Texas Pacific Land Plunges Following Sudden Death of Murray Stahl
Texas Pacific Land shares tumbled nearly 16%, marking the worst performance in the S&P 500 on Thursday, following the announcement of the sudden death of Murray Stahl, a company director and key figure at its largest shareholder, Horizon Kinetics.
Texas Pacific Land (TPL) fell sharply on Wall Street Thursday, with the stock shedding nearly 16% after the unexpected death of Murray Stahl, who had served on the board of directors since January 11, 2021.
Murray Stahl was also the Chief Executive Officer, Chairman, and Chief Investment Strategist of Horizon Kinetics Holding Corporation, the primary shareholder of Texas Pacific Land. According to the annual report published by the company in February, Horizon Kinetics held a 15.6% stake as of February 9, 2024, while Murray Stahl held a reported 5.1% interest.
On the board, he served on the Nominating and Corporate Governance Committee as well as the Strategic Acquisition Committee. His influence extended far beyond his formal mandate, given the historical weight of Horizon Kinetics in TPL's capital structure.
In a statement, TPL Chief Executive Ty Glover praised a "tremendous advocate" for the company, noting that Horizon Kinetics had supported Texas Pacific Land since the days when the group was still an illiquid and under-followed trust.
Texas Pacific Land Corporation specialises in owning and operating land and water resources. At the end of 2025, the company had approximately 3,569.3 km2 of land in the United States state of Texas. Net sales break down by source of revenue as follows:
- land operations (61.5%): royalties from on-site oil and gas operations, revenues from commercial leases, sales of land and building materials, easements for gas and hydrocarbon pipelines, power lines, public utilities, etc.;
- exploitation of water resources (38.5%): including revenues from water-related activities (production, treatment, sale and supply) and royalties on water production and sale activities by third-party operators.
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