Texas Pacific Land Trust : Fourth Quarter Earnings Release (Unaudited)
January 30, 2014 at 04:18 pm EST
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Texas Pacific Land Trust (NYSE:TPL):
TEXAS PACIFIC LAND TRUST
REPORT OF OPERATIONS - UNAUDITED
Three Months Ended
December 31, 2013
December 31, 2012
Rentals, royalties and other income
$
11,623,283
$
7,276,793
Land sales
880,400
--
Total income
$
12,503,683
$
7,276,793
Provision for income tax
$
3,626,169
$
2,104,711
Net income
$
7,519,106
$
4,113,797
Net income per sub-share
$
.88
$
.47
Average sub-shares outstanding during period
8,518,660
8,848,369
Year Ended
December 31, 2013
December 31, 2012
Rentals, royalties and other income
$
37,707,491
$
26,797,144
Land sales
6,413,588
5,809,747
Total income
$
44,121,079
$
32,606,891
Provision for income tax
$
12,924,070
$
9,675,068
Net income
$
27,218,508
$
19,647,818
Net income per sub-share
$
3.16
$
2.20
Average sub-shares outstanding during period
8,601,171
8,939,045
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
Texas Pacific Land Corporation is a landowner in the state of Texas with approximately 868,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. Its segments include Land and Resource Management and Water Services and Operations. Its Land and Resource Management segment encompasses the business of managing its approximately 868,000 surface acres of land and its oil and gas royalty interests in West Texas, principally concentrated in the Permian Basin. This segment consists primarily of royalties from oil and gas, revenues from easements, commercial leases and renewables, and land and material sales. Its Water Services and Operations segment encompasses the business of providing full-service water offerings to operators in the Permian Basin through Texas Pacific Water Resources LLC (TPWR). These full-service water offerings include, but are not limited to, water sourcing, produced-water treatment, infrastructure development, and others.