Buy Or Sell Opportunity • Jun 04
Now 25% overvalued Over the last 90 days, the stock has fallen 23% to €348. The fair value is estimated to be €279, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 6.6%. Revenue is forecast to grow by 23% in a year. Earnings are forecast to grow by 25% in the next year. Declared Dividend • May 20
First quarter dividend of US$0.60 announced Shareholders will receive a dividend of US$0.60. Ex-date: 1st June 2026 Payment date: 15th June 2026 Dividend yield will be 0.6%, which is lower than the industry average of 3.1%. Payout Ratios Payout ratio: 30%. Cash payout ratio: 389%. Announcement • Apr 16
Texas Pacific Land Corporation to Report Q1, 2026 Results on May 06, 2026 Texas Pacific Land Corporation announced that they will report Q1, 2026 results After-Market on May 06, 2026 Announcement • Apr 10
Texas Pacific Land Corporation Announces Demise of Murray Stahl, Member of Board Texas Pacific Land Corporation announced that Murray Stahl, a member of TPL’s Board, has passed away. Mr. Stahl was the Chief Executive Officer, Chairman of the Board and Chief Investment Strategist of Horizon Kinetics Holding Corporation, which, through various owned subsidiaries, is TPL’s largest shareholder. Announcement • Feb 19
Texas Pacific Land Corporation Declares Quarterly Cash Dividend, Payable on March 16, 2026 On February 10, 2026, the Board of Directors of Texas Pacific Land Corporation declared a quarterly cash dividend of $0.60 per share, payable on March 16, 2026 to stockholders of record at the close of business on March 2, 2026. This represents a 12.5% increase from the prior quarter regular dividend. Announcement • Jan 22
Texas Pacific Land Corporation to Report Q4, 2025 Results on Feb 18, 2026 Texas Pacific Land Corporation announced that they will report Q4, 2025 results After-Market on Feb 18, 2026 Announcement • Nov 06
Texas Pacific Land Corporation Declares Quarterly Cash Dividend, Payable on December 15, 2025 On November 3, 2025, the Texas Pacific Land Corporation declared a quarterly cash dividend of $1.60 per share, payable on December 15, 2025 to stockholders of record at the close of business on December 1, 2025. Announcement • Oct 10
Texas Pacific Land Corporation to Report Q3, 2025 Results on Nov 05, 2025 Texas Pacific Land Corporation announced that they will report Q3, 2025 results After-Market on Nov 05, 2025 Announcement • Aug 30
Texas Pacific Land Corporation Announces Non Re-Election of Eric L. Oliver as a Member of the Board of Directors On August 26, 2025, Texas Pacific Land Corporation announced that Eric L. Oliver, a member of the Board of Directors notified his decision to not stand for re-election to the Board at the Company’s 2025 annual meeting of stockholders. Mr. Oliver will continue to serve as a director until the Annual Meeting. Announcement • Jul 11
Texas Pacific Land Corporation to Report Q2, 2025 Results on Aug 06, 2025 Texas Pacific Land Corporation announced that they will report Q2, 2025 results After-Market on Aug 06, 2025 Announcement • May 08
Texas Pacific Land Corporation Declares Quarterly Cash Dividend, Payable on June 16, 2025 On May 6, 2025, Texas Pacific Land Corporation’s Board of Directors declared a quarterly cash dividend of $1.60 per share, payable on June 16, 2025 to stockholders of record at the close of business on June 2, 2025. Announcement • Apr 16
Texas Pacific Land Corporation to Report Q1, 2025 Results on May 07, 2025 Texas Pacific Land Corporation announced that they will report Q1, 2025 results at 4:00 PM, US Eastern Standard Time on May 07, 2025 Announcement • Feb 21
Texas Pacific Land Corporation Declares Quarterly Cash Dividend, Payable on March 17, 2025 On February 18, 2025,Texas Pacific Land Corporation's Board of Directors declared a quarterly cash dividend of $1.60 per share, payable on March 17, 2025 to stockholders of record at the close of business on March 3, 2025. Announcement • Feb 05
Texas Pacific Land Corporation to Report Q4, 2024 Results on Feb 19, 2025 Texas Pacific Land Corporation announced that they will report Q4, 2024 results After-Market on Feb 19, 2025 Declared Dividend • Nov 11
Dividend of US$1.60 announced Shareholders will receive a dividend of US$1.60. Ex-date: 2nd December 2024 Payment date: 16th December 2024 Dividend yield will be 1.3%, which is lower than the industry average of 3.1%. Payout Ratios Payout ratio: 24%. Cash payout ratio: 32%. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: US$4.64 (vs US$4.59 in 3Q 2023) Third quarter 2024 results: EPS: US$4.64 (up from US$4.59 in 3Q 2023). Revenue: US$173.6m (up 9.9% from 3Q 2023). Net income: US$106.6m (up 1.0% from 3Q 2023). Profit margin: 61% (down from 67% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €1,218, the stock trades at a trailing P/E ratio of 68.2x. Average trailing P/E is 37x in the Oil and Gas industry in Germany. Total returns to shareholders of 214% over the past three years. Announcement • Oct 10
Texas Pacific Land Corporation to Report Q3, 2024 Results on Nov 06, 2024 Texas Pacific Land Corporation announced that they will report Q3, 2024 results at 4:00 PM, US Eastern Standard Time on Nov 06, 2024 Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €860, the stock trades at a trailing P/E ratio of 48.9x. Average forward P/E is 5x in the Oil and Gas industry in Germany. Total returns to shareholders of 144% over the past three years. Announcement • Sep 18
Texas Pacific Land Corporation, Annual General Meeting, Nov 08, 2024 Texas Pacific Land Corporation, Annual General Meeting, Nov 08, 2024. Location: omni dallas hotel, 555 south lamar street, texas 75202., dallas United States Announcement • Aug 28
Texas Pacific Land Corporation (NYSE:TPL) acquired Surface Asset of approximately 4,120 acres in Martin County, Texas for $45 million. Texas Pacific Land Corporation (NYSE:TPL) acquired Surface Asset of approximately 4,120 acres in Martin County, Texas for $45 million on August 27, 2024. In a related transaction, Texas Pacific Land Corporation acquired mineral interests across approximately 4,106 net royalty acres located in Culberson County, Texas for $124 million.
Texas Pacific Land Corporation (NYSE:TPL) completed the acquisition of Surface Asset of approximately 4,120 acres in Martin County, Texas on August 27, 2024. Upcoming Dividend • Aug 27
Upcoming dividend of US$1.17 per share Eligible shareholders must have bought the stock before 03 September 2024. Payment date: 17 September 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (2.5%). Declared Dividend • Aug 11
Dividend of US$1.17 announced Shareholders will receive a dividend of US$1.17. Ex-date: 3rd September 2024 Payment date: 17th September 2024 Dividend yield will be 2.4%, which is lower than the industry average of 3.1%. Payout Ratios Payout ratio: 23%. Cash payout ratio: 25%. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: US$4.99 (vs US$4.35 in 2Q 2023) Second quarter 2024 results: EPS: US$4.99 (up from US$4.35 in 2Q 2023). Revenue: US$172.3m (up 7.3% from 2Q 2023). Net income: US$114.6m (up 14% from 2Q 2023). Profit margin: 67% (up from 63% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 19% per year. Announcement • Aug 08
Texas Pacific Land Corporation Declares Quarterly Cash Dividend, Payable on September 17, 2024 On August 6, 2024, Texas Pacific Land Corporation declared a quarterly cash dividend of $1.17 per share, payable on September 17, 2024 to stockholders of record at the close of business on September 3, 2024. Announcement • Jul 24
Texas Pacific Land Corporation to Report Q2, 2024 Results on Aug 07, 2024 Texas Pacific Land Corporation announced that they will report Q2, 2024 results After-Market on Aug 07, 2024 Buy Or Sell Opportunity • Jul 01
Now 11% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to €674. The fair value is estimated to be €608, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 14% in a year. Earnings are forecast to grow by 17% in the next year. Upcoming Dividend • Jun 24
Upcoming dividend of US$10.00 per share Eligible shareholders must have bought the stock before 01 July 2024. Payment date: 15 July 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.6%). Buy Or Sell Opportunity • Jun 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 34% to €709. The fair value is estimated to be €590, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 14% in a year. Earnings are forecast to grow by 17% in the next year. Announcement • Jun 15
Texas Pacific Land Corporation Announces Special Dividend, Payable on July 15, 2024 Texas Pacific Land Corporation announced that the Company’s Board of Directors approved a $10.00 per share special dividend. The special dividend will be payable on July 15, 2024 to stockholders of record at the close of business on July 1, 2024. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to €667, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 68% over the past three years. Buy Or Sell Opportunity • Jun 12
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 36% to €667. The fair value is estimated to be €554, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 14% in a year. Earnings are forecast to grow by 17% in the next year. Upcoming Dividend • May 27
Upcoming dividend of US$1.17 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 17 June 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (3.1%). Declared Dividend • May 13
First quarter dividend of US$1.17 announced Shareholders will receive a dividend of US$1.17. Ex-date: 3rd June 2024 Payment date: 17th June 2024 Dividend yield will be 1.8%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 50% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: US$4.97 (vs US$3.75 in 1Q 2023) First quarter 2024 results: EPS: US$4.97 (up from US$3.75 in 1Q 2023). Revenue: US$174.1m (up 19% from 1Q 2023). Net income: US$114.4m (up 32% from 1Q 2023). Profit margin: 66% (up from 59% in 1Q 2023). Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Apr 20
Texas Pacific Land Corporation to Report Q1, 2024 Results on May 08, 2024 Texas Pacific Land Corporation announced that they will report Q1, 2024 results After-Market on May 08, 2024 New Risk • Mar 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 55% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. New Risk • Mar 27
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1,574, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1,615 per share. Declared Dividend • Feb 26
Fourth quarter dividend of US$3.50 announced Shareholders will receive a dividend of US$3.50. Ex-date: 29th February 2024 Payment date: 15th March 2024 Dividend yield will be 0.9%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 50% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 22
Texas Pacific Land Corporation Declares Quarterly Cash Dividend, Payable on March 15, 2024 Texas Pacific Land Corporation declared a quarterly cash dividend of $3.50 per share, payable on March 15, 2024 to stockholders of record at the close of business on March 1, 2024. Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: US$52.81 (vs US$57.80 in FY 2022) Full year 2023 results: EPS: US$52.81 (down from US$57.80 in FY 2022). Revenue: US$631.6m (down 5.4% from FY 2022). Net income: US$405.6m (down 9.1% from FY 2022). Profit margin: 64% (down from 67% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €1,344. The fair value is estimated to be €1,685, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Announcement • Jan 26
Texas Pacific Land Corporation to Report Q4, 2023 Results on Feb 21, 2024 Texas Pacific Land Corporation announced that they will report Q4, 2023 results After-Market on Feb 21, 2024 Announcement • Jan 23
Bulldog Investors Submits a Proposal to Texas Pacific Land Corporation On January 22, 2024, Bulldog Investors, LLP announced that it has submitted a proposal urging the Board to seek stockholder approval of any transaction in which the consideration includes shares of the Company's stock, including any tender offer, exchange offer, share exchange, merger, consolidation, acquisition, business combination, sale, recapitalization, or restructuring if the Board has reason to believe that stockholders might not vote to approve such transaction. Buy Or Sell Opportunity • Jan 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to €1,348. The fair value is estimated to be €1,688, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 36% in the next 2 years. Buying Opportunity • Jan 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be €1,704, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 36% in the next 2 years. Announcement • Dec 05
Delaware Court of Chancery Rules in Favor of Texas Pacific Land Corporation on Litigation Related to Stockholders’ Agreement Texas Pacific Land Corporation announced that the Delaware Court of Chancery (the “Court”) has ruled in favor of TPL in the litigation between the Company and Horizon Kinetics LLC, Horizon Kinetics Asset Management LLC, SoftVest Advisors, LLC and SoftVest, L.P. (collectively, the “Investor Group”), in Texas Pacific Land Corp. v. Horizon Kinetics LLC, (C.A. No. 2022-1066-JTL) (Del. Ch.). On December 1, 2023, the Court ruled that the Investor Group should have voted with the Board’s recommendation on Proposal 4, the Company’s proposal to increase the number of authorized shares of common stock (the “Share Authorization Proposal”) at the 2022 Annual Meeting, under the terms of the June 2020 Stockholders’ Agreement with the Company (the “Stockholders’ Agreement”). The Court has deemed the Investor Group’s shares to have been voted in favor of the Share Authorization Proposal, which has been deemed approved by stockholders. As previously disclosed, once a final order is entered and an amended charter is filed, the Company intends to use a portion of the newly authorized shares to affect a stock split of the Company’s common stock in the form of a stock dividend, and the Court has conditioned the Share Authorization Proposal on such a stock split. In addition, the Share Authorization Proposal increases the number of authorized, unissued shares of common stock. Sidley Austin LLP and Abrams & Bayliss LLP represented TPL in the litigation. Buying Opportunity • Nov 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be €1,862, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 47% in 2 years. Earnings is forecast to grow by 56% in the next 2 years. Upcoming Dividend • Nov 23
Upcoming dividend of US$3.25 per share at 0.8% yield Eligible shareholders must have bought the stock before 30 November 2023. Payment date: 15 December 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (2.8%). Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: US$13.76 (vs US$16.83 in 3Q 2022) Third quarter 2023 results: EPS: US$13.76 (down from US$16.83 in 3Q 2022). Revenue: US$158.0m (down 17% from 3Q 2022). Net income: US$105.6m (down 19% from 3Q 2022). Profit margin: 67% (down from 68% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 02
Texas Pacific Land Corporation Declares Quarterly Cash Dividend, Payable on December 15, 2023 On October 31, 2023, the Texas Pacific Land Corporation declared a quarterly cash dividend of $3.25 per share, payable on December 15, 2023 to stockholders of record at the close of business on December 1, 2023. Announcement • Oct 12
Texas Pacific Land Corporation to Report Q3, 2023 Results on Nov 01, 2023 Texas Pacific Land Corporation announced that they will report Q3, 2023 results After-Market on Nov 01, 2023 Announcement • Oct 11
Texas Pacific Land Corporation, Annual General Meeting, Nov 10, 2023 Texas Pacific Land Corporation, Annual General Meeting, Nov 10, 2023, at 11:00 Central Standard Time. Location: Renaissance Dallas Hotel, 2222 North Stemmons Freeway Dallas, Texas 75207 Dallas Texas United States Agenda: To consider and elect three members of the Company’s Board of Directors to serve until the 2024 annual meeting of stockholders; to consider and approve, by non-binding advisory vote, the executive compensation paid to named executive officers; to consider and ratify the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2023; to consider a non-binding stockholder proposal regarding stockholders’ ability to call for a special stockholder meeting; to consider a non-binding stockholder proposal regarding adopting a policy that requires an independent Chair of the Company’s Board of Directors; to consider a non-binding stockholder proposal regarding adopting a policy requiring executives to retain a significant portion of stock until retirement; to consider a non-binding stockholder proposal regarding stockholders’ ability to act by written consent; and to consider other matter. Upcoming Dividend • Aug 24
Upcoming dividend of US$3.25 per share at 0.7% yield Eligible shareholders must have bought the stock before 31 August 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1,568, the stock trades at a trailing P/E ratio of 32.5x. Average forward P/E is 5x in the Oil and Gas industry in Germany. Total returns to shareholders of 233% over the past three years. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: US$13.06 (vs US$15.37 in 2Q 2022) Second quarter 2023 results: EPS: US$13.06 (down from US$15.37 in 2Q 2022). Revenue: US$160.6m (down 8.9% from 2Q 2022). Net income: US$100.4m (down 16% from 2Q 2022). Profit margin: 63% (down from 67% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 39% per year. Announcement • Aug 03
Texas Pacific Land Corporation Declares Quarterly Cash Dividend, Payable on September 15, 2023 On August 1, 2023, the Board of Texas Pacific Land Corporation declared a quarterly cash dividend of $3.25 per share, payable on September 15, 2023 to stockholders of record at the close of business on September 1, 2023. Announcement • Aug 02
Texas Pacific Land Corporation Announces Board Changes Texas Pacific Land Corporation announced that current directors and co-chairs of the Board, David E. Barry and John R. Norris III, have announced their intention to retire at the 2023 Annual Meeting and will not stand for reelection. The Board intends to announce new Board leadership following the 2023 Annual Meeting. Announcement • Jul 12
Texas Pacific Land Corporation to Report Q2, 2023 Results on Aug 02, 2023 Texas Pacific Land Corporation announced that they will report Q2, 2023 results After-Market on Aug 02, 2023 Upcoming Dividend • May 31
Upcoming dividend of US$3.25 per share at 1.0% yield Eligible shareholders must have bought the stock before 07 June 2023. Payment date: 15 June 2023. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (2.6%). Announcement • May 16
Lion Long Term Partners Issues Open Letter to Stockholders of Texas Pacific Land and Proxy Advisors On May 15, 2023, Lion Long Term Partners LP, issues an open letter to stockholders of Texas Pacific Land Corporation and proxy advisors. Lion Long stated that Glass Lewis announced that it has changed its recommendation with respect to Proposal 4 to “Against” and Lion Long urges the other Proxy Advisors to review their case files and Glass Lewis’ detailed explanation of its change in position and follow Glass Lewis in recommending an Against vote on Proposal 4, and it urges the stockholders of the Company who have voted For Proposal 4 to reconsider their position. Reported Earnings • May 06
First quarter 2023 earnings released: EPS: US$11.25 (vs US$12.65 in 1Q 2022) First quarter 2023 results: EPS: US$11.25 (down from US$12.65 in 1Q 2022). Revenue: US$146.4m (flat on 1Q 2022). Net income: US$86.6m (down 12% from 1Q 2022). Profit margin: 59% (down from 66% in 1Q 2022). Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 05
Texas Pacific Land Corporation Declares Quarterly Cash Dividend, Payable on June 15, 2023 On May 2, 2023, the Board of Texas Pacific Land Corporation declared a quarterly cash dividend of $3.25 per share, payable on June 15, 2023 to stockholders of record at the close of business on June 8, 2023. Upcoming Dividend • Feb 28
Upcoming dividend of US$3.25 per share at 0.7% yield Eligible shareholders must have bought the stock before 07 March 2023. Payment date: 15 March 2023. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (1.4%). Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: US$57.80 (vs US$34.83 in FY 2021) Full year 2022 results: EPS: US$57.80 (up from US$34.83 in FY 2021). Revenue: US$667.4m (up 48% from FY 2021). Net income: US$446.4m (up 65% from FY 2021). Profit margin: 67% (up from 60% in FY 2021). The increase in margin was driven by higher revenue. Oil sales price Average sales price/bbl (hedged): US$94.69 Gas sales price Average sales price/mcf (hedged): US$6.19 LNG sales price Average sales price/bbl (hedged): US$34.25 Combined production Oil equivalent production: 7.791 MMboe (6.795 MMboe in FY 2021) Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 14
Texas Pacific Land Corporation Declares Quarterly Cash Dividend, Payable on March 15, 2023 Texas Pacific Land Corporation announced that on February 10, 2023, the Board of Directors declared a quarterly cash dividend of $3.25 per share, payable on March 15, 2023 to stockholders of record at the close of business on March 8, 2023. Announcement • Jan 26
Texas Pacific Land Corporation to Report Q4, 2022 Results on Feb 22, 2023 Texas Pacific Land Corporation announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Feb 22, 2023 Upcoming Dividend • Nov 30
Upcoming dividend of US$3.00 per share Eligible shareholders must have bought the stock before 07 December 2022. Payment date: 15 December 2022. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (1.0%). Announcement • Nov 22
Texas Pacific Land Corporation, Annual General Meeting, Feb 14, 2023 Texas Pacific Land Corporation, Annual General Meeting, Feb 14, 2023, at 10:30 Central Standard Time. Location: Company’s offices located at 1700 Pacific Avenue, Suite Dallas Texas United States Agenda: To consider Share Authorization Proposal. Board Change • Nov 16
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 1 experienced director. 1 highly experienced director. Independent Co-Chairman of the Trustees John Norris is the most experienced director on the board, commencing their role in 2000. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Nov 11
Lion Long Term Partners Issues a Statement in Response to Texas Pacific Land Corporation On November 10, 2022, Lion Long Term Partners LP issues a statement in response to Texas Pacific Land Corporation stockholder letter from Board. In the statement, Lion Long Term Partners stated that on November 8, J.R. Norris III and D. E. Barry, the Co-Chairmen of the Company’s Board, and T. Glover, the President and CEO of the Company, wrote to stockholders to encourage them to vote for a proposal to approve an amendment to the Company’s Certificate of Incorporation increasing the authorized shares of common stock from 7,756,156 shares to 46,536,936 shares. Lion Long Term Partners urged the fellow stockholders to vote against the proposal. Announcement • Nov 10
Lion Long Files and Exempt Solicitation and Urged to Vote Against for Texas Pacific’s Proposal On November 9, 2022, Lion Long Term Partners LP announced that it has filed an exempt solicitation statement and urged the shareholders to vote against Proposal 4: a proposal to approve an amendment to Texas Pacific Land Corporation's Certificate of Incorporation increasing the authorized shares of common stock from 7,756,156 shares to 46,536,936 shares. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improved over the past week After last week's 18% share price gain to €2,777, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 412% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2,027 per share. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improved over the past week After last week's 18% share price gain to €2,777, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 412% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2,027 per share. Announcement • Nov 08
Lion Long Term Partners LP Issues Statement in Response to Texas Pacific Land Corporation Board Comments On November 7, 2022, Lion Long Term Partners LP announced that it has issued a statement in response to Texas Pacific Land Corporation board comments. Lion Long stated that the Board of Directors of the Company has a fiduciary responsibility to stockholders to safe-guard a truly unique asset. For over 125 years the Company has single-mindedly followed a simple business model that has created tremendous, index-beating returns for its owners. Now just 23 months after converting to a Delaware C corp. the Board and management would have the Company’s stockholders indirectly agree to a dramatic change in the Company’s business plan, without informed stockholder input, claiming it to be a “routine” decision. In addition, Lion Long urged the shareholders to vote against a proposal#4: to approve an amendment to the Company's Certificate of Incorporation increasing the authorized shares of common stock from 7,756,156 shares to 46,536,936 shares. Announcement • Nov 05
Texas Pacific Land Corporation (NYSE:TPL) announces an Equity Buyback for $250 million worth of its shares. Texas Pacific Land Corporation (NYSE:TPL) announces a share repurchase program. Under the program, the company will repurchase up to $250 million worth of its outstanding common stock. The company intends to purchase stock under the repurchase program opportunistically with funds generated by cash from operations. Reported Earnings • Nov 04
Third quarter 2022 earnings released: EPS: US$16.83 (vs US$10.82 in 3Q 2021) Third quarter 2022 results: EPS: US$16.83 (up from US$10.82 in 3Q 2021). Revenue: US$191.1m (up 55% from 3Q 2021). Net income: US$129.8m (up 55% from 3Q 2021). Profit margin: 68% (in line with 3Q 2021). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 4.4% decline forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 03
Texas Pacific Land Corporation Declares Quarterly Cash Dividend, Payable on December 15, 2022 Texas Pacific Land Corporation announced on November 1, 2022, the Board declared a quarterly cash dividend of $3.00 per share, payable on December 15, 2022 to stockholders of record at the close of business on December 8, 2022. Announcement • Oct 27
Lion Long Term Urges Shareholders to Vote Against Pacific and Land’s Proposal 4 at Upcoming Annual Meeting On October 26, 2022, Lion Long Term Partners LP, announced that it urged the shareholders of Texas - Pacific and Land Corporation to vote against the proposal #4 asking the shareholders to approve an amendment to the Company’s Certificate of Incorporation increasing the authorized shares of common stock from 7,756,156 shares to 46,536,936 shares. Lion Long stated that Item 4 is not routine business, and its adoption would allow the Board and current management to dramatically change TPLs business strategy, in effect for over 100 years of collecting royalty rights, selling land assets, and using the proceeds to repurchase outstanding shares, thus enhancing stockholder value. Announcement • Oct 19
Texas Pacific Land Corporation to Report Q3, 2022 Results on Nov 02, 2022 Texas Pacific Land Corporation announced that they will report Q3, 2022 results at 4:00 PM, US Eastern Standard Time on Nov 02, 2022 Upcoming Dividend • Aug 31
Upcoming dividend of US$3.00 per share Eligible shareholders must have bought the stock before 07 September 2022. Payment date: 15 September 2022. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (1.1%). Buying Opportunity • Aug 13
Now 26% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be €2,151, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 40% in 2 years. Earnings is forecast to grow by 53% in the next 2 years. Announcement • Aug 05
Texas Pacific Land Corporation Declares Quarterly Cash Dividend, Payable on September 15, 2022 Texas Pacific Land Corporation announced 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. Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: US$15.37 (vs US$7.36 in 2Q 2021) Second quarter 2022 results: EPS: US$15.37 (up from US$7.36 in 2Q 2021). Revenue: US$176.3m (up 84% from 2Q 2021). Net income: US$118.9m (up 108% from 2Q 2021). Profit margin: 67% (up from 60% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 15%, compared to a 43% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Jul 23
Now 24% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be €2,233, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years. Earnings per share has declined by 8.1%. Revenue is forecast to grow by 41% in 2 years. Earnings is forecast to grow by 71% in the next 2 years. Announcement • Jul 14
Texas Pacific Land Corporation to Report Q2, 2022 Results on Aug 03, 2022 Texas Pacific Land Corporation announced that they will report Q2, 2022 results at 4:00 PM, US Eastern Standard Time on Aug 03, 2022 Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 19% share price gain to €1,543, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 135% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2,287 per share. Upcoming Dividend • May 31
Upcoming dividend of US$23.00 per share Eligible shareholders must have bought the stock before 07 June 2022. Payment date: 15 June 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (1.2%). Reported Earnings • May 06
First quarter 2022 earnings released: EPS: US$12.65 (vs US$6.45 in 1Q 2021) First quarter 2022 results: EPS: US$12.65 (up from US$6.45 in 1Q 2021). Revenue: US$147.3m (up 75% from 1Q 2021). Net income: US$97.9m (up 96% from 1Q 2021). Profit margin: 66% (up from 60% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 28%, compared to a 51% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. 
