9 thoughts on “Annual Report”

  1. In a year where the oilfield went to hell I find it hard to swallow increasing the executive bonuses substantially. Is Glover really worth 3-4 million? Who else is going to hire him for half of that?

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  2. Read page 7 paragraph three, regarding potential Personal liability claims of shareholders. This is very scary and I had never noticed it. Any thoughts?

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  3. At the bottom of page 3:

    “Our debt-free capital structure provides financial flexibility that complements the operational flexibility in our business.”

    Does that sound to anyone else like the current management may be willing to take on debt following the conversion to a corporation?

    I know the trust’s charter prohibits taking on debt, but do we know if there will be a provision in the new corporation’s bylaws that prohibit debt too?

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  4. With previous Quarter’s earnings about a week out, I’m trying to wrap my head around today’s ~ 10% surge (and really everything since ~ $300). Even if we consider a substantial reduction in earnings due to the macro environment and we assume average historical P/E’s plus other various assumptions — forecasting from that (conservatively) — it’s still arguable that anything over the recent lows is warranted. I mean, do fundamentals even matter here?

    What’s everyone’s thoughts?

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    • It has certainly been a strange journey since the decision was made to go C-Corp. They did state in their annual report that they are “engaging with investors to broaden the shareholder base of the new corporation”. Perhaps this has increased interest and buying of TPL shares. The other possibility is that they have started buying back shares, though the quantities they would buy would not be big enough to explain the share price behavior. Maybe there were a couple of big funds that were just waiting for the c-corp decision to start buying TPL, and we will eventually see the SEC filings of 5% owners.

      I am also half-expecting a more detailed earnings press release this time around, to go along with their “transparency” theme… that would be a nice surprise.

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      • I welcome a more detailed earnings release and us shareholders deserve much much more than a uh, the conversion to C-Corp could be still in the Fall but we don’t know because of coronavirus. Time for investor communications to be kicked up a notch or two. Long overdue.

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