Exhibit 99.1

 

TEXAS PACIFIC LAND TRUST

 

1700 Pacific Avenue

Suite 2770

Dallas, Texas 75201

______

        

TRUSTEES:    OFFICERS: 
MAURICE MEYER III  Telephone (214) 969-5530 TYLER GLOVER
JOHN R. NORRIS III   ROBERT J. PACKER
DAVID E. BARRY    

                                                                                        

 

Texas Pacific Land Trust Announces First Quarter 2018 Financial Results

 

DALLAS, TX (April 30, 2018) – Texas Pacific Land Trust (NYSE: TPL) today announced financial results for the first quarter of fiscal 2018, which ended March 31, 2018.

 

Results for first quarter 2018:

 

 

Net income of $43.8 million, or $5.60 per sub-share, for first quarter 2018, compared with $19.3 million, or $2.43 per sub-share, for first quarter 2017.

 

 

Revenues of $60.0 million for first quarter 2018, compared with $30.4 million for first quarter 2017.

 

 

Increases of 181.8% in water sales and royalty revenue, 150.7% in oil and gas royalty revenue, and 14.2% in easements and sundry income for first quarter 2018, compared with first quarter 2017.

 

Further Details for first quarter 2018:

 

Oil and gas royalty revenue was $26.5 million for the first quarter of 2018, compared with $10.6 million for the first quarter of 2017, an increase of 150.7%. Crude oil and gas production subject to the Trust’s royalty interests increased 129.0% and 154.4% respectively, in the first quarter of 2018 compared to the first quarter of 2017. In addition, the prices received for crude oil production increased 13.5% in the first quarter of 2018 compared to the same quarter of 2017 while prices received for gas production decreased 13.9% over the same time period.

 

Easements and sundry income was $17.0 million for the first quarter of 2018, an increase of 14.2% compared with the first quarter of 2017 when easements and sundry income was $14.9 million. This increase resulted primarily from increases in seismic permit income, sundry lease rental income, and temporary permit income. These increases were partially offset by a decrease in pipeline easement income of 15.8% to $8.2 million for the first quarter of 2018 compared to the first quarter of 2017 due to timing differences resulting from a change in the form of our pipeline easement agreements.

 

Water sales and royalty revenue was $13.6 million for the first quarter of 2018, an increase of 181.8% compared with the first quarter of 2017 when water sales and royalty revenue was $4.8 million.

 

Land sale revenue was $2.8 million for the first quarter of 2018. The Trust sold approximately 120 acres of land for an average price of approximately $22,917 per acre. There were no land sales in the first quarter of 2017.

 

 

The following information was filed by Texas Pacific Land Trust on Monday, April 30, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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