Texas Pacific Land Corporation (NYSE:TPL) Q2 2024 Earnings Conference Call August 8, 2024 11:00 AM ET

Company Participants

Shawn Amini - Vice President, Finance and Investor Relations
Tyler Glover - Chief Executive Officer
Chris Steddum - Chief Financial Officer
Robert Crain - Executive Vice President, Texas Pacific Water Resources

Conference Call Participants

Nate Pendleton - Texas Capital
Hamed Khorsand - BWS Financial

Operator

Greetings and welcome to Texas Pacific Land Corporation Second Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Shawn Amini, Investor Relations. Thank you, sir. You may begin.

Shawn Amini

Thank you for joining us today for Texas Pacific Land Corporation's second 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.

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. 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. 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, Tyler Glover and TPL's Chief Financial Officer, Chris Steddum. Management will make some prepared comments, after which we will open the call for questions.

Now I will turn the call over to Ty.

Tyler Glover

Thanks, Shawn. Good morning, everyone and thank you for joining us today. Our second quarter 2024 results demonstrate the overall strength of our business as TPL has positioned itself at the forefront of the Permian Basin's emergence as a world-class resource. Performance was led by another outstanding quarter from our Water Services and Operations segment. We set corporate records across virtually every major water performance indicator, water sales revenues, water sales volumes, produced water royalties revenues, produced water royalties volumes, total water segment revenues, total water segment free cash flow and total water segment net income. Our prior investments in the people and commercial development continues to provide a substantial windfall for the company.