There is talk that XOM or COP could by Endeavor for up to $15B. Endeavor is a Midland based producer that owns 320k net mineral acres.
$15B / 320k acres = $46,875/acre.
TPL owns 24,028 net acres in mineral rights. (Acreage x 1/16 or 1/128).
At that rate, TPL’s mineral rights business is worth $1.13B.
Adjusting TPL’s $4.65B market cap for the $1.13B = $3.52B for all surface land and revenues derived thereof. Surface land @888k acres = $3,963/acre.
Said another way, the mineral business is worth $144 share.
So what would you pay for all that land and $200MM+ a year top line (soon) from water, sundry, and easements?