Texas Pacific Land Corporation management check
TPL · Energy · Oil & Gas Exploration & Production · CEO Tyler Glover
Filings as of
5 good · 1 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $316, against $213 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.78 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.5% of net income$7.1m of reported pay in fiscal 2025, against $481.4m of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: $3k bought, $1.6m sold in six months. 3 of 3 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.1% a year over the last three fiscal years. Stock-based pay was 1.9% of revenue in the latest year.
- Good
Is leadership stable?
3 leadership filings in 3 yearsCEO in the pay table: Tyler Glover. 3 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2023.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Energy.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 64 | |
| Pay for performance | 89 | 65 | |
| CEO cost | 36 | 66 | |
| Skin in the game | — | — | 49 |
| Dilution | 51 | 58 | |
| Stable leadership | 100 | 73 | |
| Clean books | 100 | 100 |
Closest peers
Others in Oil & Gas Exploration & Production, by management score. Texas Pacific Land Corporation is 4th of 20 in its sector.
Pay versus performance
From the proxy statement filed September 25, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Tyler Glover | $7.1m | $3.8m | $3.0m | $316 | $213 | $481.4m |
| 2024 | — | $7.4m | $25.8m | $3.3m | $403 | $217 | $454.0m |
| 2023 | — | $6.1m | $1.4m | $2.6m | $187 | $220 | $405.6m |
| 2022 | — | $6.3m | $12.4m | $2.4m | $277 | $212 | $446.4m |
| 2021 | — | $5.0m | $5.0m | $1.5m | $145 | $146 | $270.0m |
The board says pay is tied most to AdjustedEBITDA. Its other key measures: Adjusted EBITDA (used as a component of a metric for the short-term incentive program until 2025 and was used as a metric for the short-term incentive program in 2025), Adjusted EBITDA margin (used for the short-term incentive program until 2025), FCF per fully diluted share (used for the short-term incentive program), Strategic objectives including HSE/ESG performance and other operational metrics (used for the short-term incentive program), TSR against the XOP index (used for PSU awards), Cumulative FCF per fully diluted share (used for PSU awards).
Insiders and the CEO's stake
Light activity: $3k bought, $1.6m sold in six months. 3 of 3 sales ran on pre-arranged 10b5-1 plans.
- BoughtPeter DoyleDirector$3kSep 15, 2026
- SoldChris SteddumChief Financial Officer · 10b5-1 plan$1.6mJun 8, 2026
Leadership and governance on file
- Sep 25, 2026Leadership change8-K 5.02
- May 6, 2026Leadership change8-K 5.02
- Aug 27, 2025Leadership change8-K 5.02
- Oct 13, 2023Leadership change8-K 5.02
- Aug 1, 2023Leadership change8-K 5.02
Latest shareholder vote results: Nov 12, 2025, including the say-on-pay vote.
Where the money went
Over 2021–2025: $1.1bn returned to owners in buybacks and dividends, 54% of net income, and $46.4m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $451.0m | $667.4m | $631.6m | $705.8m | $798.2m |
| Net income | $270.0m | $446.4m | $405.6m | $454.0m | $481.4m |
| Stock-based pay | $28k | $8.4m | $10.3m | $12.5m | $15.1m |
| Buybacks | $19.7m | $87.8m | $42.6m | $29.2m | $8.4m |
| Dividends | $85.3m | $247.3m | $100.0m | $347.3m | $147.8m |
| Diluted shares | 8m | 23m | 69m | 69m | 69m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.