Texas Pacific Land Trust (NYSE: TPL) today announced financial
results for the second quarter of fiscal 2017, which ended June 30,
2017.
Results for second quarter 2017:
- Net Income of $16.7 million, or $2.12
per sub-share, for second quarter 2017, compared with $10.1
million, or $1.26 per sub-share, for second quarter 2016.
- Revenues of $27.4 million for second
quarter 2017, compared with $16.2 million for second quarter
2016.
- Increases of 87.6% in oil and gas
royalty revenue and 53.5% in easements and sundry income for second
quarter 2017, compared with second quarter 2016.
Results for six months ended June 30, 2017:
- Net Income of $31.6 million, or $4.00
per sub-share, for the first six months of 2017, compared with
$17.4 million, or $2.16 per sub-share, for the first six months of
2016.
- Revenues of $51.6 million for the first
six months of 2017, compared with $28.1 million for the first six
months of 2016.
- Increases of 93.0% in oil and gas
royalty revenue and 77.0% in easements and sundry income for the
first six months of 2017, compared with the first six months of
2016.
Further Details for second quarter 2017:
Easements and sundry income was $14,120,696 for the second
quarter of 2017, an increase of 53.5% compared with the second
quarter of 2016 when easements and sundry income was $9,198,970.
This increase resulted primarily from an increase in pipeline
easement income and water sales, and to a lesser extent, material
sales (caliche). Pipeline easement income increased 22.7% to
$7,827,726 (before deferral of term easements) and water sales
increased 200.4% to $6,838,747 for the second quarter of 2017
compared to the second quarter of 2016.
Oil and gas royalty revenue was $12,882,976 for the second
quarter of 2017, compared with $6,866,702 for the second quarter of
2016, an increase of 87.6%. Crude oil and gas production subject to
the Trust’s royalty interests increased 29.1% and 61.2%
respectively in the second quarter of 2017 compared to the second
quarter of 2016. In addition, the prices received for crude oil and
gas production increased 29.3% and 67.8% respectively in the second
quarter of 2017 compared to the second quarter of 2016.
Further Details for six months ended June 30, 2017:
Easements and sundry income was $27,032,474 for the first six
months of 2017, an increase of 77.0% compared with the first six
months of 2016 when easements and sundry income was $15,269,943.
This increase resulted primarily from an increase in pipeline
easement income and water sales, and to a lesser extent, material
sales (caliche). Pipeline easement income increased 99.5% to
$18,951,057 (before deferral of term easements) and water sales
increased 218.5% to $11,666,316 for the first six months of 2017
compared to the first six months of 2016.
Oil and gas royalty revenue was $24,075,738 for the first six
months of 2017, compared with $12,477,453 for the first six months
of 2016, an increase of 93.0%. Crude oil and gas production subject
to the Trust’s royalty interests increased 29.9% and 49.4%
respectively in the first six months of 2017 compared with the
first six months of 2016. In addition, the prices received for
crude oil and gas production increased 40.8% and 50.6% respectively
in the first six months of 2017 compared to the first six months of
2016.
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
June 30,
2017
June 30,
2016
Oil and gas royalties $ 12,882,976 $ 6,866,702 Land
sales 220,400 -- Easements and sundry income* 14,120,696
9,198,970 Other income 134,047 130,438
Total income $ 27,358,119 $ 16,196,110 Provision for income
tax $ 8,029,997 $ 4,980,353 Net income $ 16,711,452 $
10,123,117 Net income per sub-share $ 2.12 $ 1.26
Average sub-shares outstanding during period 7,882,184 8,048,500
Six Months
Ended
June 30,
2017
June 30,
2016
Oil and gas royalties $ 24,075,738 $ 12,477,453 Land
sales 220,400 86,000 Easements and sundry income* 27,032,474
15,269,943 Other income 267,769 260,817
Total income $ 51,596,381 $ 28,094,213 Provision for income
tax $ 15,258,134 $ 8,502,716 Net income $ 31,596,874 $
17,403,168 Net income per sub-share $ 4.00 $ 2.16
Average sub-shares outstanding during period 7,894,542 8,064,759
* The Trust deferred $5,936,543 of easement income for the
second quarter of 2017 and $2,485,911 of easement income for the
second quarter of 2016 due to the transition to term easements. For
the six months ending June 30, 2017 and June 30, 2016, the Trust
deferred easement income of $12,743,433 and $2,485,911 respectively
due to the transition to term easements.
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version on businesswire.com: http://www.businesswire.com/news/home/20170731006130/en/
Texas Pacific Land TrustRobert J. Packer, 214-969-5531General
Agent, Chief Financial Officer
Texas Pacific Land (NYSE:TPL)
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