Texas Pacific Land Trust Second Quarter Earnings Release (Unaudited)

Texas Pacific Land Trust (NYSE:TPL):
 
TEXAS PACIFIC LAND TRUST
REPORT OF OPERATIONS - UNAUDITED
   

 

Three Months Ended
   
June 30, 2016 June 30, 2015
 
Oil and gas royalties $ 6,866,702 $ 5,699,594
 
Land sales -- 160,000
 
Easements and sundry income 9,198,970 5,802,945
 
Other income   130,438   132,595
 
Total income $ 16,196,110 $ 11,795,134
 
Provision for income tax $ 4,980,353 $ 3,533,021
 
Net income $ 10,123,117 $ 7,416,012
 
Net income per sub-share $ 1.26 $ .90
 
Average sub-shares outstanding during period 8,048,500 8,244,345
 

 

Six Months Ended
 
June 30, 2016 June 30, 2015
 
Oil and gas royalties $ 12,477,453 $ 12,224,859
 
Land sales 86,000 20,428,000
 
Easements and sundry income 15,269,943 13,605,939
 
Other income   260,817   275,689
 
Total income $ 28,094,213 $ 46,534,487
 
Provision for income tax $ 8,502,716 $ 15,122,543
 
Net income $ 17,403,168 $ 29,582,101
 
Net income per sub-share $ 2.16 $ 3.58
 
Average sub-shares outstanding during period 8,064,759 8,262,482
 

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.

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