Not Applicable (State or Other Jurisdiction of Incorporation) | 1-737 (Commission File Number) | 75-0279735 (IRS Employer Identification Number) |
¨ | 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)) | |
Item 2.02. | Results Of Operations And Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. | ||||
(d) | Exhibits. | ||||
TEXAS PACIFIC LAND TRUST | ||||
Date: | April 25, 2019 | By: | /s/ Robert J. Packer | |
Robert J. Packer | ||||
General Agent and Chief Financial Officer |
TEXAS PACIFIC LAND TRUST | ||||
1700 Pacific Avenue | ||||
Suite 2770 | ||||
Dallas, Texas 75201 | ||||
______ | ||||
TRUSTEES: | Telephone (214) 969-5530 | OFFICERS: | ||
DAVID E. BARRY | TYLER GLOVER | |||
JOHN R. NORRIS III | ROBERT J. PACKER |
• | Net income of $140.0 million, or $18.04 per Sub-share Certificate, for the first quarter ended March 31, 2019 compared with $43.8 million, or $5.60 per Sub-share Certificate, for the first quarter ended March 31, 2018. |
• | Revenues of $191.3 million for the first quarter ended March 31, 2019, compared with $60.0 million for the first quarter ended March 31, 2018. |
• | Increases of 84.8% in easements and other surface-related income, 68.9% in water sales and royalty revenue and 25.1% in oil and gas royalty revenue for the first quarter ended March 31, 2019 compared with the first quarter ended March 31, 2018. |
Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Oil and gas royalties | $ | 33,213 | $ | 26,547 | ||||
Easements and other surface-related income | 31,367 | 16,978 | ||||||
Water sales and royalties | 22,983 | 13,607 | ||||||
Land sales | 103,625 | 2,750 | ||||||
Other operating revenue | 136 | 125 | ||||||
Total revenues | $ | 191,324 | $ | 60,007 | ||||
Income taxes | $ | 35,548 | $ | 10,820 | ||||
Net income | $ | 139,998 | $ | 43,791 | ||||
Net income per Sub-share Certificate — basic and diluted | $ | 18.04 | $ | 5.60 | ||||
Weighted average number of Sub-share Certificates outstanding during period | 7,759,808 | 7,818,168 | ||||||
Three Months Ended March 31, | ||||||||||||||
2019 | 2018 | |||||||||||||
Revenues: | ||||||||||||||
Land and resource management: | ||||||||||||||
Oil and gas royalties | $ | 33,213 | 18 | % | $ | 26,547 | 44 | % | ||||||
Easements and other surface-related income | 23,485 | 12 | % | 13,331 | 22 | % | ||||||||
Land sales and other operating revenue | 103,761 | 54 | % | 2,875 | 5 | % | ||||||||
160,459 | 84 | % | 42,753 | 71 | % | |||||||||
Water service and operations: | ||||||||||||||
Water sales and royalties | 22,983 | 12 | % | 13,607 | 23 | % | ||||||||
Easements and other surface-related income | 7,882 | 4 | % | 3,647 | 6 | % | ||||||||
30,865 | 16 | % | 17,254 | 29 | % | |||||||||
Total consolidated revenues | $ | 191,324 | 100 | % | $ | 60,007 | 100 | % | ||||||
Net income: | ||||||||||||||
Land and resource management | $ | 123,117 | 88 | % | $ | 32,811 | 75 | % | ||||||
Water service and operations | 16,881 | 12 | % | 10,980 | 25 | % | ||||||||
Total consolidated net income | $ | 139,998 | 100 | % | $ | 43,791 | 100 | % | ||||||