Texas Pacific Land Trust : Fourth Quarter Earnings Release (Unaudited)
January 31, 2017 at 09:21 pm
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Texas Pacific Land Trust (NYSE:TPL):
TEXAS PACIFIC LAND TRUST
REPORT OF OPERATIONS - UNAUDITED
Three Months Ended
December 31, 2016
December 31, 2015
Oil and gas royalties
$
9,064,633
$
6,574,701
Land sales
2,374,000
300,000
Easements and sundry income*
5,999,978
7,716,059
Other income
134,390
130,298
Total income
$
17,573,001
$
14,721,058
Provision for income tax
$
5,174,389
$
4,350,113
Net income
$
10,906,970
$
8,995,057
Net income per sub-share
$
1.37
$
1.10
Average sub-shares outstanding during period
7,936,789
8,154,321
Year Ended
December 31, 2016
December 31, 2015
Oil and gas royalties
$
29,996,962
$
24,860,205
Land sales
2,945,505
22,616,635
Easements and sundry income*
26,470,669
31,413,158
Other income
527,331
552,295
Total income
$
59,940,467
$
79,442,293
Provision for income tax
$
17,847,370
$
25,244,515
Net income
$
37,239,550
$
50,038,507
Net income per sub-share
$
4.66
$
6.10
Average sub-shares outstanding during period
7,989,030
8,197,632
*The Trust deferred $2,083,355 of easement income for the fourth quarter
of 2016 and $7,809,669 for the year ended 2016 due to the transition to
term easements.
This news release may contain forward-looking statements as defined
in the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements regarding the Trust's future operations
and prospects, the markets for real estate in the areas in which the
Trust owns real estate, applicable zoning regulations, the markets for
oil and gas, production limits on prorated oil and gas wells authorized
by the Railroad Commission of Texas, expected competition, management's
intent, beliefs or current expectations with respect to the Trust's
future financial performance and other matters. We assume no
responsibility to update any such forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170131006367/en/
Texas Pacific Land Corporation is a landowner in the state of Texas with approximately 868,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. Its segments include Land and Resource Management and Water Services and Operations. Its Land and Resource Management segment encompasses the business of managing its approximately 868,000 surface acres of land and its oil and gas royalty interests in West Texas, principally concentrated in the Permian Basin. This segment consists primarily of royalties from oil and gas, revenues from easements, commercial leases and renewables, and land and material sales. Its Water Services and Operations segment encompasses the business of providing full-service water offerings to operators in the Permian Basin through Texas Pacific Water Resources LLC (TPWR). These full-service water offerings include, but are not limited to, water sourcing, produced-water treatment, infrastructure development, and others.