Major Institutions Show Interest in U.S. 'Oil Royalty Stocks' with Direct Holdings Exceeding 1.8 Trillion Won

US asset manager Horizon Kinetics Asset Management has been steadily buying common shares of Texas Pacific Land Corp (TPL) on the open market from late May through mid-June, boosting its direct holdings to approximately 3.39 million shares. Based on the transaction prices disclosed in its filings, the value of this direct stake stands at roughly $1.3–1.4 billion (about KRW 1.8 trillion). A separate Schedule 13D filing shows that, across all related accounts, its total voting‐share holdings exceed 10.1 million shares.

On June 23, after announcing a power infrastructure collaboration agreement with Chevron U.S.A. near its land assets, TPL’s stock jumped more than 4% intraday on U.S. exchanges. In early May, the company reported first‐quarter 2026 results that beat market expectations for both revenue and net income (au.investing.com).

TPL is a publicly traded land and royalty company owning about 860,000 acres in the U.S. Permian Basin. It earns most of its revenue from oil and gas production royalties, water resources, and infrastructure fees (TPL Produced Water Desalination and Beneficial Reuse, May 2024). Horizon Kinetics, one of TPL’s largest shareholders, is a U.S. asset manager known for its long‐term value‐investment approach and has been steadily accumulating TPL shares over several years (tradingview.com).