Texas Pacific Land Corporation (TPL) 2026 Q1 法說會逐字稿

Ladies and gentlemen, greetings and welcome to the Texas Pacific Land Corporation first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位女士、先生，大家好，歡迎參加德州太平洋土地公司（Texas Pacific Land Corporation）2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

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

現在我很榮幸介紹本次會議主持人：財務與投資人關係副總裁 Shawn Amini。請開始。

Thank you for joining us today for Texas Pacific Land Corporation's first-quarter 2026 earnings conference call. Yesterday afternoon, the company released its financial results and filed this Form. Thank you. With the Securities and Exchange Commission, which is available on the Investors section of the company's website at www.texaspacific.com.

感謝各位今天參加德州太平洋土地公司 2026 年第一季財報電話會議。昨天下午，公司已發布財務結果並提交了本表格。謝謝。向美國證券交易委員會（SEC）提交的文件可於公司網站 www.texaspacific.com 的「投資人」專區查閱。

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 that 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. For 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.

提醒各位，今天電話會議中的發言可能包含前瞻性陳述。前瞻性陳述受風險與不確定性影響，可能導致實際結果與今日討論內容存在重大差異。我們不承擔因新資訊或未來事件而更新前瞻性陳述的任何義務。如需更詳細了解可能影響公司業績的因素，請參閱本季的財報新聞稿以及我們近期向 SEC 提交的文件。

During this call, we'll also be discussing certain non-GAAP financial measures. More information and reconciliations about these non-GAAP financial measures are contained in our earnings release and SEC filings. Please also note that we may at times refer to our company by its stock ticker, TPL.

在本次電話會議中，我們也將討論若干非 GAAP 財務衡量指標。關於這些非 GAAP 財務衡量指標的更多資訊與調節表，已載於我們的財報新聞稿與 SEC 文件中。另請注意，我們有時可能會以公司股票代號 TPL 來稱呼本公司。

This morning's conference call is hosted by TPL's Chief Executive Officer, Ty Glover; and TPL's Chief Financial Officer, Chris Steddum; and Executive Vice President of Texas Pacific Water Resources, Robert Crain. Management will make some fair comments, after which we will open the call for questions.

今天上午的電話會議由 TPL 執行長 Ty Glover、TPL 財務長 Chris Steddum，以及 Texas Pacific Water Resources 執行副總裁 Robert Crain 主持。管理團隊將先發表一些評論，之後我們將開放提問。

Now, I will turn the call over to Ty.

現在我將把電話交給 Ty。

Good morning, everyone, and thank you for joining us today.

各位早安，感謝各位今天加入我們。

TPL's first quarter 2026 marked the strong start to the year as TPL generated record quarterly total revenue, net income, and free cash flow.

TPL 2026 年第一季為全年帶來強勁開局，公司創下單季總營收、淨利與自由現金流的歷史新高。

Oil and gas royalty production averaged approximately 37,100 barrels of oil equivalent per day, roughly flat sequentially and up roughly. 19% year-over-year.

油氣權利金產量平均約為每日 37,100 桶油當量，季比大致持平，年增約 19%。

In our water segment, both water sales and produced water royalties had the second best volume numbers in our history.

在水務事業方面，無論是售水量或採出水（produced water）權利金，其量能皆創下公司史上第二高。

And now with crude oil prices spiking dramatically over the last few months, DPL is poised to benefit directly through our oil and gas royalties and indirectly through our diversified exposure across surface and water.

而隨著過去幾個月原油價格大幅飆升，TPL 可望透過油氣權利金直接受益，並透過我們在地表資產與水務的多元化布局間接受益。

Regarding the macro impact for the Permian Basin overall from our vantage point, we've only seen a marginal uptick in recent operator activity.

就我們的觀察而言，從整體二疊紀盆地（Permian Basin）的宏觀影響來看，近期營運商活動僅出現小幅回升。

Although oil prices at these current levels would generally stimulate a more robust producer response, there's still a lot of industry uncertainty around the duration of this oil supply shock.

雖然在目前油價水準下通常會刺激更強勁的生產商反應，但市場對於此次原油供給衝擊的持續時間仍存在相當大的產業不確定性。

However, as this major supply disruption has persisted longer than initially anticipated, and given that global oil and product inventories are rapidly depleting.

然而，由於這次重大供給中斷持續時間超出最初預期，且全球原油與成品油庫存正快速消耗。

Oil prices could very well remain elevated for quite some time even if the supply disruption were to be resolved in the near term.

即使供給中斷在短期內得以解決，油價也很可能在相當一段時間內維持高檔。

If so, we would expect the industry to ramp rig and frack spread activity over the coming quarters.

若是如此，我們預期未來幾季產業將提高鑽機與壓裂（frack）隊伍的活動量。

With an immense unmatched amount of undeveloped well locations, the Permian could readily support robust volume growth so long as the price signal persists.

二疊紀盆地擁有龐大且無可匹敵的未開發井位，只要價格訊號持續，就能輕易支撐強勁的產量成長。

For TPL, we have always viewed a strong balance sheet as our hedge against low commodity prices. Despite declining oil prices over the last three years, we maintained a strong net cash position throughout and did not need to hedge to protect the balance sheet liabilities.

對 TPL 而言，我們一直將強健的資產負債表視為對抗低商品價格的避險工具。儘管過去三年油價下滑，我們仍全程維持強勁的淨現金部位，且無需透過避險來保護資產負債表負債。

Today, with our unhedged commodity position, we are fully capturing the direct upside from elevated oil prices.

如今，在我們未避險的商品部位下，我們正充分掌握油價走高所帶來的直接上行空間。

In addition to the upward trending momentum in our legacy oil and gas business, we have also made tangible progress with our next-gen endeavors.

除了既有油氣業務持續向上的動能之外，我們在下一代（next-gen）新業務方面也取得了具體進展。

Starting with power generation and data centers, during the quarter, we entered into an agreement to sell a small section of land for $43 million, which is structured into annual payments over a 20-year period. We have entered into a separate commercial agreement to supply water for this same development.

以發電與資料中心為例，本季我們簽署協議，以 4,300 萬美元出售一小段土地，交易結構為 20 年期間按年度分期付款。我們亦另行簽訂商業協議，為同一開發案供應用水。

Given the broader commercial details for the project are still being finalized, we are currently limited in providing additional details. We hope to provide additional information in the coming months.

由於該專案更廣泛的商業細節仍在定案中，我們目前能提供的額外資訊有限。我們希望在未來幾個月提供更多資訊。

Speaking more broadly about our efforts on this front, our commercial activities continue to pick up speed.

更廣泛地談到我們在此領域的努力，我們的商業活動持續加速。

Virtually every major hyperscaler and AI lab are evaluating large-scale plans in Texas, and our sense is that urgency to lock up power and compute continues to rise.

幾乎所有主要的超大規模雲端業者（hyperscaler）與 AI 實驗室都在評估於德州推動大規模計畫；我們的感受是，鎖定電力與算力的急迫性仍在上升。

I would add that it is important to not over-extrapolate deal structure and terms from any one deal.

我也要補充，重要的是不要從任何單一交易就過度外推其交易結構與條款。

Virtually all of our ongoing discussions and negotiations have substantially different makeups.

我們目前幾乎所有正在進行的討論與談判，其組成與條件都大不相同。

Every developer needs something different, and depending on where in the region a development is planned for, TPL has varying capabilities for capturing commercial opportunities.

每位開發商的需求都不同；而且視開發案規劃於區域內的不同位置，TPL 在掌握商業機會方面的能力也會有所差異。

For some deals, the land piece will be the primary value driver. For other deals, it may be water or aggregates.

對某些交易而言，土地將是主要價值驅動因素。對其他交易而言，可能是水務或骨材（aggregates）。

Given our scale, our unique capabilities across surface water and energy, and our relationships across multiple industries, we have significant flexibility to solve problems for developers.

憑藉我們的規模、在地表資產、水務與能源方面的獨特能力，以及跨多個產業的關係網絡，我們具備高度彈性，能為開發商解決問題。

These projects often represent tens of billions of dollars of capital, so naturally alignment across parties and final investment decisions will take time to unfold.

這些專案往往代表數百億美元的資本投入，因此各方的協同與最終投資決策自然需要時間逐步明朗。

It is clear to me that Texas will become a dominant global hub for large-scale power and compute over the short, medium, and long-term, and we're excited to get this first agreement.

在我看來，德州將在短期、中期與長期成為全球大型電力與算力的主導樞紐；我們也很高興能達成這第一份協議。

We hope to provide updates on other significant opportunities as we progress throughout the year.

隨著我們在今年持續推進，我們希望就其他重大機會提供最新進展。

On TPL's produced water desalination efforts, our Phase 2B 10,000 barrel per day facility is nearly complete.

關於 TPL 的採出水淡化工作，我們第二階段 B（Phase 2B）每日 10,000 桶的設施已接近完工。

The refrigeration inspection is planned for later this month, and we expect to begin flowing inlet water barrels in the coming weeks.

冷凍系統檢查預計於本月稍晚進行，我們預期在接下來幾週開始導入進水水量（inlet water barrels）。

This project represents a pathway towards a meaningful additional solution for Permia's growing produced water volumes.

此專案為二疊紀地區日益增加的採出水量提供一條可望具備實質意義的新增解決方案路徑。

This test facility will allow us to evaluate. Whether produced water desalination can work economically at scale while also providing an opportunity to empirically demonstrate commercial potential for waste heat capture, cooling co-location and utilization of outlet freshwater and concentrated brine streams.

這座測試設施將使我們得以評估。採出水淡化是否能在規模化下具備經濟可行性，同時也提供機會以實證方式展示廢熱回收、冷卻設施共址，以及出水淡水與濃縮鹵水流（concentrated brine streams）的商業潛力。

Turning to our upcoming shareholder office and field tour visit in Midland on May 18th.

接著談到我們即將於 5 月 18 日在米德蘭（Midland）舉行的股東辦公室與現場參訪行程。

For those of you that have submitted an RSVP, you should have received an e-mail a couple of weeks ago with event details and a schedule. If you have not received that e-mail, please reach out to Investor Relations. We look forward to hosting and seeing everyone in Midland.

已提交 RSVP 的各位，應已在幾週前收到一封包含活動細節與行程表的電子郵件。若您尚未收到該郵件，請聯繫投資人關係部門。我們期待在米德蘭接待並與各位相見。

On a final note, I wanted to comment on Murray Stahl's passing.

最後，我想談談 Murray Stahl 的逝世。

Most of you know Murray's firm, Horizon Kinetics, along with its predecessors, has been TPL's largest shareholder for many decades.

各位多半都知道，Murray 的公司 Horizon Kinetics 及其前身，多年來一直是 TPL 最大的股東。

Murray himself has been a tremendous long-time advocate for TPL.

Murray 本人長期以來一直是 TPL 極為重要的支持者。

He believed in the company while it was still a thinly traded little-known trust that owned royalties and surfers in West Texas.

在公司仍是一家交易清淡、鮮為人知、持有西德州特許權金與地表權益的信託時，他就相信這家公司。

Murray understood the virtues of real property combined with patience, and he was a rare combination of an independent thinker and dedicated practitioner.

Murray 了解不動產結合耐心的優點；他罕見地同時具備獨立思考者與專注實踐者的特質。

Over the years, as horizontal drilling and fracking began to unlock the latent value of West Texas land, and as our commercial efforts expanded, TPL grew to become one of the largest publicly traded energy companies in the world.

多年來，隨著水平鑽井與水力壓裂開始釋放西德州土地的潛在價值，且我們的商業拓展持續擴大，TPL 成長為全球規模最大的上市能源公司之一。

Through it all, as TPL's share price began to reflect the immense value of our assets, Murray's and Horizon Kinetic's conviction and devotion to TPL remained unrivaled.

在這一切過程中，當 TPL 股價開始反映我們資產的巨大價值時，Murray 與 Horizon Kinetics 對 TPL 的信念與投入依然無人能及。

While other shareholders would come and go as our share price rose and fell, Murray and Horizon steadfastly remained our largest owner and our biggest fan.

當其他股東隨著股價起伏而進出時，Murray 與 Horizon 始終堅定地維持我們最大持股者與最忠實支持者的角色。

Despite these recent tragic events, I'm confident that Murray's legacy will live on.

儘管近期發生這些令人悲痛的事件，我仍相信 Murray 的精神遺產將會延續。

Over the years, we have also gotten to know many of Murray's colleagues at Horizon Kinetics who share his principles and investment philosophy.

多年來，我們也逐漸認識了 Horizon Kinetics 許多與 Murray 共事的同仁，他們同樣秉持他的原則與投資理念。

It is plainly obvious how much Murray is revered and respected by his colleagues.

很明顯地，Murray 在同仁之間備受敬重與推崇。

We continue to maintain a close relationship with the Ryzen Kinetics, and we believe that our combined ongoing stewardship will allow TPL to attain the full potential Murray envisioned.

我們將持續與 Ryzen Kinetics 保持密切關係，並相信我們共同且持續的管理與監督，將使 TPL 得以實現 Murray 所構想的全部潛力。

On behalf of TPL, I offer our condolences to Murray's colleagues, friends, and family.

我謹代表 TPL，向 Murray 的同事、朋友與家人致上哀悼與慰問。

And with that, I will hand over the call to Chris.

接下來，我把電話交給 Chris。

Thanks, Ty.

謝謝你，Ty。

Consolidated revenues during the first quarter 2026 were approximately $237 million.

2026 年第一季合併營收約為 2.37 億美元。

This represents a quarterly all-time high as well as a 12% sequential increase and a 21% increase over last year's first quarter.

這不僅創下單季歷史新高，亦較前一季成長 12%，並較去年第一季成長 21%。

Consolidated adjusted EBITDA was $181 million, which was up 2% sequentially and 7% over the last year. Free cash flow was $136 million, which was up 15% sequentially and up 8% over the last year.

合併調整後 EBITDA 為 1.81 億美元，較前一季成長 2%，較去年成長 7%。自由現金流為 1.36 億美元，較前一季成長 15%，較去年成長 8%。

The continued strong performance of our royalties position was primarily driven by strong completion activity in the Delaware Basin by Occidental, BP and Devon and Loving and Northern Reeds Counties and in the Midland Basin by Exxon and Martin County.

我們特許權金業務持續強勁的表現，主要受 Occidental、BP 與 Devon 在德拉瓦盆地（Delaware Basin）Loving 與 Northern Reeves 郡的強勁完井活動帶動，以及 Exxon 在米德蘭盆地（Midland Basin）Martin 郡的活動所驅動。

With the high volatility and uncertainty related to global oil prices, I would like to provide some color regarding our commodity price sensitivities.

鑑於全球油價高度波動與不確定性，我想補充說明我們對商品價格的敏感度。

As Ty mentioned earlier, TPL remains fully unhedged. Using our royalty production volumes for fiscal year 2025 and as an illustrative guide, roughly 5 million barrels of annual oil production means that every $10 per barrel increase in oil realizations. Would equate to approximately $50 million. Our oil price realization last year averaged $65 per barrel.

如同 Ty 先前提到的，TPL 目前仍完全未進行避險。以 2025 會計年度的特許權金產量作為示意參考，年產油量約 500 萬桶，代表油價每桶實現價格每上升 10 美元，約相當於增加 5,000 萬美元。我們去年油價實現平均為每桶 65 美元。

For natural gas liquids, we received production volumes of roughly 3.8 million barrels, which means every $5 per barrel increase to our NGL realization would equate to an additional $17 million of annual revenue.

就天然氣液（NGL）而言，我們的產量約為 380 萬桶，這代表 NGL 實現價格每桶上升 5 美元，將相當於每年額外增加 1,700 萬美元營收。

Moving to our well inventory, as of quarter end, TPL had 5.8 net permitted wells, 9.

接著談到我們的井位庫存，截至季末，TPL 擁有 5.8 口淨已核准許可井，9。

Net drilled but uncompleted wells or commonly referred to as ducts and 5.2 net completed but not producing wells.

淨已鑽但未完井的井（常稱為 DUCs），以及 5.2 口淨已完井但尚未投產的井。

That amounts to 20.7 net line-of-sight wells, which represents a 6% sequential increase.

合計為 20.7 口淨可視範圍（line-of-sight）井位，較前一季增加 6%。

We continue to see operators push longer laterals with our new permits and new spuds both having an average lateral length in excess of 13,000 feet.

我們持續看到營運商在新許可與新開鑽（spud）上推進更長的水平段，新許可與新開鑽的平均水平段長度皆超過 13,000 英尺。

On a net normalized basis, after factoring in longer lateral links, our line-of-sight inventory is up 11% sequentially.

在淨標準化口徑下，將更長水平段因素納入後，我們的可視範圍庫存較前一季增加 11%。

We continue to see strong permitting and drilling activity across our Delaware and Midland positions.

我們在德拉瓦與米德蘭兩大區塊仍持續看到強勁的許可與鑽井活動。

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

接下來，接線員，我們現在開始提問。

(Operator Instructions) Derrick Whitfield, Texas Capital.

(接線員指示) Derrick Whitfield，Texas Capital。

Good morning, all, and congrats on a really strong quarter across the board. And also, Todd, thanks for your comments on Murray and Horizon Kinetics, as I know many of your investors will appreciate that.

各位早安，恭喜本季各方面表現都非常強勁。另外，Todd，謝謝你對 Murray 與 Horizon Kinetics 的評論，我知道許多投資人會很感謝。

Good morning, Derek. Thanks for joining.

早安，Derek。謝謝你加入。

Starting with.

先從……

I guess first the land and water agreement with a gas power generation project.

我想先談談與燃氣發電專案相關的土地與用水協議。

While I realize you may be limited in what you can say this morning, but any color that you can paint around the counterparty and scale of this development, it would seem to us it's safe to assume that it's not bolt given the timeline of the development. And I'd also love your thoughts on whether desalinated produced water could be part of the equation for the data center.

我知道你們今天早上能說的可能有限，但能否就交易對手與開發規模提供一些補充？從開發時程來看，我們認為可以合理推測這不是與 Bolt 有關。另外我也想聽聽你們的看法：資料中心是否可能把經脫鹽處理的採出水納入方案的一部分？

Yeah, thanks, Derek.

好的，謝謝你，Derek。

Not a whole lot that we can say beyond what we put in the release and what I said in the transcript, but this project is not Bolt related.

除了我們在新聞稿中揭露的內容，以及我在逐字稿裡提到的之外，確實沒有太多可以補充；但這個專案與 Bolt 無關。

We've got several projects that we are working with Bolt on, but we also have several.

我們與 Bolt 正在推進數個專案，但我們也有數個……

That are not Bolt related.

與 Bolt 無關的專案。

Can't comment on the size or the counterparty.

我無法評論規模或交易對手。

This is one that will likely be frackish water to start.

這個專案一開始很可能會先使用微鹹水（brackish water）。

But we are in talks around produced water and using desalinated water at some point on this project and others.

但我們也正在討論採出水，以及在此專案與其他專案中於某個時間點使用脫鹽水。

Great. And maybe just shifting back to the 30,000-foot level, it seems in your messaging that there is certainly a heightened urgency year-over-year among the hyperscalers.

很好。另外把視角拉回更高層次，你們的訊息似乎顯示，相較去年，超大規模業者（hyperscalers）的急迫性確實提高了。

Could you kind of help frame how that opportunity has changed? And what it can mean for TPL really above and beyond today's announcement.

你能否協助說明這個機會如何改變？以及除了今天的公告之外，這對 TPL 可能意味著什麼？

Yeah, I mean, I think speed and power has been the key to these projects all along. I think substantially all of the grid power has been taken at this point. And I think a lot of these hyperscalers and developers are now focusing on behind-the-meter gas power generation. And so that makes a lot of our acreage more viable.

是的，我認為速度與電力一直是這些專案的關鍵。我認為目前幾乎所有電網供電容量都已被拿走。我也認為許多超大規模業者與開發商現在正把重點放在表後（behind-the-meter）的燃氣發電。因此，我們的許多土地就變得更具可行性。

And I think the water usage when you're talking about a gas-fired power plant located with a data center will be much higher.

而且我認為，當你談的是與資料中心共址的燃氣電廠時，用水量會高得多。

So we see that as a net benefit, not only from like a revenue standpoint, but just unlocking additional acreage for TPL overall.

所以我們把這視為淨利多，不僅從營收角度來看，也有助於整體上為 TPL 釋放更多土地價值。

Perfect. Great update, guys.

非常好。各位更新很棒。

Thanks, Derek.

謝謝你，Derek。

Tim Rezwan, KeyBanc Capital Markets.

Tim Rezwan，KeyBanc Capital Markets。

Good morning, folks, and thank you for taking our questions.

各位早安，感謝讓我們提問。

There wasn't a lot of color on desalination release. I appreciate your comments at the start of the call here. I was hoping to get a bigger picture overview of sort of where you're going.

關於海水淡化的發布內容，提供的細節不多。我很感謝你們在電話會議一開始的評論。我希望能從更宏觀的角度了解你們的方向。

You've given some parameters on OpEx and CapEx around a theoretical 100,000 day facility.

你們已就一座理論上日處理量 100,000 的設施，提供了一些營運支出（OpEx）與資本支出（CapEx）的參數。

So kind of what are you exactly are you looking for as you start up this first facility to kind of assess the feasibility of moving forward?

所以，當你們啟動第一座設施時，究竟希望觀察與驗證哪些事項，以評估是否可行並推進下一步？

And then I know you need to take a first step before you take a second step, but how would you think about funding projects? I believe you talked about like $100 million CapEx.

另外我知道在走第二步之前必須先走第一步，但你們會如何思考專案的資金籌措？我記得你們提到大約 1 億美元的資本支出。

Per 100,000 barrel a day facility. Are there discussions going on about a potential partner to help defray those costs?

以每座日產 100,000 桶的設施計。目前是否正在討論引入潛在合作夥伴，以分攤這些成本？

Yes.

是的。

Sure. This is Robert. Thanks for the question.

當然。我是 Robert。謝謝你的提問。

I mean, I'll start with what the goals of the facility are, and I think we've said them for a while. We call this research development at scale.

我的意思是，我先從這座設施的目標談起，我想我們已經講了一段時間。我們稱之為「規模化的研發」。

We knew the industry had moved from pilot phasing.

我們知道產業已經從試點階段往前推進。

To something that we would call commercial sizing at the smallest scale and from the industry that's usually 10,000 barrels a day. So strictly from a functional aspect before we get into co-location, we want to see how this operates 24/7 day in, day out at scale, that is really going to prove the economic viability strictly from an upstream market. Now when we look at co-location.

進到我們所稱的、以最小規模進行商業化尺寸的階段；而在產業中通常是日產 10,000 桶。因此，純粹從功能面來看、在談共址之前，我們希望看到它在規模化條件下 24/7 日復一日地運作，這將能從純上游市場的角度證明其經濟可行性。接著當我們看共址。

When you start combining these desal facilities with nat gas Gen. And waste heat capture and co-location, yes, there's great benefit for the hyperscalers from a sustainability standpoint, but also we have to look at the co-location piece of what everything we can do to lessen that upstream cost to the operator to make these commercial.

當你開始把這些淡化設施與天然氣發電（nat gas Gen.）結合，以及廢熱回收與共址時，沒錯，從永續角度來看，對超大規模業者（hyperscalers）有很大好處；但同時我們也必須從共址的角度檢視，我們能做哪些事來降低營運商的上游成本，讓這些專案能商業化。

We believe in desal strictly from a need from the upstream perspective minus what we see for colocation benefit. So to be determined on what commercial looks like, there's a lot of structures that we're chasing and looking at, some that focus just on that upstream and then getting the benefit of colocation as well.

我們相信淡化在純上游需求的角度就成立，即便不考慮我們所看到的共址效益。因此，商業化的樣貌仍有待確定；我們正在追求並評估許多結構，有些只聚焦於上游，同時也能取得共址的效益。

I guess we'll have to stay tuned throughout the year. And then as my follow-up, touching on sort of, I guess, called the legacy segments, we saw a step-down in revenues in SLAM and in the water segments.

我想今年接下來就拭目以待。接著我的追問，談到我想所謂的傳統業務板塊（legacy segments），我們看到 SLAM 與水務板塊的營收有所下滑。

From record high levels. And if you strip out that one-time land revenue, it's almost flattish kind of quarter-over-quarter. So as we look at kind of the trends here, would you say that fourth quarter of 2025 was sort of an upside aberration or do you think the first quarter was a little bit low? And where I'm going with this, how do we think about sort of the revenue trend across these legacy segments throughout this year, given the volatility of the last couple of quarters?

從創紀錄的高點回落。如果把那筆一次性的土地收入剔除，季度環比幾乎是持平。所以從趨勢來看，你會說 2025 年第四季算是偏高的異常值，還是第一季偏低？我想問的是：考量過去幾季的波動，今年這些傳統板塊的營收趨勢應該如何看待？

Do you want to touch on water and then I'll touch on slim.

你要先談水務，然後我再談 SLIM 嗎？

Yes, when you look at Q4, we'll start with the produce segment, you've got some accrual noise in there in Q4, but really when you look at produce, how you have to look at it is more of a, let's call it a three-quarter trend look.

好的，當你看第四季，我們先從採出水（produced）板塊開始，第四季裡面有一些應計項目的雜訊，但其實看採出水時，你需要用更偏向——我們稱之為——三個季度的趨勢來看。

When you look at when when you start looking at that three-quarter trend look, we think that's much more reflective of the contractual and functional nature of what we've been doing to drive volumes.

當你開始用三個季度的趨勢來看時，我們認為那更能反映我們為推動處理量（volumes）所做工作的合約性與功能性本質。

We are still very bullish on the produced water space. So you're going to see some noise and activity levels and movement of volumes, you're going to see some accrual noise. But again, when you look at that kind of three-quarter trend, that's where we see and we still see excitement in the produced water space.

我們對採出水領域仍然非常看多。所以你會看到一些雜訊、活動水準的變化以及處理量的移動，你也會看到一些應計雜訊。但同樣地，當你看那種三個季度的趨勢時，那就是我們看到、而且仍然對採出水領域感到興奮的地方。

And I would just add on the slim front, I wouldn't read too much into any single quarter. Slim can get pretty lumpy. We may have quite a few big infrastructure projects hit within a quarter.

我也補充一下 SLIM 方面，我不會對任何單一季度做過度解讀。SLIM 的表現可能相當不均勻。我們可能會在某一季度內有好幾個大型基礎建設專案同時入帳。

And I know it was pretty strong last year with some of the gas pipe build-out that we were seeing.

而且我知道去年因為我們看到一些天然氣管線建設擴張，表現相當強勁。

So again, just wouldn't read too much into any one quarter on the slim front.

所以同樣地，SLIM 方面也不建議對任何單一季度做過度解讀。

Okay, sounds great. Appreciate the comments and look forward to seeing you all in a couple of weeks.

好的，聽起來很棒。感謝你們的評論，也期待幾週後見到各位。

Yeah, thanks, Tim.

好的，謝謝你，Tim。

Thank you.

謝謝。

Oliver Huang, TPH & Company.

Oliver Huang，TPH & Company。

Good morning, Ty and team, and thanks for taking our questions.

早安，Ty 與團隊，謝謝讓我們提問。

For my first question, I was wondering if there was any sort of color on which direction the Bolt partnership is headed from a PowerGen Source perspective. Would the initial phase be going down the path of a CCGT type of infrastructure, or are you all thinking about something that could be more modular-based?

我的第一個問題是，從 PowerGen Source 的角度來看，能否分享一下 Bolt 合作夥伴關係目前可能朝哪個方向發展？初期階段會走向 CCGT 類型的基礎設施路徑，還是你們在思考更偏模組化的方案？

I think still a little early to tell, looking at both options on. Couple of different projects, kind of depending on end-user design, but I wouldn't rule either out, okay.

我想現在判斷還有點早，我們兩個選項都在看。針對幾個不同的專案，會視終端用戶的設計而定，但我不會排除任何一種，好的。

That makes sense. And maybe just for my second question, given all the conversations that you all are having, looking out over the next five or so years, what do you all think the total gigawatts deployed to data centers in the Permian might be? Or asked another way, where do you all see the TAM of the market of where it could potentially be headed? And what type of market share could TPL grab with that, given your land and water infrastructure footprint?

了解。那我的第二個問題是，考量你們正在進行的所有對話，展望未來大約五年，你們認為在二疊紀盆地（Permian）部署到資料中心的總裝置容量可能會是多少 GW？或者換個問法，你們如何看待這個市場的總可服務市場（TAM）可能會走向哪裡？在你們既有的土地與水務基礎設施版圖下，TPL 可能取得多少市占？

Hard to say on total Permian outlook. I think for us, we feel like multiple multi-gig energy campuses on our acreage are viable, and that's definitely the goal.

很難說二疊紀盆地整體的展望。我想就我們而言，我們認為在我們的土地面積上，建置多個、具多 GW 規模的能源園區是可行的，而這也確實是目標。

We continue to be very pleased with our progress on that front and very excited about the opportunities set.

我們對這方面的進展持續感到非常滿意，也對這一系列機會感到非常興奮。

Okay, perfect. Thanks for the time.

好的，完美。謝謝你撥冗。

Thanks.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, with that, we conclude the question-and-answer session and also conclude today's conference call of Texas Pacific Land Corporation.

各位女士先生，至此我們結束問答環節，也結束 Texas Pacific Land Corporation 今天的電話會議。

Thank you for your participation. You may now disconnect your line.

感謝各位的參與。您現在可以掛線。