Texas Pacific Land Trust Converts to Delaware Model

An iconic Texas landowner with origins as the developer of an uncompleted transcontinental railroad has reorganized as a Delaware corporation, according to a Jan. 11 announcement.

Texas Pacific Land Trust, which owns about 880,000 acres of land in West Texas and has a market cap of $6.2 billion based on revenue, said the move “is more aligned with the expectations of today’s investors,” who favor cash returns over growth.