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TPL - Texas Pacific Land Revisited: Resilient Profitable And Undervalued
Texas Pacific Land Trust
Previously, I demonstrated in detail that Texas Pacific Land Trust (TPL) has been incredibly profitable even during times of oil price weakness and amply able to throw off free cash flow year in and year out. Specifically,
Due to its favorable cost structure, TPL was still profitable in 1998-1999, 2002, and 2009 and since late 2014, when the benchmark WTI crashed;
With close-to-zero maintenance capital, TPL was able to convert nearly all of the net income into free cash flow, which has been used to reward the shareholders via dividend distribution and share