U.S. Energy Royalty Stocks: Major Shareholder Retains 2 Trillion Won Stake Amid CFO's Multi-Billion Won Sale

Horizon Kinetics Asset Management, the largest shareholder in Texas Pacific Land Corp. (TPL), announced that it added to its holdings of TPL common stock during the open-market trading sessions on June 3 and 15, raising its direct stake by approximately 3.39 million shares. Based on average purchase prices of about $406 and $369 per share, this increment represents a long-term strategic investment valued at roughly $1.3–$1.4 billion (around KRW 2 trillion).

According to the amended Schedule 13D filed on May 7 and cited in the same disclosure, Horizon Kinetics’ beneficial ownership of TPL common stock—including shares held across various accounts and investment vehicles—stands at about 10.10 million shares, exceeding its direct holdings.

Meanwhile, TPL Chief Financial Officer Chris Steddum sold roughly 4,000 shares under a pre-established Rule 10b5-1 trading plan on June 5 and 8 at an average price of about $400 per share, generating approximately $1.6 million (around KRW 2 billion) in proceeds and reducing his direct stake from 16,040 shares to 12,040 shares. The filing also noted that Steddum holds approximately 6,000 additional shares as long-term performance compensation in the form of restricted stock units (RSUs) scheduled to vest between 2027 and 2029.

In its most recent Schedule 13D/A filing, Horizon Kinetics confirmed it remains TPL’s largest shareholder with roughly 9–10 million common shares, representing about a 14% stake. Texas Pacific Land reported first-quarter results that exceeded market expectations for both revenue and profit. In April, the company disclosed the passing of Murray Stahl—board member of TPL and chairman of Horizon Kinetics’ parent—which has drawn investor attention to potential shifts in the major shareholder’s role and governance structure.

Texas Pacific Land is a leading U.S. landowner with approximately 870,000 acres in the western Texas Permian Basin. The company operates an asset-light business model, deriving most of its revenue from oil and gas production royalties, surface leases, and water handling and supply services. Horizon Kinetics, a New York–based asset manager, is known for its long-term, concentrated investment approach in select names such as TPL and has been its largest institutional investor for several years.