Valuing AI in Texas Pacific Land (& Permian Oils)

By Paul Sankey Published on June 8, 2025 at 12:11 PM

“There is a Lot of Land in West Texas” One of the oldest oil companies in currently quoted US oil equities, Texas Pacfiic Land, originating in 1871, is a barely known outsider that emerged seemingly from nowhere to S&P500 inclusion in 2024: TPL now has a larger market cap (no debt) than Devon, Coterra, Halliburton, Antero or Permian Resources. In this note we deconstruct TPL’s valuation, and establish the massive implied AI Data Center land …

Sunday Nor Any a Drop to Drink (World Tour)

By Paul Sankey Published on June 23, 2024 at 1:24 PM

Hello there, My son just graduated college and is applying for jobs. For a premium company application he faced the following question: Q: “How do you decide how much time to allocate to a task?” I found myself pondering this when I decided this week to look at water. ~ Non-answer on time. I took a look at water and am banging it out today, rather than spending another seven years on this massive subject, …