Texas Pacific Land Corp (TPL) 2024 Q3 法說會逐字稿

Ladies and gentlemen, good morning, and welcome to the Texas Pacific Land Corporation's third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，早上好，歡迎參加德州太平洋土地公司 2024 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Shawn Amini, VP Finance and Investor Relations. Please go ahead, sir.

現在我很高興向您介紹主持人肖恩·阿米尼 (Shawn Amini)，他是財務和投資者關係副總裁。請繼續，先生。

Thank you for joining us today for Texas Pacific Land Corporation's third-quarter 2024 earnings conference call. Yesterday afternoon, the company released its financial results and filed its Form 10-Q with the Securities and Exchange Commission, which is available on the Investors section of the company's website at www.texaspacific.com.

感謝您今天參加我們德州太平洋土地公司 2024 年第三季財報電話會議。昨天下午，該公司發布了財務業績並向美國證券交易委員會提交了 10-Q 表格，該表格可在該公司網站 www.texaspacific.com 的投資者部分取得。

As a reminder, remarks made on today's conference call may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. We do not undertake any obligation to update our forward-looking statements in light of new information or future events.

提醒一下，今天電話會議的言論可能包含前瞻性陳述。前瞻性陳述存在風險和不確定性，可能導致實際結果與今天討論的結果有重大差異。我們不承擔根據新資訊或未來事件更新我們的前瞻性陳述的任何義務。

For a more detailed discussion of the factors that may affect the company's results, please refer to our earnings release for this quarter and to our recent SEC filings. During this call, we will also be discussing certain non-GAAP financial measures.

有關可能影響公司業績的因素的更詳細討論，請參閱我們本季的收益發布以及我們最近向 SEC 提交的文件。在本次電話會議中，我們也將討論某些非公認會計準則財務指標。

More information and reconciliations about these non-GAAP financial measures are contained in our earnings release and SEC filings. Please also note, we may at times refer to our company by its stock ticker, TPL. This morning's conference call is hosted by TPL's Chief Executive Officer, Ty Glover; and TPL's Chief Financial Officer, Chris Steddum. Management will make some prepared comments, after which we will open the call for questions.

有關這些非 GAAP 財務指標的更多資訊和調整表包​​含在我們的收益發布和 SEC 文件中。另請注意，我們有時可能會透過股票代碼 TPL 來提及我們公司。今天上午的電話會議由 TPL 執行長 Ty Glover 主持；以及 TPL 財務長 Chris Steddum。管理階層將提出一些準備好的意見，之後我們將開始提問。

Now I will turn the call over to Ty.

現在我將把電話轉給 Ty。

Thanks, Shawn. Good morning, everyone, and thank you for joining us today. Our strong third-quarter 2024 performance underscores the success of our active management strategy focused on maximizing oil and gas royalties, surface and water assets with acquisition activity over the last couple of years set to provide incremental growth tailwinds.

謝謝，肖恩。大家早安，感謝您今天加入我們。我們2024 年第三季的強勁業績突顯了我們積極管理策略的成功，該策略專注於最大限度地提高石油和天然氣特許權使用費、地表和水資產，並透過過去幾年的收購活動提供增量增長動力。

In addition, TPL continues to benefit from activity levels in the Permian Basin, which remain resilient despite fluctuations in oil and natural gas prices. To start, TPL's oil and gas royalty production of approximately 28,300 barrels of oil equivalent per day represents a corporate record, driven by our Central Midland and (inaudible) subregions.

此外，TPL 繼續受益於二疊紀盆地的活動水平，儘管石油和天然氣價格波動，但該盆地仍保持彈性。首先，在中米德蘭和（聽不清楚）次區域的推動下，TPL 每天約 28,300 桶石油當量的石油和天然氣特許權產量創下了企業記錄。

For water sales, revenues were up 37% year over year as the size and scale of our operations provide a meaningful competitive advantage as operator customers look for delivery assurance. Continued deployment of co completions and simul and trimul fracking placed tremendous volume demands for water delivered over a relatively short period and our substantial investment in brackish and treated water infrastructure has established one of the few systems in the Permian capable of this type of volume intensity.

對於水銷售，營收年增 37%，因為我們的營運規模和規模為營運商客戶尋求交付保證提供了有意義的競爭優勢。聯合完井、同時和三重壓裂的持續部署對在相對較短的時間內輸送的水量提出了巨大的需求，我們對苦鹹水和處理水基礎設施的大量投資已經建立了二疊紀為數不多的能夠滿足這種水量強度的系統之一。

This was also another record quarter for our produced water royalty revenues with produced water royalty volumes up 46% year over year as our expanding set of commercial arrangements with third-party customers continues to drive increased market capture. In our conversations with investors, our produced water royalties is by far the most misunderstood aspect of our business.

這也是我們的採出水使用費收入的另一個創紀錄季度，隨著我們與第三方客戶不斷擴大的商業安排繼續推動市場佔有率的提高，採出水使用費量同比增長了 46%。在我們與投資者的對話中，我們的採出水使用費是迄今為止我們業務中最容易被誤解的方面。

Today, I'd like to spend some time elaborating on this topic, especially given the growth we've seen to date and also given the robust outlook over the near term and long term, underpinned by acquisitions we made last year. Our produced water royalties business is often conflated with traditional saltwater midstream and disposal operations. In traditional saltwater disposal operations, otherwise known by its acronym, SWD, an operator will collect water produced via an oil and gas well at a centralized storage facility, transport it typically via pipeline to an SWD facility, where it is then injected thousands of feet below the surface.

今天，我想花一些時間詳細闡述這個主題，特別是考慮到我們迄今為止所看到的增長，以及在我們去年進行的收購的支撐下的近期和長期的強勁前景。我們的採出水特許權使用費業務經常與傳統的鹹水中游和處置業務混為一談。在傳統的鹽水處理作業（也稱為縮寫 SWD）中，運營商將在集中存儲設施中收集通過油氣井產生的水，通常通過管道將其運輸到 SWD 設施，然後注入數千英尺低於表面。

From a high level, TPL's role in the disposal of produced water is providing SWD operators access to our surface and our core space and in return, we charge a produced water royalty. TPL does not currently operate SWD infrastructure. To receive these produced water royalties, we have negotiated separate individualized commercial agreements with each operator that wants to operate SWD infrastructure on our land.

從較高層面來看，TPL 在處理採出水方面的作用是為 SWD 業者提供進入我們的地表和核心空間的權限，作為回報，我們收取採出水使用費。 TPL 目前不營運 SWD 基礎設施。為了獲得這些採出水使用費，我們與每個想要在我們的土地上運作 SWD 基礎設施的營運商協商了單獨的個人化商業協議。

These agreements often cover massive acreage extents and can take months or even years to negotiate. Since we started in 2017, the team has easily spent more hours negotiating, structuring and executing produced water royalty agreements than any other part of the business. The effort was well worth it as these produced water royalties provide TPL with a commercially unique, extremely high-quality cash flow stream. In 2016, before active management, TPL generated virtually zero produced water royalties. Fast forward to today, and TPL is positioned to collect royalties on well over 1 billion barrels of produced water for the full year 2024, which will in turn generate around $100 million of royalty revenues.

這些協議通常涵蓋大片土地，可能需要數月甚至數年的時間進行談判。自 2017 年成立以來，該團隊在談判、建造和執行採出水使用費協議上花費的時間比業務的任何其他部分都多。這些努力是非常值得的，因為這些採出水特許權使用費為 TPL 提供了商業上獨特的、極其高品質的現金流。 2016 年，在主動管理之前，TPL 產生的採出水使用費幾乎為零。快進到今天，TPL 計劃在 2024 年全年收取超過 10 億桶採出水的特許權使用費，這將產生約 1 億美元的特許權使用費收入。

And because of how we've structured these agreements, this revenue stream incurs 0 capital expenditures and 0 operating expense burden outside of personnel salaries and legal expenses that go into negotiating the agreements. In effect, the hundreds of millions or likely billions of dollars this business will cumulatively generate in the years to come, flows directly to TPL's bottom line, representing nearly pure margin.

由於我們建構這些協議的方式，除了用於協議談判的人員工資和法律費用之外，該收入流產生 0 資本支出和 0 營運費用負擔。實際上，該業務在未來幾年將累積產生數億或可能數十億美元的收入，直接流入 TPL 的利潤，幾乎代表純利潤。

By applying our historical earnings trading multiple to the current produced water royalties annualized run rate cash flow, it's easy to see the immense value this business has created for shareholders. It's also worth noting that our agreements provide TPL with extremely robust indemnification against spills, accidents, injuries or other types of liabilities. In addition to benefiting from the significant financial upside, we've also been very intentional in protecting TPL interest from potential risks.

透過將我們的歷史收益交易倍數應用於當前的採出水使用費年化運行率現金流，很容易看出該業務為股東創造的巨大價值。另外值得注意的是，我們的協議為 TPL 提供了針對洩漏、事故、傷害或其他類型責任的極其強有力的賠償。除了從顯著的財務成長中受益之外，我們還非常有意識地保護第三方物流的利益免受潛在風險的影響。

Furthermore, these produced water realty agreements enhance our water sales business. Many of our contracts include provisions providing TPL the exclusive right to offtake produced water barrels within an area of mutual interest for treatment and resale. This allows TPL to procure produced water from an operator's system, treat it to a customer's specifications and sell the recycled water for well completions. In such circumstances, TPL is paid twice on a single barrel, once through a produced water royalty and again through a treated water sale. This feature has been especially critical for TPL as operators have been increasingly using raw or treated produced water for well development over the last few years.

此外，這些採出水不動產協議增強了我們的水銷售業務。我們的許多合約都包含條款，規定 TPL 擁有在共同感興趣的區域內承購採出水桶進行處理和轉售的專有權。這使得 TPL 能夠從營運商的系統中獲取採出水，並按照客戶的規格進行處理，並出售回收水用於完井。在這種情況下，TPL 對一桶水支付兩次，一次透過採出水特許權使用費，另一次透過處理水銷售。這項功能對於 TPL 來說尤其重要，因為過去幾年業者越來越多地使用原水或處理後的採出水進行油井開發。

Looking ahead, recent strategic acquisitions will provide incremental produced water growth opportunities. Last year, we spent nearly $40 million across multiple transactions to acquire over 50,000 acres of surface acreage and core space. These acquisitions were strategically targeted given their location along the East state line of Texas and Mexico in Andrews and Winkler counties. This location is significant as this acreage is outside the core oil and gas development areas of the Permian Basin, where produced water disposal zones will not interfere with drilling and completion operations. Over the last year, our business development teams have been working diligently to commercialize this otherwise raw land.

展望未來，最近的策略收購將提供增量採出水成長機會。去年，我們在多筆交易中花費了近 4,000 萬美元，收購了超過 50,000 英畝的地表面積和核心空間。鑑於這些收購位於德克薩斯州和墨西哥東線的安德魯斯縣和溫克勒縣，因此這些收購具有戰略目標。該位置意義重大，因為該區域位於二疊紀盆地核心石油和天然氣開發區之外，產出水處理區不會幹擾鑽井和完井作業。去年，我們的業務開發團隊一直在努力將這片未開發的土地商業化。

We have since signed an agreement with one of the largest midstream operators serving the broader Delaware market to bring produced water into these new tracks with initial volumes expected in fourth quarter 2024. We are also in advanced discussions with other parties for additional access, and we expect that the aggregate contribution for current and future agreements will support multiple hundreds of thousands of produced water barrels per day.

此後，我們與服務於更廣泛的特拉華州市場的最大中游運營商之一簽署了一項協議，將采出水引入這些新軌道，預計在 2024 年第四季度實現初步產量。我們也正在與其他各方就額外的准入進行深入討論，我們預計當前和未來協議的總捐款將支持每天數十萬桶採出水。

These strategic surface acquisitions play a critical role for TPL as we look to deliver produced water solutions for the broader oil and gas industry. At the same time, they generate substantial incremental cash flows for TPL and help ensure that our oil and gas royalty interests remain undeterred by development constraints.

這些策略性地面收購對 TPL 發揮至關重要的作用，因為我們希望為更廣泛的石油和天然氣產業提供採出水解決方案。同時，它們為 TPL 產生了大量增量現金流，並有助於確保我們的石油和天然氣特許權權益不受發展限制的影響。

Next, I'd like to spend some time discussing our most recent acquisition activity that we announced this past August and October. In total, we closed on three separate transactions totaling nearly $0.5 billion. The first asset was over 4,000 surface acres in Martin County, which is strategically located in the core of the Midland Basin. These surface assets provide numerous revenue streams across brackish water, produced water and other surface-related activities. The next asset we closed on was over 4,000 net royalty acres standardized to a one-eighth located in Culberson County. This acquired acreage was especially attractive given the royalty acreage overlap drilling spacing units where we already have an interest in with our legacy royalties.

接下來，我想花一些時間討論我們在去年八月和十月宣布的最新收購活動。總的來說，我們完成了三項單獨的交易，總價值近 5 億美元。第一個資產位於馬丁縣，佔地超過 4,000 英畝，戰略性地位於米德蘭盆地的核心位置。這些地表資產透過鹹水、採出水和其他地表相關活動提供大量收入來源。我們關閉的下一個資產是位於卡爾伯森縣的 4,000 多英畝淨特許權面積，標準化為八分之一。考慮到特許權使用費面積重疊鑽井間距單位，我們已經對我們的遺留特許權使用費感興趣，這次收購的面積特別有吸引力。

Meaning we essentially acquired a higher net revenue interest in current and future well locations we already own. The third asset we closed on was over 7,000 net royalty acres located primarily in the Midland Basin in Martin, Midland and other counties. These assets represent some of the best geology for oil development found anywhere in the Lower 48 and it significantly expands our net royalty acreage on the Midland side of the Permian Basin. All of these assets, both individually and on an aggregate basis, high grades TPL's asset portfolio. These newly acquired assets are on par with or even exceed the quality of our legacy portfolio.

這意味著我們基本上在我們已經擁有的當前和未來的井位中獲得了更高的淨收入權益。我們完成的第三個資產是超過 7,000 英畝的淨特許權使用費，主要位於馬丁、米德蘭和其他縣的米德蘭盆地。這些資產代表了 48 州下游地區最適合石油開發的地質條件，大大擴大了我們在二疊紀盆地米德蘭一側的淨特許權使用面積。所有這些資產，無論是單獨還是總體上，都為 TPL 的資產組合提供了高等級。這些新收購的資產與我們遺留資產組合的品質相當甚至超過。

They are expected to be highly accretive to our near-term financial and operating metrics on a per share basis while also enhancing and extending our growth runway given the remaining undeveloped inventory on the royalty acreage and the untapped commercial potential on the surface acreage. We expect the two royalty acquisitions to add upwards of approximately 30,000 barrels of oil equivalent per day in the near term, which represents an over 10% increase to our current oil and gas royalty production.

預計它們將以每股為基礎極大地提高我們的近期財務和營運指標，同時考慮到特許權使用面積上剩餘的未開發庫存和地面面積上未開發的商業潛力，還將增強和擴展我們的成長跑道。我們預計，這兩項特許權使用費收購將在短期內每天增加約 30,000 桶石油當量，這意味著我們目前的石油和天然氣特許權使用費產量將增加 10% 以上。

Aggregating all three deals, we expect them to generate double-digit cash flow yield at a flat $70 oil price. As a result of the overall business performance and the additional free cash flow per share accretion these acquisitions provide, we announced yesterday that the Board has approved a 37% increase of our regular quarterly dividend to $1.60 per share. We continue to identify acquisition opportunities that could be excellent additions to the TPL portfolio.

將所有三筆交易合計起來，我們預計它們將在油價持平於 70 美元的情況下產生兩位數的現金流收益率。由於這些收購帶來的整體業務業績和每股額外自由現金流的增加，我們昨天宣布董事會已批准將我們的常規季度股息增加 37% 至每股 1.60 美元。我們繼續尋找收購機會，這些機會可以成為 TPL 投資組合的絕佳補充。

Our team brings exceptional technical, financial and operating capabilities across land, water and royalties and with a fortress balance sheet and a net cash position coupled with our free cash flow proficiency, we are well positioned to evaluate, execute and consolidate high-quality assets. As always, we remain intently focused on maximizing intrinsic value per share with a disciplined capital allocation approach aimed on maximizing returns over the long term.

我們的團隊在土地、水資源和特許權使用費方面擁有卓越的技術、財務和營運能力，並擁有堡壘般的資產負債表和淨現金頭寸，再加上我們的自由現金流熟練程度，我們有能力評估、執行和整合高品質資產。一如既往，我們仍然專注於最大化每股內在價值，並採用嚴格的資本配置方法，旨在實現長期回報最大化。

Next, I want to provide an update on our desalination efforts. We are making progress with equipment procurement, manufacturing and testing as we work towards our 10,000 barrel per day test facility, which we refer to as Phase 2b. We still expect completion of this facility in the middle of next year. We have also advanced various operating optimizations, cost efficiencies and economic analysis. Currently, we expect the total cost of Phase 2b to be approximately $25 million, with $10 million incurred in 2024 and the remaining balance in 2025.

接下來，我想介紹一下我們的海水淡化工作的最新情況。我們正在設備採購、製造和測試方面取得進展，我們正在努力實現每天 10,000 桶的測試設施，我們將其稱為第 2b 階段。我們仍預計該設施將於明年年中竣工。我們也推進了各種營運優化、成本效率和經濟分析。目前，我們預計2b階段的總成本約為2500萬美元，其中1000萬美元在2024年產生，剩餘餘額在2025年產生。

As an alternative to a direct grid connection, we are also evaluating a direct natural gas power generation option with a tie-in to a nearby nat gas pipeline which would require additional capital investment of approximately $10 million. Negotiations are ongoing with third-party partners and customers as we evaluate various commercial structures. As we've discussed in the past, we believe produced water desalination and beneficial reuse will potentially play a critical role in providing sustainable produced water solutions that will allow the Permian to maintain robust development activity.

作為直接電網連接的替代方案，我們也正在評估與附近天然氣管道連接的直接天然氣發電方案，這需要約 1,000 萬美元的額外資本投資。當我們評估各種商業結構時，我們正在與第三方合作夥伴和客戶進行談判。正如我們過去所討論的，我們相信採出水淡化和有益再利用將在提供可持續采出水解決方案方面發揮關鍵作用，從而使二疊紀盆地保持強勁的開發活動。

And finally, I want to remind TPL shareholders that we will be having our annual meeting tomorrow in Dallas. If you haven't already, I would encourage shareholders to submit their proxy votes soon. You can find the generic proxy statement posted on the TPL website or via the SEC website. If you have any questions, please contact Investor Relations.

最後，我想提醒 TPL 股東，我們明天將在達拉斯舉行年度會議。如果您還沒有這樣做，我鼓勵股東盡快提交代理投票。您可以在 TPL 網站或 SEC 網站上找到發布的通用委託書。如有任何疑問，請聯絡投資者關係部。

With that, I'll hand the call over to Chris.

這樣，我就把電話轉給克里斯。

Thanks, Ty. Consolidated revenues during the third-quarter 2024 were approximately $174 million. Consolidated adjusted EBITDA was $144 million and adjusted EBITDA margin was 83%. Diluted earnings per share was $4.63, which was up slightly versus the same period last year. Performance year-over-year benefited from higher oil and gas royalty production, which increased 29%, higher water sales volumes, which increased 32%, and higher produced water royalty volumes which increased 46%.

謝謝，泰。2024 年第三季的合併收入約為 1.74 億美元。合併調整後 EBITDA 為 1.44 億美元，調整後 EBITDA 利潤率為 83%。稀釋每股收益為4.63美元，較去年同期略有上升。年比業績得益於石油和天然氣特許權使用費產量的增加（增加了 29%）、水銷售量的增加（增加了 32%）以及產出水特許權使用費的增加（增加了 46%）。

Results were offset by lower realized oil and natural gas prices, which declined by 8% and 65%, respectively. Royalty production of approximately 28,300 barrels of oil equivalent per day represents 13% growth on a sequential quarter-over-quarter basis. Production continues to benefit from strong activity levels across our Northern Delaware and Midland Basin footprint with strong contributions from Exxon, Occidental, Coterra, BP and Diamondback.

石油和天然氣實際價格分別下降 8% 和 65%，抵消了業績。每天約 28,300 桶石油當量的特許權使用費產量較上季增加 13%。產量繼續受益於特拉華州北部和米德蘭盆地足跡的強勁活動水平，其中埃克森美孚、西方石油、Coterra、英國石油公司和響尾蛇公司做出了巨大貢獻。

Our recent M&A activity that closed during the third quarter 2024 added approximately 900 barrels of oil equivalent per day and $3 million of cash flow. As Ty mentioned earlier, on a full quarterly run rate basis we expect our recent royalty and minerals acquisitions to add over 3,000 barrels of oil equivalent per day with an approximate 50% oil cut and the rest split relatively evenly between gas and NGLs.

我們最近在 2024 年第三季完成的併購活動每天增加約 900 桶石油當量和 300 萬美元的現金流。正如Ty 之前提到的，在整個季度運行率的基礎上，我們預計最近的特許權使用費和礦產收購將每天增加超過3,000 桶石油當量，其中石油產量減少約50%，其餘部分在天然氣和液化天然氣之間相對均勻地分配。

As of quarter end, we had 6.9 net permitted wells, 11.8 net drilled but uncompleted wells and 3.4 net completed but not producing wells. That amounts to 22.1% net line of sight inventory, which is the highest ever for TPL. The recent minerals and royalties acquisitions that closed in October is not reflected in the well statistics. We anticipate this acquisition to add approximately 1.5 net wells to our line of sight inventory. While we continue to monitor activity on our acreage and in the broader Permian amid recent commodity price volatility, current activity levels remain robust from our vantage point.

截至季末，我們擁有淨許可井 6.9 口、已鑽但未完工淨井 11.8 口、已完井但未生產淨井 3.4 口。這相當於 22.1% 的淨視線庫存，這是 TPL 有史以來最高的。最近十月完成的礦產和特許權使用費收購併未反映在油井統計數據中。我們預計此次收購將為我們的視線庫存增加約 1.5 口淨井。雖然我們在近期大宗商品價格波動的情況下繼續監測我們的面積和更廣泛的二疊紀地區的活動，但從我們的角度來看，當前的活動水平仍然強勁。

Finally, our balance sheet remains incredibly strong with 0 debt and in a net cash position. While commodity prices are beyond our control, we remain focused on maximizing value where we can. The business has been set up to thrive in virtually any commodity price environment and regardless of which way the macroeconomic environment unfolds, TPL will be operating from a position of strength and will look to be opportunistic.

最後，我們的資產負債表仍然非常強勁，債務為零，淨現金狀況良好。雖然大宗商品價格超出了我們的控制範圍，但我們仍然專注於盡可能實現價值最大化。該業務幾乎可以在任何商品價格環境中蓬勃發展，無論宏觀經濟環境如何發展，TPL 都將憑藉優勢地位開展業務，並尋求機會主義。

And with that, operator, we will now take questions.

接線員，我們現在開始提問。

(Operator Instructions) Derek Whitfield, [Texas Pacific Land Corporation].

（操作員說明）Derek Whitfield，[德州太平洋土地公司]。

Congrats on your quarter and recent acquisitions.

恭喜您的季度和最近的收購。

Thanks, Derek.

謝謝，德里克。

Starting on M&A, could you help frame what led you to be more active as of recent and your view on the opportunity set that meets your checklist?

從併購開始，您能否幫助闡述是什麼讓您最近變得更加活躍，以及您對符合您清單的機會集的看法？

Yes, sure. I think we've talked about it for the last couple of years, like we have a lot of interest in owning more assets that look just like what we own today. I mean we love surface, minerals, water. The overall environment has been pretty good for M&A lately where commodity prices are, sellers are willing to sell, and it's an attractive time to buy. So those deals were directly sourced, nonmarketed deals, but just really attractive asset classes, high-quality long-duration cash flows, very similar to what we own today.

是的，當然。我想我們在過去幾年裡一直在談論這個問題，就像我們對擁有更多看起來像我們今天擁有的資產非常感興趣。我的意思是我們喜歡地表、礦物質和水。最近併購的整體環境相當好，大宗商品價格上漲，賣家願意出售，現在是一個有吸引力的購買時機。因此，這些交易是直接來源的、非行銷的交易，但只是真正有吸引力的資產類別、高品質的長期現金流，與我們今天擁有的非常相似。

I mean a lot of the interest we bought was actually in DSUs that we already own. So some intelligence there on development timing and pretty easy to manage when you're just going in and changing decimal places in the database that we already have. So again, just really high quality, very attractive assets that are really easy to integrate into our management system.

我的意思是，我們購買的許多權益實際上是我們已經擁有的 DSU。因此，當您剛剛進入並更改我們已有的資料庫中的小數位時，那裡有一些關於開發時間的情報並且非常容易管理。再說一次，真正高品質、非常有吸引力的資產確實很容易整合到我們的管理系統中。

Terrific. And then maybe shifting over to the surface side of the business. I mean there's been a tremendous uptick in interest in surface rights since the LandBridge IPO. Given that you guys own one of the largest surface acre spreads in Texas, could you speak to the level of non-oil and gas revenue you're generating to date and the potential you see in opportunities surrounding AI, data centers, renewable energy, crypto mining, et cetera?

了不起。然後可能會轉向業務的表面。我的意思是，自從蘭德橋首次公開募股以來，人們對地面權的興趣急劇上升。鑑於你們擁有德州最大的土地面積之一，您能談談迄今為止所產生的非石油和天然氣收入水平以及您在人工智慧、資料中心、可再生能源、加密貨幣挖礦等等？

Yes. I mean, surface is a fantastic asset. I think the thing we like about it the most is just the optionality that you have. Minerals are a great asset as well, but you don't have as much control over the actual development. Whereas surface, you can be more proactive and kind of have more control over how and when that asset is developed.

是的。我的意思是，表面是一項極好的資產。我認為我們最喜歡它的一點就是你擁有的選擇權。礦物也是一項重要的資產，但您對實際開發沒有太多控制權。而表面上，您可以更加主動，並且可以更好地控制該資產的開發方式和時間。

So as far as non-oil and gas revenue, it's pretty immaterial today, but we've signed a lot of contracts in the last couple of years. I think we've got over 700 megawatts of solar that we've contracted in the last 24 months that's in development phases. We've got seven utility-scale battery projects going. I think we've got four Bitcoin mines, like 78 megawatts that are active today with another 50 in development stages. So I think there's a lot of opportunity outside of oil and gas.

因此，就非石油和天然氣收入而言，今天它相當無關緊要，但我們在過去幾年簽署了許多合約。我認為我們在過去 24 個月內簽訂了超過 700 兆瓦的太陽能合約，目前正處於開發階段。我們有七個公用事業規模的電池項目正在進行中。我認為我們有 4 個比特幣礦場，目前處於活躍狀態，大約 78 兆瓦，另外 50 個處於開發階段。所以我認為石油和天然氣之外還有很多機會。

We've seen an increase in wind power interest lately. And then there's been a lot of talk about data centers, as you know, I think Diamondback and Permian Resources have mentioned that lately. But that's something that we've been working on for some time now.

最近我們看到人們對風力發電的興趣增加。然後有很多關於資料中心的討論，如你所知，我認為 Diamondback 和 Permian Resources 最近提到了這一點。但這是我們已經努力了一段時間的事情。

And if you think about data centers as compute centers, then we've actually got a couple of small compute centers in the form of Bitcoin mining, like I mentioned, that are up and running with a couple more in negotiations. So we know what it takes to negotiate these things and every deal is unique, but if you think about the large data center you might see for hyperscalers, those are still in the early days of development for the Permian.

如果您將資料中心視為計算中心，那麼我們實際上有幾個以比特幣挖掘形式存在的小型計算中心，就像我提到的那樣，這些中心已經啟動並正在運行，還有更多正在談判中。因此，我們知道談判這些事情需要什麼，而且每筆交易都是獨一無二的，但如果您考慮一下您可能會看到的超大規模資料中心，那麼這些仍處於二疊紀開發的早期階段。

And I would just say that there's a lot of conversations taking place within the industry and definitely within TPL. And we feel that we're positioned as well as anyone in West Texas to provide land and water solutions as those opportunities unfold. And so we've got a lot of experience negotiating and contracting compute facilities, but also all the things that might be ancillary to a data center, things like solar, wind, gas generation, pipeline and electric easements, water, grid-scale batteries, like I mentioned, and carbon capture. So we've signed contracts. We're cash flowing along a lot of those items already today.

我只想說，產業內（尤其是 TPL 內部）正在進行許多對話。我們認為，隨著這些機會的出現，我們和西德克薩斯州的任何人一樣有能力提供土地和水解決方案。因此，我們在計算設施的談判和承包方面擁有豐富的經驗，而且在資料中心的所有輔助設施方面也擁有豐富的經驗，例如太陽能、風能、天然氣發電、管道和電力地役權、水、電網規模的電池如我所提到的，還有碳捕獲。所以我們簽了合約。今天，我們已經在許多這些項目上產生了現金流。

So again, TPL just has a lot of positive attributes for data centers and nobody has more land than us in West Texas. So another thing, too, is if we need to buy more land to accommodate a data center, then we have proven that, that's not hard for us to do so. I think there's also a lot of other parts of the country that are also attractive for data centers. So we're working hard to make TPL as attractive as possible. But again, we're just -- we're having a lot of good discussions, and we'll definitely update you guys along the way.

再說一次，TPL 對資料中心有很多正面的屬性，而且在西德州沒有人比我們擁有更多的土地。所以另一件事是，如果我們需要購買更多土地來容納資料中心，那麼我們已經證明，這對我們來說並不難做到。我認為該國還有很多其他地區對資料中心也有吸引力。因此，我們正在努力使 TPL 盡可能具有吸引力。但同樣，我們只是──我們正在進行很多很好的討論，我們一定會一路向你們通報最新情況。

Terrific. And maybe just staying on water. A few of your midstream peers are pursuing mineral extraction opportunities with iodine and lithium. Is there a royalty opportunity for you guys on that front?

了不起。也許只是停留在水上。您的一些中游同行正在尋求碘和鋰的礦物開採機會。你們在這方面有版稅機會嗎？

Robert, do you want to take that one?

羅伯特，你想拿那個嗎？

Yes, sure. We talk about beneficial extraction of the produced water. A lot of folks are chasing it. I think those conversations are very similar to the very early stages of large data centers, judging that opportunity. What we've done, I'll say, from a long time out is to start identifying and cataloging by strata and by spatial area, what those concentrations are and in a compounded in a raw and then in a compounded environment, is that marketable?

是的，當然。我們談論產出水的有益萃取。很多人都在追逐它。我認為這些對話與大型資料中心的早期階段非常相似，判斷這個機會。我想說，長期以來，我們所做的就是開始按地層和空間區域進行識別和編目，這些濃度是什麼，在原始環境中和在複合環境中的複合情況，是可銷售的嗎？

I think we have a good line of sight internally on what are those analytes that can be compounded in our commercial at scale. And we continue to evaluate it. And then conversations regarding that, whatever beneficial use comes of that water and how that goes into play. I think it's still developing in the regulatory world on ownership of produced water and is going to kind of to be determined on the ownership of produced water and any downstream revenues that are associated with it.

我認為我們內部對哪些分析物可以在我們的商業廣告中大規模混合有很好的了解。我們將繼續對其進行評估。然後就這個問題進行討論，無論這些水會帶來什麼有益的用途，以及它如何發揮作用。我認為，在採出水所有權方面，監管領域仍在發展，並將取決於採出水的所有權以及與之相關的任何下游收入。

And finally, if I could, just referencing the new midstream agreement you mentioned in your prepared remarks that will bring additional produced water in Q4. How material of a step-up in SWD volumes is that?

最後，如果可以的話，請參考您在準備好的發言中提到的新中游協議，該協議將在第四季度帶來額外的產出水。SWD 數量的增加有多大意義？

I think that contract is a couple of hundred thousand barrels a day. And if you look at our run rate, we're just under 4 million barrels a day on average today.

我認為該合約是每天幾十萬桶。如果你看看我們的運行速度，我們今天的平均每天產量略低於 400 萬桶。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. The conference of Texas Pacific Land Corporation has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們先生們，我們的問答環節到此結束。德克薩斯太平洋土地公司的會議現已結束。感謝您的參與。現在您可以斷開線路。