Exhibit 99.1

 

TEXAS PACIFIC LAND TRUST

 

1700 Pacific Avenue

Suite 2770

Dallas, Texas 75201

______

 

TRUSTEES:

MAURICE MEYER III

JOHN R. NORRIS III

DAVID E. BARRY

 

Telephone (214) 969-5530

OFFICERS:

TYLER GLOVER

ROBERT J. PACKER

 

 

Texas Pacific Land Trust Announces Second Quarter 2017 Financial Results

 

DALLAS, TX (July 31, 2017) – Texas Pacific Land Trust (NYSE: TPL) today announced financial results for the second quarter of fiscal 2017, which ended June 30, 2017.

 

Results for second quarter 2017:

 

 

Net Income of $16.7 million, or $2.12 per sub-share, for second quarter 2017, compared with $10.1 million, or $1.26 per sub-share, for second quarter 2016.

 

 

Revenues of $27.4 million for second quarter 2017, compared with $16.2 million for second quarter 2016.

 

 

Increases of 87.6% in oil and gas royalty revenue and 53.5% in easements and sundry income for second quarter 2017, compared with second quarter 2016.

 

Results for six months ended June 30, 2017:

 

 

Net Income of $31.6 million, or $4.00 per sub-share, for the first six months of 2017, compared with $17.4 million, or $2.16 per sub-share, for the first six months of 2016.

 

 

Revenues of $51.6 million for the first six months of 2017, compared with $28.1 million for the first six months of 2016.

 

 

Increases of 93.0% in oil and gas royalty revenue and 77.0% in easements and sundry income for the first six months of 2017, compared with the first six months of 2016.

 

Further Details for second quarter 2017:

 

Easements and sundry income was $14,120,696 for the second quarter of 2017, an increase of 53.5% compared with the second quarter of 2016 when easements and sundry income was $9,198,970. This increase resulted primarily from an increase in pipeline easement income and water sales, and to a lesser extent, material sales (caliche). Pipeline easement income increased 22.7% to $7,827,726 (before deferral of term easements) and water sales increased 200.4% to $6,838,747 for the second quarter of 2017 compared to the second quarter of 2016.

 

Oil and gas royalty revenue was $12,882,976 for the second quarter of 2017, compared with $6,866,702 for the second quarter of 2016, an increase of 87.6%. Crude oil and gas production subject to the Trust’s royalty interests increased 29.1% and 61.2% respectively in the second quarter of 2017 compared to the second quarter of 2016. In addition, the prices received for crude oil and gas production increased 29.3% and 67.8% respectively in the second quarter of 2017 compared to the second quarter of 2016.

 

 
 

The following information was filed by Texas Pacific Land Trust on Tuesday, August 1, 2017 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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