I noticed that TPL is the largest holding for Horizon Kinetics and decided to study it. Here is what I have found out.
TPL has 877553 total surface acres in Texas.
236194 of these surface acres have a 1/16 non-participating perpetual royalty interest and 32536 of these surface acres have 1/128 non-participating perpetual royalty interest. Furthermore, the Trust has 1/16 and 1/128 non-participating perpetual royalty interests in 137583 acres and 52878 acres in which the Trust has no surface ownership. The oil & gas royalties from these acres account for about half of the earnings, and royalty revenues are growing fast - about 50% growth for each of the last two years despite an oil price slump because the Midland and Delaware basins are the hottest shale plays on the planet.
With only 10 employees, no debt, no capex, extremely low expenses, and huge exposure to accerating growth in the Permian Basin, an interesting case for TPL as a Rip Van Winkle stock can be made, but at 60x earnings, I am going to wait for a better entry point (which might never come).