Chevron knows better than anyone else which of their lands are
the most prospective and which of lands are not. If Chevron does
a deal with lands they have drilled on or are under their control,
I am very certain they know what they are doing and are not doing
a deal that works to TPL's advantage. Once again, TPL selling any of
their perpetual non-participating royalty lands is suspect.
Of course, selling such lands creates an accounting gain because
those assets are on the book at around zero. Perhaps management
decided on such a sale because they wanted to goose earnings for
that particular quarter. Perhaps goosing earnings in that way
even resulted in a higher share price. That does not mean that
their decision was a prudent one.
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