That’s what traded today. Or so my Bloomberg terminal tells me. Big size traded at the close at $1840. Indexers are a big crowd. Float available for purchase must be getting pretty small.
With $25MM* of the current $100MM repurchase authorization complete, it will be interesting to see if the team accelerates repurchases into the end of ‘22. On Jan 1, 2023 all future repurchases come with the added baggage of a 1% excise tax thanks to the Inflation Reduction Act. Plenty of cash on the balance sheet now, to be sure. Maybe we could even increase the buyback authorization?
*These shares could have have been purchased much more cheaply over the past 4 years but we all know the story of the carpetbagger egos that got in the way.
Source water revenues were up 18%, reduced water royalty revenues were up 26% and revenues for surface leases, easements and materials, which we refer to as SLEM, were up 52%. SLEM and source water sales, in particular, are generally good leading indicators for royalty production with the increased business activity this quarter, providing confidence that we’ll continue to see strong development on our royalty acreage.
Update on the Evaluation of the Board Declassification Process
On August 2, 2022, the Board of Directors, after consideration of a recommendation from the Nominating and Corporate Governance Committee, resolved to include a proposal to amend the Company’s charter to declassify the Board of Directors in its proxy materials for the Company’s 2022 annual meeting of stockholders.