Stunning earnings...guess the major oil companies are making progress. Chevron plans to invest $4 billion into the Permian. What impact that will have on TPL earnings will be interesting to watch play out. No land sales at all this quarter but it did include the arbitration award from Chevron. One more interesting item was $10.2 million in deferred easement revenue. That will fatten future earnings but for now it just adds to the cash pile. I hope the 10-q will have info on water operations...although now they report "water sales and royalties." So I guess we receive money for water taken out by producers. Wish we had the details.
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.
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