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TAKEAWAYS KEY
- Texas Pacific Land shares rose in intraday trading Friday, a day after S&P Dow Jones Indices said the real estate operating company will be replacing Marathon Oil in the S&P 500.
- TPL's shares, which hit an all-time high Thursday, are surging a further 6% Friday morning.
- Marathon Oil will be removed from the index on Friday, when ConocoPhillips’ acquisition of Marathon Oil is expected to close.
Texas Pacific Land (TPL) shares rose in intraday trading Friday, a day after S&P Dow Jones Indices said the real estate operating company will be replacing Marathon Oil (MRO) in the S&P 500 Index.
TPL's shares, which closed at $1,515.53 Thursday after touching an all-time intraday high of $1,526.04, are surged 6% Friday morning.
The change will take effect prior to the start of trading Tuesday, according to S&P Dow Jones Indices, which noted that Marathon Oil is being acquired by ConocoPhillips (COP) in a deal expected to close Friday.
Dubbed “S&P Phenomenon,” An announcement of membership usually leads to a temporary increase in the stock price, as institutional investors closely track this index.
TPL, one of Texas’ largest landowners, has most of its holdings concentrated in Permian, Texas’ booming oil-and-gas field. Marathon Oil's assets, meanwhile, include properties in the Permian.
TPL shares have soared nearly 200% year-to-date through Thursday's close.
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