*Texas Pacific Land Trust Declares Cash Div of $10/Sub-Shr, an Increase of $8.25 Over Cash Div Paid in 2019 >TPL
*Texas Pacific Land Trust Declares Special Div of $6/Sub-Shr, an Increase of $1.75 Over Special Div Paid in 2019 >TPL
$16 x 7,756,156 = $124MM payout.
$250MM on balance sheet as of 9/30. Plus another ~$60MM generated in 4Q ($91MM cash rev – $23MM op ex -$6MM cash tax =$62MM) less payout implies that ~$186MM remains. $24/share held back.
DALLAS–(BUSINESS WIRE)–Texas Pacific Land Trust (NYSE: TPL) announced today that its Trustees have declared a cash dividend of $10.00 per sub-share, an increase of $8.25 over the cash dividend paid in 2019, payable March 16, 2020 to sub-shareholders of record at the close of business on March 9, 2020. This is the 17th consecutive year that the regular dividend has increased. Additionally, the Trustees declared a special dividend of $6.00 per sub-share, an increase of $1.75 over the special dividend paid in 2019, payable March 16, 2020 to sub-shareholders of record at the close of business on March 9, 2020.
Does $10/sub share (regular dividend raised 5.7x) set you up for a $1/share div post split? Hard to take that regular div bar down. ~$77MM/year will now no longer be used towards repurchases.