New CFO and New Auditor

Texas Pacific Land Corporation Announces Chris Steddum to Succeed Robert Packer as Chief Financial Officer :: Texas Pacific Land Corporation (TPL)

Texas Pacific Land Corporation (NYSE: TPL) (the “Company” or “TPL”) today announced that, effective May 31, 2021, Chief Financial Officer Robert Packer will retire after a distinguished 10-year career with the Company. Chris Steddum, TPL’s current Vice President, Finance and Investor Relations, will succeed Mr. Packer as the Company’s Chief Financial Officer. The Company has also appointed Stephanie Buffington, TPL’s current Vice President, Accounting, to the newly created role of Chief Accounting Officer. Both appointments will become effective on June 1, 2021. Mr. Packer will serve as an advisor to the Company through the end of the year to ensure a smooth transition.

In addition to these leadership changes, TPL also announced that it has retained Deloitte & Touche LLP (“Deloitte”) to serve as its Independent Registered Public Accounting Firm for the calendar year ending in 2021. The Company’s long time auditors Lane Gorman Trubitt, LLC informed the Company that the firm would not stand for re-election. The Company’s Audit Committee conducted an extensive selection process which included evaluating factors such as: audit quality, technical competency, industry expertise, use of technology and methods of communication. The Audit Committee selected Deloitte from several other well qualified candidates.

Several readers have emailed me with wishes for a Big Four accounting firm. Here it is.

Congratulations Mr. Steddum! No debt or options, thanks!

3 thoughts on “New CFO and New Auditor

  1. If you like reading about water related investments, Raymond James offers a nice quarterly report. Scroll down to the pdf link at the bottom of the linked page.

    I personally don’t believe the hype around water scarcity as an investment theme. It’s not very portable and you simply cannot put the screen to a population over a life necessity.

    Most water stocks are heavily tied to utility rate growth rates. Most peripheral stocks are suppliers so their TAM is tied to the utilities.

    I think the best play is with breakable cheap plastic pieces that save consumers on their bill, but have to be replaced all the time. Rainbird drip heads are a great example. The water rates tick up driving consumers to conservation, but the tools to conserve break a lot.

    In contrast, a large irrigation system is an expensive capital purchase for a farm, making earning lumpy for suppliers.

    Stuff like IOT looks good early in the innovation cycle but hits a wall with the quality rate growth rate once the initial changeover is complete.

    Toilets and faucets are tied to home improvement and home sale growth.

    Other plays are water rights, especially at the edge of growing cities. I think PCYO is an example outside Denver. Limoneria is another but you get lemons and other citrus farms with the investment.

    Ever since Michael Burry mentioned water a decade ago, people just can’t let go of this as a theme.

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