Equity |
12 Months Ended |
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Dec. 31, 2022 | |
| Equity [Abstract] | |
| Equity | Equity Corporate Reorganization
On January 11, 2021, TPL completed its Corporate Reorganization. To implement the Corporate Reorganization, the Trust and TPL Corporation entered into agreements and undertook and caused to be undertaken a series of transactions to effect the transfer to TPL Corporation of all of the Trust’s assets, employees, liabilities and obligations (including investments, property and employee benefits and tax-related assets and liabilities) attributable to periods prior to, at and after 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-share certificates (“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 now a corporation with its Common Stock listed under the symbol “TPL” on the New York Stock Exchange.
Stock Repurchase Program 2022 and earlier
On March 11, 2022, our board of directors approved a stock repurchase program to purchase up to an aggregate of $100 million of shares of our outstanding Common Stock during 2022. In connection with the stock repurchase program, the Company entered into a Rule 10b5-1 trading plan (the “Trading Plan”) that generally permits the Company to repurchase shares at times when it might otherwise be prevented from doing so under securities laws. Stock repurchases under the Trading Plan began April 18, 2022. The stock repurchase program expired on December 31, 2022. For the year ended December 31, 2022, we repurchased $87.9 million (including share repurchases not yet settled) of our outstanding Common Stock.
For the year ended December 31, 2021, we repurchased $19.9 million (including share repurchases not yet settled) of our outstanding Common Stock.
Stock Repurchase Program Beginning January 1, 2023
On November 1, 2022, our board of directors approved a stock repurchase program to purchase up to an aggregate of $250 million of our outstanding Common Stock to be effective beginning January 1, 2023.
The Company intends to purchase stock under the 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 that may be implemented by the Company, and will be subject to market conditions, applicable legal requirements and other factors.
Dividends
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. For the year ended December 31, 2021,we paid total cash dividends of $11.00 per share of Common Stock.
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