Texas Pacific Land Corporation Announces Special Dividend of $10 Per Share and Cash Balance Target
June 13 2024 - 4:15PM
Business Wire
Texas Pacific Land Corporation (NYSE: TPL) (the “Company” or
“TPL”) today 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.
“With tailwinds of excellent business execution, supportive
fundamentals, and a fortress balance sheet, we’re pleased to
announce a special dividend, which is the largest in TPL’s history
and represents a 50% increase compared to the most recent prior
split-adjusted special dividend,” said Tyler Glover, Chief
Executive Officer of the Company. “As we evaluate our current
capital structure, capital allocation priorities, business
fundamentals, and investment opportunities, we have set a target
cash and cash equivalents (“cash”) balance of approximately $700
million. Above this targeted level, TPL will seek to deploy the
majority of its free cash flow towards share repurchases and
dividends.
“Even beyond the special dividend announced today, the Company
still retains tremendous optionality to return additional capital
to stockholders and to invest in attractive growth opportunities.
We, along with our Board of Directors, will evaluate on a regular
basis our cash balance target and capital allocation priorities as
business fundamentals and macroeconomic conditions evolve. TPL
continues to generate substantial free cash flow while maintaining
a strong balance sheet, and we are well-positioned to drive
stockholder value.”
About Texas Pacific Land Corporation
Texas Pacific Land Corporation is one of the largest landowners
in the State of Texas with approximately 868,000 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.
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Investor Relations IR@TexasPacific.com
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