Followers | 240 |
Posts | 12051 |
Boards Moderated | 0 |
Alias Born | 04/05/2009 |
Wednesday, January 31, 2018 5:52:41 PM
Texas Pacific Land Trust (NYSE: TPL) today announced financial results for the fourth quarter and year end of fiscal 2017, which ended December 31, 2017.
Results for fourth quarter 2017:
• Net income of $18.4 million, or $2.35 per sub-share, for fourth quarter 2017, compared with $10.9 million, or $1.37 per sub-share, for fourth quarter 2016.
• Revenues of $38.3 million for fourth quarter 2017, compared with $17.6 million for fourth quarter 2016.
• Increases of 324.4% in easements and sundry income, 171.8% in water sales and royalty revenue, and 76.8% in oil and gas royalty revenue for fourth quarter 2017, compared with fourth quarter 2016.
Results for the year ended December 31, 2017:
• Net income of $76.4 million, or $9.72 per sub-share, for the year ended December 31, 2017, compared with $37.2 million, or $4.66 per sub-share, for the year ended December 31, 2016.
• Revenues of $132.4 million for the year ended December 31, 2017, compared with $59.9 million for the year ended December 31, 2016.
• Increases of 214.3% in water sales and royalty revenue, 144.0% in easements and sundry income, and 104.4% in oil and gas royalty revenue for the year ended December 31, 2017, compared with the year ended December 31, 2016.
Further Details for fourth quarter 2017:
Easements and sundry income was $16.2 million for the fourth quarter of 2017, an increase of 324.4% compared with the fourth quarter of 2016 when easements and sundry income was $3.8 million. This increase resulted primarily from increases in pipeline easement income, material sales, temporary permit income and, to a lesser extent, sundry lease rental income. Pipeline easement income increased 139.8% to $8.3 million (before deferral of term easements) for the fourth quarter of 2017 compared to the fourth quarter of 2016. Material sales increased 928.0% to $3.5 million for the fourth quarter of 2017 compared to the fourth quarter of 2016.
Oil and gas royalty revenue was $16.0 million for the fourth quarter of 2017, compared with $9.1 million for the fourth quarter of 2016, an increase of 76.8%. Crude oil and gas production subject to the Trust’s royalty interests increased 55.5% and 77.3%, respectively, in the fourth quarter of 2017 compared to the fourth quarter of 2016. In addition, the prices received for crude oil production increased 14.9% in the fourth quarter of 2017 compared to the same quarter of 2016 while prices received for gas production decreased 3.0% over the same time period.
Water sales and royalty revenue was $6.0 million for the fourth quarter of 2017, an increase of 171.8% compared with the fourth quarter of 2016 when water sales and royalty revenue was $2.2 million.
Further Details for year ended December 31, 2017:
Easements and sundry income was $44.8 million for the year ended December 31, 2017, an increase of 144.0% compared with the year ended December 31, 2016 when easements and sundry income was $18.3 million. This increase resulted primarily from increases in pipeline easement income, temporary permit income, material sales and, to a lesser extent, sundry lease rental income. Pipeline easement income increased 141.7% to $41.7 million (before deferral of term easements) for the year ended December 31, 2017 compared to the year ended December 31, 2016. Material sales increased 481.1% to $7.1 million for the year ended December 31, 2017 compared to the year ended December 31, 2016.
Oil and gas royalty revenue was $61.3 million for the year ended December 31, 2017, compared with $30.0 million for the year ended December 31, 2016, an increase of 104.4% (78.7% excluding the Chevron settlement). Crude oil and gas production subject to the Trust’s royalty interests increased 43.8% and 59.8%, respectively, in the year ended December 31, 2017 compared with the year ended December 31, 2016. In addition, the prices received for crude oil and gas production increased 22.6% and 16.0%, respectively, in the year ended December 31, 2017 compared to the year ended December 31, 2016. The changes in production and price for the year ended December 31, 2017 compared to the year ended December 31, 2016 exclude the effect of the Chevron settlement.
Water sales and royalty revenue was $25.5 million for the year ended December 31, 2017, an increase of 214.3% compared with the year ended December 31, 2016 when water sales and royalty revenue was $8.1 million.
Texas Pacific Land Trust is not a REIT.
http://www.businesswire.com/news/home/20180131006223/en/
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent TPL News
- 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
- Texas Pacific Land Corporation Announces Third Quarter 2023 Results • Business Wire • 11/01/2023 08:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/13/2023 09:24:44 PM
- Texas Pacific Land Corporation Sets Dates for Third Quarter 2023 Earnings Release and Conference Call • Business Wire • 10/11/2023 08:15:00 PM
- Form ARS - Annual Report to Security Holders • Edgar (US Regulatory) • 10/10/2023 10:01:30 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM