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     332  0 Kommentare Texas Pacific Land Trust Announces Second Quarter 2019 Financial Results

    Texas Pacific Land Trust (NYSE: TPL) today announced financial results for the second quarter ended June 30, 2019.

    Results for the second quarter of 2019:

    • Net income of $49.6 million, or $6.39 per Sub-share Certificate, for the second quarter ended June 30, 2019 compared with $52.5 million, or $6.73 per Sub-share Certificate, for the second quarter ended June 30, 2018.
    • Revenues of $87.3 million for the second quarter ended June 30, 2019, compared with $73.8 million for the second quarter ended June 30, 2018.
    • Increases of 30.9% in oil and gas royalty revenue and 30.6% in water sales and royalty revenue, and a decrease of 19.6% in easements and other surface-related income, for the second quarter ended June 30, 2019 compared with the second quarter ended June 30, 2018.

    Results for the six months ended June 30, 2019:

    • Net income of $189.6 million, or $24.44 per Sub-share Certificate, for the six months ended June 30, 2019 compared with $96.3 million, or $12.33 per Sub-share Certificate, for the six months ended June 30, 2018.
    • Revenues of $278.6 million for the six months ended June 30, 2019, compared with $133.9 million for the six months ended June 30, 2018.
    • Increases of 48.4% in water sales and royalty revenue, 28.2% in oil and gas royalty revenue and 20.0% in easements and other surface-related income for the six months ended June 30, 2019 compared with the six months ended June 30, 2018.

    Further details for the second quarter of 2019:

    Oil and gas royalty revenue was $39.6 million for the second quarter ended June 30, 2019, compared with $30.3 million for the second quarter ended June 30, 2018, an increase of 30.9%. Crude oil and gas production subject to the Trust’s royalty interests increased 41.3% and 120.2%, respectively, in the second quarter ended June 30, 2019 compared to the second quarter ended June 30, 2018. While crude oil and gas production increased in the second quarter ended June 30, 2019 compared to June 30, 2018, the prices received for crude oil and gas production decreased 4.8% and 43.5%, respectively, over the same time period.

    Easements and other surface-related income was $22.4 million for the second quarter ended June 30, 2019, a decrease of 19.6% compared with the second quarter ended June 30, 2018 when easements and other surface-related income was $27.8 million. This decrease of $5.4 million resulted primarily from decreases in pipeline easement income and temporary permits partially offset by an increase in lease rental income for the second quarter ended June 30, 2019 compared to the same period of 2018. Pipeline easement income decreased $3.8 million for the second quarter ended June 30, 2019 compared to the same period of 2018.

    Water sales and royalty revenue was $20.4 million for the second quarter ended June 30, 2019, an increase of 30.6% compared with the second quarter ended June 30, 2018 when water sales and royalty revenue was $15.6 million.

    Land sales revenue was $4.8 million for the second quarter ended June 30, 2019. The Trust sold approximately 658 acres of land for an average price of approximately $7,260 per acre. There was no land sales revenue for the second quarter ended June 30, 2018.

    Further details for six months ended June 30, 2019:

    Oil and gas royalty revenue was $72.9 million for the six months ended June 30, 2019, compared with $56.8 million for the six months ended June 30, 2018, an increase of 28.2%. Crude oil and gas production subject to the Trust’s royalty interests increased 49.0% and 119.9%, respectively, in the six months ended June 30, 2019 compared to the six months ended June 30, 2018. While crude oil and gas production increased in the six months ended June 30, 2019 compared to June 30, 2018, the prices received for crude oil and gas production decreased 10.5% and 45.2%, respectively, over the same time period.

    Easements and other surface-related income was $53.7 million for the six months ended June 30, 2019, an increase of 20.0% compared with the six months ended June 30, 2018 when easements and other surface-related income was $44.8 million. The increase resulted primarily from increases in pipeline easement income for the six months ended June 30, 2019 compared to the same period of 2018. Pipeline easement income increased $8.9 million for the six months ended June 30, 2019 compared to the same period of 2018.

    Water sales and royalty revenue was $43.4 million for the six months ended June 30, 2019, an increase of 48.4% compared with the six months ended June 30, 2018 when water sales and royalty revenue was $29.2 million.

    Land sales revenue was $108.4 million for the six months ended June 30, 2019, when the Trust sold approximately 21,909 acres of land for an average price of approximately $4,948 per acre. Land sales revenue was $2.8 million for the six months ended June 30, 2018.

    Texas Pacific Land Trust is not a REIT.

    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 competitions, 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.

     

    TEXAS PACIFIC LAND TRUST

    REPORT OF OPERATIONS – UNAUDITED

    (in thousands, except share and per share amounts)


     

     

    Three Months Ended June 30,

     

     

    2019

     

    2018

    Oil and gas royalties

     

    $

     

    39,641

     

     

    $

     

    30,278

     

    Easements and other surface-related income

     

     

    22,357

     

     

     

    27,799

     

    Water sales and royalties

     

     

    20,430

     

     

     

    15,643

     

    Land sales

     

     

    4,774

     

     

     

    Other operating revenue

     

     

    108

     

     

     

    124

     

    Total revenues

     

    $

     

    87,310

     

     

    $

     

    73,844

     

     

     

     

     

     

    Income tax expense

     

    $

     

    13,293

     

     

    $

     

    13,162

     

    Net income

     

    $

     

    49,586

     

     

    $

     

    52,503

     

    Net income per Sub-share Certificate — basic and diluted

     

    $

     

    6.39

     

     

    $

     

    6.73

     

    Weighted average number of Sub-share Certificates outstanding during period

     

     

    7,756,156

     

     

     

    7,803,162

     

     

     

     

    Six Months Ended June 30,

     

     

    2019

     

    2018

    Oil and gas royalties

     

    $

     

    72,854

     

     

    $

     

    56,825

     

    Easements and other surface-related income

     

     

    53,724

     

     

     

    44,777

     

    Water sales and royalties

     

     

    43,413

     

     

     

    29,250

     

    Land sales

     

     

    108,399

     

     

     

    2,750

     

    Other operating revenue

     

     

    244

     

     

     

    249

     

    Total revenues

     

    $

     

    278,634

     

     

    $

     

    133,851

     

     

     

     

     

     

    Income tax expense

     

    $

     

    48,841

     

     

    $

     

    23,982

     

    Net income

     

    $

     

    189,584

     

     

    $

     

    96,294

     

    Net income per Sub-share Certificate — basic and diluted

     

    $

     

    24.44

     

     

    $

     

    12.33

     

    Weighted average number of Sub-share Certificates outstanding during period

     

     

    7,757,199

     

     

     

    7,808,064

     

    We operate our business in two segments: Land and Resource Management and Water Service and Operations. The following is an analysis of our operating results for the comparable periods by reportable segment (in thousands):

     

     

    Three Months Ended June 30,

     

     

    2019

     

    2018

    Revenues:

     

     

     

     

     

     

     

     

    Land and resource management:

     

     

     

     

     

     

     

     

    Oil and gas royalties

     

    $

     

     

    39,641

     

     

    46

    %

     

    $

     

     

    30,278

     

     

    41

    %

    Easements and other surface-related income

     

     

    14,165

     

     

    16

    %

     

     

    21,974

     

     

    30

    %

    Land sales and other operating revenue

     

     

    4,882

     

     

    6

    %

     

     

    124

     

     

    %

     

     

     

    58,688

     

     

    68

    %

     

     

    52,376

     

     

    71

    %

    Water service and operations:

     

     

     

     

     

     

     

     

    Water sales and royalties

     

     

    20,430

     

     

    23

    %

     

     

    15,643

     

     

    21

    %

    Easements and other surface-related income

     

     

    8,192

     

     

    9

    %

     

     

    5,825

     

     

    8

    %

     

     

     

    28,622

     

     

    32

    %

     

     

    21,468

     

     

    29

    %

    Total consolidated revenues

     

    $

     

     

    87,310

     

     

    100

    %

     

    $

     

     

    73,844

     

     

    100

    %

     

     

     

     

     

     

     

     

     

    Net income:

     

     

     

     

     

     

     

     

    Land and resource management

     

    $

     

     

    37,194

     

     

    75

    %

     

    $

     

     

    40,505

     

     

    77

    %

    Water service and operations

     

     

    12,392

     

     

    25

    %

     

     

    11,998

     

     

    23

    %

    Total consolidated net income

     

    $

     

     

    49,586

     

     

    100

    %

     

    $

     

     

    52,503

     

     

    100

    %

     

     

     

    Six Months Ended June 30,

     

     

    2019

     

    2018

    Revenues:

     

     

     

     

     

     

     

     

    Land and resource management:

     

     

     

     

     

     

     

     

    Oil and gas royalties

     

    $

     

     

    72,854

     

     

    25

    %

     

    $

     

     

    56,825

     

     

    43

    %

    Easements and other surface-related income

     

     

    37,650

     

     

    14

    %

     

     

    35,305

     

     

    26

    %

    Land sales and other operating revenue

     

     

    108,643

     

     

    39

    %

     

     

    2,999

     

     

    2

    %

     

     

     

    219,147

     

     

    78

    %

     

     

    95,129

     

     

    71

    %

    Water service and operations:

     

     

     

     

     

     

     

     

    Water sales and royalties

     

     

    43,413

     

     

    16

    %

     

     

    29,250

     

     

    22

    %

    Easements and other surface-related income

     

     

    16,074

     

     

    6

    %

     

     

    9,472

     

     

    7

    %

     

     

     

    59,487

     

     

    22

    %

     

     

    38,722

     

     

    29

    %

    Total consolidated revenues

     

    $

     

     

    278,634

     

     

    100

    %

     

    $

     

     

    133,851

     

     

    100

    %

     

     

     

     

     

     

     

     

     

    Net income:

     

     

     

     

     

     

     

     

    Land and resource management

     

    $

     

     

    160,311

     

     

    85

    %

     

    $

     

     

    73,315

     

     

    76

    %

    Water service and operations

     

     

    29,273

     

     

    15

    %

     

     

    22,979

     

     

    24

    %

    Total consolidated net income

     

    $

     

     

    189,584

     

     

    100

    %

     

    $

     

     

    96,294

     

     

    100

    %

     

     



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    Texas Pacific Land Trust Announces Second Quarter 2019 Financial Results Texas Pacific Land Trust (NYSE: TPL) today announced financial results for the second quarter ended June 30, 2019. Results for the second quarter of 2019: Net income of $49.6 million, or $6.39 per Sub-share Certificate, for the second quarter ended …