Two fun reads posted today on Seeking Alpha.

https://seekingalpha.com/article/4371699-texas-pacific-land-revisited-resilient-profitable-and-undervalued

https://seekingalpha.com/article/4371740-texas-pacific-land-owns-permian-basin

As always, the comment section is where the magic happens.  I particularly liked (and agree with) the comment highlighted below.  I echo the sentiment of playing the long game with the assets while being fastidious about balance sheet and expense management.

To the board:  Don’t change into every other company.  Don’t become an agency problem disguised as a functioning company.  Don’t get hijacked by quarterly EPS and managment options awards/vesting culture.  Management should be rewarded for serving the holders of equity, not for serving themselves.  It’s a slippery slope.  Be brave and work hard.

MJ-07

Much here depends on how responsibly TPL’s BOD manages this.If management hands out free stock like candy we’d have a problem.If management were smart, they would “signal” their intent to continuewith share buybacks at opportune times with the intent to shrink outstandingshares over the long run. Maybe they will use their stock to acquire situationsthat will add value to TPL. The asset base TPL has is “top shelf” and potentialis there to manage it to shareholders advantage, not managements paycheck.Hopefully they will not squander this opportunity before them. Land assets couldbe used to support a move into “green” operations such as solar and wind farms.Would be fantastic to get Tesla to build on TPL lands if at all feasible. Solidmanagement could do great things here. Bad management could do severedamage. Too early in the game to know what we have. Thanks for writing thisarticle…I was hoping we’d see one soon!