Texas Pacific Land Corp (TPL) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 5, 2022 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to the Texas Pacific Land Corporation's First Quarter 2022 Earnings Conference Call. This conference is being recorded. I would now like to introduce your host for today's call, Shawn Amini, Vice President, Finance and Investor Relations. Please go ahead.

Shawn Amini

Good morning. Thank you for joining us today for Texas Pacific Land Corporation's First Quarter 2022 Earnings Conference Call. Yesterday afternoon, the company released its financial results and filed its Form 10-Q with the Securities and Exchange Commission, which is available on the Investors section of the company's website at www.texaspacific.com.

As a reminder, remarks made on today's conference call may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. We do not undertake any obligation to update our forward-looking statements in light of new information or future events. For a more detailed discussion of the factors that may affect the company's results, please refer to our earnings release for this quarter and to our most recent SEC filings.

During this call, we will also be discussing certain non-GAAP financial measures. More information and reconciliations about these non-GAAP financial measures are contained in our earnings release and SEC filings. Please also note, we may at times refer to our company by its stock ticker, TPL.

This morning's conference call is hosted by TPL's Chief Executive Officer, Ty Glover; and Chief Financial Officer, Chris Steddum. Management will make some prepared comments, after which we will open the call for questions.

Now I will turn the call over to Ty.

Tyler Glover

Thanks, Shawn. Good morning, everyone, and thank you for joining us today. Yesterday, we announced a special dividend of $20 per share, and this special dividend is incremental to the $100 million share repurchase plan that we announced in March. We're excited that our shareholders will benefit from this increased return of capital driven by strong Permian activity, commodity prices that are some of the best we've seen in a decade, and a balance sheet that is debt free. Looking forward to the rest of 2022, we're bullish that our underlying business fundamentals will remain constructive. We're seeing more rigs added on to our surface and looking at our water sales schedule we can see that producers are intent on maintaining and growing completions pacing throughout the year.