Exhibit 99.1


 
 
TEXAS PACIFIC LAND TRUST
 
 
 
 
 
 
 
 
 
1700 Pacific Avenue
 
 
 
 
Suite 2770
 
 
 
 
Dallas, Texas 75201
 
 
 
 
______
 
 
 
 
 
 
 
TRUSTEES:
 
Telephone (214) 969-5530
 
OFFICERS:
DAVID E. BARRY
 
 
 
TYLER GLOVER
JOHN R. NORRIS III
 
 
 
ROBERT J. PACKER

Texas Pacific Land Trust Announces First Quarter 2019 Financial Results
DALLAS, TX (April 25, 2019) – Texas Pacific Land Trust (NYSE: TPL) today announced financial results for the first quarter ended March 31, 2019.
Results for the first quarter of 2019:
Net income of $140.0 million, or $18.04 per Sub-share Certificate, for the first quarter ended March 31, 2019 compared with $43.8 million, or $5.60 per Sub-share Certificate, for the first quarter ended March 31, 2018.
Revenues of $191.3 million for the first quarter ended March 31, 2019, compared with $60.0 million for the first quarter ended March 31, 2018.
Increases of 84.8% in easements and other surface-related income, 68.9% in water sales and royalty revenue and 25.1% in oil and gas royalty revenue for the first quarter ended March 31, 2019 compared with the first quarter ended March 31, 2018.
Further details for the first quarter of 2019:
Oil and gas royalty revenue was $33.2 million for the first quarter ended March 31, 2019, compared with $26.5 million for the first quarter ended March 31, 2018, an increase of 25.1%. Crude oil and gas production subject to the Trust’s royalty interests increased 58.5% and 119.6%, respectively, in the first quarter ended March 31, 2019 compared to the first quarter ended March 31, 2018. While crude oil and gas production increased in the first quarter ended March 31, 2019 compared to March 31, 2018, the prices received for crude oil and gas production decreased 16.7% and 46.7%, respectively, over the same time period.

Easements and other surface-related income was $31.4 million for the first quarter ended March 31, 2019, an increase of 84.8% compared with the first quarter ended March 31, 2018 when easements and other surface-related income was $17.0 million. This increase resulted primarily from increases in pipeline easement income and to a lesser extent, an increase in lease rental income for the first quarter ended March 31, 2019 compared to the same period of 2018. Pipeline easement income increased $12.7 million for the first quarter ended March 31, 2019 compared to the same period of 2018.

Water sales and royalty revenue was $23.0 million for the first quarter ended March 31, 2019, an increase of 68.9% compared with the first quarter ended March 31, 2018 when water sales and royalty revenue was $13.6 million.


The following information was filed by Texas Pacific Land Trust on Thursday, April 25, 2019 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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