Texas Pacific Land Corporation (TPL)

[Enterprising Investor]

Texas Pacific Land Corporation (TPL) Q3 2022 Earnings Call Transcript (11/03/22)

Q: Derrick Whitfield

With my first question, I wanted to focus on the annual meeting, regarding the proposed 3-for-1 share split and the share issuance authorization. Could you speak to your capital priorities broadly and the strategic importance of the share issuance in light of your approved share repurchase?

A: Ty Glover

Yes. Thanks, Derrick. I mean, look, a share authorization just provides a normal course financing tool and gives us additional means to potentially grow the company in an accretive, value-enhancing way. Like you mentioned, it also allows us to affect the 3:1 stock split. So I would just add that this is not a change in strategy, it just gives us additional flexibility and optionality to continue to execute that same strategy that's created tremendous value for our shareholders.

We've got a long history of strong performance and capital stewardship. It's something that we've engaged our shareholders on. We've sought advice from government experts on best practices to institute it, and it's something that we feel really good about. So it's all about just adding flexibility and optionality for the company moving forward.

https://seekingalpha.com/article/4552688-texas-pacific-land-corporation-tpl-q3-2022-earnings-call-transcript