(Source: Texas Pacific Land Corp.)
Texas Pacific Land Corp. (TPL) declared a $10 per share special dividend, representing the company’s largest dividend and a 50% increase compared to the company’s most recent prior split-adjusted special dividend.
The special dividend is payable July 15 to shareholders of record by July 1.
Texas Pacific's special dividend will cost the company approximately $230 million, a TPL spokesperson told Hart Energy.
Texas Pacific’s most recent quarterly dividend was $1.17 per share.
TPL’s CEO Tyler Glover said the company set a target cash and cash equivalents balance of approximately $700 million.
“Above this targeted level, TPL will seek to deploy the majority of its free cash flow towards share repurchases and dividends,” Glover said.
Recommended Reading
FERC Filings Indicate Plaquemines LNG is Ready to Commission
2024-07-01 - Kinder Morgan has requested a tariff for natural gas delivery to the new Plaquemines LNG facility.
Hess Midstream Repurchases $100MM Class B Units
2024-06-30 - Hess Midstream repurchased more than 2.7 million Class B units as part of its strategy to deliver shareholder returns.
Iowa Board Approves Segment of $5.5B CO2 Transport Pipeline
2024-06-30 - Summit Carbon Solutions still needs approval from four other states for its CO2 transport pipeline.
USD Partners to Sell Rail Asset as Part of Forbearance Agreement
2024-06-26 - Midstream company USD Partners is selling a Canadian train terminal asset as part of a forbearance agreement to avoid foreclosure or default with its lenders.
Deal Change: BANGL Stake No Longer Part of Energy Transfer’s WTG Merger
2024-06-26 - NGL production in Texas is following a growth trend as it recovers from COVID-19, and the BANGL Pipeline's joint venture partners want in.