“Glover joined Texas Pacific as a land man in 2011, the youngest person at the company by at least 15 years, he said. Texas Pacific had a market value then of just over $1 billion.
As the market woke up to the size of the company’s land holdings (a 1 million acre mix of surface and royalty rights), its value has surged to $6.4 billion to make it the best-performing major U.S. oil stock never to have pumped a barrel of crude. Glover is the chief executive officer, historically an administrative role.
“There is no way anyone could re-create an asset base like this today,” he said. “Because of the value of the land and resources we sit on now, more active management of Texas Pacific is a necessity.”
Glover did his homework and has been playing a good long game. Historically, TPL hasn’t paid its employees much but there might be an argument to do so to keep Glover in the seat. Unlike other employers in the area, TPL (I think!) does not have the ability to retain top talent with stock based comp.