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 澳洲幸运5官方开奖结果体彩网: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 澳洲幸运5官方开奖结果体彩网:being acquired by ConocoPhillips (COP) in a deal expected to close Friday.

Dubbed the "澳洲幸运5官方开奖结果体彩网:S&P Phenomenon," an announcement of memꩵbership tends to lead to a temporary spike in a company's stock, because the index is widely trackﷺed by institutional investors.

TPL is one of the largest landowners in Texas, with most of its ownership concentrated in the Permian Basin, the booming oil and gas field in the state. Marathon Oil's assets, meanwhile, include properties in the Permian.

TPL shares have soared nearly 200% year-to-date through Thursday's close.