Texas Pacific Land Corp. (TPL) and Milestone Carbon LLC announced a letter of intent has been executed between the companies to evaluate geological and geophysical characteristics of certain acreage owned by TPL for the purposes of sequestering captured CO2, a press release announced on June 1.

Milestone Carbon will perform the evaluation, which will cover approximately 21,000 acres in the Permian Basin and, if successful, would potentially develop the acreage in connection with a carbon capture and sequestration (CCS) project.

“We have long been responsible stewards of our expansive land holdings, and that longstanding focus has served as a good foundation for enhancing our commitment to sustainability and the environment,” TPL CEO Tyler Glover commented. “Carbon capture can be a key tool in the quest for net zero, and TPL’s expansive surface footprint could potentially serve as a key resource to permanently sequester carbon."

Sustainalytics, a leading provider of ESG research, ratings and data to institutional investors and companies, recently provided its risk rating for TPL, where it ranked #1 in the U.S. and #2 globally out of all oil and gas producer entities, as well as within the top five percentile among 15,000 global companies. The evaluation will further TPL's commitment to ESG initiatives.

"TPL’s vast land holdings and deep industry experience make them an ideal partner for Milestone Carbon," Milestone Carbon president and CEO Gabriel Rio added. "We are thrilled to join with them to develop CCS infrastructure in the Permian Basin.”

Based in Dallas, TPL is one of the largest landowners in Texas with approximately 880,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. Its surface and royalty ownership allow revenue generation through the entire value chain of oil and gas development, including through fixed fee payments for use of the land, revenue for sales of materials used in the construction of infrastructure, providing sourced water and treated produced water, revenue from the oil and gas royalty interests and revenues related to saltwater disposal.

Houston-based Milestone Carbon, a subsidiary of Milestone Environmental Services LLC, is a leading carbon capture company that offers turnkey solutions for the permanent geological sequestration of CO2 for significant industrial emitters.