Trustee Letter to TPL Employees


Easy to for me to armchair quarterback but I’m sure that this all has to be distracting to the folks that work at TPL.

We remain entirely committed to our customers, our employees, and our operations. We will continue to execute our strategy as usual, with the goal of building on the tremendous momentum already underway across our business.

We believe that a Trustee’s appointment should be weighed with careful consideration and made with the right motivations, with an eye toward maximizing long-term value. We welcome and consider the input of all our shareholders, and we are committed to making decisions that are in the best long-term interests of the Trust and its shareholders.

Thank you for remaining focused on your job and to operating safely. This situation may generate additional interest by our investors and the media, so you may read about Texas Pacific Land Trust in the news. If you are contacted by a member of the media, an investor, or anyone else outside your typical business relationships, please refer those inquiries to Robert Packer at 214.969.5530 and

Thank you again for your continued and dedicated focus to operating safely.

SoftVest Appeals to Better Judgement

SoftVest, L.P., Horizon Kinetics LLC, and ART-FGT Family Partners Issue Open Letter to Trustees of Texas Pacific Land Trust

SoftVest calls for an end to the proxy battle more than a few times in this open letter.

In fact, only yesterday Robert Packer, TPL’s Chief Financial Officer, e-mailed Kline D. Oliver, Vice-President of SoftVest Advisors LLC, requesting an updated list of drilled, completed and permitted wells on TPL non-participating royalty interest property that Mr. Oliver maintains based on his dedicated ongoing research.  Mr. Oliver provided the list to Mr. Packer this morning, even after being the target of a distasteful attack letter issued by you before the open of the market.

As we trust you know, Mr. Oliver has shared similar information in the past with TPL’s management at their request and at no cost – despite TPL’s offer to pay for such work.   

We see no reason why the Trustees cannot have a collaborative relationship with Mr. Oliver, much like TPL’s management has had and continues to have with him.  Mr. Oliver is, among other things, a source of deep expertise and knowledge about TPL and the industry which in our view will immensely enrich the Board.

It is time to put this proxy contest behind us: we call on you two Trustees to nominate Mr. Oliver, and avoid disrupting what has historically been a productive working relationship between him and TPL’s management.


However, one of the unescapable consequences of having a charter from the 19th century that limits your governing body to only three individuals is that each of them must bring core areas of competency needed for the success of TPL


Ultimately, we encourage you to put an end to this unnecessary and wasteful proxy contest. We ask that you endorse the nomination of Eric Oliver at the upcoming special meeting and allow him to work collaboratively with you both of you to create a better TPL.  The three of you can bring TPL into the 21st century, and transform our joint investment into a modern corporation with an expanded Board with modern fiduciary duties to all shareholders that can include honorable men like General Cook as part of a broader mosaic of skillsets.

If you insist on continuing this unnecessary proxy contest then at a minimum let’s have a town hall meeting where both nominees will have an opportunity to present their respective ideas to TPL’s shareholders, which we think would benefit all shareholders.

It is time for all of us to start working together for the good of TPL.

Gen. Cook Letter From Trust


Trustees double down on “lifetime”. See second paragraph. Modern governance doesn’t appear to be on the radar.

A Trustee’s lifetime appointment should be weighed with careful consideration and with the right motivations, with the goal of maximizing long term value.

I’ve now read this letter a few times. It’s gets more nasty at every pass. Would expect the directors and officers of a $6B entity to be more tactful and mature.

Proxy Vote Posted at

I’m assuming it’s up at other brokerages or will be soon.

At, one has to login and then select “statements” from the All Accounts menu at the top.  From there, click “proxy materials”.  Once you vote there is an option to get a confirmation sent to your email.

Posted deadline is May 21, 2019 11:59 Eastern





Notice the “OPPOSITION RECOMMENDATION: FOR” line.  I haven’t voted yet.  That was pre-populated by Fidelity or

My experience says to take your time when clicking.  The system takes 20+ seconds to move on to the next screen.  Click once and wait for the screen to update.

Note that there is a blue hyperlink in the top left of the voting screen that will allow you to vote in person.  If you select that option a Legal Proxy will be generated for you to carry to the meeting.