JUST IN: $25 BILLION S&P 500 COMPANY TEXAS PACIFIC LAND WANTS TO LEAVE DELAWARE FOR TEXAS. Texas Pacific Land filed a preliminary proxy Friday asking shareholders to approve a Delaware-to-Texas redomestication on November 5. TPL says Texas’s statute-focused corporate law should provide greater predictability than Delaware’s common-law system and specifically cites Delaware’s increasingly litigious environment, contingency-fee-driven shareholder litigation and rising D&O costs. The company says the move would also eliminate at least $200,000 a year in Delaware franchise taxes. TPL — an S&P 500 company worth roughly $25.5 billion — owns approximately 894,000 acres in Texas and is headquartered in Dallas. If shareholders approve the proposal, it expects the move to become effective November 17. In its own filing, TPL points to Tesla, Dell and ExxonMobil as other major companies that have already redomiciled to Texas.