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.

Texas Pacific Land TrustRobert J. Packer, 214-969-5530General Agent, Chief Financial Officer

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