---
title: "Texas Pacific Land asks shareholders to bring it home to Texas as AI money reaches its land"
description: "Texas Pacific Land reports third-quarter results on November 4 and puts its Delaware incorporation to a shareholder vote on November 5. The move tracks a business shift: the Permian Basin landowner has begun selling its land and water to the AI buildout."
publisher: "The Inference"
section: "Data Center"
published: 2026-10-31T18:02:43.400Z
modified: 2026-10-31T18:02:43.400Z
canonical: https://theinference.org/article/texas-pacific-land-asks-shareholders-to-bring-it-home-to-texas-as-ai-money-reaches-its-land
language: en
keywords: "Texas Pacific Land, Permian Basin, Data Centers, Shareholder Votes, Earnings"
---

# Texas Pacific Land asks shareholders to bring it home to Texas as AI money reaches its land

> Texas Pacific Land reports third-quarter results on November 4 and puts its Delaware incorporation to a shareholder vote on November 5. The move tracks a business shift: the Permian Basin landowner has begun selling its land and water to the AI buildout.

[Texas Pacific Land (TPL)](https://theinference.org/markets/companies/texas-pacific-land) reports third-quarter results after the close on Wednesday November 4 [1], and at its annual meeting on Thursday November 5 shareholders vote on Proposal 4: convert the corporation from Delaware to Texas [2]. [The board's letter of October 23 asks stockholders to "make Texas our official home"](https://www.sec.gov/Archives/edgar/data/1811074/000110465926118468/tm2627999d1_defa14a.htm) [2]. More than ceremony is at stake.

The AI buildout has begun arriving on the company's 894,000 acres of West Texas [3][4], and the board is moving the legal home to the state where that business is likely to be built, and where energy projects already draw fights [3].

## The land already sells what data centers need

[Data-center developers facing community pushback from Maine to Arizona need land, power and water in one place](https://www.msn.com/en-us/money/economy/data-center-backlash-leads-to-a-new-land-rush-in-the-texas-oil-patch/ar-AA29IXQH), and the sparsely populated Permian Basin has all three [4]. Texas Pacific already sells water, easements and construction materials to oil producers, nearly half of last year's revenue, and is pointing the same machinery at compute [4].

It sold Chevron $43 million of land for a gas-fired plant feeding a [Microsoft](https://theinference.org/markets/companies/microsoft) data center, and will sell the plant brackish groundwater [4]. It has also put $50 million into Bolt, a data-and-energy infrastructure firm co-founded by former Google chief executive Eric Schmidt [4]. Chief executive [Tyler Glover](https://theinference.org/markets/people/tyler-glover) expects the new line to be "significant", and the company says one campus could be worth multiple hundreds of millions of dollars over its life [4]. That figure is projection; reported revenue still comes almost entirely from oil, gas and the services around them [4].

*Chart: **Revenue has climbed in nine of the last eleven quarters** Line chart of Texas Pacific Land quarterly revenue from Q4 2023 through Q2 2026, with a dashed analyst-consensus point for Q3 2026.*

*Quarterly revenue in millions of dollars from Texas Pacific Land's SEC filings; the dashed point is the Zacks analyst consensus for Q3 2026, reported after the close on November 4, 2026. [1][10]*

## Wednesday's print measures the old engine

The third-quarter report tests whether royalties keep compounding while one leg softens. Second-quarter royalty production hit a record 39,700 barrels of oil equivalent a day [1]. The soft leg is water sales in the Delaware Basin, a sub-region of the Permian rather than the state TPL would leave, down 19 percent from the first quarter after weak natural gas prices pushed operators toward oilier ground [1].

[Analysts expect $2.35 a share on $264 million of revenue](https://www.tradingview.com/news/zacks:0f9583acd094b:0-texas-pacific-land-set-to-report-q3-earnings-what-s-in-store/) [1]. A beat says the royalty engine still covers the water dip; a miss sharpens the question of how fast the data-center line must arrive.

## The vote swaps the courtroom, and index money inherits the outcome

Two-thirds of the Fortune 500 is incorporated in Delaware, and shareholder fights land in [its Court of Chancery, the hub of United States corporate-governance litigation](https://en.wikipedia.org/wiki/Delaware_Court_of_Chancery) [5]. Texas opened its own business courts, which hear such disputes, only in September 2024 [6]. The letter is candid that TPL "has no meaningful connection to Delaware other than its current state of incorporation", and pledges to keep annual director elections, the majority-vote standard, special meetings and stockholder bylaw amendments [2].

## The stakes are billions, and insiders have been selling

The people exposed to that choice hold a $23.25 billion royalty machine [7]. Its shares trade about 18 percent below the $411.38 intrinsic value GuruFocus, a stock-analysis service, assigns them, and [insiders were net sellers over the past year, $2.9 million out against $0.6 million in](https://www.gurufocus.com/news/9142535/texas-pacific-land-tpl-proposes-redomestication-to-texas-shares-dip-1) [7]. Chevron, [Tesla](https://theinference.org/markets/companies/tesla) and Charles Schwab have already made similar moves to Texas [3].

## The vote looks likely to pass, so the margin is the signal

[The board backed the conversion unanimously](https://news.bloomberglaw.com/texas-brief/texas-pacific-land-to-redomesticate-from-delaware-to-texas), with Horizon Kinetics, the investment firm that is TPL's largest holder, represented on it [8]. Vanguard's fund arm [filed a Schedule 13G on October 30](https://www.sec.gov/Archives/edgar/data/1811074/000210012126001131/0002100121-26-001131-index.htm), the form for passive holders, index money that will live with either outcome [9]. Shares slipped about 1 percent when the proposal landed [7].

Watch two counts next week: Wednesday's water volumes in the Delaware Basin against that 19 percent second-quarter drop, and Thursday's Proposal 4 margin, with Horizon Kinetics' representative already on the board and Vanguard's passive block holding 5.11 percent of the shares [8][9].

## Takeaway

Texas Pacific Land reports Q3 after the close on November 4 and votes on leaving Delaware for Texas on November 5; the vote is likely to pass, so the margin is the signal, and the water volumes in the Delaware Basin are the number that tests the old engine.

## Sources

1. [Zacks via TradingView, "Texas Pacific Land Set to Report Q3 Earnings: What's in Store?", 31 October 2026](https://www.tradingview.com/news/zacks:0f9583acd094b:0-texas-pacific-land-set-to-report-q3-earnings-what-s-in-store/)
2. [SEC EDGAR, Texas Pacific Land Corporation DEFA14A stockholder letter, 23 October 2026](https://www.sec.gov/Archives/edgar/data/1811074/000110465926118468/tm2627999d1_defa14a.htm)
3. [Texas Scorecard, "Texas Pacific Land Asks Shareholders To Make Texas Its Legal Home", 27 October 2026](https://texasscorecard.com/state/texas-pacific-land-asks-shareholders-to-make-texas-its-legal-home/)
4. [The Wall Street Journal (via MSN), "Data-center backlash leads to new land rush in Texas oil patch", 10 August 2026](https://www.msn.com/en-us/money/economy/data-center-backlash-leads-to-a-new-land-rush-in-the-texas-oil-patch/ar-AA29IXQH)
5. [Wikipedia, "Delaware Court of Chancery", retrieved 31 October 2026](https://en.wikipedia.org/wiki/Delaware_Court_of_Chancery)
6. [Wikipedia, "Texas Business Court", retrieved 31 October 2026](https://en.wikipedia.org/wiki/Texas_Business_Court)
7. [GuruFocus, "Texas Pacific Land (TPL) Proposes Redomestication to Texas, Shares Dip 1%", 26 October 2026](https://www.gurufocus.com/news/9142535/texas-pacific-land-tpl-proposes-redomestication-to-texas-shares-dip-1)
8. [Bloomberg Law, "Texas Pacific Land To Redomesticate From Delaware to Texas", 26 October 2026](https://news.bloomberglaw.com/texas-brief/texas-pacific-land-to-redomesticate-from-delaware-to-texas)
9. [SEC EDGAR, Schedule 13G filed by Vanguard Portfolio Management re Texas Pacific Land Corp, 30 October 2026](https://www.sec.gov/Archives/edgar/data/1811074/000210012126001131/0002100121-26-001131-index.htm)
10. [Texas Pacific Land Corporation, quarterly figures from its SEC filings, retrieved 31 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001811074)


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Texas Pacific Land asks shareholders to bring it home to Texas as AI money reaches its land — The Inference. Canonical: https://theinference.org/article/texas-pacific-land-asks-shareholders-to-bring-it-home-to-texas-as-ai-money-reaches-its-land