Texas Pacific Land Corporation (TPL) will raise its dividend by 10 percent in 2021. The company also announced a name change from Trust to Corporation and will start paying quarterly instead of annual dividends. The first quarterly dividend is $2.75 per share, up from an adjusted $2.50 per share last year.

In 2020 the company announced an increase in the annual dividend by 471.4 percent to $10.0 per share. Also a $6.00 per share special dividend was paid. 2021 will mark the 18th consecutive year of dividend increases.

NAME CHANGE AND QUARTERLY DIVIDENDS
As previously announced, on January 11, 2021, TPL completed its reorganization from a business trust, Texas Pacific Land Trust, into Texas Pacific Land Corporation. The board of directors has determined to pay dividends quarterly going forward in March, June, September and December of each year, subject to the discretion of the Board. On February 17, 2021, the Board declared a quarterly cash dividend of $2.75 per share payable on March 15, 2021 to stockholders of record at the close of business on March 8, 2021.

Texas Pacific Land Corporation, formerly, Texas Pacific Land Trust, was created in 1888 as a result of a reorganization of the Texas and Pacific Railway Company following receivership. Holders of Texas and Pacific Railway Company bonds received 3.5 million acres of land in Texas which had been earned by the railroad and pledged as security against bonds. The bondholders created the Trust and converted bonds to shares of proprietary interest in the Trust. The Trust was created to manage and sell the land. Today the Trust is one of the largest landowners in Texas. Texas Pacific Land Trust derives revenue from all avenues of managing the land, i.e. oil and gas royalties, grazing leases, easements, sundry and specialty leases, and land sales.