State or other jurisdiction of incorporation or organization: | IRS Employer Identification No.: | |||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
(par value $.01 per share) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. | ||||||||||||||||
(d) | Exhibits. | ||||||||||||||||
TEXAS PACIFIC LAND CORPORATION | |||||||||||
Date: | By: | /s/ Chris Steddum | |||||||||
Chris Steddum | |||||||||||
Chief Financial Officer |
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Our share of production volumes(1): | ||||||||||||||||||||||||||
Oil (MBbls) | 938 | 697 | 3,076 | 2,778 | ||||||||||||||||||||||
Natural gas (MMcf) | 3,455 | 2,660 | 12,082 | 9,643 | ||||||||||||||||||||||
NGL (MBbls) | 511 | 419 | 1,705 | 1,561 | ||||||||||||||||||||||
Equivalents (MBoe) | 2,024 | 1,559 | 6,795 | 5,946 | ||||||||||||||||||||||
Equivalents per day (MBoe/d) | 22.0 | 17.0 | 18.6 | 16.2 | ||||||||||||||||||||||
Oil and gas royalty revenue: | ||||||||||||||||||||||||||
Oil royalties | $ | 66,803 | $ | 32,312 | $ | 195,710 | $ | 109,106 | ||||||||||||||||||
Natural gas royalties | 14,564 | 4,293 | 40,964 | 11,097 | ||||||||||||||||||||||
NGL royalties | 18,266 | 6,712 | 49,794 | 17,745 | ||||||||||||||||||||||
Total oil and gas royalties | $ | 99,633 | $ | 43,317 | $ | 286,468 | $ | 137,948 | ||||||||||||||||||
Realized prices: | ||||||||||||||||||||||||||
Oil ($/Bbl) | $ | 74.60 | $ | 48.56 | $ | 66.62 | $ | 41.13 | ||||||||||||||||||
Natural gas ($/Mcf) | $ | 4.56 | $ | 1.74 | $ | 3.67 | $ | 1.24 | ||||||||||||||||||
NGL ($/Bbl) | $ | 38.64 | $ | 17.30 | $ | 31.56 | $ | 12.29 | ||||||||||||||||||
Equivalents ($/Boe) | $ | 51.53 | $ | 29.09 | $ | 44.14 | $ | 24.29 |
(1) | Term | Definition | |||||||||
Bbl | One stock tank barrel of 42 U.S. gallons liquid volume used herein in reference to crude oil, condensate or NGLs. | ||||||||||
MBbls | One thousand barrels of crude oil, condensate or NGLs. | ||||||||||
MBoe | One thousand Boe. | ||||||||||
MBoe/d | One thousand Boe per day. | ||||||||||
Mcf | One thousand cubic feet of natural gas. | ||||||||||
MMcf | One million cubic feet of natural gas. | ||||||||||
NGL | Natural gas liquids. Hydrocarbons found in natural gas that may be extracted as liquefied petroleum gas and natural gasoline. |
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Oil and gas royalties | $ | 99,633 | $ | 43,317 | $ | 286,468 | $ | 137,948 | ||||||||||||||||||
Water sales | 22,783 | 7,337 | 67,766 | 54,862 | ||||||||||||||||||||||
Produced water royalties | 14,934 | 12,777 | 58,081 | 50,640 | ||||||||||||||||||||||
Easements and other surface-related income | 9,760 | 9,291 | 37,616 | 41,398 | ||||||||||||||||||||||
Land sales and other operating revenue | 68 | 1,582 | 1,027 | 17,716 | ||||||||||||||||||||||
Total revenues | 147,178 | 74,304 | 450,958 | 302,564 | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Salaries and related employee expenses | 8,220 | 4,938 | 40,012 | 32,173 | ||||||||||||||||||||||
Water service-related expenses | 2,734 | 3,028 | 13,233 | 14,233 | ||||||||||||||||||||||
General and administrative expenses | 3,291 | 2,461 | 11,782 | 9,751 | ||||||||||||||||||||||
Legal and professional fees | 2,377 | 3,823 | 7,281 | 10,778 | ||||||||||||||||||||||
Land sales expenses | — | 1,200 | — | 3,973 | ||||||||||||||||||||||
Depreciation, depletion and amortization | 4,695 | 3,622 | 16,257 | 14,395 | ||||||||||||||||||||||
Total operating expenses | 21,317 | 19,072 | 88,565 | 85,303 | ||||||||||||||||||||||
Operating income | 125,861 | 55,232 | 362,393 | 217,261 | ||||||||||||||||||||||
Other income, net | (300) | 105 | 624 | 2,401 | ||||||||||||||||||||||
Income before income taxes | 125,561 | 55,337 | 363,017 | 219,662 | ||||||||||||||||||||||
Income tax expense | 46,516 | 10,546 | 93,037 | 43,613 | ||||||||||||||||||||||
Net income | $ | 79,045 | $ | 44,791 | $ | 269,980 | $ | 176,049 | ||||||||||||||||||
Net income per share | ||||||||||||||||||||||||||
Basic | $ | 10.21 | $ | 5.77 | $ | 34.83 | $ | 22.70 | ||||||||||||||||||
Diluted | $ | 10.21 | $ | 5.77 | $ | 34.83 | $ | 22.70 | ||||||||||||||||||
Weighted average number of shares outstanding | ||||||||||||||||||||||||||
Basic | 7,744,868 | 7,756,156 | 7,752,027 | 7,756,156 | ||||||||||||||||||||||
Diluted | 7,744,977 | 7,756,156 | 7,752,054 | 7,756,156 |
Three Months Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Land and resource management: | ||||||||||||||||||||||||||
Oil and gas royalty revenue | $ | 99,633 | 68 | % | $ | 43,317 | 58 | % | ||||||||||||||||||
Easements and other surface-related income | 8,863 | 6 | % | 8,092 | 11 | % | ||||||||||||||||||||
Land sales and other operating revenue | 68 | — | % | 1,582 | 2 | % | ||||||||||||||||||||
Total land and resource management revenue | 108,564 | 74 | % | 52,991 | 71 | % | ||||||||||||||||||||
Water services and operations: | ||||||||||||||||||||||||||
Water sales | 22,783 | 15 | % | 7,337 | 10 | % | ||||||||||||||||||||
Produced water royalties | 14,934 | 10 | % | 12,777 | 17 | % | ||||||||||||||||||||
Easements and other surface-related income | 897 | 1 | % | 1,199 | 2 | % | ||||||||||||||||||||
Total water services and operations revenue | 38,614 | 26 | % | 21,313 | 29 | % | ||||||||||||||||||||
Total consolidated revenues | $ | 147,178 | 100 | % | $ | 74,304 | 100 | % | ||||||||||||||||||
Net income: | ||||||||||||||||||||||||||
Land and resource management | $ | 58,649 | 74 | % | $ | 35,780 | 80 | % | ||||||||||||||||||
Water services and operations | 20,396 | 26 | % | 9,011 | 20 | % | ||||||||||||||||||||
Total consolidated net income | $ | 79,045 | 100 | % | $ | 44,791 | 100 | % | ||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Land and resource management: | ||||||||||||||||||||||||||
Oil and gas royalty revenue | $ | 286,468 | 64 | % | $ | 137,948 | 46 | % | ||||||||||||||||||
Easements and other surface-related income | 32,892 | 7 | % | 39,478 | 13 | % | ||||||||||||||||||||
Land sales and other operating revenue | 1,027 | — | % | 17,716 | 6 | % | ||||||||||||||||||||
Total land and resource management revenue | 320,387 | 71 | % | 195,142 | 65 | % | ||||||||||||||||||||
Water services and operations: | ||||||||||||||||||||||||||
Water sales | 67,766 | 15 | % | 54,862 | 18 | % | ||||||||||||||||||||
Produced water royalties | 58,081 | 13 | % | 50,640 | 16 | % | ||||||||||||||||||||
Easements and other surface-related income | 4,724 | 1 | % | 1,920 | 1 | % | ||||||||||||||||||||
Total water services and operations revenue | 130,571 | 29 | % | 107,422 | 35 | % | ||||||||||||||||||||
Total consolidated revenues | $ | 450,958 | 100 | % | $ | 302,564 | 100 | % | ||||||||||||||||||
Net income: | ||||||||||||||||||||||||||
Land and resource management | $ | 208,897 | 77 | % | $ | 127,977 | 73 | % | ||||||||||||||||||
Water services and operations | 61,083 | 23 | % | 48,072 | 27 | % | ||||||||||||||||||||
Total consolidated net income | $ | 269,980 | 100 | % | $ | 176,049 | 100 | % | ||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income | $ | 79,045 | $ | 44,791 | $ | 269,980 | $ | 176,049 | ||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Income tax expense | 46,516 | 10,546 | 93,037 | 43,613 | ||||||||||||||||||||||
Depreciation, depletion and amortization | 4,695 | 3,622 | 16,257 | 14,395 | ||||||||||||||||||||||
EBITDA | 130,256 | 58,959 | 379,274 | 234,057 | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Corporate Reorganization & conversion committee costs | — | 2,219 | 2,026 | 5,050 | ||||||||||||||||||||||
Severance costs | — | — | 6,680 | — | ||||||||||||||||||||||
Adjusted EBITDA | $ | 130,256 | $ | 61,178 | $ | 387,980 | $ | 239,107 |
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
Q6 >GAYLH= M1#*W'=,&Y4F]+<&U0*.Z:XM<'#<$%.FD<'!SB>;4WZ%1WJ-=K4;NGD0R#L]I M7%FAN6X@W>N]K!^/"SH@=2RZOZ*/VNI2>Y?55L?JBTVB*]!J4?"CO4^$QA?/ M!'W+FC]UQ=X=ENUN@!O:X9.V&&M))JM5UH#1ZH)/E"GM/)RG3L48Z^5=(TG4-$QNGC3+?TXVTT47//RA9T\ M4<;<3&]C=W=R?U&_JQ[HW![#1!M-R<;.8(LL [Y>W\: AKJ<)CVQWO/W.\44[BKF@MQX61C[0I9Y9B72/)/\ @__9 end
Cover Page |
Feb. 23, 2022 |
---|---|
Entity Addresses [Line Items] | |
Entity Central Index Key | 0001811074 |
Entity File Number | 1-39804 |
Document Type | 8-K |
Document Period End Date | Feb. 23, 2022 |
Entity Tax Identification Number | 75-0279735 |
Entity Registrant Name | TEXAS PACIFIC LAND CORPORATION |
Entity Address, Address Line One | 1700 Pacific Avenue |
Entity Address, Address Line Two | Suite 2900 |
Entity Address, City or Town | Dallas |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75201 |
City Area Code | 214 |
Local Phone Number | 969-5530 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock(par value $.01 per share) |
Trading Symbol | TPL |
Security Exchange Name | NYSE |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
X(SR$V<,(("5'H/KF"&4_)RR(9?G3-'):
MZ0EVSTF).>]"+*(4I>S/^3U>+10OK34Z$GB/1AX3A,U8CXTG?CAE\^!@62*D
M(4SHSVS1!9;HIR[. YJ@G],$$,>Y8CB=.WRGF@)5W2Q)KW*
M/RR\.*,#EF8'KB8$1H;]P%\L#-9+TVZ9I?S-4M[0LM\BFLP*N$CKO:$[K EF
MJ5CJ,&&1ED8$^KML+%\' 67_ ;^,] >QH"]@]5V\\
MSSJ6VT0QP2D/V3CQ)4+B&4*XT98V9LPH3_^"+OPF QZS>YZY#_"G-!(6[UQ4
MQ8V^9?'S.K _R\V:OV:?&A Y(<> DY%QG@Q\^YNK_'4
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M$B*I%.5OSE-02UU S4\\OC#*PDY#//G%[<'=KO)4E]$TB'>&&_WP&K#@P%
MRN4^D8ZKGVK#5:;^)>Q*\P_G74LX-6]#469@N#;_[^EGD)^:OJ$PSOX@>(MX=-?:2!9"I:, 5G,I9.HUG%$5DCCU7=!$O9Y( B7_QO?4\6S5UH]"A
MT0#6"P_0!O"V28I'<"0K&WPK4:V/ZI+_]L#-$" P]!M;4'7N!%R<1/T1>A=7/L 3ENYQ5-+!OC\KN*!K5FT:&H755 V+-
MB=37NNT*!>F8HNK/[%::ZDD4#ED<>V$ ?Q@R%5)O8@"LTON'522P;T>J9ZIH
MK=XTZFIFZ2W>BD9[=J1TK;MI_ZZ*J#?>+:8BZ,W['7JF89XIU[_65#(T4U?M
M _6FD9*D)E#)TOJJ-+T?5']@DX@Y'L7K3S7BLHG/\%>1 1^' .??_)F*J,MW
M*G7Z;14)U)I&EM8Q*SR04=&HB%O5T ?%\+)9>5'53#"<%O*5LT?%\I,5LI*64+9=99M'"=Q?C
MHGQ95LK:CA<5YDA5AFDA>P\&)5#WM0"2].:XYR.1AZF41('/I-]Q]N_SO#R-
MABL*AY0Q/SPO8TG.NKB"H93A:05UE@B1D\8/Q0PH6UDS=Y'Z$
U[8U;?4%V]V <<@^F[X%J/=R]W)3(_S4T'M2&&PE.BPV
M-=WKL=PTR),3H^ABA]MB4V?6?LM-S7#C+3AUIE);