Description Texas Pacific Land Trust was created to sell the Texas & Pacific Railway's land after its 1888 bankruptcy, and yup, they're still workin' on it. The trust began with the railroad's 3.5 million acres; today it is one of the largest private landowners in Texas, with around 960,000 acres in 20 counties. Texas Pacific Land Trust's sales come from oil and gas royalties (70% of sales), grazing leases, easements, and land sales. It has a perpetual oil and gas royalty interest under some 470,000 acres in West Texas. About 8% of the trust's oil and gas royalties are from leases operated by Chevron U.S.A. Texas Pacific Land Trust uses the revenues from sales and royalties to buy and retire its own shares.