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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 Third Quarter 2017 Financial Results
DALLAS, TX (October 30, 2017) – Texas Pacific Land Trust (NYSE: TPL) today announced financial results for the third quarter of fiscal 2017, which ended September 30, 2017.
Results for third quarter 2017:
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Net income of $26.4 million, or $3.36 per sub-share, for third quarter 2017, compared with $8.9 million, or $1.12 per sub-share, for third quarter 2016. |
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Revenues of $42.5 million for third quarter 2017, compared with $14.3 million for third quarter 2016. |
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Increases of 351.5% in easements and sundry income, 248.4% in water sales and royalty revenue, and 150.9% in oil and gas royalty revenue (59.7% excluding the announced Chevron settlement) for third quarter 2017, compared with third quarter 2016. |
Results for nine months ended September 30, 2017:
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Net income of $58.0 million, or $7.37 per sub-share, for the first nine months of 2017, compared with $26.3 million, or $3.28 per sub-share, for the first nine months of 2016. |
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Revenues of $94.1 million for the first nine months of 2017, compared with $42.4 million for the first nine months of 2016. |
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Increases of 230.0% in water sales and royalty revenue, 96.7% in easements and sundry income, and 116.4% in oil and gas royalty revenue (79.5% excluding the announced Chevron settlement) for the first nine months of 2017, compared with the first nine months of 2016. |
Further Details for third quarter 2017:
Easements and sundry income was $13,221,548 for the third quarter of 2017, an increase of 351.5% compared with the third quarter of 2016 when easements and sundry income was $2,928,095. This increase resulted primarily from increases in pipeline easement income and, to a lesser extent, sundry lease rental income, temporary permit income, and material sales (caliche). Pipeline easement income increased 235.9% to $14,490,663 (before deferral of term easements) for the third quarter of 2017 compared to the third quarter of 2016.
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