Texas Pacific Land Corp., current enterprise value calculation

Current share price (P)	$1,329.62
No. shares of common stock outstanding	22,974,914
US$ in thousands
Common equity (market value)¹	30,547,905)
Add: Preferred stock, $0.01 par value; none outstanding (per books)	—)
Total equity	30,547,905)
Add: Total debt (book value)	—)
Total equity and debt	30,547,905)
Less: Cash and cash equivalents	725,169)
Enterprise value (EV)	29,822,736)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 1,329.62 × 22,974,914

Texas Pacific Land Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$507.46	$596.28	$337.37	$370.62	$226.07
No. shares of common stock outstanding¹	23,005,266	23,086,488	23,236,125	23,268,468	23,268,468
US$ in thousands
Common equity (market value)³	11,674,252)	13,766,011)	7,839,171)	8,623,760)	5,260,303)
Add: Preferred stock, $0.01 par value; none outstanding (book value)	—)	—)	—)	—)	—)
Total equity	11,674,252)	13,766,011)	7,839,171)	8,623,760)	5,260,303)
Add: Total debt (book value)	—)	—)	—)	—)	—)
Total equity and debt	11,674,252)	13,766,011)	7,839,171)	8,623,760)	5,260,303)
Less: Cash and cash equivalents	725,169)	510,834)	428,242)	281,046)	303,645)
Enterprise value (EV)	10,949,083)	13,255,177)	7,410,929)	8,342,714)	4,956,658)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Texas Pacific Land Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 507.46 × 23,005,266

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Texas Pacific Land Corp. EV increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Texas Pacific Land Corp. (NYSE:TPL)

Enterprise Value (EV)