Texas Pacific Land Shares Surge with Plan to Join S&P 500, Set to Replace Marathon Oil

Texas Pacific Land Corp. (NYSE: TPL) shares rose by over 6% on Friday in anticipation of being added to the S&P 500, replacing Marathon Oil Corp. (NYSE: MRO). This change is set to take place before markets open on Tuesday, November 26. The move is occurring due to the acquisition of Marathon Oil by S&P 500 and 100 component ConocoPhillips (NYSE: COP). The acquisition is expected to be completed on Monday, November 22, subject to the fulfillment of remaining closing conditions.

At the same time, S&P SmallCap 600 member Mueller Industries Inc. (NYSE: MLI) will elevate to the S&P MidCap 400, filling the gap left by Texas Pacific Land. Additionally, Atlas Energy Solutions Inc. (NYSE: AESI) will replace Mueller Industries in the S&P SmallCap 600.

These adjustments in the indices reflect the changing market values of the respective companies. Texas Pacific Land and Mueller Industries now more accurately represent the large-cap and mid-cap market segments, respectively. These changes in index composition are part of a regular process to ensure that the indices accurately reflect the market segments they aim to measure.