XXXX a we growth led joining thank equivalent quarter-over-quarter day the and record. morning, XX,XXX of gas approximately TPL barrels sequential oil Good had which company XX% and quarter oil royalty per everyone, us and today. best all ended by year. you represents was for with new Performance production of
our for over XX% revenues. We consolidated surface water-related accounted excellent they of also and received contributions businesses from quarterly as
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year fiscal by SLEM substantially from XX%. grew and from to water our lower and year-over-year. impact water Produced The XXXX, revenues For our surface grew endeavors grew XX% prices. strong XX% negative by royalties offset by performance source commodity water the helped
business XX%, flow continues cash TPL's and fiscal XXXX operate XX% margins EBITDA Overall, to with and respectively. efficiently year of adjusted free
activity to TPL well Permian the ahead Basin. look in from we XXXX, is ongoing As to positioned benefit
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like also spend reiterating some to allocation capital on this priorities. time would elaborating I and TPL's morning
dictates and shareholder Star goal value is maximize do shareholder free been cash is per everything to always that believe TPL North our flow That's the value. maximizing First, here. we share. key maximize we On the that to point,
Cash is finite.
company be free Over the share per and are share, and can term pay dividends, but a flow productive limited if long for we capacity itself the in term, ultimately it long-term shares to fundamentally expand in free maximizing The the generates. our the cash to cash Thus, can will flow the also near just shareholders. do capital not goal, return cash valuable it. per return share what on question to invest then amounts flow basis, capacity we to sustainably shareholders, the we repurchasing future If becomes increase to able cash can consistently cash per we then more more is back how free and achieve greater to of enterprise.
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a as water the into investment study. Our serves great case business
zero of as century, XXth as most basically the back organic TPL's was there investment. For far history going long
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XXXX, the capital after-tax water flow. Since water business. million have of generated $XXX cash cumulative cumulatively into and The $XXX we of invested returns business approximately about million
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XXXX, $XX net our returns Water resulting year million net of during a about segment with balance closed the year, of excellent fiscal capital. PP&E For income from $XX and Services on in we generated million Operations which
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the pay cash intensity and has over execute cash the on buybacks, while cash sheet. growth net capital all in maintaining to and low able been TPL free margins, increasingly dividends high flow out a With balance flow larger years larger that
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We the execute still share place our over have so buyback repurchase to we authorization, $XXX tools have a robust on in remaining current quickly program. million
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been we shares. the of long that's years, to element that and story We want through We an recognized of have history something has a important the reinforce. TPL repurchasing
back TPL On a of was It's all buyback through feedback in phenomenal strategy past to into it in its cash buy worth the why stick that and some that used returns fair all, and doesn't TPL just did yesteryear of strategy investors decades. on the the factor point, it's diving just strategy from shares. we of After to versus received what point core the today. a driving some buyback
and oil its the sales shares. use was take leases to cash the just a then to asset vertical those gas and was strategy from wells, some trust, of liquidating when proceeds modest back generated it most grazing repurchase to For existence TPL and effectively
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extent evident lease the quality nearly much recognized, $XXX trades Today, resource so meaningful with of billion premium to Permian is last widely TPL months. recently operator few shale so the land also and a our of peers. that stock in on just the at occurring acquisitions become That's
deal team Furthermore, past equivalent, a Buyback ramp good were outstanding we if be decades we back premium, aside, all Although same believe or assets of isn't the arises. resolutely that to that returns set from into opportunity stock our buybacks not dividends lean to to organic that across an has to decades justifies a buybacks unique today when CapEx, not buybacks. will M&A, would hesitate that. the a TPL economics ago, preference isn't aggressively steel it and irreplicable was say our it buying
Our bias is buybacks.
external to Turning acquisitions.
few candid in the potential in years, been evaluating opportunities. last interest our Over we've
have and service We huge footprint. royalty a
talented industry have professionals. of We team a
value for we technology from reasons why assets. of intrinsic resource approach We we systems the third-party to have value and The in use use assumptions have all we few potential land approach. efficiently a can, capabilities to like same each analyze or We it's prices our and own position M&A commodity Permian water and to It's asset and scale. to buybacks. similar evaluate whether a royalty opportunities, track-by-track, We to believe high-quality consolidate those assets, surface surface are we bottoms-up to assets. others we monetize prime
here IRRs double-digit capital generate least flow at incremental free the Again, per invested share. to and cash is goal in
financial asset extensive operational For any assets, performed growth prospects have owns no addition our we asset in diligence. significant a and package business we meaningful our TPL to also down our model. diluting great already interest to that's interest unique quality, or us, in due Because analysis,
economics enterprise the we'll have has high to deal, and better it make value. It's For it has any to a it enhance to keep a work, shareholder bar, this high. very and
growth external shareholders. modest has opportunities the organic if less and attractive another towards only to effective capital to dividends And capital to way back company finally, deploy return then buybacks if or relatively are are
had future endeavors a A nat were May to price. also needs than last the per in readily gas essentially commodity gave XXXX. We back are then $XX multiples. and basically paid for over use share decade. given WTI a commodity capital assets peak crude organic both dividends over of was this good Valuations was modest we without based the large special $X situation similar on ourselves, options a great find highs in prices special to shareholders. We our time external relatively example and in were the ourselves back this capital attractive Buybacks less over that peak above-cycle cash dividend at $XXX, during available. for
and fundamentals this adapt will evolve. strategy allocation capital industry Our market
to flows we've has and the commodity last as back $XXX of years relatively cash held million over period spending. high at Our procyclical as of prices couple on grown large during cash year-end harvested we've balance this
if With our are a prices commodity opportunity over an company fall grow. the much prices environment. Chris. very as and and as business position strength that, will countercyclically will most pull we Or rise, in excel opportunities commodity call and Today, to of tremendously. lower the We're the as substantial valuations to I'll have back weaker competitors in turn deploy benefit any capital
