Why Texas Pacific Land Stock Is Sinking Today
Shares of the largest landowner in the Permian Basin, Texas Pacific Land Corp. (NYSE: TPL), are down 8% as of 1 p.m. ET on Thursday, according to data provided by S&P Global Market Intelligence.
Texas Pacific Land (TPL) grew sales and free cash flow by 9% and 12% during the second quarter, despite average oil prices sinking to a level not seen since 2021.
Regardless of these steady results, the market sent the company's shares lower as it worried about the implications of Texas Pacific's water sales declining by 34% in Q2.
Source Fool.com
