New Slide Deck

tpltblogger9 Comments

https://www.sec.gov/Archives/edgar/data/97517/000121390020005109/ea119151ex99-1_texaspacific.htm

Looks very similar to the old deck but with some new numbers.

It’s rich how they boast about repurchases on the first page of the presentation.

Would love to see some calls and communication of vision to go along with this presentation.  $4MM each means its time to step for the C-Suite to step up.  Big boy pay = big boy responsibilities.

9 thoughts on “New Slide Deck”

  1. What has really changed in TPL given all the money spent and time to provide the stockholders with a strategy? There is no strategy in the deck. We have the same players, the ones that running the company poorly are still there and still no buying back depressed shares? Must be negotiating golden parachutes. I hope.

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  4. Warming up for a post announcement roadshow I would presume, hopefully not another secret one. I found myself agreeing with Ted, that they requested the extra two weeks on the announcement because it was going to be a somewhat big change that required extra work to refine the communications and details. However, now seeing this deck and the lack of change within it being distributed less then 2 weeks before the announcement, I think there isn’t that much coming our way when the committee wraps up or perhaps they extend again (where is the governance?!). The timing of this mildly new deck seems odd to me.

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  5. I did not purchase shares in any “ETF”. I don’t believe I will own shares in an “ETF” when this conversion is completed. What is mgmt. really saying here?

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  7. 89 rigs on TPL on 2/26/20 improvement from 80 in the November presentation. Delaware increased 3 and Midland increased 6. This is good news when factoring the recent bad news of the Alpine High. My preference for capital allocation is: Buybacks or Capex, and then lastly, for dividends. I’d rather buybacks over dividends. Although, dividend increase will attract a new audience. I do think that the new investor presentation is great progress in increased transparency, and agree that a conference call or Q&A only makes sense for a company worth over $5 billion. I hope we see some good news in the near future.

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  8. I read in the 10k that they bought 671 acres of land and 755 royalty acres for about $15 million on Feb 21, 2020. Is it possible they are going to move away from share repurchases as a policy and spend more money on buying up acreage and mineral rights to grow the company? I’m not sure this is necessarily a bad thing in this environment, the way E&Ps are desperate to raise cash. We might just end up getting good bargains for quality acreage. What does everyone think? We own part of a trust/company. Would you prefer the company remain as is and just continue to pay out all excess funds to shareholders, or reinvest in the business to grow it (especially in this low oil price/desperate E&Ps environment)?

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  9. Sam, good question. In theory growth sounds appealing, but I’ve lost faith and trust in this leadership group that they can navigate investment and deliver results so I’d prefer the safer route of retiring sub shares. I’m in this investment nearly 2 years and still have not broken even, meanwhile and investment in some other bluechips like Microsoft or Apple would have nearly doubled my money by now. I’d like to start seeing some returns… we’re basically flat or below water for 2 years.

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