Shale oil powerhouse sues its own investors after 4,000% stock surge – By Mitchell Ferman (Bloomberg) / Dec 27, 2022
(Bloomberg) — One of the biggest landowners in Texas oil country doubled returns to investors in 2022. It’s starting the new year by suing some of them as a dispute over the future direction of the company spills into a Delaware court.
Texas Pacific Land Corp., a land bank created out of a 19th-century railroad bankruptcy, shelved plans to issue new stock last month after shareholders balked at the implicit dilution of their holdings and the prospect of executives inexperienced in dealmaking looking for acquisitions.
Texas Pacific management has been vague about what it intends to do with the new shares but has taken its biggest holders to court so it can push through the issuance in February. That puts a company in the odd position of suing investors — including entities run by two of its own directors — who’ve seen the stock swell more than 4,000% in the past decade and dividends almost triple in the past year to $32 a share.
CONTINUE > https://www.chron.com/business/energy/article/shale-oil-sue-investors-17679560.php
