History of the Trust
Texas Pacific Land Trust’s story is a window into the history of Texas and railroads in the 19th century
Texas Pacific Land Trust was created in 1888 following the reorganization of the Texas and Pacific Railway Company. When it was organized under a Declaration of Trust in 1888, Texas Pacific received and held title to 3.5 million acres of land in the State of Texas.
The governance of the Texas Pacific Land Trust is unique. The Trust is not a corporation, rather it is a business trust. The original Declaration of Trust mandates that three Trustees oversee the Trust, and these Trustees are elected to serve until death, resignation or disqualification. The Trust’s governing structure has served shareholders well for over a century. In recent years, the Trust has recruited experienced professionals to lead the business and oversee its day-to-day operation.
The shares of Texas Pacific Land Trust have been trading on the New York Stock Exchange since 1927 (NYSE: TPL), and TPL's stock performance has substantially outperformed the market with total shareholder returns of 475% in the five years preceding the start of the dissidents’ campaign.1
Texas Pacific Land Trust remains one of the largest landowners in Texas with approximately 900,000 acres of land and related resources. Much of this land is in the heart of the Permian Basin in West Texas, one of the most active areas of oil and gas exploration in the United States.
The Trustees and management recognized the need for full-service water offerings in the Permian Basin and in June 2017 formed Texas Pacific Water Resources (“TPWR”), bringing in some of the industry’s top talent to lead this business. This decision has already yielded significant value creation – and has positioned the Trust for additional upside going forward.
Texas Pacific Land Trust now operates two segments: Land and Resource Management and Water Service and Operations. Texas Pacific Land Trust derives revenue from all avenues of managing the land such as oil and gas royalties, grazing leases, easements, land sales and water sales.
Its Trustees and management have led the Trust through a period of expansive growth and have been prudent stewards of its capital and core assets for more than a century, and they have created a clear strategy to maximize long-term value for all shareholders in the future. We are counting on shareholders to vote FOR General Don Cook to continue this tremendous momentum. Vote here today.
1 Total return includes stock price appreciation and reinvested dividends.