Followers | 241 |
Posts | 12150 |
Boards Moderated | 3 |
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
- 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
- KKR, CrowdStrike Holdings and GoDaddy Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600 • PR Newswire (US) • 06/07/2024 10:09:00 PM
- 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
- 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
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM