TPL commissions 10,000 bbl/d desalination pilot, discloses $50M Bolt data center stake

Filed May 18, 2026 · Period ending May 18, 2026 · ~1 min read

Key Changes

• high

  Phase 2 freeze desalination facility (10,000 bbl/d capacity, $31M capex) completed construction and commenced operations in May 2026, scaling 500x from Phase 1 proof-of-concept to test commercial viability before potential 100,000 bbl/d Phase 3.

  Exhibit 99.1 verify on EDGAR →
• high

  TPL invested $50M in December 2025 into Bolt Data & Energy (co-founded by former Google CEO Eric Schmidt), which raised $150M to develop multi-gigawatt data center campuses in West Texas with hyperscaler and AI lab discussions underway.

  Exhibit 99.1 verify on EDGAR →
• high

  Water segment generated $386M revenue (48% of consolidated) in FY 2025 with 52% net income margin and $177M post-tax cash flow against $7M capex; since 2017 inception, segment produced $811M cash flow on $229M total capex.

  Exhibit 99.1 verify on EDGAR →