Item 2. Properties.

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Item 2. Properties.

As of December 31, 2024, we owned the surface estate in 873,136 acres of land, comprised of numerous separate tracts, principally located in the Permian Basin. There were no material liens or encumbrances on our title to the surface estate in those tracts. Additionally, we own a 1/128th NPRI under 84,934 acres of land (5,308 NRA) and a 1/16th NPRI under 370,737 acres of land (185,369 NRA) in the Permian Basin. The following table shows our surface ownership and NPRI ownership by county as of December 31, 2024 (1):

Number of Acres
CountySurface1/128th Royalty1/16th Royalty
Andrews12,121——
Callahan——80
Coke——1,183
Concho2,592——
Crane3,6222655,198
Culberson270,853—111,513
Ector19,88833,63311,793
El Paso16,613——
Fisher——320
Glasscock27,2273,60011,111
Howard5,1563,0991,840
Hudspeth154,247—1,008
Jeff Davis8,293—7,555
Lea(2)640——
Loving63,0706,10748,066
Martin3,943——
Midland28,36512,94513,120
Mitchell3,8421,760586
Nolan1,6002,4883,157
Palo Pinto——800
Pecos43,37732016,895
Presidio——3,200
Reagan—6,1621,274
Reeves187,3203,013116,691
Stephens—2,817160
Sterling5,2126402,080
Taylor690—966
Upton6,6616,9039,101
Winkler7,8041,1823,040
Total873,13684,934370,737

(1) Counties are located in the State of Texas unless otherwise noted.

(2) County is located in the State of New Mexico.

Table of Contents

As of December 31, 2024, we owned additional royalty interests in the following counties(1):

CountyNumber of NRA
Culberson4,947
Ector73
Glasscock2,057
Howard1,245
Lea(2)59
Loving215
Martin2,779
Midland2,513
Reagan591
Reeves246
Upton974
Ward192
Winkler6
Total15,897

(1) Counties are located in the State of Texas unless otherwise noted.

(2) County is located in the State of New Mexico.

We lease office space in Dallas, Texas for our corporate headquarters and in Midland, Texas for TPWR.

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