Texas Pacific Land Trust (NYSE: TPL) today announced financial
results for the third quarter of fiscal 2017, which ended September
30, 2017.
Results for third quarter 2017:
- Net income of $26.4 million, or $3.36
per sub-share, for third quarter 2017, compared with $8.9 million,
or $1.12 per sub-share, for third quarter 2016.
- Revenues of $42.5 million for third
quarter 2017, compared with $14.3 million for third quarter
2016.
- Increases of 351.5% in easements and
sundry income, 248.4% in water sales and royalty revenue, and
150.9% in oil and gas royalty revenue (59.7% excluding the
announced Chevron settlement) for third quarter 2017, compared with
third quarter 2016.
Results for nine months ended September 30, 2017:
- Net income of $58.0 million, or $7.37
per sub-share, for the first nine months of 2017, compared with
$26.3 million, or $3.28 per sub-share, for the first nine months of
2016.
- Revenues of $94.1 million for the first
nine months of 2017, compared with $42.4 million for the first nine
months of 2016.
- Increases of 230.0% in water sales and
royalty revenue, 96.7% in easements and sundry income, and 116.4%
in oil and gas royalty revenue (79.5% excluding the announced
Chevron settlement) for the first nine months of 2017, compared
with the first nine months of 2016.
Further Details for third quarter 2017:
Easements and sundry income was $13,221,548 for the third
quarter of 2017, an increase of 351.5% compared with the third
quarter of 2016 when easements and sundry income was $2,928,095.
This increase resulted primarily from increases in pipeline
easement income and, to a lesser extent, sundry lease rental
income, temporary permit income, and material sales (caliche).
Pipeline easement income increased 235.9% to $14,490,663 (before
deferral of term easements) for the third quarter of 2017 compared
to the third quarter of 2016.
Oil and gas royalty revenue was $21,212,568 for the third
quarter of 2017 (including $7,710,543 for the Chevron settlement),
compared with $8,454,876 for the third quarter of 2016, an increase
of 150.9% (59.7% excluding the Chevron settlement). Crude oil and
gas production subject to the Trust’s royalty interests increased
55.3% and 58.2%, respectively (excluding the Chevron settlement),
in the third quarter of 2017 compared to the third quarter of
2016.
Water sales and royalty revenue was $7,917,581 for the third
quarter of 2017, an increase of 248.4% compared with the third
quarter of 2016 when water sales and royalty revenue was
$2,272,653.
Further Details for nine months ended September 30,
2017:
Easements and sundry income was $28,587,706 for the first nine
months of 2017, an increase of 96.7% compared with the first nine
months of 2016 when easements and sundry income was $14,535,517.
This increase resulted primarily from increases in pipeline
easement income, temporary permit income, and material sales
(caliche). Pipeline easement income increased 142.1% to $33,441,720
(before deferral of term easements) for the first nine months of
2017 compared to the first nine months of 2016.
Oil and gas royalty revenue was $45,288,306 for the first nine
months of 2017 (including $7,710,543 for the Chevron settlement),
compared with $20,932,329 for the first nine months of 2016, an
increase of 116.4% (79.5% excluding the Chevron settlement). Crude
oil and gas production subject to the Trust’s royalty interests
increased 39.0% and 52.7%, respectively, in the first nine months
of 2017 compared with the first nine months of 2016. In addition,
the prices received for crude oil and gas production increased
26.1% and 25.3%, respectively, in the first nine months of 2017
compared to the first nine months of 2016. The changes in
production and price for the first nine months ended 2017 compared
to the first nine months ended 2016 exclude the effect of the
Chevron settlement.
Water sales and royalty revenue was $19,583,897 for the first
nine months of 2017, an increase of 230.0% compared with the first
nine months of 2016 when water sales and royalty revenue was
$5,935,174.
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
September 30,
2017
September 30,
2016
Oil and gas royalties
$
21,212,568
$
8,454,876
Easements and sundry income* 13,221,548 2,928,095
Water sales and royalties 7,917,581 2,272,653 Land sales --
485,505 Other income
144,830
132,123 Total income
$
42,496,527 $ 14,273,252
Provision for income tax
$
12,686,727 $ 4,170,264
Net income
$ 26,404,712
$ 8,929,412 Net income per
sub-share $ 3.36 $ 1.12 Average sub-shares outstanding
during period 7,851,916 7,984,936
Nine Months
Ended
September 30,
2017
September 30,
2016
Oil and gas royalties $ 45,288,306 $ 20,932,329
Easements and sundry income* 28,587,706 14,535,517 Water
sales and royalties 19,583,897 5,935,174 Land sales 220,400
571,505 Other income
412,599
392,941 Total income
$
94,092,908 $ 42,367,466
Provision for income tax
$
27,944,860 $ 12,672,980
Net income
$
58,001,587
$ 26,332,580
Net income per sub-share
$
7.37
$ 3.28
Average sub-shares outstanding during
period
7,872,554
8,025,222
* The Trust deferred $10,292,827 of easement income for the
third quarter of 2017 and $3,240,403 of easement income for the
third quarter of 2016. For the nine months ending September 30,
2017 and September 30, 2016, the Trust deferred easement income of
$23,036,260 and $5,726,314, respectively.
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version on businesswire.com: http://www.businesswire.com/news/home/20171030006286/en/
Texas Pacific Land TrustRobert J. Packer, 214-969-5531General
Agent, Chief Financial Officer
Texas Pacific Land (NYSE:TPL)
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