Indeed, CVX in its earnings presentation appears to be dramatically stopping development activities in the Permian, this will create poor earnings for TPL until the situation reverses. If one annualized the earnings it would be $15. Give it a PE of 15 and one gets $225. Not saying it will get there as I doubt if production will be allowed to fall for too long...but the price of TPL should slip lower for now. (Of course, I hope to be proven wrong.)