Texas Pacific Land Corp. (TPL) declared a $10 per share special dividend, representing the company’s largest dividend and a 50% increase compared to the company’s most recent prior split-adjusted special dividend.

The special dividend is payable July 15 to shareholders of record by July 1.

Texas Pacific's special dividend will cost the company approximately $230 million, a TPL spokesperson told Hart Energy.

Texas Pacific’s most recent quarterly dividend was $1.17 per share.

TPL’s CEO Tyler Glover said the company set a target cash and cash equivalents balance of approximately $700 million.

“Above this targeted level, TPL will seek to deploy the majority of its free cash flow towards share repurchases and dividends,” Glover said.