Texas Pacific Land Corp., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	405,645)	446,362)	269,980)	176,049)	318,728)
Net noncash charges	26,499)	25,071)	16,505)	10,881)	12,830)
Changes in operating assets and liabilities	(13,856)	(24,284)	(21,322)	20,107)	11,232)
Cash provided by operating activities	418,288)	447,149)	265,163)	207,037)	342,790)
Interest paid, net of tax¹	—)	—)	—)	—)	—)
Purchase of fixed assets	(15,028)	(19,212)	(15,548)	(5,086)	(32,209)
Proceeds from sales of fixed assets	5)	106)	1,086)	—)	117)
Free cash flow to the firm (FCFF)	403,265)	428,043)	250,701)	201,951)	310,698)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

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Texas Pacific Land Corp., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	21.60%	21.50%	25.60%	19.90%	20.80%
Interest Paid, Net of Tax
Interest paid, before tax	—)	—)	—)	—)	—)
Less: Interest paid, tax²	—)	—)	—)	—)	—)
Interest paid, net of tax	—)	—)	—)	—)	—)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

² 2023 Calculation
Interest paid, tax = Interest paid × EITR
= 0 × 21.60% = 0

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Texas Pacific Land Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	29,822,736)
Free cash flow to the firm (FCFF)	403,265)
Valuation Ratio
EV/FCFF	73.95
Benchmarks
EV/FCFF, Competitors¹
Chevron Corp.	25.81
ConocoPhillips	21.58
Exxon Mobil Corp.	28.42
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	19.81
EV/FCFF, Industry
Energy	19.78

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Texas Pacific Land Corp., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	10,949,083)	13,255,177)	7,410,929)	8,342,714)	4,956,658)
Free cash flow to the firm (FCFF)²	403,265)	428,043)	250,701)	201,951)	310,698)
Valuation Ratio
EV/FCFF³	27.15	30.97	29.56	41.31	15.95
Benchmarks
EV/FCFF, Competitors⁴
Chevron Corp.	14.85	8.27	13.33	—	—
ConocoPhillips	15.38	7.43	10.72	—	—
Exxon Mobil Corp.	12.47	7.84	10.06	—	—
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	13.63	7.91	11.15	—	—
EV/FCFF, Industry
Energy	13.96	8.54	11.54	—	—