https://www.aeroclassifieds.com/aircraft-for-sale/king-air-e90-lw-294/

https://youtu.be/7-__4GqdXxY

I wonder what’s next? Thanks again to another eagle eyed reader.

https://oilprice.com/Energy/Energy-General/The-Dawn-Of-A-New-Era-For-US-Shale.html

Some interesting stats in this article including the mind bender below. Hat tip to a reader for sending this along.

The expected windfall from free cash flow this year is just one-tenth of the $300 billion in net negative cash flow the U.S. shale industry has lost in the 15 years since the first shale boom, per Deloitte estimates from last year.

https://sec.report/CIK/0001811074/Insider-Trades

https://ir.stockpr.com/tpltrust/sec-filings-email/content/0001062993-21-004925/form4.html

https://ir.stockpr.com/tpltrust/sec-filings-email/content/0001062993-21-004926/form4.html

Last one is no surprise.

https://ir.stockpr.com/tpltrust/sec-filings-email/content/0001207097-21-000185/primary_doc.html

 

 

 

 

Transcript

My favorite part:

At March 31, 2021, Texas Pacific at a robust inventory of 541 drill but uncompleted wells wells or DUCs and 488 permits providing clear visibility in the future royalty earnings. New DUCs grew from 91 in the fourth quarter to a 152 new ducks in the first quarter providing line of sight into future production. New permits grew from a 139 in the fourth quarter to a 176 in the first quarter. As of March 31, 17% of all Permian rigs were located on TPL drilling spacing units or DSU’s up from 11% of Permian rigs as of December 31. In terms of spuds, TPL DSU’s accounted for 18% of total spuds across the Permian during the first quarter. 14% of all permits approved by the Texas Railroad Commission in the first quarter intersect TPL DSU’s Importantly, most of our net royalty acres are concentrated within the Northern Delaware region and core of the – Basin. This diverse exposure represents a significant competitive advantage for TPL Overall, our oil and gas royalties are only 10% developed with the Delaware Basin being less developed than the Midland Basin. Within the Texas portion of the Delaware, TPL accounted for 49% of all spuds during the first quarter.We believe this gives us more runway to grow our royalties over time compared to our peers, as the Delaware should continue to support a high pace of growth in production. In addition to our oil and gas royalties, we also have surface ownership of our land. Over the past decade, technological advances in exploration and development have unlocked a tremendous amount of additional reserves contributing to a rapid build out of oil and gas infrastructure across the basin. These activities and others provide TPL enormous optionality to generate additional cash flows utilizing our surface assets.

I could have used more Q&A but overall I’d call this first call a win. Presenters were impressive and well prepared. Confidence building. I get the sense that cash is being kept on the balance sheet for opportunistic lifts. The little engine that was in the business of going out of business appears to be going the other way.

https://uspto.report/TM/90685777

I dig it.

HKQ1

Fun read here.  Hope they are right.  (So far so good).

Yes. You read that right.

Texas Pacific Land Corporation (NYSE: TPL) (the “Company” or “TPL”) announced today that the Company will release first quarter 2021 financial results after the market closes on Thursday, May 6, 2021. A conference call will be held on Friday, May 7, 2021 at 8:30 a.m. Eastern Time.

Texas Pacific Land Corporation Announces Chris Steddum to Succeed Robert Packer as Chief Financial Officer :: Texas Pacific Land Corporation (TPL)

Texas Pacific Land Corporation (NYSE: TPL) (the “Company” or “TPL”) today announced that, effective May 31, 2021, Chief Financial Officer Robert Packer will retire after a distinguished 10-year career with the Company. Chris Steddum, TPL’s current Vice President, Finance and Investor Relations, will succeed Mr. Packer as the Company’s Chief Financial Officer. The Company has also appointed Stephanie Buffington, TPL’s current Vice President, Accounting, to the newly created role of Chief Accounting Officer. Both appointments will become effective on June 1, 2021. Mr. Packer will serve as an advisor to the Company through the end of the year to ensure a smooth transition.

In addition to these leadership changes, TPL also announced that it has retained Deloitte & Touche LLP (“Deloitte”) to serve as its Independent Registered Public Accounting Firm for the calendar year ending in 2021. The Company’s long time auditors Lane Gorman Trubitt, LLC informed the Company that the firm would not stand for re-election. The Company’s Audit Committee conducted an extensive selection process which included evaluating factors such as: audit quality, technical competency, industry expertise, use of technology and methods of communication. The Audit Committee selected Deloitte from several other well qualified candidates.

Several readers have emailed me with wishes for a Big Four accounting firm. Here it is.

Congratulations Mr. Steddum! No debt or options, thanks!

427,236 shares traded on Friday @ $1675.45. Total volume for Friday was 610k shares. One for the books.

427,236 / 7,756,156 = 5.5% of shares outstanding.

Many have written to me to ask about index inclusion. I’m no expert, but here are some resources:

Hot off the press: Unadjusted market cap minimum for the S&P500 is $11.8B

$11.8B / 7,756,156 shares (is it bad that I that number by heart?) = $1,521.37

S&P500 overview

To be eligible for S&P 500 index inclusion, a company should be a U.S. company, have a market capitalization of at least USD 9.8 billion, be highly liquid, have a public float of at least 10% of its shares outstanding, and its most recent quarter’s earnings and the sum of its trailing four consecutive quarters’ earnings must be positive.

The committee meets monthly. At each meeting, the Index Committee reviews pending corporate actions that may affect index constituents, statistics comparing the composition of the indices to the market, companies that are being considered as candidates for addition to an index, and any significant market events.

Index methodology

Liquidity.
• S&P Composite 1500. Using composite pricing and volume, the ratio of annual dollar value traded (defined as average closing price multiplied by historical volume over the last 365 calendar days) to float-adjusted market capitalization should be at least 1.00, and the stock should trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date.

With 252 trading days, the stock needs (1.00 / 252) = 0.4% of shares traded per day on average. See last post for more context on that.

Again, not an expert but it seems like TPL is on its way. Poke holes in the comments! Not trying to spike the football on the current run. As a long time investor, being back to $900 next week would not shock me. This stock jumps. But over the long run, will it get into the 500?