 billion). The company is also pursuing a strategic partnership with Volt Data and Energy to develop a large-scale data-center campus on its West Texas land holdings.

Texas Pacific Land Corp is a U.S. energy and infrastructure company that generates oil and gas royalties, as well as water-resource and land-rental income, based on its extensive land, mineral, and water rights in the Permian Basin of West Texas.

Horizon Kinetics Asset Management, a New York–based asset manager, has long treated TPL as a core portfolio holding and is disclosed as a major shareholder with over 10 percent ownership in the company.