Texas Pacific Land Corporation and bpx energy Agree to Comprehensive Water and Surface Use Agreements
February 22 2023 - 4:15PM
Business Wire
Texas Pacific Land Corporation (NYSE: TPL) (“TPL”) announced
today a long-term agreement with bpx energy (“bpx”), a subsidiary
of BP P.L.C. (NYSE: BP), to provide water services and surface
access across approximately 270,000 acres in Culberson, Loving, and
Reeves Counties, Texas.
Under the agreement, TPL will receive dedicated brackish and
treated water sales, certain produced water commitments, and access
to produced water for commercial treatment, recycling, and reuse.
bpx will receive assured long-term access across a substantial
portion of TPL’s vast surface acreage for the continued development
of oil and gas and associated infrastructure. The alignment of TPL
and bpx will enhance opportunities for bpx to efficiently grow
production in the Delaware Basin and generate additional water and
surface revenue streams for TPL.
“We are pleased to strengthen our long-standing and productive
relationship with bpx, a premier operator with a high-quality,
expansive Permian footprint,” said Tyler Glover, CEO of TPL.
“Importantly, this will provide both of us with increased operating
and commercial certainty across our shared acreage footprints. We
look forward to leveraging our existing assets towards delivering
essential services across both water and surface as we work to
accelerate development activity in a core part of the Delaware
Basin, where TPL also owns a sizeable oil and gas royalties
position.”
“TPL has long been a key partner for us in the Permian Basin,”
said David Lawler, CEO of bpx energy, “This agreement will optimize
our operations in the Permian – expanding our world class
infrastructure and supporting our delivery of resilient
hydrocarbons.”
Forward Looking Statements
Certain matters contained in this press release include
“forward-looking statements.” All statements, other than statements
of historical fact, included in this press release may constitute
forward-looking statements. Although we believe that the
expectations reflected in these forward-looking statements are
reasonable, we cannot assure you that these expectations will prove
to be correct. These forward-looking statements are subject to
certain known and unknown risks and uncertainties, as well as
assumptions that could cause actual results to differ materially
from those reflected in these forward-looking statements. Factors
that might cause actual results to differ include, but are not
limited to, the risk factors discussed from time to time in each of
our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any
forward-looking statements contained in this press release, which
reflect management’s opinions only as of the date hereof. Except as
required by law, we undertake no obligation to revise or publicly
release the results of any revision to any forward-looking
statements.
About Texas Pacific Land Corporation
Texas Pacific Land Corporation (NYSE: TPL) is one of the largest
landowners in the State of Texas with approximately 874,000 acres
of land in West Texas, with the majority of its ownership
concentrated in the Permian Basin. The Company is not an oil and
gas producer, but its surface and royalty ownership allow revenue
generation through the entire value chain of oil and gas
development, including through fixed fee payments for use of our
land, revenue for sales of materials (caliche) used in the
construction of infrastructure, providing sourced water and treated
produced water, revenue from our oil and gas royalty interests, and
revenues related to saltwater disposal on our land. The Company
also generates revenue from pipeline, power line and utility
easements, commercial leases, and temporary permits related to a
variety of land uses including midstream infrastructure projects
and hydrocarbon processing facilities.
About bpx energy
With operations in Texas and Louisiana, bpx energy, a subsidiary
of BP P.L.C. (NYSE: BP), is a premier US onshore oil and gas
producer and a leader in reducing methane emissions. In 2022 our
world-class unconventional oil and gas assets in Texas and
Louisiana produced an average of 325,000 barrels of oil equivalent
per day. We also announced our aim to reach zero routine flaring in
our onshore operations by 2025. We plan to accomplish this by
investing significantly in infrastructure that enables us to
eliminate some of the largest sources of emissions and keep more
gas in the pipeline for our customers. For more information on bpx
energy and bp in America, visit bp.com/us
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TPL Investor Relations IR@texaspacific.com
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