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Texas Pacific Land Corporation reports developments tied to its Texas surface and royalty ownership, with most activity concentrated in the Permian Basin. The company is not an oil and gas producer; its land and royalty position generates revenue from well-life-cycle uses, including fixed-fee land access, oil and gas royalty interests, caliche sales, sourced water and treated produced water, saltwater disposal, easements, commercial leases and temporary permits.
TPL news commonly covers quarterly results, segment performance in Land and Resource Management and Water Services and Operations, cash dividends, land sales, infrastructure and utility arrangements, data-center-related land and water projects, shareholder events and board governance changes.
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Texas Pacific Land Corporation (NYSE: TPL) announced its plans to release first quarter 2023 financial results after market close on May 3, 2023. A conference call will follow the next day at 8:30 a.m. Eastern Time. Investors can access the webcast on the company's website, allowing them to register 15 minutes before the call. The conference call will also have a playback option available until May 18, 2023. Texas Pacific Land is a major landowner in Texas, with approximately 874,000 acres primarily in the Permian Basin. The company does not produce oil and gas but generates revenue through land use agreements, royalty interests, and various utility easements.
Texas Pacific Land Corporation (NYSE: TPL) reported strong financial results for Q4 and full year 2022. The company achieved a net income of $99.7 million for Q4, translating to $12.95 per share, with total revenues of $152.7 million. For the full year, net income reached $446.4 million, or $57.80 per share, on revenues of $667.4 million. TPL's royalty production remained steady at 21.3 thousand barrels of oil equivalent per day. The company also approved a new stock repurchase program worth $250 million and declared a quarterly dividend of $3.25 per share, payable on March 15, 2023. The earnings reflect TPL's robust asset management and strategic growth initiatives.
Texas Pacific Land Corporation (NYSE: TPL) has secured a long-term agreement with bpx energy, a subsidiary of BP (NYSE: BP), to provide water services and surface access across approximately 270,000 acres in Culberson, Loving, and Reeves Counties, Texas. This partnership will yield dedicated brackish and treated water sales for TPL, while bpx will gain assured access for oil and gas development. The agreement aims to enhance production in the Delaware Basin for bpx and generate increased revenue streams for TPL. Executives from both companies expressed optimism about the strategic alignment and potential growth opportunities.
Texas Pacific Land Corporation (NYSE: TPL) announced on February 10, 2023, that its Board of Directors declared a quarterly cash dividend of $3.25 per share. This dividend is payable on March 15, 2023, to stockholders of record as of March 8, 2023. As one of the largest landowners in Texas, TPL holds approximately 874,000 acres of land, primarily in the Permian Basin, generating revenue through land use payments, royalties from oil and gas, and commercial leases. The company's diverse revenue streams highlight its strong position in the market.
Ozona CCS LLC has entered an agreement with Texas Pacific Land Corporation (NYSE: TPL) to lease approximately 5,173 acres in the Permian Basin for a groundbreaking carbon dioxide (CO2) sequestration well. This project aims to capture and sequester CO2, targeting an initial injection rate of up to 25,000 barrels per day and a total capacity of at least 40 million metric tons. The in-service date is projected for Q3 2024. The partnership signifies a commitment to sustainability and resource management, supporting long-term carbon capture projects in the region.
Texas Pacific Land Corporation (NYSE: TPL) will announce its fourth quarter and full year 2022 financial results on February 22, 2023, post-market. A conference call for investors will occur on February 23, 2023 at 7:30 a.m. CT. TPL, owning approximately 880,000 acres in West Texas, primarily in the Permian Basin, generates revenue not only from oil and gas-related activities but also from various land uses such as easements, commercial leases, and materials sales. The financial results and insights will be crucial for stakeholders monitoring TPL's growth and operational effectiveness.
Texas Pacific Land Corporation (NYSE: TPL) has announced the further adjournment of its 2022 annual meeting of stockholders, originally set for February 14, 2023, now rescheduled to May 18, 2023. This decision allows the Delaware Court of Chancery to rule on a dispute regarding voting commitments with Horizon Kinetics and related entities, with a trial scheduled for April 17, 2023. The company advises stockholders not to attend the February meeting, which will be adjourned immediately. The record date remains September 22, 2022, with a revised notice to be sent to stockholders in due course.