Texas Pacific Land Set to Join S&P 500, Mueller Industries to Join S&P MidCap 400 and Atlas Energy Solutions to Join S&P SmallCap 600

Rhea-AI Summary

S&P Dow Jones Indices announced index rebalances effective prior to the open on November 26, 2024. Texas Pacific Land (TPL) will join the S&P 500; Mueller Industries (MLI) moves to the S&P MidCap 400; Atlas Energy Solutions (AESI) joins the S&P SmallCap 600.

Marathon Oil (MRO) will be deleted from the S&P 500, reflecting ConocoPhillips (COP) announced acquisition of Marathon Oil expected to close November 22, 2024, subject to final closing conditions.

Positive

• Texas Pacific Land (TPL) added to S&P 500 effective November 26, 2024
• Mueller Industries (MLI) promoted to S&P MidCap 400 effective November 26, 2024
• Atlas Energy Solutions (AESI) added to S&P SmallCap 600 effective November 26, 2024

Negative

• Marathon Oil (MRO) removed from S&P 500 effective November 26, 2024
• Marathon Oil acquisition by ConocoPhillips (COP) expected close November 22, 2024, may drive index deletion

Market Context

This announcement details AESI’s addition to the S&P SmallCap 600 effective November 26, 2024, as pa...

Analysis

This announcement details AESI’s addition to the S&P SmallCap 600 effective November 26, 2024, as part of a broader reshuffling tied to Marathon Oil’s acquisition by ConocoPhillips. Index inclusion typically reflects size and liquidity characteristics and can influence demand from index-tracking products. In the context of Atlas’s recent capital-raising, power purchase agreements, and expanding power pipeline, investors may watch how index-driven ownership changes intersect with ongoing execution on growth projects and balance-sheet management.

Key Figures

Effective date: November 26, 2024 Acquisition close date: November 22, 2024 Index level: S&P 500 +2 more

5 metrics

Effective date November 26, 2024 Index changes become effective prior to market open

Acquisition close date November 22, 2024 Expected close of ConocoPhillips acquisition of Marathon Oil

Index level S&P 500 Texas Pacific Land to be added, Marathon Oil deleted

Index level S&P MidCap 400 Mueller Industries added as Texas Pacific Land moves to S&P 500

Index level S&P SmallCap 600 Atlas Energy Solutions added, Mueller Industries deleted

Historical Context

5 past events · Latest: Apr 07 (Negative)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 07	Convertible placement	Negative	+0.7%	Upsized $390M 0.50% convertible senior notes due 2031 pricing.
Apr 06	Debt offering	Negative	-8.2%	Announcement of $300M convertible notes offering with $45M option.
Apr 01	PPA & guidance	Neutral	-7.0%	5-year 120 MW PPA and updated Q1–Q2 2026 EBITDA guidance.
Mar 10	Power deal	Positive	+4.2%	Global Framework Agreement with Caterpillar for ~1.4 GW power assets.
Feb 23	Earnings results	Negative	-5.7%	2025 results: $1.095B revenue, $50.3M net loss, $221.7M EBITDA.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent AESI news often saw sharp moves around capital-raising and power strategy updates, with a mix of aligned and divergent reactions to dilution-related announcements.

Recent Company History

Over the last several months, Atlas Energy Solutions issued multiple convertible note offerings and private placements, including a $390 million upsized deal and an initial $300 million offering with an additional $45 million option. The company has pursued a long-term power strategy, signing a 5-year PPA for 120 MW and a framework with Caterpillar for ~1.4 GW of assets, targeting ownership of ~2.0 GW by 2030. Earnings showed $1.095B in 2025 revenue with a $50.3M net loss. Today’s index inclusion follows this capital-intensive growth trajectory and growing power pipeline.

Key Terms

s&p 500, s&p midcap 400, s&p smallcap 600, gics sector

4 terms

s&p 500 financial

"S&P MidCap 400 constituent Texas Pacific Land Corp. (NYSE: TPL) will replace Marathon Oil Corp. (NYSE: MRO) in the S&P 500"

The S&P 500 is a broad stock market index that tracks the performance of 500 large U.S. companies, weighted so bigger firms have a larger impact. Investors use it like a thermometer or benchmark to judge how the overall U.S. stock market or a portfolio is doing; movements in the index influence investor sentiment, fund performance, and many passive investment products that aim to match its returns.

View in glossary

s&p midcap 400 financial

"S&P MidCap 400 constituent Texas Pacific Land Corp. (NYSE: TPL) will replace Marathon Oil Corp."

The S&P MidCap 400 is a group of 400 companies that are smaller than the big, well-known corporations but larger than tiny startups. It helps investors see how medium-sized companies are performing in the stock market, acting like a barometer for this middle-sized group of businesses.

s&p smallcap 600 financial

"S&P SmallCap 600 constituent Mueller Industries Inc. (NYSE: MLI) will replace Texas Pacific Land in the S&P MidCap 400, and Atlas Energy Solutions Inc. (NYSE: AESI) will replace Mueller Industries in the S&P SmallCap 600"

A stock market index made up of 600 small-cap U.S. companies chosen to represent the performance of smaller publicly traded firms. It matters to investors because it acts like a temperature gauge for the small-company segment of the market, serving as a benchmark for fund managers, a basis for index funds and ETFs, and a way to compare returns and risk when building a diversified portfolio.

gics sector financial

"Effective Date | Index Name | Action | Company Name | Ticker | GICS Sector"

GICS sector is one of the major industry groupings from the Global Industry Classification Standard, a system that sorts companies into consistent categories (like Technology or Health Care) based on the primary business they do. Investors use these sectors like folders in a filing cabinet to compare companies, build diversified portfolios, and track how whole parts of the market are performing rather than focusing on single stocks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Nov. 21, 2024 /PRNewswire/ -- S&P MidCap 400 constituent Texas Pacific Land Corp. (NYSE: TPL) will replace Marathon Oil Corp. (NYSE: MRO) in the S&P 500, S&P SmallCap 600 constituent Mueller Industries Inc. (NYSE: MLI) will replace Texas Pacific Land in the S&P MidCap 400, and Atlas Energy Solutions Inc. (NYSE: AESI) will replace Mueller Industries in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, November 26. S&P 500 & 100 constituent ConocoPhillips (NYSE: COP) is acquiring Marathon Oil in a deal expected to close November 22, pending final closing conditions. Texas Pacific Land and Mueller Industries have company level market capitalizations that are more representative of the large-cap and mid-cap market space, respectively.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date	Index Name	Action	Company Name	Ticker	GICS Sector
November 26, 2024	S&P 500	Addition	Texas Pacific Land	TPL	Energy
November 26, 2024	S&P 500	Deletion	Marathon Oil	MRO	Energy
November 26, 2024	S&P MidCap 400	Addition	Mueller Industries	MLI	Industrials
November 26, 2024	S&P MidCap 400	Deletion	Texas Pacific Land	TPL	Energy
November 26, 2024	S&P SmallCap 600	Addition	Atlas Energy Solutions	AESI	Energy
November 26, 2024	S&P SmallCap 600	Deletion	Mueller Industries	MLI	Industrials

For more information about S&P Dow Jones Indices, please visit www.spdji.com

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com.

FOR MORE INFORMATION:

S&P Dow Jones Indices
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View original content:https://www.prnewswire.com/news-releases/texas-pacific-land-set-to-join-sp-500-mueller-industries-to-join-sp-midcap-400-and-atlas-energy-solutions-to-join-sp-smallcap-600-302313720.html

SOURCE S&P Dow Jones Indices

FAQ

What does Texas Pacific Land (TPL) joining the S&P 500 on November 26, 2024 mean for investors?

TPL will be added to the S&P 500 prior to trading on November 26, 2024; this increases index exposure. According to the company, the move reflects TPL's market capitalization being more representative of large-cap space and may attract passive index flows.

Why is Mueller Industries (MLI) moving to the S&P MidCap 400 on November 26, 2024?

MLI will join the S&P MidCap 400 prior to trading on November 26, 2024 because its market cap aligns with mid-cap criteria. According to the index provider, the change follows reclassification of Texas Pacific Land and standard index maintenance rules.

How will Atlas Energy Solutions (AESI) joining the S&P SmallCap 600 affect AESI shareholders?

AESI will be added to the S&P SmallCap 600 effective November 26, 2024, increasing passive index eligibility. According to the index provider, inclusion can raise demand from index funds tracking the SmallCap 600, potentially affecting liquidity and share interest.

What happens to Marathon Oil (MRO) after its removal from the S&P 500 effective November 26, 2024?

MRO will be deleted from the S&P 500 prior to trading on November 26, 2024, following corporate developments. According to the announcement, ConocoPhillips' acquisition of Marathon Oil expected to close November 22, 2024, drives the removal.

Does the ConocoPhillips (COP) acquisition of Marathon Oil change index composition timing for November 2024?

Yes. The planned ConocoPhillips acquisition of Marathon Oil, expected to close November 22, 2024, results in MRO's S&P 500 deletion on November 26, 2024. According to the index update, the acquisition is subject to final closing conditions.

When do these S&P index changes become effective and where can investors find more details?

All listed index additions and deletions take effect prior to the open on November 26, 2024. According to S&P Dow Jones Indices, further details and methodology are available through the index provider's information channels and website.