Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Equity

Equity

Corporate Reorganization

On January 11, 2021, TPL completed its Corporate Reorganization. As part of the implementation of the Corporate Reorganization, prior to the market opening on January 11, 2021, the Trust distributed all of the shares of Common Stock of TPL Corporation to holders of Sub-shares of the Trust, on a pro rata, one-for-one, basis in accordance with their interests in the Trust (the “Distribution”). As a result of the Distribution, TPL Corporation is a corporation with its Common Stock listed under the symbol “TPL” on the New York Stock Exchange.

Stock Repurchase Program

On November 1, 2022, our board of directors approved a stock repurchase program, which became effective January 1, 2023, to purchase up to an aggregate of $250 million of our outstanding Common Stock.

The Company repurchases stock under a repurchase program opportunistically with funds generated by cash from operations. This repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors at any time. Purchases under the stock repurchase program may be made through a combination of open market repurchases in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, and/or other transactions at the Company’s discretion, including under a Rule 10b5-1 trading plan implemented by the Company, and will be subject to market conditions, applicable legal requirements and other factors.

For the year ended December 31, 2023, we repurchased 27,619 shares of Common Stock totaling $42.4 million for an average price per share of $1,536. For the year ended December 31, 2022, we repurchased 48,959 shares of Common Stock totaling $87.9 million for an average price per share of $1,795.

Dividends

For the year ended December 31, 2023, we paid total cash dividends of $13.00 per share of Common Stock. For the year ended December 31, 2022, we paid total cash dividends of $12.00 per share of Common Stock and special dividends of $20.00 per share of Common Stock.