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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:
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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. |
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Revenues of $27.4 million for second quarter 2017, compared with $16.2 million for second quarter 2016. |
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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:
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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. |
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Revenues of $51.6 million for the first six months of 2017, compared with $28.1 million for the first six months of 2016. |
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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.
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