Texas Pacific Land Corporation Announces $100 Million Stock Repurchase Program
March 14 2022 - 4:15PM
Business Wire
Texas Pacific Land Corporation (NYSE: TPL) (the “Company”) today
announced that the Company’s board of directors approved a stock
repurchase program to purchase up to an aggregate of $100 million
of our outstanding common stock. Acquisitions pursuant to the stock
repurchase program may be made through a combination of open market
repurchases in compliance with Rule 10b-18 promulgated under the
Securities Exchange Act of 1934, as amended, privately negotiated
transactions, and/or other transactions at the Company’s
discretion. In connection with the stock repurchase program, the
Company intends to enter into a Rule 10b5-1 trading plan that would
generally permit the Company to repurchase shares at times when it
might otherwise be prevented from doing so under securities laws.
The stock repurchase program will expire on December 31, 2022
unless otherwise modified or earlier terminated by our board of
directors at any time in its sole discretion.
About TPL
Texas Pacific Land Corporation is one of the largest landowners
in the State of Texas with approximately 880,000 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 seismic 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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