Texas pacific land trust (TPL)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Sep'10Jun'10
Revenues:
Revenues:
Total revenues

96,594

113,332

98,530

87,310

191,324

93,201

73,168

73,844

60,007

39,957

51,977

32,293

30,407

23,760

14,265

16,190

11,892

14,715

18,179

11,787

34,732

13,291

14,752

15,579

11,578

12,500

14,933

9,950

6,723

7,272

7,038

8,701

9,574

11,234

8,555

8,794

5,715

3,885

6,474

Interest income from notes receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

65

72

123

140

147

162

180

180

182

191

211

228

249

269

274

Other income

-

-

-

-

-

-

-

-

-

-

-

-

-

-

124

124

124

124

139

125

136

-

140

182

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Expenses:
Salaries and related employee expenses

10,620

12,299

8,537

7,741

6,464

7,985

4,050

3,835

2,563

2,137

671

580

386

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Water service-related expenses

6,780

5,385

5,122

5,723

4,578

3,567

3,707

2,588

1,306

280

201

10

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

General and administrative expenses

2,959

2,664

2,864

2,095

2,142

1,821

1,190

1,013

680

401

511

271

340

-1,192

676

698

749

-914

590

503

607

-

-

-

-

-1,065

493

520

641

-915

427

530

558

-1,055

470

551

605

497

697

Legal and professional fees

2,358

1,204

5,558

7,858

1,783

875

556

420

647

893

1,011

904

715

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation, depletion and amortization

3,335

3,620

2,631

1,451

1,204

1,064

706

483

330

63

209

85

19

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Taxes, other than income taxes

-

-

-

-

-

-

-

-

-

-

66

62

55

-

497

394

346

395

362

342

376

384

433

447

426

455

339

384

241

232

245

219

243

217

241

234

229

185

188

Trustees compensation

-

-

-

-

-

-

-

-

-

-

2

2

2

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total operating expenses

26,052

25,172

24,712

24,868

16,171

15,312

10,209

8,339

5,526

3,585

2,671

1,914

1,517

-163

1,173

1,092

1,095

1,375

953

846

983

1,094

877

870

942

1,358

832

904

883

1,058

673

750

801

1,229

712

786

834

682

886

Operating income

70,542

88,160

73,818

62,442

175,153

77,889

62,959

65,505

54,481

36,372

49,306

30,379

28,890

23,924

13,092

15,097

10,796

13,339

17,225

10,941

33,748

12,196

13,874

14,709

10,636

11,142

14,101

9,046

5,840

6,214

6,365

7,951

8,773

10,004

7,843

8,008

4,881

3,203

5,587

Other income

826

911

941

437

393

390

236

160

130

83

18

6

7

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest income earned from investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7

5

5

5

7

7

6

4

3

3

3

3

2

3

3

4

4

5

5

5

4

4

4

8

6

Income before income taxes

71,368

89,071

74,759

62,879

175,546

78,279

63,195

65,665

54,611

36,455

49,324

30,385

28,897

23,890

13,099

15,103

10,802

13,345

17,233

10,949

33,755

12,200

13,878

14,712

10,639

11,145

14,103

9,049

5,843

6,218

6,369

7,956

8,778

10,009

7,848

8,012

4,885

3,211

5,594

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

14,022

14,008

9,918

19,018

14,548

785

12,433

13,162

10,820

-

-

-

-

-

-

-

-

-

-

-

-

16,258

444

422

515

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred

-55

5,941

4,819

-5,725

21,000

14,814

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total income tax expense

14,000

19,997

14,737

13,293

35,500

15,599

12,433

13,162

10,820

11,835

16,322

10,035

9,638

7,948

4,170

4,980

3,522

4,349

5,771

3,533

11,589

3,965

4,512

4,798

3,389

3,626

4,672

2,919

1,705

2,104

2,058

2,671

2,840

3,449

2,589

2,596

1,525

983

1,788

Net income

57,401

69,122

60,022

49,586

139,998

62,680

50,762

52,503

43,791

24,620

33,002

20,350

19,259

15,942

8,929

10,123

7,280

8,995

11,461

7,416

22,166

8,234

9,366

9,914

7,249

7,519

9,431

6,130

4,137

4,113

4,311

5,284

5,938

6,560

5,258

5,415

3,359

2,228

3,805

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

13

-410

9

9

9

-133

13

13

13

105

17

17

17

220

22

22

22

32

23

23

23

-756

8

8

8

277

18

18

18

-153

11

11

11

-328

9

-9

9

-

-

Total comprehensive income

57,414

68,712

60,031

49,595

140,007

62,547

50,775

52,516

43,804

24,725

33,019

20,367

19,276

16,162

8,952

10,145

7,302

9,027

11,485

7,439

22,190

7,478

9,374

9,922

7,258

7,796

9,449

6,148

4,155

3,960

4,322

5,296

5,949

6,212

5,268

5,425

3,369

-

-

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

7,756

7,753

7,756

7,756

7,759

7,741

7,786

7,803

7,818

7,765

7,851

7,882

7,919

7,824

7,984

8,048

8,098

-

8,190

8,244

8,297

-

8,406

8,439

8,451

-

8,602

8,686

8,755

-

8,940

9,025

9,122

-

9,340

9,432

9,518

9,681

9,767

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

7.40

8.92

7.74

6.39

18.04

8.08

6.52

6.73

5.60

3.17

4.20

2.58

2.43

2.01

1.12

1.26

0.90

1.13

1.40

0.90

2.67

1.00

1.11

1.17

0.86

0.88

1.10

0.71

0.47

0.48

0.48

0.59

0.65

0.72

0.56

0.58

0.35

0.23

0.39

Cash dividends per Sub-share Certificate (in dollars per share)

16.00

-

0.00

0.00

6.00

-

0.00

0.00

4.05

-

0.00

0.00

1.35

-

0.00

0.00

0.31

-

0.00

0.00

0.29

-

0.00

0.00

0.27

-

-

-

-

-

0.00

0.00

0.23

-

0.00

0.00

0.21

-

-

Oil and gas royalties
Total revenues

42,360

43,616

38,259

39,641

33,213

35,756

31,253

30,278

26,547

15,166

20,481

12,183

10,588

7,452

8,454

6,866

5,610

6,574

6,060

5,699

6,525

2,261

7,707

7,863

11,512

-1,167

9,608

9,592

6,463

-4,290

6,857

6,278

5,825

-544

5,388

4,885

4,955

3,616

4,632

Easements and other surface-related income
Total revenues

26,267

27,727

33,911

22,357

31,367

21,894

22,068

27,799

16,978

18,710

23,454

12,926

14,867

7,957

2,928

9,198

6,070

-

10,091

5,802

7,802

-

6,581

5,863

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Water sales and royalties
Total revenues

26,967

19,882

21,654

20,430

22,983

16,485

18,178

15,643

13,607

5,952

7,917

6,839

4,828

-

2,272

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Land sales
Total revenues

900

22,000

4,621

4,774

103,625

74

1,543

0

2,750

0

0

220

0

2,373

485

0

86

300

1,888

160

20,268

-

323

1,670

-

880

5,201

218

113

0

0

2,242

3,567

4,725

2,955

3,680

511

-

1,567

Other operating revenue
Total revenues

100

107

85

108

136

117

126

124

125

129

125

125

124

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-