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09.04.26 - 21:57
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Texas Pacific Land Crashes After Largest Shareholder Dies (ZeroHedge)
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Texas Pacific Land Crashes After Largest Shareholder Dies
Land-and-royalty company Texas Pacific Land Corp. crashed the most since early Covid after the head of its largest shareholder unexpectedly died.
Bloomberg reports that Murray Stahl, CEO of Horizon Kinetics and a TPL board member, died on Thursday, sending shares spiraling lower by 17% in late-afternoon trading.
This marked the largest intraday decline in the stock since early 2020.
Stahl was described as a longtime believer in TPL, one of the largest private landowners in Texas, with most of its acreage concentrated in the oil-rich Permian Basin of West Texas.
TPL generates revenue by owning land, collecting oil and gas royalties from activity on that land, and selling or managing water-related services tied to drilling and production.
"His firm, Horizon Kinetics, along with its predecessors, had been TPL's largest shareholder for many decades. Murray believed in the Company when it was still a thinly-traded, little-known trus...
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09.04.26 - 19:18
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TPL Announces the Passing of Murray Stahl (Business Wire)
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DALLAS--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (“TPL” or the “Company”) and the Company's Board of Directors (“Board”) announced today that Murray Stahl, a member of TPL's Board, has passed away. Mr. Stahl was the Chief Executive Officer, Chairman of the Board and Chief Investment Strategist of Horizon Kinetics Holding Corporation, which, through various owned subsidiaries, is TPL's largest shareholder.
Ty Glover, CEO of TPL, said, “Murray was a tremendous advocate for TPL from the very day I joined the Company. His firm, Horizon Kinetics, along with its predecessors, had been TPL's largest shareholder for many decades. Murray believed in the Company when it was still a thinly-traded, little-known trust that simply owned some land in west Texas. Today, TPL stands as one of the largest publicly-traded energy companies in the world—a transformation that seemed inconceivable to almost everyone just a decade ago. Everyone, that is, except Murray. He was a true independ...
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