A couple of our acquisitions were some really high-interest wells in Culberson County were drilled over a pretty short timeframe. And so I think our expectation is, you know, we were kind of mid-30% oil cuts. I do think that's going to trend back up. And, you know, if you look at it as a more normalized long-term, you know, it should get back up 40% plus over time. So really more kind of something unique to TPL. And the reality is, you know, even as diversified as our royalty interests are, the way that people operate, you know, they can park a rig and a completion crew in an area and can affect some of the mix with, you know, drilling a whole bunch of three- and four-mile laterals. The production that comes online can be significant. and so there's a lot of different factors that i think led to the you know what we might see is a pretty high high gas cut um but but i do think we will see both that oil trend back up and become a more meaningful part of the production mix on a go forward basis appreciate the comments thank you next question oliver huang with two door pickering please go ahead good morning time team and thanks for taking the questions morning just wanted to just wanted to hit on i guess thoughts around the

buyback i mean i know there have been some royalty bolt-ons over the past 12 18 months in addition to the land acquisition here but it's been several quarters since there's been anything meaningful on the buyback front just trying to get a better understanding how does this reflect your current view of where the equity sits from a valuation perspective is this something that's being purposely done just to build capital for bigger near-term asks across, whether it be royalty, M&A, land, power, and desal investments?

Yeah, you know, right now there's a lot of really good opportunity set as we've seen. The Shackelford acquisition is one of those, and I think one of our big odds when it comes to capital allocation is kind of turning those dollars toward best and highest use. And we just continue to see a lot of great opportunities out there where we feel like we want to be kind of in that cash build mode for now. And that's not to say that in the future we retain the right to go out and do buybacks if that, you know, at the time becomes what we would view as, you know, a very attractive use of capital. And so it is always on our mind. And we are always considering that as a way to deploy our capital. As we sit here today in the environment that we're in right now, you know, building cash seems like and deploying it for some of these other opportunities is kind of where we want to focus. But buybacks are always on the table and something we're constantly looking at.

Okay, perfect. um maybe just a follow-up on desal apologies if i missed it earlier but just any sort of color in terms of just initial takeaways um how is what you all seen early on just kind of changed your conviction level in terms of what next steps might be and what should we kind of be watchful for on that front you know if if anything over the time our you know belief that beneficial reuse and produced water desal will take hold as part of that mix, only grows stronger.

I think if you look at total water production, it continues to climb. It will continue to climb as you get into some of these tier two zones that just have a higher water cut. So, you know, we were some of the first early adopters to find where we are, where we are and ahead of the industry and facility is because we knew it was going to be part of that takeaway mix. You know, that belief only gets stronger. I think what helps even strengthen that further is, you know, the interest we're seeing from the hyperscalers and the AI labs for, you know, eventually implementing this into a sourcing mix. As we, you know, to note, actually on Monday we will be hosting.

Maybe one more follow-up, if I could squeeze it in. Just kind of on your earlier comments with working with the compute user in the Shackleford-Jones County area. any sort of color as to how quickly you can recycle the opportunity set into actual revenue dollars that start to come through the financial statements. Repeat the last part of that question, sorry. Just how quickly could we start seeing actual revenue dollars start to come through the financial statements given that specific opportunity set?

Yeah, like I said, that's one that we've been working on for a while. We're, you know, a year into diligence. We're working with Bolt to develop that project. You know, we've already started working with the local communities there on tax abatements and other things that, you know, are kind of like the tail end of the diligence process. So that's one that I would be, you know, very disappointed if we don't have a definitive agreement to announce in the very near term.

Yeah, real quick follow-up on, you know, what we see as this opportunity and how we're preparing for it. So, you know, when we look at, you know, the near-term sourcing mixes that we're looking for these data centers and what we need to do to prepare for it, you know, the water sourcing is varied. You know, the eventual goal is to get produced water into data center usage. But near-term, you know, we know that we have to build out a team and build out systems for the non-potable construction water usage, the potable water that goes into the man camps. and even as far as the DMIN water that's used in, you know, the closed-loop system. So when we look at that, we know we've got to build a new division, a new team around that, you know, bring in folks that, you know, the chemists of the world and, you know, these direct chip design guys, cooling design, closed-loop systems. So it's moving fast. It's moving rapidly, as Ty said. You know, it kind of is growing by the week right now as we see the interest in West Texas compute.

Makes sense. Thanks for the time, guys. Thank you.

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