A Red-Hot Oil Stock is Joining the S&P 500 -- WSJ

Dow Jones00:39

By Ryan Dezember

Shares of Texas Pacific Land are adding to their big run this year following the announcement that the oil-patch property owner will be added to the S&P 500 next week.

Texas Pacific started as the estate of a railroad that went bankrupt in 1888 and owns a huge swath of the Permian Basin, which is America's most prolific drilling region. In recent years its conversion from a liquidation trust to a corporation and more active management of its part of the oil patch has sent the shares surging.

Inclusion in the S&P 500 means that mutual funds and ETFs that track the broad index will be buying Texas Pacific shares. In this case, Texas Pacific could help lift the index as well.

The stock has more than tripled this year, outperforming even chip maker Nvidia in 2024.

Besides collecting royalties from oil and gas production on its land and leasing surface area to drillers, Texas Pacific has ramped up its business selling water to frackers and disposing of their huge volumes of wastewater. Lately it has added bitcoin miners, attracted by the Texas desert's cheap natural gas, and renewable energy producers to its rent rolls.

Texas Pacific will replace Marathon Oil, which was acquired by ConocoPhillips in a deal that closed today.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

November 22, 2024 11:39 ET (16:39 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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