Texas Pacific Land Corporation Announces Appointment of New Directors and Provides Update on Evaluation of Declassification Process
DALLAS–(BUSINESS WIRE)–Texas Pacific Land Corporation (NYSE: TPL) (“TPL” or the “Company”) today announced the appointment of two new members to the TPL Board of Directors (the “Board”) and provided an update on the Board’s declassification assessment.
Appointment of new directors to the Board
The board has appointed Rhys J. Best and Karl F. Kurz as directors, effective April 15, 2022. In connection with these appointments, the board has increased its size to ten (10) directors. Each of Mr. Kurz, who will serve the remainder of the board term vacated by Dana McGinnis in March, and Mr. Best, who will stand for re-election at the 2022 annual meeting of shareholders, each will bring decades of corporate leadership and industry experience and further oversight of TPL’s unique assets and businesses. “Karl and Rhys have a long history of improving the operational and financial performance of large public companies, applying their insight, knowledge and dedication to benefit stakeholders,” said Dave Barry, Co-Chairman of the Board. “We are delighted to welcome them to the Board of Directors, and I know that our customers, employees and shareholders will benefit from their leadership and expertise.
General Donald Cook, Chairman of the Board’s Nominating and Corporate Governance Committee, explained:Our Nominating and Corporate Governance Committee has undertaken an extensive process to identify, screen and assess director candidates, including candidates recommended by Board members and an independent research firm. The committee unanimously recommended that the board consider Karl and Rhys on the board. As proven and effective leaders, Karl and Rhys are experienced in managing large organizations within competitive industries and achieving successful results. »
Mr. Kurz is an accomplished senior oil and gas industry executive and private investor with over 35 years of experience in the energy and infrastructure industry. He spent nine years at Anadarko Petroleum Corporation, where he held leadership positions as Chief Operating Officer and Senior Vice President of North American Operations, Midstream and Marketing, and is currently President Non- Executive of the Board of Directors of American Water Works Co., Inc. (NYSE: AWK). Mr. Kurz also has extensive experience in private equity, including serving as a senior investment manager at Ares Capital and CCMP Capital Advisors, where he focused on investments in the upstream and midstream oil and gas sectors.
Mr. Best is a highly regarded board member and governance expert with nearly three decades of experience as a corporate executive in large corporations. He is the former Chairman and Chief Executive Officer of Lone Star Technologies, Inc., from which he retired after the successful merger with United States Steel Company (NYSE: X). He has extensive experience in corporate leadership and governance through his participation on numerous boards of directors of major public companies. Notably, Mr. Best served as a director of Cabot Oil and Gas Corp. from 2008 to 2021, his tenure ending after the company merged with Cimarex Energy in 2021 to form Coterra Energy (NYSE: CTRA).
“Karl and Rhys have a successful track record of growing businesses with a value creation mindset,” said Murray Stahl, member of the Nominating and Corporate Governance Committee and, through his company Horizon Kinetics LLC, the major shareholder of TPL. “Their knowledge and experience will help TPL leverage its unique royalty and surface position in the Permian to extract maximum value from current business lines and future opportunities. Additionally, the addition of Karl and Rhys to the board will result in five independent directors separate from the legacy trust structure, further modernizing and strengthening governance for the benefit of our shareholders.
“TPL will benefit from the seasoned stewardship that Karl and Rhys bring to the company,” said Eric Oliver, a member of the board of directors and, through his company SoftVest, LP, a major shareholder of the company. “I look forward to working with Karl and Rhys on the Board as we strive to maintain TPL’s strong business momentum and enhance shareholder value from a truly unique set of assets. Karl’s experience in leadership positions at large public energy and water companies and Rhys’ extensive experience in governance and ESG will both be invaluable to TPL.
“Having been deeply involved in the Permian Basin through previous experience and interacting with TPL as a customer and competitor, I have long admired and respected the business that TPL has built,” said Karl Kurz. “It is an honor to join TPL’s Board of Directors and be part of overseeing a company with a long history of success and the ambition to extract value from its unique asset base.
“As a former leader and director of many public companies, I have been impressed with how TPL has grown from a small, passively managed trust to a large public C corporation,” said Rhys Best. “I am happy to be part of TPL and its rich history. The Company is already a leader among its peers, and I look forward to helping TPL maintain its positive trajectory and achieve its goal of maximizing shareholder value.
Update on the Council’s declassification assessment
The company also announced that the nominating and corporate governance committee is evaluating the possible declassification of the board and has retained the services of a Delaware attorney to assist with the evaluation. This process includes a detailed review of the procedures required to declassify the board in accordance with the rules and guidelines of the Securities and Exchange Commission and Delaware law, as well as the company’s governance documents and any contractual obligations. The Nominating and Corporate Governance Committee expects to make a recommendation to the full Board in time for a proposal, if any, to be included in the proxy documents for the annual meeting of shareholders of 2022 of the company. If recommended, board declassification would require the affirmative vote of a majority of TPL’s directors and the approval of holders of a majority of our outstanding common stock.
About Texas Pacific Land Corporation
Texas Pacific Land Corporation (NYSE: TPL) is one of the largest landowners in the state of Texas with approximately 880,000 acres of land in West Texas, with the majority of its holdings concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership provides revenue opportunities throughout the life cycle of a well. These revenue opportunities include fixed royalty payments for the use of our land, revenue for the sale of materials (caliche) used in the construction of infrastructure, the supply of spring water and/or produced water processed, revenue from our oil and gas royalty interests, and revenue related to the disposal of salt water on our lands. The Company also generates revenue from pipelines, power lines and utility easements, commercial leases and seismic and temporary permits related to various land uses, including midstream infrastructure projects and water treatment facilities. hydrocarbons.
Visit TPL at http://www.TexasPacific.com.