Texas Pacific Land Trust Announces First Quarter 2017 Financial Results
April 27 2017 - 4:20PM
Business Wire
Texas Pacific Land Trust (NYSE: TPL) today announced financial
results for the first quarter of fiscal 2017, which ended March 31,
2017.
Results for first quarter 2017:
- Net Income of $14.9 million, or $1.88
per sub-share, for first quarter 2017, compared with $7.3 million,
or $0.90 per sub-share, for first quarter 2016.
- Revenues of $24.2 million for first
quarter 2017, compared with $11.9 million for first quarter
2016.
- Increases of 112.7% in easements and
sundry income and 99.5% in oil and gas royalty revenue for first
quarter 2017, compared with first quarter 2016.
Further Details:
Easements and sundry income was $12,911,778 for the first
quarter of 2017, an increase of 112.7% compared with the first
quarter of 2016 when easements and sundry income was $6,070,973.
This increase resulted primarily from an increase in pipeline
easement income and water sales, and to a lesser extent, material
sales (caliche).
Oil and gas royalty revenue was $11,192,762 for the first
quarter of 2017, compared with $5,610,751 for the first quarter of
2016, an increase of 99.5%. Crude oil and gas production subject to
the Trust’s royalty interests increased 38.6% and 36.4%
respectively in the first quarter of 2017 compared with 2016. In
addition, the prices received for crude oil and gas production
increased 47.8% and 37.0% respectively in the first quarter of 2017
compared with 2016.
“As reflected in the first quarter 2017 results, the Trust
continues to see an increase in development of oil and gas assets
by operators on land owned by the Trust and where the Trust has a
royalty interest,” said Robert J. Packer, General Agent and Chief
Financial Officer.
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
Three Months
Ended
March 31,
2017
March 31,
2016
Oil and gas royalties $ 11,192,762 $ 5,610,751 Land sales --
86,000 Easements and sundry income* 12,911,778 6,070,973
Other income 133,722 130,379 Total
income $ 24,238,262 $ 11,898,103 Provision for income tax $
7,228,137 $ 3,522,363 Net income $ 14,885,422 $ 7,280,051
Net income per sub-share $ 1 .88 $ .90 Average
sub-shares outstanding during period 7,919,085 8,098,106
* The Trust deferred $6,806,890 of easement income for the first
quarter of 2017 due to the transition to term easements.
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version on businesswire.com: http://www.businesswire.com/news/home/20170427006458/en/
Texas Pacific Land TrustRobert J. Packer, 214-969-5531General
Agent, Chief Financial Officer
Texas Pacific Land (NYSE:TPL)
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