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Permian Basin Landowner Texas Pacific Sues Major Shareholders

Nov. 23, 2022, 4:46 PM

Texas Pacific Land Corp., a huge landowner in the oil-rich Permian Basin, sued a group of major shareholders over a disagreement about the company’s proposal to have the power to issue additional shares.

Texas Pacific tabled the proposal from last week’s annual meeting, citing its intention to resolve the dispute with the group of investors that includes Horizon Kinetics LLC.

Horizon and the other dissident investors are required to vote in accordance with all board recommendations except those related to limited carve-outs because of a prior stockholders’ agreement, Texas Pacific said in a complaint filed in Delaware Chancery Court Tuesday. ...