Thanks joining thank Shawn. you morning, and us Good everyone, for today.
led revenues, total segment and free royalties demonstrates total Our water emergence outstanding every flow Basin's another Permian net Operations our segment. water business resource. second as itself and Water water strength by performance overall volumes, forefront indicator, our water We a results water total quarter income. the water was volumes, of major as royalties revenues, virtually Performance revenues, sales at cash XXXX of the quarter TPL water across the segment Services records has sales produced water world-class from positioned segment set corporate produced
windfall a Our company. to prior for commercial the substantial people development in provide investments the and continues
development volumes with co off per averaging their Upstream network for on utilizing of the water. to as Honing and accommodate successfully and brackish has captured demand both recycled part are this opportunities, quarter. infrastructure both reach size located acreage reliably in our on TPL for completions day and strategies ever-increasing water robust during sales, sales has and operators driving demand XXX,XXX trimul-frac water, as our TPL strategically team simul-frac, barrels
X top Exxon, doesn't quarter water quality and Occidental, get Customer that. for Our much than better customers sales were this BP. Conoco, EOG
ongoing TPL's collected On million efforts produced and operators we are XX% quarter, the a represents our We the quarter a produced as and reaping same drive water year. the side, increase versus surface on commercial acreage. benefits royalty last over contracting which into this volumes water water of upstream of midstream XXX and prior produced barrels
again, Conoco, and customers the some Coterra represents operators here Our names BP, of highest top quality in like Permian, the Occidental.
is endeavors, beneficial CapEx produced day our reuse still we per water $X barrel middle For continues XX,XXX and and refer process year. in next the procurement efforts test which We million this as of to Phase approximately and equipment to our facility completion related of expect these Xb. testing desalination on facility, year-to-date.
currently processes permitting alfalfa on progress with beneficial regulatory the make to operational plot reuse side, continue very good is our we and various going On agencies. well, and
will X X.X water sequential our we wells previous wells. activity. of slightly robust sustainable uncompleted providing up not from desalination net X.X play per Encouragingly, reuse but of maintain water and to development oil net in XX.X inventory and comprised quarter. has line sight of the discussed quarter, gas believe to produced and of production XX,XXX was royalty completed permits, barrels we equivalent last producing expanded the wells, day net drilled net produced allow a potentially role Oil As that critical and will Permian approximately beneficial solutions
Reeves gives a growth saw us Permitting ramp activity sustain in of XXX Midland inventory activity and our a permit Loving, lot we was especially of trajectory. gross an new new Northern confidence can This royalty near-term during net strong Central new large production our permits. quarter second and activity and in X with subregions. Furthermore, level attractive
For and royalties total which the TPL comprised TPL's largest it consolidated XX% second of quarter revenues, has. oil XXXX, makes source single the gas revenue
dampened be the very not year just Although quality or over commodity within much cash highest we gas recent flow but still energy consider the broadly. volatility line to market revenue more price oil the top in years, one last of so versus growth and streams, the industry, has royalties
you owners oil from almost of but percentage of costs, by know, capital without none of any wells, provide revenues As costs. operating gas oil burdened a and gas production fixed the royalties and many and being
Rise Although bear high high-margin and exposure commodity prices, capital-light free same commodity generate over years. attributes of development expenses persistent that targets, they we've during flow. depressed cost effectively even few prices. oil to mean return significant the periods operators they for pre-inflationary need in labor do hit experienced like their to and during prices, would still last positive pertinent the This inflation is royalties Thus, fluctuating raises especially periods the commodity can of cash supply global expenditures curve. higher
battle eventually a In prices are words, unless commensurately. other cost operators returns rise constantly inflation where commodity their fighting diminishes
our perspective, upstream owners' not directly However, development impact do from economics. the higher costs royalty
capture higher Over global term, revenue upside the long response reset bearing curve, of burden owners commodity higher royalty structurally without cost prices supply as potentially a the in to incremental then expenses. higher the
across and many the years, before, like water As over we've discussed searched assets external actively we've royalties. for TPL look times that service,
a side, consolidate royalties. royalty opportunity and specifically, minerals positioned Permian to set well of the vast TPL On is
intel packages and development virtually well midstream owners to Delaware surface position relationships spanning royalty have advantages on of across industry-leading extensive the royalty and giving as of land access provides actively gross Midland portions unique both water mineral as Permian developed our XXX,XXX and estate basin, and current deep across with unique operator and we Basin.
With business, the acres every upstream, Our water patterns. managed the TPL off-market
For generate generate great IRRs in double-digit potential approach. per each our and model. acquisition on or acquisitions, flow and we royalty invested goal evaluate capital a down least interest The is any bottoms-up at package quality, with to business intrinsic with mineral diluting we share. value growth already Because our increased asset unique long-term owns assets, prospects TPL cash our have free no to
model we minerals an all Any has excellent GIS the royalties and to value It capital-light our ultimately, quality portfolio. growth our enhance team to high-margin asset to end, To intrinsic management, has across industry M&A, runway. with our per extensive acquisition has to augment employ overall asset increase business of experience. and TPL's it this It engineering, has and support reservoir share.
royalty opportunity internally which a that mineral technology-driven manage The means out to efficiently manner in royalty can roll increase allow is have in process, we quite data robust We without proportionate developed costs. and minerals mineral assets a efficient royalties management and and monitor set our and systems very for assets, us large.
there but quality. some subregions subregions existing consolidate Permian opportunity both TPL's the of plenty acreage also Permian, excellent highest-quality that the still is royalty to of within acreage resource Although with contain our in footprint, other also overlaps royalties within
we buy within to are Just already can identical that existing we royalties asset own. what our footprint, literally
With for X drilling typical For royalty comprised a out X example, mile well by is today in acreage, interest X lateral, is common of core miles, to mile for extending Delaware a sections. adjacent that our of Texas our would unit laterals Thus, a well our section or section or generally be generally DSU. DSU section X X/X mile X Northern typically X.XX%. X/XX
that our held of aggregate is TPL's the revenue XX royalty in other X%, DSUs generally a interest between portfolio revenue well are ownership the third-party likely across just royalty X/X other those total royalties existing on TPL's owned, overlap by In XXx the X.XX%, of average parties. the minerals privately percent net that mineral of and X% the is and royalty our majority X.XXX%.
In ownership. or of words, state XX%. TPL where means entire Texas, of interest third resulting net vast approximately are the in and that So would interest with mineral net acreage, interest so revenue is be rights which and net
a subregions Midland Permian, that the the our position more as Northern just within net and of are much have to current Texas our footprint the is position superb be royalty compared resources could royalty numerous beyond with interest current as meaningful There adding revenue contain footprint. smaller here high not Looking on our shale quality Delaware much TPL's fragmented where TPL portfolio. and Midland does side reserves lucrative
lucrative side, Delaware line of Texas TPL's stops and Delaware New the biggest the portfolio core reside Northern wells On Arguably in royalty at in TPL's position region. and state Mexico. the most this Texas
is does and TPL rock is position Mexico, not own some the the the potentially lies consider way currently last quality the and million every oil that shale absolute to further geology good well excellent New size Mexico in contemplate the anywhere reserves day. north New the the as North position.
One under opportunity Texas considered produces mineral per The bit X royalties. on royalty side consolidation of barrels of our resources widely to Texas of royalty where best there Permian into high-grade crude side as adding extends is overall current our currently there However, found will sheer that America, of the resource
barrels production the still XX% net largest crude accruing across one interest royalty in owners. and owners federal production, of Contrast current the the New of in is Texas aggregate Permian. TPL's with owners other million state on would represents that is mineral by total miniscule and per private Assuming and held that a production mineral only of and imply words, parties that oil In mineral roughly royalty royalty oil Mexico day XX,XXX country of production and per production fraction royalty excluding barrels the to X day. approximately crude held TPL's third royalty around lands royalty by the and ourselves
and of surface assets have a gas and combination unique oil our technical fortress Permian can to minerals from to. investors out a the acquire network some ownership, access legacy and royalties is immense royalty attractive The believe and with we assets public TPL's Permian summary, extensive sheet investors not and access, set mineral royalties balance of have opportunity and wherewithal would own. roll deal otherwise equity most high-quality off-market are to that we and relationships royalty deep In
is need machine, future per and we enhance grow. flow for company's to will free We pursuits to and the can royalty discerningly remain consolidate with will can that surface intrinsic remain value can disciplined. assets selective. cash We footprint acquire current opportunistic. growth, As and runway we and already Any plenty purely M&A our share, of anything be a can don't
an as and deployed And basin, in now, emerged been now our TPL one has never better unequivocally that tailwind shareholders in the TPL resource own our for a This has to world-class well. backyard. it's the been has this strategy beneficially served years Permian as same we've position and has exploit
give that days have XX. XXXX, listed Finally, at I next York and bell up making Sub-shares ringing the to our Monday, since be our stock common opening shareholders anniversary. trust will XXX-year TPL the Stock heads June want XX, from predecessor August the NYSE its Exchange a New been on this TPL
I'll This by There had company. TPL. comes may for lot a call last many listed that though another NYSE as or our TPL been companies over even And another set long-standing is We're primed as as S&P public a to milestone. as is still it's oldest The are one company colorful there's the recent told great to future. be of XXX-plus ever opportunity the our that about been. The hand off as have is the seventh is years. longest be strong TPL greater, into enterprise XXX, the never has existence, and profitable excited history which their not the that, today inclusion Chris. companies to also With in
