TPL is using Project Kilby to test whether its land and water assets can support businesses beyond oilfield activity, providing land and brackish water for a power facility tied to data centers in Reeves County, Texas. The company sold land for an aggregate $42.5 million, secured exclusive rights to aquifer-derived water for the plant, and is due annual land payments through 2046. Chevron is developing Project Kilby, and Microsoft has announced a Pecos, TX data center campus designed to add about two gigawatts of capacity. TPL shares have fallen 15.1% over the past three months, and the financial contribution from these data center and power projects remains uncertain given the work needed across multiple counterparties.
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