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Texas Pacific Land Trust Third Quarter Earnings Release (Unaudited)

TPL

Texas Pacific Land Trust Third Quarter Earnings Release (Unaudited)

Texas Pacific Land Trust (NYSE:TPL):

 
 
TEXAS PACIFIC LAND TRUST

REPORT OF OPERATIONS - UNAUDITED

       
Three Months Ended
 
September 30, 2016 September 30, 2015
 
Oil and gas royalties $ 8,454,876 $ 6,060,645
 
Land sales 485,505 1,888,635
 
Easements and sundry income* 5,200,748 10,091,161
 
Other income   132,123   146,307
 
Total income $ 14,273,252 $ 18,186,748
 
Provision for income tax $ 4,170,264 $ 5,771,859
 
Net income $ 8,929,412 $ 11,461,349
 
Net income per sub-share $ 1.12 $ 1.40
 
Average sub-shares outstanding during period 7,984,936 8,190,757
 
 
Nine Months Ended
 
September 30, 2016 September 30, 2015
 
Oil and gas royalties $ 20,932,329 $ 18,285,504
 
Land sales 571,505 22,316,635
 
Easements and sundry income* 20,470,691 23,697,100
 
Other income   392,941   421,996
 
Total income $ 42,367,466 $ 64,721,235
 
Provision for income tax $ 12,672,980 $ 20,894,401
 
Net income $ 26,332,580 $ 41,043,450
 
Net income per sub-share $ 3.28 $ 4.99
 
Average sub-shares outstanding during period 8,025,222 8,226,185
 

*The Trust deferred $3,240,403 of easement income for the third quarter of 2016 and $5,726,314 for the first nine months of 2016 due to the transition to term easements.

This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the Trust's future operations and prospects, the markets for real estate in the areas in which the Trust owns real estate, applicable zoning regulations, the markets for oil and gas, production limits on prorated oil and gas wells authorized by the Railroad Commission of Texas, expected competition, management's intent, beliefs or current expectations with respect to the Trust's future financial performance and other matters. We assume no responsibility to update any such forward-looking statements.

Texas Pacific Land Trust
David M. Peterson, 214-969-5530
General Agent, Chief Executive Officer



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