Texas Pacific Land Corp.’s board of directors approved a three-for-one stock split, the surface and royalty ownership company announced March 7.

The split will be distributed to stockholders as a stock dividend, with each stockholder to be distributed two shares for each share owned.

Eligible stockholders must be of record as of March 18, and the new shares will be distributed on March 26.

Trading of the company’s stock will begin on a stock-split basis as of March 27.

Texas Pacific Land Corp. owns 868,000 acres of land in West Texas with a majority of it in the Permian Basin, making the company one of the largest landowners in Texas. Its surface and royalty ownership in the Permian generates revenue across the entire oil and gas development value chain.