Nov 5 (Reuters) - Texas Pacific Land ( TPL ) missed Wall

Street expectations for third-quarter adjusted core profit on

Wednesday, as lower oil prices outweighed gains from higher

production.

Brent crude averaged about $68 a barrel in the third

quarter, marking a year-on-year decline of more than 13%, as

increased output from OPEC+ and signs of slowing global demand

continued to exert downward pressure on prices.

Texas Pacific said its realized price for oil during the

quarter was down 10.3% year-over-year at $34.10 per barrel.

The Permian-focused land and royalty company's share of

quarterly production rose nearly 30% to 36.3 million barrels of

oil from a year earlier, while royalties from oil and gas

production came to $108.7 million, compared with $94.4 million

last year.

As of December 31 2024, Texas Pacific counted energy

heavyweights such as Chevron ( CVX ), Occidental Petroleum ( OXY )

and ConocoPhillips ( COP ) as its customers.

Texas Pacific reported third-quarter revenue of $203.1

million, compared with $173.6 million during the same period a

year earlier.

Shares of the company were down nearly 1% after the bell.

The landowner reported an adjusted earnings before interest,

taxes, depreciation and amortization of $173.6 million for the

quarter ended September 30, compared with analysts' average

estimate of $178 million, according to data compiled by LSEG.