Texas Pacific Land Trust’s Corporate Reorganization


Sidley Austin LLP advised Texas Pacific Land Trust on the deal.

Texas Pacific Land Corporation (NYSE: TPL) (“TPL Corporation”) announced that the reorganization of Texas Pacific Land Trust (the “Trust”) has been completed. The Trust has transferred all of its assets, employees, liabilities and obligations to TPL Corporation and has distributed all of the shares of common stock, par value $0.01, of TPL Corporation (the “Common Stock”) to holders of sub-share certificates in certificates of proprietary interest of the Trust (“sub-share certificates”) on a pro-rata, one-for-one basis in accordance with their interests in the Trust. TPL Corporation is an independent public company that begins “regular way” trading on the New York Stock Exchange (“NYSE”) today under the symbol “TPL.”

Texas Pacific Land Corporation is one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas. The Corporation is not an oil and gas producer, but its surface and royalty ownership allow revenue generation through the entire value chain of oil and gas development, including through fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land.

The Sidley deal team included George Vlahakos (Picture),Marc Rose, Yvette Ostolaza, Yolanda Garcia, Holly Gregory, Kai Liekefett, Angela Richards, Corey Perry, Katie Klaben, Rebecca Grapsas, Leonard Wood, John Stribling, Katie Legband, Dan Driscoll, Blake Longoria, Tanner Groce, Ashley Moulder, Kaitlin Schock, Erica Robertson, Jackson Long, Femi Aborisade, Sabina Wahl and Alyssa Locnikar.

Involved fees earner: Femi Aborisade – Sidley Austin LLP; Daniel Driscoll II – Sidley Austin LLP; Yolanda Garcia – Sidley Austin LLP; Holly Gregory – Sidley Austin LLP; Tanner Groce – Sidley Austin LLP; Kai Liekefett – Sidley Austin LLP; Katie Klaben – Sidley Austin LLP; Katie Legband – Sidley Austin LLP; Alyssa Locnikar – Sidley Austin LLP; Jackson Long – Sidley Austin LLP; Blake Longoria – Sidley Austin LLP; Ashley Moulder – Sidley Austin LLP; Yvette Ostolaza – Sidley Austin LLP; Corey Perry – Sidley Austin LLP; Rebecca Grapsas – Sidley Austin LLP; Angela Richards – Sidley Austin LLP; Erica Robertson – Sidley Austin LLP; Marc Rose – Sidley Austin LLP; Kaitlin Schock – Sidley Austin LLP; John Stribling – Sidley Austin LLP; George Vlahakos – Sidley Austin LLP; Sabina Wahl – Sidley Austin LLP; Leonard Wood – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: Texas Pacific Land Trust ;

Avatar

Author: Ambrogio Visconti