Texas Pacific Land Corporation Announces Board Refreshment
August 01 2023 - 4:28PM
Business Wire
Will nominate two new independent directors
with relevant experience and expertise in energy, land and royalty
management and executive leadership at the 2023 Annual Meeting
David E. Barry and John R. Norris III will
retire from the Board at the 2023 Annual Meeting
Company enters into a Cooperation Agreement
with Horizon Kinetics and SoftVest
Texas Pacific Land Corporation (NYSE: TPL) (the “Company” or
“TPL”) today announced its slate of director nominees for election
to the Company’s board of directors (the “Board”) at the 2023
Annual Meeting of Stockholders (the “2023 Annual Meeting”).
The Company will nominate two new independent directors,
Marguerite Woung-Chapman and Robert Roosa, in addition to current
director, Murray Stahl. The current directors and co-chairs of the
Board, David E. Barry and John R. Norris III, have announced their
intention to retire at the 2023 Annual Meeting and will not stand
for reelection. The Board intends to announce new Board leadership
following the 2023 Annual Meeting.
TPL’s new independent director nominees bring a strong and
relevant mix of skills and experiences, as well as proven track
records of value creation, which the Board believes will enhance
its oversight of TPL’s strategy and performance:
- Ms. Woung-Chapman has extensive energy sector executive
experience, having worked at and with oil and gas companies for
more than 30 years. Ms. Woung-Chapman currently serves as a member
of the Board of Directors of Chord Energy (NASDAQ: CHRD) and Summit
Midstream Partners (NYSE: SMLP). She previously served as Senior
Vice President, General Counsel and Corporate Secretary of Energy
XXI Gulf Coast, Inc.
- Mr. Roosa brings deep oil and gas financial and
executive experience to the Board and is currently Partner and
Chief Executive Officer of Brigham Royalties, LLC. He was
previously the Chief Executive Officer and a Director of Brigham
Minerals, Inc., a public minerals company, from 2017 to 2022.
“We thank David and John for their dedication and years of
service to TPL and its shareholders, during which time they helped
oversee substantial growth and value creation. We wish them all the
best,” said General Donald Cook, TPL director and chairperson of
the Nominating and Governance Committee. “The Board looks forward
to welcoming Marguerite and Robert. We believe the Company and its
shareholders will benefit greatly from their relevant experience
and expertise as we continue to execute TPL’s strategy and drive
value for our shareholders.”
In connection with the Board changes, TPL has entered into a
Cooperation Agreement (the “Cooperation Agreement”) with Horizon
Kinetics LLC, SoftVest, L.P. and their affiliated funds
(collectively, the “Investor Group”), which includes, among other
things, certain voting commitments and standstill and
nondisparagement provisions. The Cooperation Agreement will be
filed on Form 8-K with the Securities and Exchange Commission. The
Cooperation Agreement has no impact on the litigation pending in
Delaware Chancery Court between TPL and the Investor Group.
Evercore is serving as financial advisor to TPL, Sidley Austin
LLP is serving as legal advisor to TPL and Spotlight Advisors, LLC
is serving as strategic advisor to TPL.
About Marguerite Woung-Chapman
Ms. Woung-Chapman currently serves as a member of the Board of
Directors of Chord Energy (NASDAQ: CHRD) and Summit Midstream
Partners (NYSE: SMLP). In 2018, Ms. Woung-Chapman served as Senior
Vice President, General Counsel and Corporate Secretary of Energy
XXI Gulf Coast, Inc., a NASDAQ-listed independent exploration and
production company that was engaged in the development,
exploitation and acquisition of oil and natural gas properties in
the U.S. Gulf Coast region. Prior to that, from 2012 to 2017, Ms.
Woung-Chapman served in various capacities at EP Energy
Corporation, a private company that subsequently became an
NYSE-listed independent oil and gas exploration and production
company, including, among others, Senior Vice President, Land
Administration, General Counsel and Corporate Secretary. Ms.
Woung-Chapman began her career as a corporate attorney with El Paso
Corporation (including its predecessors) and served in various
capacities of increasing responsibility during her tenure from 1991
until 2012, including, among others, Vice President, Legal Shared
Services, Corporate Secretary and Chief Governance Officer. She has
a B.S. in Linguistics from Georgetown University and a J.D. from
the Georgetown University Law Center.
About Robert Roosa
Robert M. Roosa is Partner and Chief Executive Officer of
Brigham Royalties, LLC and previously served as the Chief Executive
Officer since 2017 and director of Brigham Minerals since 2018
until it was acquired by Sitio Royalties Corporation in 2022. Mr.
Roosa served as the President of Anthem Ventures, LLC, a family
office, and assisted Mr. Brigham with a number of family ventures
between January 2012 and January 2017. Mr. Roosa served various
roles, including Director of Finance and Investor Relations, while
at Brigham Exploration from 2006 until its sale to Statoil in
December of 2011. From 2000 to 2006, Mr. Roosa held a series of
positions at Exxon Mobil Corporation, an oil and gas company, in
the Corporate Treasurer’s Department. Prior to 2000, Mr. Roosa
worked for Cooper Industries, an electrical products manufacturing
company, in its Corporate Controllers and Audit Groups and with the
accounting firm Deloitte & Touche LLP in its audit function.
Mr. Roosa graduated from Southern Methodist University with a
Master of Business Administration and from the University of Texas
at Austin with a Bachelor of Business Administration.
About Texas Pacific Land Corporation
Texas Pacific Land Corporation is one of the largest landowners
in the State of Texas with approximately 874,000 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230801872305/en/
Investors: TPL Investor Relations IR@texaspacific.com
Media: Paul Caminiti / Nicholas Leasure Reevemark (212) 433-4600
TeamTPL@reevemark.com
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