Texas Pacific Land Corporation and Milestone Carbon Announce Agreement for Carbon Sequestration Study
June 01 2022 - 6:42PM
Business Wire
Texas Pacific Land Corporation (NYSE: TPL) (“TPL”) together with
Milestone Carbon, LLC today announced that a Letter of Intent
(“LOI”) has been executed between TPL and Milestone Carbon to
evaluate geological and geophysical characteristics of certain
acreage owned by TPL for the purposes of sequestering captured CO2.
Milestone Carbon is a leading carbon capture company that offers
turnkey solutions for the permanent geological sequestration of CO2
for significant industrial emitters. Milestone Carbon will perform
the evaluation, which will cover approximately 21,000 acres in the
Permian Basin, and, if successful, would potentially develop the
acreage in connection with a carbon capture and sequestration
(“CCS”) project.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220601006269/en/
“CCS is a proven technology that can provide actionable means to
achieve a low-carbon future,” said Milestone Carbon President and
CEO Gabriel Rio. “Milestone Carbon was created to develop, own, and
operate environmental infrastructure that will enable industry to
meaningfully decarbonize. Such infrastructure will be crucial in
the fight against climate change and will support the industries
that provide the energy and materials our economy depends on. TPL’s
vast land holdings and deep industry experience make them an ideal
partner for Milestone Carbon. We are thrilled to join with them to
develop CCS infrastructure in the Permian Basin.”
“We have long been responsible stewards of our expansive land
holdings, and that longstanding focus has served as a good
foundation for enhancing our commitment to sustainability and the
environment,” said Tyler Glover, CEO of TPL. “Carbon capture can be
a key tool in the quest for ‘net zero’, and TPL’s expansive surface
footprint could potentially serve as a key resource to permanently
sequester carbon. We are constantly looking for ways to leverage
the unique features of our surface assets, and carbon capture is an
exciting opportunity that could serve a dual purpose of creating
value for our shareholders while also benefitting the
environment.”
Today’s announcement further highlights TPL’s strong commitment
to Environmental, Social, and Governance (“ESG”) initiatives.
Sustainalytics, a leading provider of ESG research, ratings, and
data to institutional investors and companies, recently provided
its risk rating for TPL. Out of all entities in the Oil and Gas
Producers Industry, TPL ranked #1 and #2 in the U.S. and globally,
respectively. Among nearly 15,000 companies globally, TPL was
ranked in the top 5th percentile. “TPL is proud of its ESG efforts
and to be recognized by Sustainalytics as a top ESG performer, and
we will continue to endeavor to build upon our successes to date,”
said Tyler Glover.
Forward Looking Statements
Certain matters contained in this press release include
“forward-looking statements.” All statements, other than statements
of historical fact, included in this press release may constitute
forward-looking statements. Although we believe that the
expectations reflected in these forward-looking statements are
reasonable, we cannot assure you that these expectations will prove
to be correct. These forward-looking statements are subject to
certain known and unknown risks and uncertainties, as well as
assumptions that could cause actual results to differ materially
from those reflected in these forward-looking statements. Factors
that might cause actual results to differ include, but are not
limited to, the risk factors discussed from time to time in each of
our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any
forward-looking statements contained in this press release, which
reflect management’s opinions only as of the date hereof. Except as
required by law, we undertake no obligation to revise or publicly
release the results of any revision to any forward-looking
statements.
About Texas Pacific Land Corporation
Texas Pacific Land Corporation (NYSE: TPL) 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. TPL is not an oil and gas
producer, but its surface and royalty ownership allow revenue
generation through the entire value chain of oil and gas
development, including through fixed fee payments for use of our
land, revenue for sales of materials (caliche) used in the
construction of infrastructure, providing sourced water and treated
produced water, revenue from our oil and gas royalty interests, and
revenues related to saltwater disposal on our land. TPL 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.
About Milestone Carbon
Milestone Carbon, LLC is a subsidiary of Milestone Environmental
Services, LLC (“Milestone”). Milestone Carbon offers turnkey
solutions for the permanent geological sequestration of
CO2—including design, permitting, development, and operations—for
midstream and other significant industrial emitters. Applying
Milestone’s vast knowledge and experience of developing complex
injection operations, Milestone Carbon customers will benefit from
the safe, reliable disposal and monetization of their carbon
dioxide emissions through state-of-the-art injection
facilities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220601006269/en/
TPL Investor Relations IR@texaspacific.com
Milestone Carbon Jessica Clements
jessicaclements@milestonecarbon.com
Texas Pacific Land (NYSE:TPL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Texas Pacific Land (NYSE:TPL)
Historical Stock Chart
From Jul 2023 to Jul 2024