Texas Pacific Land Corporation (NYSE: TPL) has recently announced a three-for-one stock split, with each stockholder of record at the close of business on March 18, 2024, set to receive two additional shares of common stock for each share held as of this record date. The new shares are expected to be distributed on March 26, 2024, with trading of the company's common stock beginning on a stock-split adjusted basis on March 27, 2024.
As one of the largest landowners in the State of Texas, Texas Pacific Land Corporation (TPL) boasts approximately 868,000 acres of land in West Texas, primarily concentrated in the Permian Basin. The company's revenue streams are diverse, stemming from various facets of oil and gas development, including fixed fee payments for the use of its land, revenue from sales of materials used in infrastructure construction, as well as revenue from oil and gas royalty interests and saltwater disposal on its land.
In terms of financial performance, TPL's operating income for the fourth quarter of 2023 stood at $122.5 million, marking a significant increase from the $93.6 million reported in the same period in 2022. Similarly, the company's net income attributable to Texas Pacific Land Corporation for the fourth quarter of 2023 amounted to $90.3 million, up from $67.1 million in the fourth quarter of 2022.
Furthermore, TPL's total revenues for the fourth quarter of 2023 reached $182.4 million, demonstrating a notable surge compared to the $142.7 million recorded in the fourth quarter of 2022. Additionally, the company's total assets as of December 31, 2023, stood at $4.3 billion, showing a substantial increase from the $3.5 billion reported at the end of 2022.
Today the company's shares have moved 2.5% to a price of $1539.88. If you want to know more, read the company's complete 8-K report here.
