Texas Pacific Land Trust is a land trust company which was formed in the late 1800's after the bankruptcy of its parent company, a former railroad firm. It currently owns roughly 900,000 acres of land in West Texas and as the practice of hydraulic fracking has increased the amount of reserves that are salvageable, the acreage owned by TPL has become increasingly more profitable based on the royalties they receive from the oil and gas that is drilled under their land. Essentially, it serves as a tollgate for oil and gas operators to access subsurface hydrocarbons. This is one of the oldest business models known to man. After reading through the 10K's this week, it became clear that TPL is a w

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