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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 ARS - Annual Report to Security Holders • Edgar (US Regulatory) • 09/24/2024 10:08:18 AM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 09/24/2024 10:05:49 AM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 09/24/2024 10:02:23 AM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 09/13/2024 08:45:52 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/27/2024 08:27:56 PM
- Texas Pacific Land Corporation Acquires Permian Mineral Interests and Surface Acreage in Cash Transactions • Business Wire • 08/27/2024 08:15:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/07/2024 08:19:31 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/07/2024 08:17:25 PM
- Texas Pacific Land Corporation Announces Second Quarter Results and Another Record Performance From Water Segment • Business Wire • 08/07/2024 08:15:00 PM
- Texas Pacific Land Corporation Sets Dates for Second Quarter 2024 Earnings Release and Conference Call • Business Wire • 07/23/2024 08:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/13/2024 08:17:32 PM
- Texas Pacific Land Corporation Announces Special Dividend of $10 Per Share and Cash Balance Target • Business Wire • 06/13/2024 08:15:00 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 05/24/2024 08:01:46 PM
- 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
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- 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
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