Rough one as expected. That said, it’s hard not to be impressed by volumes. Also, six month top line vs last year looks decent if you like to see the bright side of things. Adjust for land sales, revenue for the first six months of 2020 was $149.5mm. First six months of 2019 was $170.2mm adjusted. Maybe we call that a win given the pandemic backdrop?
Still on track for conversion by the end of this quarter.
As previously announced on March 23, 2020, our Trustees approved a plan to reorganize the Trust from its current structure to a corporation formed under the laws of the State of Delaware. We continue to progress towards the conversion. On June 15, 2020, the Trust announced the new corporation will be named Texas Pacific Land Corporation (“TPL Corp”) and the persons selected to serve as directors on the Board of Directors of TPL Corp. Additionally, a draft registration statement on Form 10 has been submitted to the Securities and Exchange Commission for review, on a non-public basis. It is currently anticipated that the corporate reorganization will be effective by the end of the third quarter of 2020, barring any unforeseen impacts of the COVID-19 pandemic or other developments, which could potentially extend this timeframe.
Barbara J. Duganier is a certified public accountant and currently serves on the boards of MRC Global Inc. (NYSE:MRC), where she chairs the audit committee and is a member of the governance committee; Noble Energy, Inc. (Nasdaq:NBL), where she is a member of the audit and governance committees; and West Monroe Partners, where she is the lead independent director and chairs the nominating and governance committee. Ms. Duganier previously served on the boards of the general partner of Buckeye Partners, L.P. and HCC Insurance Holdings. Ms. Duganier held various leadership and management positions during her tenures at Accenture, from 2004 to 2013, including as Global Chief Strategy Officer and as Global Growth and Offering Development Lead of the outsourcing business, and Arthur Andersen LLP, from 1979 to 2002, including as Global Chief Financial Officer of Andersen Worldwide.
https://www.linkedin.com/in/barbara-duganier-4286725/ Did I miss an 8-K?
Q. Specifically around the Pasadena [Texas] refinery you recently acquired [from Petrobras] to take advantage of your Permian Basin upstream position. How are you adjusting your plans for Pasadena as your upstream development slows? How are you thinking about what you want to accomplish there?
A. That’s a good question. I think we’re happy with our acquisition of Pasadena. May 1 was when it closed a year ago, so we’ve been up in it for about a year. Some planned shutdown work on the crude unit is wrapping up. Our leadership there has done a great job managing a whole bunch of contractors coming onsite while making sure that they stay safe, they have the right PPE on, they’re social distancing. They’re still getting the work done but at the same time we’ve got to make sure we’re taking care of them. So I’ve been really impressed with the team there. You know, going forward, we’re evaluating when we finish that work, when do we start that back up — that’s all part of the conversation we just had around demand and where the world’s going. When we do finish the work, when we do get back up, we will start putting our Permian barrels through that refinery and we’ll start supplying our customers. The beauty of Pasadena is that it’s between our production and our customers, and we plan to continue with that. That strategy still holds, and I’m excited to see it start to happen going forward.