21 thoughts on “Insider Selling”

    • Hard to have a meaningful BOD meeting before the Judge’s decision is in. Surely his calendar is going to show something fairly soon.

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  5. If you want to really understand the Officers pay and how it is determined you need to read Part 3 Item 11 “Executive Compensation” in the 2022 TPL Annual Report on Pages [38 thru 55]. I will say it ain’t trivial.

    Did you know they had to have skin in the game? From page 45.
    ” Stock Ownership Guidelines
    The Company believes that it is in the best interests of our stockholders for our Named Executive Officers and other executive officers to maintain a significant ownership position in TPL to create substantial alignment between our senior management and our stockholders. Therefore, we have established stock ownership guidelines applicable to all of our executive officers. The ownership guidelines require each of our executive officers to hold shares of Common Stock with an aggregate value of at least a
    specified multiple of base salary as follows:
    • CEO – 5x base salary
    • Other Named Executive Officers – 2x base salary
    • Other Executive Officers – 1x base salary
    Shares counting towards the guideline include TPL shares held outright and unvested time-based restricted shares. Performance shares do not count until earned. Until each officer has achieved the desired ownership level, he or she is required to retain at least 50% of the after-tax shares received upon vesting of equity awards.”

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    • Yes, but this is such a big joke. The CEO has mostly stock awarded shares, and if I recall correctly under 800 shares. His salary is like 4 million a year. Absolutely not possible he has 20 million in shares.

      And so it goes for the others also. Its a guideline. No teeth or enforcement.

      Its also why so many of the agency operators need to go.

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      • You apparently didn’t see the words Base Salary. According to the Annual Report [Page42] the base salaries as of December 31, 2022 were:
        Tyler Glover $ 850,000
        Chris Steddum $ 475,000
        Micheal W. Dobbs $ 400,000

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      • CEO’s base salary is $850k, so he would need $4.25mm. As of last reporting, CEO had 1,419 shares, so he is below the threshold, excluding any unvested time based equity.

        Dobb’s base is $400k, so at 268 shares he is below the threshold too, excluding any unveseted time based equity.

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        • If you read the last paragraph that I posted it says unvested time-based restricted shares count.

          “Shares counting towards the guideline include TPL shares held outright and unvested time-based restricted shares. Performance shares do not count until earned. Until each officer has achieved the desired ownership level, he or she is required to retain at least 50% of the after-tax shares received upon vesting of equity awards.”

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  7. An interesting article on Benzinga website “The Bull Case For Texas Pacific Land” Provides some insight into institutional activity “With Quiver Quantitative’s recent institutional holdings data, we can see that several hedge funds and asset managers have been increasing their holdings in Texas Pacific Land Corporation.” May be worth a read, I take it with a grain of salt, especially their stock price analysis [Next to last paragraph].

    https://www.benzinga.com/23/09/34284334/the-bull-case-for-texas-pacific-land

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  9. We got a nice price bump when the refreshed board was announced. If we can continue that momentum with a strong 3Q earnings report and FINALLY get a favorable ruling on the case, what’s to stop a return to $2k and beyond? Plenty of reason to feel bullish right now.

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    • agreed. I would add to that list the recent announcements from a couple of majors regarding ‘improvements’ to fracking methods that could potentially double the recoverable oil plus oil prices themselves (higher for longer).

      i gotta believe that the US debt situation will eventually require QE again (who else is gonna buy all that debt). When money becomes just paper, maybe oil becomes the real money. Oil and Pokémon cards. Maybe when the US sneezes its gonna sound like Pik-achu!…

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  10. Hard to understand, but the US is purposefully backing into a corner with the cancellation of federal leases, off-shore limitations, and increasing difficulty for domestic production. This has to eventually have a positive effect on TPL’s value, unless some governmental action puts even private land under even more restrictive control. As we approach $100/bbl, I cannot image there not being some positive effect for TPL. We just need the judge to close out the case and the reorganized board to return to the historically simple business model.

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  11. Sorry for my lack of updated knowledge, but since the last ruling, what is still outstanding in terms of legal ruling for TPL? The case should have been put to rest (i assume) since the evil management head has self resigned?

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    • Board refresh was independent of ruling. Judge has to rule whether it was ok for Oliver and Stahl to vote differently than the board on prop 4 (share issuance) last year.

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