Texas Pacific Land Corporation (TPL)

[Enterprising Investor]

TPL sets new all-time high (11/01/22)

$2,372.23

[ranchhand71]

I will vote against. No nothing of company you cited

[Enterprising Investor]

Shareholders have a vote.

[Enterprising Investor]

TPL sets new all-time high (10/31/22)

$2,326.00

[ranchhand71]

You are missing the point that the extra authorized shares could be used to acquire/buy more operating assets and dilute the pure royalty model further!!!

[Enterprising Investor]

TPL sets new all-time high (10/27/22)

$2,275.99

[Enterprising Investor]

TPL sets new all-time high (10/25/22)

$2,186.60

[Enterprising Investor]

TPL sets new all-time high (10/24/22)

$2,185.84

[Enterprising Investor]

Lion Long Term Partners LP Sends Shareholder Letter (10/20/22)

https://www.sec.gov/Archives/edgar/data/1811074/000195138822000003/ex99-1.txt

[Enterprising Investor]

TPL sets new all-time high (10/21/22)

$2,140.07

[Enterprising Investor]

TPL sets new all-time high (10/20/22)

$2,137.34

[Enterprising Investor]

TPL sets new all-time high (10/13/22)

$2,108.23

[fung_derf]

Are they giving themselves any preferred shares?
I seem to most often be on the wrong side of this stock.

[Enterprising Investor]

Proxy Statement is out.

If stockholders approve the Authorized Shares Amendment, it would permit the Board to effect a potential 3-for-1 split of the Company’s Common Stock in the form of a stock dividend of 2 shares per outstanding share.

A pie is still a pie. Only the slices get smaller.

[fung_derf]

pllltthhhhh

[Enterprising Investor]

TPL sets new all-time high (10/06/22)

$2,076.12

[Enterprising Investor]

TPL sets new all-time high (10/05/22)

$2,023.96

[fung_derf]

OK, what happened here?

[fung_derf]

Well, at least since the first of the year

[Enterprising Investor]

Nothing goes up forever.

However, the long term trend looks positive since 1888?

[fung_derf]

You jinxed it. Never challenge the stock gods.

[Enterprising Investor]

TPL sets new all-time high (8/29/22)

$1,899.01

[Aitkenresearch]

Long time guys. Good to see TPL and the posts are going strong.

I remember when I was trying to see TPL getting to 1,000 when it was 230.00-305.00 back in Oct of 2016 earnings call.

Now, how can we get TPL to a 100 billion mkt cap?

[Enterprising Investor]

Texas Pacific Land Corporation Announces Second Quarter Results (8/03/22)

Earnings Call to be held 7:30 am CT on Thursday, August 4, 2022

DALLAS--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (the “Company” or "TPL") today announced its financial and operating results for the second quarter of 2022.

Second Quarter 2022 Highlights

- Net income of $118.9 million, or $15.37 per share (basic) and $15.37 per share (diluted)

- Revenues of $176.3 million

- Adjusted EBITDA(1) of $158.3 million

- Royalty production of 19.8 thousand barrels of oil equivalent per day

- $25.5 million of common stock repurchases

- At the end of the quarter, TPL's royalty acreage had an estimated 8.7 net well permits, 7.5 net drilled but uncompleted wells, 2.9 net completed wells, and 52.1 net producing wells
.
- Published annual update of Environmental, Social and Governance ("ESG") disclosure including metrics for 2021

- Executed new agreements for bitcoin mining with Mawson Infrastructure Group Inc. ("Mawson") and JAI Energy ("JAI") and carbon capture and sequestration studies with Milestone Carbon, LLC ("Milestone Carbon").

Year-to-Date 2022 Highlights

- Net income of $216.8 million, or $28.02 per share (basic) and $28.01 per share (diluted)

- Revenues of $323.6 million

- Adjusted EBITDA(1) of $288.1 million

- Royalty production of 20.3 thousand barrels of oil equivalent per day
$201.0 million of total dividends paid during 2022 (comprised of a $20.00 per share special dividend and $6.00 per share in regular dividends)

(1) Reconciliations of Non-GAAP measures are provided in the tables below.

“TPL continues to reap the rewards of strong oil and gas prices and supportive Permian Basin activity, with record quarter revenues from oil and gas royalties,” said Tyler Glover, Chief Executive Officer of the Company. “Beyond just oil and gas royalties, the Company’s other major surface-related revenue streams – easements and other surface-related income, water sales, and produced water royalties – all generated significant sequential quarterly revenue growth and contributed meaningful incremental cash flow. In addition, TPL continues to have numerous constructive conversations on a wide array of next-generation opportunities, and we were pleased to share updates on some of that progress during the quarter. We announced new ventures for TPL surface with a new alliance with Mawson and JAI to develop bitcoin mining and an agreement with Milestone Carbon to evaluate potential carbon sequestration. We look forward to advancing these and other projects as we strive to maximize the value of TPL’s unique, expansive surface footprint.”

Financial Results for the Second Quarter of 2022

The Company reported net income of $118.9 million for the second quarter of 2022, an increase of 108.4% compared to net income of $57.0 million for the second quarter of 2021.

Our total revenues increased $80.3 million for the second quarter of 2022 compared to the same period of 2021, largely driven by the $63.1 million increase in oil and gas royalty revenue and the $13.0 million combined increase in water sales and produced water royalties. Our share of production was approximately 19.8 thousand barrels of oil equivalent ("Boe") per day for the second quarter of 2022 compared to 16.4 thousand Boe per day for the same period of 2021. The average realized price was $70.36 per Boe for the second quarter of 2022, compared to $40.83 per Boe for the comparable period of 2021. Water sales increased $9.8 million for the second quarter of 2022 compared to the second quarter of 2021 principally due to a 55.0% increase in the number of barrels of sourced and treated water sold. Our revenue streams are directly impacted by development and operating decisions in the Permian Basin made by our customers and by commodity prices, among other factors.

Our total operating expenses of $24.6 million for the second quarter of 2022 decreased slightly compared to the same period of 2021. Salaries and related employee expenses for the second quarter of 2022 compared to the same period of 2021 decreased approximately $3.7 million as expenses for 2021 included severance costs. Additionally, we are beginning to recognize the benefits of our ongoing investment in electrifying our water sourcing infrastructure through the reduction of certain expenses, principally fuel and equipment rental. Partially offsetting this decrease, the accrual for ad valorem taxes increased $2.0 million for the second quarter of 2022 compared to the same period of 2021.

Financial Results for the Six Months Ended June 30, 2022

The Company reported net income of $216.8 million for the six months ended June 30, 2022, an increase of 102.4% compared to net income of $107.1 million for the six months ended June 30, 2021.

Our total revenues increased $143.5 million for the six months ended June 30, 2022 compared to the same period of 2021, largely driven by the $117.7 million increase in oil and gas royalty revenue and the $21.2 million combined increase in water sales and produced water royalties. Our share of production was approximately 20.3 thousand Boe per day for the six months ended June 30, 2022 compared to 16.4 thousand Boe per day for the same period of 2021. The average realized price was $64.22 per Boe for the six months ended June 30, 2022 compared to $37.94 per Boe for the comparable period of 2021. Our revenue streams are directly impacted by commodity prices and development and operating decisions made by our customers and vary as the pace of development and oil demand varies.

Our total operating expenses of $47.6 million for the six months ended June 30, 2022 increased $0.8 million compared to the same period of 2021. Operating expenses for 2022 increased principally as a result of the Company recording a $4.0 million accrual for ad valorem taxes and contributing $250,000 to the Permian Basin Area Foundation in support of the initiative to renovate Hogan Park in Midland, Texas. Partially offsetting these increases, salaries and related employee expenses decreased due to the absence of severance costs in 2022. Additionally, we are beginning to recognize the benefits of our ongoing investment in electrifying our water sourcing infrastructure through the reduction of certain expenses, principally fuel and equipment rental.

Update on the Evaluation of the Board Declassification Process

On August 2, 2022, the Board of Directors, after consideration of a recommendation from the Nominating and Corporate Governance Committee, resolved to include a proposal to amend the Company’s charter to declassify the Board of Directors in its proxy materials for the Company's 2022 annual meeting of stockholders.

Quarterly Dividend Declared

On August 2, 2022, the Board declared a quarterly cash dividend of $3.00 per share, payable on September 15, 2022 to stockholders of record at the close of business on September 8, 2022.

Conference Call and Webcast Information

The Company will hold a conference call on Thursday, August 4, 2022 at 7:30 a.m. Central Time to discuss second quarter results. A live webcast of the conference call will be available on the Investors section of the Company’s website at http://www.TexasPacific.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register and install any necessary audio software.

The conference call can also be accessed by dialing 1-800-950-1454 or 1-212-231-2924. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID# 22019661. The telephone replay will be available starting shortly after the call through August 18, 2022.

About Texas Pacific Land Corporation

Texas Pacific Land Corporation is one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership provide revenue opportunities throughout the life cycle of a well. These revenue opportunities include fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and/or treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases and temporary permits related to a variety of land uses including midstream infrastructure projects and hydrocarbon processing facilities.

Visit TPL at http://www.TexasPacific.com.

[tables deleted]

https://www.businesswire.com/news/home/20220803005815/en/

[Enterprising Investor]

TPL sets new all-time high (7/29/22)

$1,886.04

[fung_derf]

Originally, that was The Dixie House. Guess that name doesn't work so well any more.
Your family owned Whirlyball?

[Enterprising Investor]

Further east. The Black-Eyed Pea.

He ate there regularly. Then again, so did I.

The businesses did share an interior wall.

[fung_derf]

Celebration?

[Enterprising Investor]

Herb Kelleher…

Our family business was located on Lovers Lane, east of Love Field. A restaurant was located next door.

I look outside the store window. There was Kelleher crouched, smoking a cigarette? How would anyone know it was him?

He was wearing a leather jacket.

https://airandspace.si.edu/collection-objects/jacket-flying-southwest-airlines/nasm_A20010071000

After finishing his smoke, he came inside and walked around. I played it low key.

I met all kinds of interesting people through that business. Sadly, I never asked business people about their experiences.

[fung_derf]

So much for concerns over a new management system.

[Enterprising Investor]

TPL sets new all-time high (7/28/22)

$1,840

[fung_derf]

LOL, quite the brush with greatness.
I was once booking a ticket with Southwest Airlines and was unhappy with the service. I asked to speak to a manager. Next thing I know I'm speaking with Herb Kelleher.
But I think your story is better.
I've avoided buying BRK for the last 30 years now because I was convinced Warren was too old, and the company too tied to his name. I was told he had a back up who was totally reliable to take over. Almost had me until I yahoo'd a picture of Charlie Munger.

[Enterprising Investor]

About forty years ago, when there was only one class of Berkshire Hathaway common stock and the market price was around $1,200 per share, I wrote Buffett a letter asking him if the company could do a stock split. I wanted to buy more than one share with my $2,000 IRA contribution, but not have 60 percent allocated to only one company. He wrote me back and sent me a stack of annual reports.

The answer was embedded.

I made some big mistakes. Not only did I not buy one share of stock at the time but also threw that signed letter away.

Several years ago, maybe 2015 or so, I sent him a birthday card and a present. Inside the card, I placed a short letter with a question. I asked him how would you value Texas Pacific Land Trust that owns about one million acres of land with zero basis?

I received a “thank you”, but no response.

And now you know why I jumped off my sofa in May.

[fung_derf]

A whole lot less investment choices back then. I wonder how many shares existed at that time?
Can't imagine how he found this stock without a computer.

[Enterprising Investor]

We will most likely never know.

He was, of course, just a teenager at the time.

[fung_derf]

Great story, but does he still own and believe in it? I wish I had bought it when he did as well.

[Enterprising Investor]

Most followers of Warren Buffett know that his first investment purchase was three shares of Cities Services preferred stock.

In May, those who attended the Berkshire Hathaway shareholder's meeting or were listening online learned about his second investment. It was Texas Pacific Land Trust.

I jumped right off my sofa.

https://twitter.com/310Value/status/1521661056581517312/photo/1

His comments were in response to a question about repurchases of BRK equity starting around 4:54 into the meeting.

[Enterprising Investor]

TPL sets new all-time high (7/20/22)

$1,811.94 +76.74 (+4.42%)
Day range: $1,697.47 - $1,818.67
52-week high: $1,818.67
52-week low: $935.04

[fung_derf]

I've had my finger over the buy button on this stock so many times lately. Torn between fear and greed in just one stock.
Support at $1320. Once again do I wait until it pulls back there again to see if it can hold? Or do I just start my buying?
If it breaks below 1320, next support is around 1100 or so.
This one has given many buying opportunities lately (and over the years).

[Lowjack]

See ya at the bottom!

[Enterprising Investor]

TPL all-time high is $1,756.

The all-time high closing price is $1753.25 (5/07/21).

[Nestegg McMuffin]

TPL hitting 52-week highs as Jamie Dimon predicts barrel prices of ~$175. Even management has started showing some initiative with the Bitcoin miner move and the ESG LOI. Still a nice long hold for me.

[Enterprising Investor]

Texas Pacific Land Corporation and Milestone Carbon Announce Agreement for Carbon Sequestration Study (6/02/22)

DALLAS & HOUSTON--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (“TPL”) together with Milestone Carbon, LLC today announced that a Letter of Intent (“LOI”) has been executed between TPL and Milestone Carbon to evaluate geological and geophysical characteristics of certain acreage owned by TPL for the purposes of sequestering captured CO2. Milestone Carbon is a leading carbon capture company that offers turnkey solutions for the permanent geological sequestration of CO2 for significant industrial emitters. Milestone Carbon will perform the evaluation, which will cover approximately 21,000 acres in the Permian Basin, and, if successful, would potentially develop the acreage in connection with a carbon capture and sequestration (“CCS”) project.

“CCS is a proven technology that can provide actionable means to achieve a low-carbon future,” said Milestone Carbon President and CEO Gabriel Rio. “Milestone Carbon was created to develop, own, and operate environmental infrastructure that will enable industry to meaningfully decarbonize. Such infrastructure will be crucial in the fight against climate change and will support the industries that provide the energy and materials our economy depends on. TPL’s vast land holdings and deep industry experience make them an ideal partner for Milestone Carbon. We are thrilled to join with them to develop CCS infrastructure in the Permian Basin.”

“We have long been responsible stewards of our expansive land holdings, and that longstanding focus has served as a good foundation for enhancing our commitment to sustainability and the environment,” said Tyler Glover, CEO of TPL. “Carbon capture can be a key tool in the quest for ‘net zero’, and TPL’s expansive surface footprint could potentially serve as a key resource to permanently sequester carbon. We are constantly looking for ways to leverage the unique features of our surface assets, and carbon capture is an exciting opportunity that could serve a dual purpose of creating value for our shareholders while also benefitting the environment.”

Today’s announcement further highlights TPL’s strong commitment to Environmental, Social, and Governance (“ESG”) initiatives. Sustainalytics, a leading provider of ESG research, ratings, and data to institutional investors and companies, recently provided its risk rating for TPL. Out of all entities in the Oil and Gas Producers Industry, TPL ranked #1 and #2 in the U.S. and globally, respectively. Among nearly 15,000 companies globally, TPL was ranked in the top 5th percentile. “TPL is proud of its ESG efforts and to be recognized by Sustainalytics as a top ESG performer, and we will continue to endeavor to build upon our successes to date,” said Tyler Glover.

Forward Looking Statements

Certain matters contained in this press release include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.

Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.

About Texas Pacific Land Corporation

Texas Pacific Land Corporation (NYSE: TPL) is one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. TPL is not an oil and gas producer, but its surface and royalty ownership allow revenue generation through the entire value chain of oil and gas development, including through fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. TPL also generates revenue from pipeline, power line and utility easements, commercial leases, and seismic and temporary permits related to a variety of land uses including midstream infrastructure projects and hydrocarbon processing facilities.

About Milestone Carbon

Milestone Carbon, LLC is a subsidiary of Milestone Environmental Services, LLC (“Milestone”). Milestone Carbon offers turnkey solutions for the permanent geological sequestration of CO2—including design, permitting, development, and operations—for midstream and other significant industrial emitters. Applying Milestone’s vast knowledge and experience of developing complex injection operations, Milestone Carbon customers will benefit from the safe, reliable disposal and monetization of their carbon dioxide emissions through state-of-the-art injection facilities.

https://www.businesswire.com/news/home/20220601006269/en/Texas-Pacific-Land-Corporation-and-Milestone-Carbon-Announce-Agreement-for-Carbon-Sequestration-Study

[Enterprising Investor]

Texas Pacific Land Corporation Announces $100 Million Stock Repurchase Program (3/14/22)

DALLAS, Texas--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (the “Company”) today announced that the Company’s board of directors approved a stock repurchase program to purchase up to an aggregate of $100 million of our outstanding common stock. Acquisitions pursuant to the stock repurchase program may be made through a combination of open market repurchases in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, and/or other transactions at the Company’s discretion. In connection with the stock repurchase program, the Company intends to enter into a Rule 10b5-1 trading plan that would generally permit the Company to repurchase shares at times when it might otherwise be prevented from doing so under securities laws. The stock repurchase program will expire on December 31, 2022 unless otherwise modified or earlier terminated by our board of directors at any time in its sole discretion.

About TPL

Texas Pacific Land Corporation is one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership provide revenue opportunities throughout the life cycle of a well. These revenue opportunities include fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and/or treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases and seismic and temporary permits related to a variety of land uses including midstream infrastructure projects and hydrocarbon processing facilities.

Visit TPL at http://www.TexasPacific.com.

https://www.businesswire.com/news/home/20220314005764/en/Texas-Pacific-Land-Corporation-Announces-100-Million-Stock-Repurchase-Program

[couldbebetter]

Excellent management is a top criteria for a sound investment. TPL,
when it was a trust, used to buy back and cancel shares. I hope that
practice will continue except now management will be able to issue
themselves free shares. My core belief on TPL is that it is a very
good buy when the PE approaches 15. I suspect oil & gas prices will
continue at elevated prices as less capital is reinvested. Hope this
management team will run the company the right way. Time will tell.

[Enterprising Investor]

Shareholders, in the most cases, have issues with their D&Os.

I have stakes in several companies in which I would like to see things run a little differently. Just take a peek at the boards that I have posted on throughout the years. However, my positions will never be large enough for me to affect change. I have to rely on others.

My biggest concerns with the conversion were increased operating expenses and higher director compensation.

The trust had a very simple business model collecting royalties and buying back shares. The water business made things more complicated, but also opened up a new revenue source. Apparently, other potential sources of revenue were not capitalized on.

Oil prices have risen. TPL’s market price has been declining. Something is wrong.

[couldbebetter]

EI, Thanks for posting that excellent letter which explains a great deal
about TPL's past as well as future. Sure hope management can live up to
what is projected by those comments.

[couldbebetter]

TPL at $1000 is trading at around 20X 2022 estimated earnings. Now, if
earnings actually come out to $60 a share then $900 would be a solid buy
point. Historically, when TPL trades around a PE of 15 it is the best
point to buy. When the PE exceeds 60 it is the best time to sell.

Should TPL become involved in Bitcoin mining (using green technologies)
would be an interesting development. Reading the investor letter I was
impressed by the admission that in the past (poor oversight) led to the
theft of resources such as water and caliche. Now, hopefully, they have
safeguards in place.

With oil & gas prices now at high levels it will interesting to see
what happens. My hope is TPL will either do stock buybacks or use
their ample cash to make investments which could be accretive to both
short and long term earnings. I wonder if enough corporations have
cut back on hydrocarbon investments that it will now be difficult to
overproduce. Assuming global warming is for real, there will be a
massive demand for energy just to keep populations from roasting.
Countries such as India, China, Indonesia, and Vietnam could care
less about pollution or global warning and they will burn coal
at record levels. (Actually preferred to burning wood which is bad.)

[Enterprising Investor]

Annual Meeting Remarks by Tyler Glover

https://www.sec.gov/Archives/edgar/data/1811074/000110465922001496/tm2136642d1_ex99-1.htm

[ranchhand71]

Yikes —he is dead and not involved with current situation