Exhibit 99.1
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TEXAS PACIFIC LAND TRUST ANNOUNCES FIRST QUARTER 2020 RESULTS
DALLAS, TX (April 30, 2020) – Texas Pacific Land Trust (NYSE: TPL) today announced financial and operating results for the first quarter ended March 31, 2020.
Results for the first quarter of 2020:
Net income of $57.4 million, or $7.40 per Sub-share Certificate, for the first quarter ended March 31, 2020 compared with $140.0 million (which included a $100 million land sale), or $18.04 per Sub-share Certificate, for the first quarter ended March 31, 2019.

Revenues of $96.6 million for the first quarter ended March 31, 2020, compared with $191.3 million for the first quarter ended March 31, 2019.

Increases of 27.5% in oil and gas royalty revenue and 17.3% in water sales and royalty revenue and a decrease of 16.3% in easements and other surface-related income for the first quarter ended March 31, 2020 compared with the first quarter ended March 31, 2019.
EBITDA of $74.7 million for the first quarter ended March 31, 2020, compared with $176.8 million for the first quarter ended March 31, 2019.

“While the full extent of the impact of COVID-19 and the effect of record low oil prices on the global and U.S. economies, the oil & gas industry, and more specifically our business operations, is unknown at this time, we believe the Trust is well positioned both financially and operationally to weather the current uncertainties,” said Tyler Glover, the Trust’s chief executive officer. “We are focused on continuing to meet the operational needs of our customers and ensuring ongoing employee health and safety during these unprecedented times.”

Further details for the first quarter of 2020:
The Trust reported net income of $57.4 million for the first quarter ended March 31, 2020, a decrease of 59.0% compared to net income of $140.0 million for the first quarter ended March 31, 2019, which included a $100 million land sale. Excluding the impact of the 2019 land sale (net of income tax), net income for the first quarter ended March 31, 2019 was $61.0 million.

Oil and gas royalty revenue was $42.4 million for the first quarter ended March 31, 2020, compared with $33.2 million for the first quarter ended March 31, 2019, an increase of 27.5%. Crude oil and gas production subject to the Trust’s royalty interests increased 11.9% and 31.4%, respectively, in the first quarter ended March 31, 2020 compared to the first quarter ended March 31, 2019. Additionally, prices received for crude oil production increased 21.9% in the first quarter ended March 31, 2020 compared to the same period of 2019, while prices received for gas production decreased 23.1% over the same time period.

Easements and other surface-related income was $26.3 million for the first quarter ended March 31, 2020, a decrease of 16.3% compared with the first quarter ended March 31, 2019 when easements and other surface-related income was $31.4 million. The decrease in easements and other surface-related income was largely driven by a decrease of $8.4 million in pipeline easement income partially offset by an increase of $2.6 million in commercial lease revenue (largely due to an increase in saltwater disposal royalties) for the first quarter ended March 31, 2020 compared to the same period of 2019.

Water sales and royalty revenue was $27.0 million for the first quarter ended March 31, 2020, an increase of 17.3% compared with the first quarter ended March 31, 2019 when water sales and royalty revenue was $23.0 million. This increase was principally due to a 50.5% increase in the number of barrels of sourced and treated water sold in the first quarter of 2020 over the same period in 2019, partially offset by decreased water royalties.



The following information was filed by Texas Pacific Land Trust on Thursday, April 30, 2020 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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