DALLAS & HOUSTON–(BUSINESS WIRE)–Texas Pacific Land Corporation (NYSE: TPL) (“TPL”) and Milestone Carbon, LLC today announced that a Letter of Intent (“LOI”) has been signed between TPL and Milestone Carbon to evaluate the geological and geophysical characteristics of certain areas held by TPL for the purpose of sequestering captured CO2. Milestone Carbon is a leading carbon capture company providing turnkey solutions for the permanent geological sequestration of CO2 for large industrial emitters. Milestone Carbon will conduct the assessment, which will cover approximately 21,000 acres in the Permian Basin and, if successful, potentially expand the area under a carbon capture and sequestration (“CCS”) project.
“CCS is a proven technology that can provide concrete ways to achieve a low-carbon future,” said Gabriel Rio, President and CEO of Milestone Carbon. “Milestone Carbon was created to develop, own and operate environmental infrastructure that will enable industry to significantly decarbonize. This infrastructure will be crucial in the fight against climate change and will support the industries that provide the energy and materials on which our economy depends. TPL’s extensive land holdings and deep industry experience make it an ideal partner for Milestone Carbon. We are excited to join them in developing CCS infrastructure in the Permian Basin.
“We have long been responsible stewards of our extensive landholdings, and this longstanding care has served as a foundation to reinforce our commitment to sustainability and the environment,” said Tyler Glover, CEO of TPL. “Carbon capture can be a key tool in the quest for ‘net zero’, and TPL’s extensive surface footprint could potentially serve as a key resource to permanently sequester carbon. We are constantly looking for ways to leverage the unique characteristics of our surface assets, and carbon capture is an exciting opportunity that could serve the dual purpose of creating value for our shareholders while benefiting the environment.
Today’s announcement further underscores TPL’s strong commitment to environmental, social and governance (“ESG”) initiatives. Sustainalytics, a leading provider of ESG research, ratings and data for institutional investors and companies, recently provided its risk rating for TPL. Among all entities in the oil and gas producer industry, TPL ranked #1 and #2 in the United States and globally, respectively. Among nearly 15,000 companies worldwide, TPL has been ranked in the top 5e percentile. “TPL is proud of its ESG efforts and to be recognized by Sustainalytics as one of the top ESGs, and we will continue to strive to build on our successes to date,” said Tyler Glover.
Certain matters contained in this press release include “forward-looking statements”. All statements, other than statements of historical fact, included in this press release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our filings and reports with the SEC.
Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release, which reflect the opinions of management only as of the date hereof. Except as required by law, we assume no obligation to revise or release the results of any revisions to forward-looking statements.
About Texas Pacific Land Corporation
Texas Pacific Land Corporation (NYSE: TPL) is one of the largest landowners in the state of Texas with approximately 880,000 acres of land in West Texas, with the majority of its holdings concentrated in the Permian Basin. TPL is not an oil and gas producer, but its surface and royalty ownership generates revenue throughout the oil and gas development value chain, including through fixed royalty payments for the use of our land, revenue for the sale of materials (caliche) used in the construction of infrastructure, the supply of spring water and treated produced water, revenue from our oil and gas royalties and income related to the disposal of salt water on our land. TPL also generates revenue from pipelines, power lines and utility easements, commercial leases, and seismic and temporary permits related to a variety of land uses, including midstream infrastructure projects and power facilities. hydrocarbon processing.
About Milestone Carbon
Milestone Carbon, LLC is a subsidiary of Milestone Environmental Services, LLC (“Milestone”). Milestone Carbon offers turnkey solutions for the permanent geological sequestration of CO2— including design, authorisation, development and operation — for intermediate transmitters and other large industrial transmitters. By applying Milestone’s extensive knowledge and experience in developing complex injection operations, Milestone Carbon customers will benefit from the safe and reliable removal and monetization of their carbon dioxide emissions through facilities state-of-the-art injection molding.