As energy prices increase, agricultural production costs will increase, especially for fuel, irrigation, and fertilizer. Considering irrigated cotton production in the Southern High Plains of Texas, share lease agreements traditionally have not included these costs in the landlord's share of expenses. As these energy-related expenses increase disproportionately to other production costs, landowners and operators must reconsider lease agreements in order to ensure an equitable lease arrangement. Using Texas Farm Assistance data, this study will consider lease arrangements with different shares for fuel, irrigation pumping costs, and fertilizer and how each will impact the net returns for the landowner and operator with irrigated cotton in the Southern High Plains of Texas.