Strong but flattening earnings profile over the quarter and year. If the equity base was meaningfully concentrating, higher EPS would take care of itself (and management would be regarded as independent thinking, high quality stewards of capital). Alas it isn’t.
$725MM in cash on the balance sheet or $95/share if you’re keeping score at home. Hopefully they roll T-Bills better than they manage water expenses.
Cash on balance sheet is 6.2% of market cap. Your ownership stake could be passively 6.2% larger if capital was returned efficiently.
The board solution was to put “special meeting” up for a vote this fall even though we voted for it last fall. Thanks. No word on “written consent”. ISS probably won’t like that.
The Company also announced that on February 12, 2024, the Nominating and Corporate Governance Committee recommended to the full Board that the Board consider including in the 2024 proxy materials a proposal granting stockholders the right to call a special meeting for approval at the Company’s 2024 Annual Meeting. Pursuant to the recommendation of the Nominating and Corporate Governance Committee, the Company is currently evaluating the appropriate parameters for such right, with the intent to make a final recommendation to the full Board prior to the release of the proxy materials for the Company’s 2024 Annual Meeting of Stockholders.
The Texas Pacific Land Trust Investor 
I thought that was the best, most cogent conf call I’ve heard from TPL in a long time
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I find it unreasonable that the growth in expenses involved in selling water is pretty much the same as the growth in revenue on a dollar basis. Almost eliminating the profit in this business is NOT something to brag about.
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