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Thursday, August 18, 2016 11:05:07 PM
TPL owns 878,259 acres of raw land, a 1/16 nonparticipating perpetual royalty interest in 373,777 acres and 1/128 nonparticipating perpetual royalty interest in 85,414 acres.
Oil and gas royalty revenue was $6,866,702 for the second quarter of 2016, compared to $5,699,594 for the second quarter of 2015, an increase of 20.5%.
Oil royalty revenue was $5,503,313 for the second quarter of 2016, an increase of 28.6% from the second quarter of 2015 when oil royalty revenue was $4,279,109.
Crude oil production subject to the Trust’s royalty interest increased 68.2% in the second quarter of 2016 compared to the second quarter of 2015. This increase in production was partially offset by a 23.5% decrease in the average price per royalty barrel of crude oil during the second quarter of 2016 compared to the second quarter of 2015.
Gas royalty revenue was $1,363,389 for the second quarter of 2016, a decrease of 4.0% from the second quarter of 2015 when gas royalty revenue was $1,420,485. This decrease in gas royalty revenue resulted from a price decrease of 27.7% in the second quarter of 2016 compared to the second quarter of 2015, which was partially offset by a volume increase of 32.6%.
No land sales occurred in the second quarter of 2016.
Easements and sundry income was $9,198,970 for the second quarter of 2016, an increase of 58.5% compared to the second quarter of 2015 when easements and sundry income was $5,802,945. This increase resulted primarily from increases in pipeline easement income, sundry income and, to a lesser extent, seismic permit income. The Trust is currently moving toward the use of term easements (in lieu of perpetual) which will require us to gradually recognize the income for easements over the life of the agreement, in lieu of recognizing it all at the beginning of the term of the easement. This was the primary reason for the 123.9% increase in unearned revenue. This category of income is unpredictable and may vary significantly from quarter to quarter.
Other income, including interest on investments, was $130,438 for the second quarter of 2016 compared to $132,595 for the second quarter of 2015, a decrease of 1.6%. Grazing lease income was $122,234 for the second quarter of 2016, compared to $109,068 for the second quarter of 2015, an increase of 12.1%. This increase is primarily attributable to a delay in getting a lease renewed in the second quarter of 2015 due to a land sale.
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent TPL News
- Form S-3ASR - Automatic shelf registration statement of securities of well-known seasoned issuers • Edgar (US Regulatory) • 05/08/2024 09:17:59 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/08/2024 08:20:28 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/08/2024 08:17:56 PM
- Texas Pacific Land Corporation Announces First Quarter Results and Record Water Segment Revenues • Business Wire • 05/08/2024 08:15:00 PM
- Texas Pacific Land Corporation Sets Dates for First Quarter 2024 Earnings Release and Conference Call • Business Wire • 04/18/2024 08:15:00 PM
- Texas Pacific Land Corporation Announces Three-for-One Stock Split • Business Wire • 03/07/2024 11:08:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/07/2024 10:26:34 PM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 02/28/2024 12:30:54 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/27/2024 12:30:17 PM
- Delaware Supreme Court Affirms Ruling in Favor of Texas Pacific Land Corporation on Litigation Related to Stockholders’ Agreement • Business Wire • 02/27/2024 12:00:00 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/21/2024 09:23:38 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/21/2024 09:20:15 PM
- Texas Pacific Land Corporation Announces Fourth Quarter and Full Year 2023 Results • Business Wire • 02/21/2024 09:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 02:42:32 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 02:41:41 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/13/2024 09:02:15 PM
- Texas Pacific Land Corporation Sets Dates for Fourth Quarter and Full Year 2023 Earnings Release and Conference Call • Business Wire • 01/25/2024 09:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/02/2024 09:44:51 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/02/2024 09:43:17 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/04/2023 01:12:37 PM
- Delaware Court of Chancery Rules in Favor of Texas Pacific Land Corporation on Litigation Related to Stockholders’ Agreement • Business Wire • 12/04/2023 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/13/2023 10:17:23 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/01/2023 08:19:14 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/01/2023 08:16:35 PM
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