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1871
T&P was created through a federal charter providing a mandate to build a transcontinental railroad from Texas to California. Texas, California and present-day Arizona and New Mexico each agreed to grant sections of land for every mile of rail built.
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1881
Although T&P did not complete the full line, by 1881, T&P had completed 972 miles of track, entitling it to 3.5 million acres of land in Texas.
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1888
Upon the bankruptcy of T&P, the 3.5 million acres of Texas land were put into a trust (later known as Texas Pacific Land Trust) for the benefit of the bondholders who invested in the railroad.
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1920
Texas and Pacific Abrams #1 in Mitchell County became the first well to produce oil from the Permian Basin, and a few years later, the first oil pipeline was built in the basin.
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1927
The certificates of the Texas Pacific Land Trust were listed in 1927 on the New York Stock Exchange.
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1954
The mineral estate under TPL’s land was spun-off to its shareholders under a new company named TXL Oil. TPL reserved an Non-participating interest (“NPRI”) under certain tracts of land.
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1962
Texaco purchased TXL Oil which at the time held over 2 million undeveloped acres in west Texas.
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2000
Chevron acquired Texaco for $36 billion, and now performs as an operator across a large portion of TPL’s Permian position.
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2010
The Permian Basin, which had been in production decline since the 1970’s, began to grow production as unconventional development unlocks tremendous additional reserves.
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2015
Rapid development across much of TPL’s acreage leads to increased royalty revenues for TPL.
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2017
In June 2017, TPL announces the formation of Texas Pacific Water Resources, a wholly-owned subsidiary of TPL focused on providing holistic water services to oil and gas operators in the Permian Basin.
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2021
In January 2021, TPL completes its corporate reorganization into a Delaware C-Corp.