Texas pacific land trust (TPL)
Income statement / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Revenues:
Revenues:
Total revenues

490,496

300,220

154,634

66,109

79,415

55,202

44,109

32,587

34,300

20,065

13,084

Interest income from notes receivable

-

-

-

-

-

140

484

706

879

1,082

1,216

Other income

-

-

-

-

525

-

-

-

-

-

-

Expenses:
Salaries and related employee expenses

35,041

18,433

3,774

1,446

1,196

917

1,189

1,106

1,002

1,003

999

Water service-related expenses

20,808

11,168

491

0

0

-

-

-

-

-

-

General and administrative expenses

9,765

4,704

1,523

931

788

629

589

601

571

537

519

Basis in real estate sold

-

-

-

-

-

-

0

-

36

-

-

Legal and professional fees

16,403

2,498

3,523

778

665

517

755

609

1,008

1,327

913

Depreciation, depletion and amortization

8,906

2,583

376

43

25

19

16

16

12

15

42

Taxes, other than income taxes

-

-

-

-

1,477

1,692

1,420

941

922

775

611

Trustees compensation

-

-

-

-

8

8

8

8

8

8

8

Total operating expenses

90,923

39,386

9,687

3,198

4,159

3,785

3,978

3,284

3,563

3,667

3,093

Operating income

399,573

260,834

144,947

62,911

75,256

51,417

40,130

29,303

30,737

16,398

9,991

Other income

2,682

916

114

-15

-

-

-

-

-

-

-

Interest income earned from investments

-

-

-

-

27

14

12

19

18

25

53

Income before income taxes

402,255

261,750

145,061

62,896

75,283

51,431

40,142

29,322

30,755

16,424

10,044

Income tax expense (benefit):
Income tax expense:
Current

57,492

37,200

46,864

22,041

25,430

17,641

13,708

10,287

11,318

5,545

3,620

Deferred

26,035

14,814

966

-1,420

-186

-974

-784

-612

-1,157

-430

-489

Total income tax expense

83,527

52,014

47,830

20,621

25,244

16,666

12,924

9,675

10,161

5,115

3,130

Net income

318,728

209,736

97,231

42,275

50,039

34,765

27,218

19,647

20,594

11,308

6,914

Amortization of net actuarial costs, net of income taxes of $10, $14, and $38 for the years ended December 31, 2019, 2018 and 2017, respectively

36

50

70

91

96

33

72

79

45

-38

-

Net actuarial (loss) gain on pension plan net of income taxes of $(111), $(38), and $46 as of December 31, 2019, 2018 and 2017, respectively

-419

-144

86

198

8

-764

259

-199

-364

-66

-

Other comprehensive income — periodic pension costs, net of income taxes of $4 and $2, respectively

-383

-94

156

289

104

-730

331

-119

-318

-27

-

Total comprehensive income

318,345

209,642

97,387

42,564

50,143

34,034

27,550

19,528

20,276

11,281

-

Weighted average number of Sub-share Certificates outstanding (in shares)

7,756

7,787

7,854

7,989

-

-

-

-

-

-

-

Net income per Sub-share Certificate — basic and diluted (in dollars per share)

41.09

26.93

12.38

5.29

6.10

4.14

3.16

2.20

2.21

1.17

0.69

Weighted average number of Sub-share Certificates outstanding (in shares)

-

-

-

-

8,197

-

-

-

-

-

-

Oil and gas royalties
Total revenues

154,729

123,834

58,418

28,385

24,860

29,346

24,496

14,670

14,685

11,573

8,686

Easements and other surface-related income
Total revenues

115,362

88,739

69,957

26,156

-

-

-

-

-

-

-

Water sales and royalties
Total revenues

84,949

63,913

25,536

8,125

4,801

500

494

488

499

506

492

Sale of oil and gas royalty interests
Total revenues

0

18,900

0

0

-

-

-

-

-

-

-

Land sales
Total revenues

135,020

4,367

220

2,945

22,617

3,698

6,413

5,809

11,873

2,738

523

Other operating revenue
Total revenues

436

492

503

498

26,612

21,517

12,220

10,911

6,362

4,166

2,166