Stephanie Buffington to Assume New Role of
Chief Accounting Officer
Deloitte & Touche LLP is Selected as the
Company’s Independent Registered Public Accounting Firm
Texas Pacific Land Corporation (NYSE: TPL) (the “Company” or
“TPL”) today announced that, effective May 31, 2021, Chief
Financial Officer Robert Packer will retire after a distinguished
10-year career with the Company. Chris Steddum, TPL’s current Vice
President, Finance and Investor Relations, will succeed Mr. Packer
as the Company’s Chief Financial Officer. The Company has also
appointed Stephanie Buffington, TPL’s current Vice President,
Accounting, to the newly created role of Chief Accounting Officer.
Both appointments will become effective on June 1, 2021. Mr. Packer
will serve as an advisor to the Company through the end of the year
to ensure a smooth transition.
“On behalf of all of us at TPL, I want to thank Robert for his
exceptional service to our Company over the last decade,” said
Tyler Glover, TPL’s Chief Executive Officer. “In his role, Robert
has been essential in helping TPL achieve many transformational
growth milestones, from the formation of our Texas Pacific Water
Resources business in 2017 to TPL’s recent reorganization from a
business trust structure to a Delaware corporation. He has played
an integral role across all facets of our evolving business and
displayed an unwavering commitment to TPL’s success. We are all
deeply grateful for Robert’s contributions and wish him nothing but
the best as he enjoys his well-deserved retirement.”
“It has been my honor and pleasure to be a part of the TPL story
over the past ten years, and I am tremendously proud of all that we
have accomplished – previously as Texas Pacific Land Trust and now
as Texas Pacific Land Corporation,” said Mr. Packer. “While I
always envisioned retiring at this time in my life to spend more
time with my family, the completion of our reorganization provided
a natural opportunity to hand the reins over to Chris and
Stephanie, two impressive individuals who have the skill, passion
and financial expertise to protect TPL’s storied legacy and take
TPL to new heights. I will stay on the next several months to
ensure a smooth transition, but I am confident in their ability to
continue TPL’s strong success.”
Chris Steddum brings extensive corporate and sell-side
experience within the oil and gas industry. Mr. Steddum has served
as TPL’s Vice President, Finance and Investor Relations since 2019,
leading TPL’s investor relations activities and financial analysis
of development opportunities across TPL’s oil and gas royalties,
surface, water resources and renewables businesses. Prior to
joining TPL, Mr. Steddum held investment banking roles at Stifel
Financial Corporation, where he most recently headed Energy
Sponsors Coverage, as well as for GMP Securities’ Oil & Gas
Group and Credit Suisse Securities’ Global Energy Group. While at
Stifel, Mr. Steddum served as a lead strategic advisor to TPL as it
underwent its corporate reorganization, and he advised TPL on
multiple M&A transactions including surface acreage and royalty
assets acquisitions and divestitures.
Stephanie Buffington will work closely with Mr. Steddum in her
new role of Chief Accounting Officer and brings over 20 years of
public company experience as a results-driven senior accounting
professional. As a certified public accountant, Ms. Buffington has
a wealth of experience leading complex accounting initiatives for
public oil and gas, real estate, and insurance companies,
particularly those undergoing constant change, and she is a proven
leader in aligning accounting processes with evolving
organizational needs. Prior to joining TPL in 2017, Ms. Buffington
served as Vice President of Financial Reporting for Monogram
Residential Trust, Inc., SEC Controller for Behringer Harvard and
Director of Financial Reporting for Tarragon Corporation.
In addition to these leadership changes, TPL also announced that
it has retained Deloitte & Touche LLP (“Deloitte”) to serve as
its Independent Registered Public Accounting Firm for the calendar
year ending in 2021. The Company’s long time auditors Lane Gorman
Trubitt, LLC informed the Company that the firm would not stand for
re-election. The Company’s Audit Committee conducted an extensive
selection process which included evaluating factors such as: audit
quality, technical competency, industry expertise, use of
technology and methods of communication. The Audit Committee
selected Deloitte from several other well qualified candidates.
About Texas Pacific Land Corporation
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 Company 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 Company also generates revenue
from pipeline, power line and utility easements, commercial leases,
material sales and seismic and temporary permits related to a
variety of land uses including midstream infrastructure projects
and hydrocarbon processing facilities.
Visit TPL at www.texaspacific.com.
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are based on TPL’s beliefs, as well as assumptions
made by, and information currently available to, TPL, and therefore
involve risks and uncertainties that are difficult to predict.
Generally, future or conditional verbs such as “will,” “would,”
“should,” “could,” or “may” and the words “believe,” “anticipate,”
“continue,” “intend,” “expect” and similar expressions identify
forward-looking statements. Forward-looking statements include, but
are not limited to, statements regarding the Corporate
Reorganization and other references to strategies, plans,
objectives, expectations, intentions, assumptions, future
operations and prospects and other statements that are not
historical facts. You should not place undue reliance on
forward-looking statements. Although TPL believes that plans,
intentions and expectations, including those regarding the
Corporate Reorganization, reflected in or suggested by any
forward-looking statements made herein are reasonable, TPL may be
unable to achieve such plans, intentions or expectations and actual
results, and performance or achievements may vary materially and
adversely from those envisaged in this news release due to a number
of factors including, but not limited to: an inability to achieve
some or all of the expected benefits of the Corporate
Reorganization and distribution; potential adverse reactions or
changes to business relationships resulting from the announcement
or completion of the Corporate Reorganization; the potential
impacts of COVID-19 on the global and U.S. economies as well as on
TPL’s financial condition and business operations; the initiation
or outcome of potential litigation; and any changes in general
economic and/or industry specific conditions. These risks, as well
as other risks associated with TPL and the Corporate Reorganization
are also more fully discussed in a Current Report on Form 8-K filed
by TPL with the SEC on December 31, 2020, which includes an
information statement describing the Corporate Reorganization and
the distribution in more detail. You can access TPL’s filings with
the SEC through the SEC website at www.sec.gov and TPL strongly
encourages you to do so. Except as required by applicable law, TPL
undertakes no obligation to update any forward-looking statements
or other statements herein for revisions or changes after this
communication is made.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210407005701/en/
(214) 969-5530 Chris Steddum Vice President, Finance and
Investor Relations
Texas Pacific Land (NYSE:TPL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Texas Pacific Land (NYSE:TPL)
Historical Stock Chart
From Apr 2023 to Apr 2024