$TPL
Texas Pacific Land Corp

2021 Q1 Form 10-Q Financial Statement

#000181107421000024 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $84.16M $96.59M
YoY Change -12.88% -49.51%
Cost Of Revenue $3.300M $6.800M
YoY Change -51.47% 47.83%
Gross Profit $80.90M $89.80M
YoY Change -9.91% -51.9%
Gross Profit Margin 96.13% 92.97%
Selling, General & Admin $15.00M $15.90M
YoY Change -5.66% 52.88%
% of Gross Profit 18.54% 17.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.838M $3.335M
YoY Change 15.08% 177.92%
% of Gross Profit 4.74% 3.71%
Operating Expenses $18.80M $19.30M
YoY Change -2.59% 66.38%
Operating Profit $62.02M $70.54M
YoY Change -12.08% -59.71%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $5.000K $826.0K
YoY Change -99.39% 106.5%
Pretax Income $62.03M $71.37M
YoY Change -13.09% -59.35%
Income Tax $11.98M $13.97M
% Of Pretax Income 19.31% 19.57%
Net Earnings $50.05M $57.40M
YoY Change -12.8% -59.0%
Net Earnings / Revenue 59.48% 59.43%
Basic Earnings Per Share $6.45
Diluted Earnings Per Share $6.45 $7.359M
COMMON SHARES
Basic Shares Outstanding 7.756M shares
Diluted Shares Outstanding 7.756M shares 7.756M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $310.7M $223.7M
YoY Change 38.89% 97.44%
Cash & Equivalents $310.7M $223.7M
Short-Term Investments
Other Short-Term Assets $1.800M
YoY Change
Inventory
Prepaid Expenses
Receivables $61.40M $68.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $375.8M $292.4M
YoY Change 28.54% 63.35%
LONG-TERM ASSETS
Property, Plant & Equipment $78.40M $248.6M
YoY Change -68.47% 54.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.000M
YoY Change
Total Long-Term Assets $238.0M $252.2M
YoY Change -5.65% 11.64%
TOTAL ASSETS
Total Short-Term Assets $375.8M $292.4M
Total Long-Term Assets $238.0M $252.2M
Total Assets $613.8M $544.6M
YoY Change 12.71% 34.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.40M $21.10M
YoY Change -41.23% 117.53%
Accrued Expenses $5.500M $3.300M
YoY Change 66.67% 10.0%
Deferred Revenue $5.298M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $33.85M $39.10M
YoY Change -13.43% 100.51%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $21.90M $19.40M
YoY Change 12.89% 22.78%
Total Long-Term Liabilities $21.90M $19.40M
YoY Change 12.89% 22.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.85M $39.10M
Total Long-Term Liabilities $21.90M $19.40M
Total Liabilities $99.87M $99.30M
YoY Change 0.57% 39.66%
SHAREHOLDERS EQUITY
Retained Earnings $516.5M
YoY Change
Common Stock $78.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $513.9M $445.3M
YoY Change
Total Liabilities & Shareholders Equity $613.8M $544.6M
YoY Change 12.71% 34.5%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $50.05M $57.40M
YoY Change -12.8% -59.0%
Depreciation, Depletion And Amortization $3.838M $3.335M
YoY Change 15.08% 177.92%
Cash From Operating Activities $52.39M $68.64M
YoY Change -23.68% -57.63%
INVESTING ACTIVITIES
Capital Expenditures $2.738M $3.617M
YoY Change -24.3% -106.04%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$1.449M -$24.44M
YoY Change -94.07% -59.13%
FINANCING ACTIVITIES
Cash Dividend Paid $21.33M $124.1M
YoY Change -82.81%
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$21.33M -$124.1M
YoY Change -82.81% 143.81%
NET CHANGE
Cash From Operating Activities $52.39M $68.64M
Cash From Investing Activities -$1.449M -$24.44M
Cash From Financing Activities -$21.33M -$124.1M
Net Change In Cash $29.61M -$79.90M
YoY Change -137.06% -255.75%
FREE CASH FLOW
Cash From Operating Activities $52.39M $68.64M
Capital Expenditures $2.738M $3.617M
Free Cash Flow $49.65M $65.02M
YoY Change -23.64% -70.7%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001811074
CY2021Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2021Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
CY2021Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2021Q1 dei Amendment Flag
AmendmentFlag
false
CY2021Q1 tpl Royalty Interest Rate
RoyaltyInterestRate
0.125
CY2021Q1 dei Document Type
DocumentType
10-Q
CY2021Q1 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2021Q1 dei Document Period End Date
DocumentPeriodEndDate
2021-03-31
CY2021Q1 dei Document Transition Report
DocumentTransitionReport
false
CY2021Q1 dei Entity File Number
EntityFileNumber
1-39804
CY2021Q1 dei Entity Registrant Name
EntityRegistrantName
Texas Pacific Land Corporation
CY2021Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2021Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
75-0279735
CY2021Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
1700 Pacific Avenue
CY2021Q1 dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 2900
CY2021Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
Dallas
CY2021Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
TX
CY2021Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
75201
CY2021Q1 dei City Area Code
CityAreaCode
(214)
CY2021Q1 dei Local Phone Number
LocalPhoneNumber
969-5530
CY2021Q1 dei Security12b Title
Security12bTitle
Common Stock(par value $.01 per share)
CY2021Q1 dei Trading Symbol
TradingSymbol
TPL
CY2021Q1 dei Security Exchange Name
SecurityExchangeName
NYSE
CY2021Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2021Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2021Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2021Q1 dei Entity Small Business
EntitySmallBusiness
false
CY2021Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2021Q1 dei Entity Shell Company
EntityShellCompany
false
CY2021Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
7756156 shares
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
310655000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
281046000 USD
CY2021Q1 us-gaap Other Receivables
OtherReceivables
61392000 USD
CY2020Q4 us-gaap Other Receivables
OtherReceivables
48216000 USD
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1822000 USD
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2778000 USD
CY2021Q1 us-gaap Escrow Deposit
EscrowDeposit
1978000 USD
CY2020Q4 us-gaap Escrow Deposit
EscrowDeposit
1978000 USD
CY2021Q1 us-gaap Assets Current
AssetsCurrent
375847000 USD
CY2020Q4 us-gaap Assets Current
AssetsCurrent
334018000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
78395000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
79267000 USD
CY2021Q1 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
108536000 USD
CY2020Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
108536000 USD
CY2021Q1 tpl Total Royalty Interests
TotalRoyaltyInterests
45435000 USD
CY2020Q4 tpl Total Royalty Interests
TotalRoyaltyInterests
45646000 USD
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2314000 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2473000 USD
CY2021Q1 us-gaap Other Assets
OtherAssets
3275000 USD
CY2020Q4 us-gaap Other Assets
OtherAssets
1695000 USD
CY2021Q1 us-gaap Assets
Assets
613802000 USD
CY2020Q4 us-gaap Assets
Assets
571635000 USD
CY2021Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
12367000 USD
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
12530000 USD
CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
5298000 USD
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3997000 USD
CY2021Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
16183000 USD
CY2020Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
4054000 USD
CY2021Q1 us-gaap Liabilities Current
LiabilitiesCurrent
33848000 USD
CY2020Q4 us-gaap Liabilities Current
LiabilitiesCurrent
20581000 USD
CY2021Q1 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
38581000 USD
CY2020Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
38728000 USD
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
21891000 USD
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
22171000 USD
CY2021Q1 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
2893000 USD
CY2020Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
2150000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2654000 USD
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2821000 USD
CY2021Q1 us-gaap Liabilities
Liabilities
99867000 USD
CY2020Q4 us-gaap Liabilities
Liabilities
86451000 USD
CY2021Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
0 USD
CY2020Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
0 USD
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
7756156 shares
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2806000 USD
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
7756156 shares
CY2021Q1 us-gaap Common Stock Value
CommonStockValue
78000 USD
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-2665000 USD
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-2693000 USD
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
516522000 USD
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
487877000 USD
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
513935000 USD
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
485184000 USD
CY2021Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
613802000 USD
CY2020Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
571635000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
84155000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
96594000 USD
CY2021Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
9979000 USD
CY2020Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
10620000 USD
CY2021Q1 us-gaap Water Production Costs
WaterProductionCosts
3298000 USD
CY2020Q1 us-gaap Water Production Costs
WaterProductionCosts
6780000 USD
CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2959000 USD
CY2021Q1 us-gaap Professional Fees
ProfessionalFees
2212000 USD
CY2020Q1 us-gaap Professional Fees
ProfessionalFees
2358000 USD
CY2021Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
3838000 USD
CY2020Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
3335000 USD
CY2021Q1 us-gaap Costs And Expenses
CostsAndExpenses
22133000 USD
CY2020Q1 us-gaap Costs And Expenses
CostsAndExpenses
26052000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
62022000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
70542000 USD
CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
5000 USD
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
826000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
62027000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
71368000 USD
CY2021Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
12122000 USD
CY2020Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
14022000 USD
CY2021Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-147000 USD
CY2020Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-55000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11975000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13967000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
50052000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
57401000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
8000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
4000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
28000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
13000 USD
CY2021Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
50080000 USD
CY2020Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
57414000 USD
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7756156 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7756156 shares
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
6.45
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
7.40
CY2021Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
2.75
CY2020Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
16.00
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
50052000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
57401000 USD
CY2021Q1 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
147000 USD
CY2020Q1 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
55000 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3838000 USD
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3335000 USD
CY2021Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
13657000 USD
CY2020Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
5377000 USD
CY2021Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
172000 USD
CY2020Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
3909000 USD
CY2021Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
12129000 USD
CY2020Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
9426000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
52387000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
68639000 USD
CY2021Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
0 USD
CY2020Q1 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
3900000 USD
CY2020Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
3890000 USD
CY2021Q1 us-gaap Payments To Acquire Royalty Interests In Mining Properties
PaymentsToAcquireRoyaltyInterestsInMiningProperties
0 USD
CY2020Q1 us-gaap Payments To Acquire Royalty Interests In Mining Properties
PaymentsToAcquireRoyaltyInterestsInMiningProperties
16936000 USD
CY2021Q1 tpl Payments To Acquire Equipment And Other Acquisition Of Real Estate
PaymentsToAcquireEquipmentAndOtherAcquisitionOfRealEstate
1449000 USD
CY2020Q1 tpl Payments To Acquire Equipment And Other Acquisition Of Real Estate
PaymentsToAcquireEquipmentAndOtherAcquisitionOfRealEstate
3617000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1449000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-24443000 USD
CY2021Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
21329000 USD
CY2020Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
124098000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-21329000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-124098000 USD
CY2020Q1 us-gaap Depreciation
Depreciation
3200000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
29609000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-79902000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
283024000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
303645000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
312633000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
223743000 USD
CY2021Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
CY2020Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4600000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1289000 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
CY2021Q1 us-gaap Stock Issued1
StockIssued1
78000 USD
CY2020Q1 us-gaap Stock Issued1
StockIssued1
0 USD
CY2021Q1 us-gaap Nature Of Operations
NatureOfOperations
Organization and Basis of Presentation<div style="padding-left:72pt;text-align:justify;text-indent:-36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Organization</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Texas Pacific Land Corporation (which, together with its subsidiaries as the context requires, may be referred to as “TPL”, the “Company”, “our”, “we” or “us”) is a Delaware corporation and one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas, with the majority of our ownership concentrated in the Permian Basin. Additionally, we own a 1/128th nonparticipating perpetual oil and gas royalty interest (“NPRI”) under approximately 85,000 acres of land, a 1/16th NPRI under approximately 371,000 acres of land, and approximately 4,000 additional net royalty acres (normalized to 1/8th) in the western part of Texas.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">TPL’s income is derived primarily from oil, gas and produced water royalties, sales of water and land, easements and commercial leases of the land.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 11, 2021, we completed our reorganization from a business trust, organized under a Declaration of Trust dated February 1, 1888 (the “Declaration of Trust”) to a corporation (the “Corporate Reorganization”) and changed our name from Texas Pacific Land Trust (the “Trust”) to Texas Pacific Land Corporation. See further discussion of the Corporate Reorganization and its impact on our equity structure in </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#if589ea6fcced4e34975c6113ed27cc3f_61" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 7, “</a><a href="#if589ea6fcced4e34975c6113ed27cc3f_61" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Cha</a><a href="#if589ea6fcced4e34975c6113ed27cc3f_61" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">n</a><a href="#if589ea6fcced4e34975c6113ed27cc3f_61" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">ges in </a><a href="#if589ea6fcced4e34975c6113ed27cc3f_61" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Equity.”</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Any references in these condensed consolidated financial statements and notes to the Company, TPL, our, we, or us with respect to periods prior to January 11, 2021 will be in reference to the Trust, and references to periods on that date and thereafter will be in reference to Texas Pacific Land Corporation or TPL Corporation.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Basis of Presentation</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and on the same basis as the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020. The condensed consolidated financial statements herein include all adjustments which are, in the opinion of management, necessary to fairly state the financial position of the Company as of March 31, 2021 and the results of its operations for the three months ended March 31, 2021 and 2020, respectively, and its cash flows for the three months ended March 31, 2021 and 2020, respectively. Such adjustments are of a normal nature and all intercompany accounts and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, and accordingly these interim financial statements and footnotes should be read in conjunction with the audited financial statements and footnotes included in our Form 10-K for the year ended December 31, 2020. The results for the interim periods shown in this report are not necessarily indicative of future financial results.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We operate our business in two segments: Land and Resource Management and Water Services and Operations. Our segments provide management with a comprehensive financial view of our key businesses. The segments enable the alignment of strategies and objectives of TPL and provide a framework for timely and rational allocation of resources within businesses. See </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#if589ea6fcced4e34975c6113ed27cc3f_67" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 8. “Business Segment Reporting”</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for further information regarding our segments.</span></div>
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2021Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
ReclassificationsCertain financial information on the condensed consolidated statements of income for the three months ended March 31, 2020 have been revised to conform to the current year presentation.
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates in the Preparation of Financial Statements</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent asset and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information.</span></div>
CY2020Q1 tpl Average Purchase Price Price Per Acre
AveragePurchasePricePricePerAcre
5134
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
310655000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
281046000 USD
CY2021Q1 us-gaap Escrow Deposit
EscrowDeposit
1978000 USD
CY2020Q4 us-gaap Escrow Deposit
EscrowDeposit
1978000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
312633000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
283024000 USD
CY2021Q1 tpl Surface Rights In Acres
SurfaceRightsInAcres
823482 acre
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
107119000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
104422000 USD
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
28724000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
25155000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
78395000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
79267000 USD
CY2021Q1 us-gaap Depreciation
Depreciation
3600000 USD
CY2021Q1 tpl Land Surface Rights Carrying Value
LandSurfaceRightsCarryingValue
0 USD
CY2020Q4 tpl Surface Rights In Acres
SurfaceRightsInAcres
823482 acre
CY2020Q4 tpl Land Surface Rights Carrying Value
LandSurfaceRightsCarryingValue
0 USD
CY2021Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
57041 acre
CY2021Q1 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
108536000 USD
CY2020Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
57041 acre
CY2020Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
108536000 USD
CY2021Q1 tpl Total Real Estateand Land Surface Rights Acres
TotalRealEstateandLandSurfaceRightsAcres
880523 acre
CY2021Q1 tpl Total Real Estate Including Land Surface Rights
TotalRealEstateIncludingLandSurfaceRights
108536000 USD
CY2020Q4 tpl Total Real Estateand Land Surface Rights Acres
TotalRealEstateandLandSurfaceRightsAcres
880523 acre
CY2020Q4 tpl Total Real Estate Including Land Surface Rights
TotalRealEstateIncludingLandSurfaceRights
108536000 USD
CY2021Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
0 USD
CY2020Q1 tpl Areaof Real Estate Property Sales
AreaofRealEstatePropertySales
30 acre
CY2020Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
900000 USD
CY2020Q1 tpl Average Sale Price Price Per Acre
AverageSalePricePricePerAcre
30000
CY2021Q1 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
0 USD
CY2020Q1 tpl Areaof Real Estate Property Additions
AreaofRealEstatePropertyAdditions
756 acre
CY2021Q1 tpl Royalty Interest Acquired
RoyaltyInterestAcquired
46266000 USD
CY2020Q4 tpl Royalty Interest Acquired
RoyaltyInterestAcquired
46266000 USD
CY2021Q1 tpl Total Royalty Interests Gross
TotalRoyaltyInterestsGross
46266000 USD
CY2020Q4 tpl Total Royalty Interests Gross
TotalRoyaltyInterestsGross
46266000 USD
CY2021Q1 tpl Accumulated Depreciation Royalty Interests
AccumulatedDepreciationRoyaltyInterests
831000 USD
CY2020Q4 tpl Accumulated Depreciation Royalty Interests
AccumulatedDepreciationRoyaltyInterests
620000 USD
CY2021Q1 tpl Total Royalty Interests
TotalRoyaltyInterests
45435000 USD
CY2020Q4 tpl Total Royalty Interests
TotalRoyaltyInterests
45646000 USD
CY2021Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
2.75
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
62027000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
71368000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11975000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13967000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.193
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.196
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
485184000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
50052000 USD
CY2021Q1 tpl Share Of Oil And Gas Produced
ShareOfOilAndGasProduced
16400 Boe
CY2021Q1 us-gaap Dividends Cash
DividendsCash
21329000 USD
CY2021Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
0 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
28000 USD
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
513935000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
512137000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
57401000 USD
CY2020Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
16.00
CY2020Q1 us-gaap Dividends Cash
DividendsCash
124098000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
13000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
445343000 USD
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
84155000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
96594000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
50052000 USD
CY2020Q1 tpl Share Of Oil And Gas Produced
ShareOfOilAndGasProduced
16500 Boe
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
57401000 USD
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2738000 USD
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3617000 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3838000 USD
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3335000 USD
CY2021Q1 us-gaap Assets
Assets
613802000 USD
CY2020Q4 us-gaap Assets
Assets
571635000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
78395000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
79267000 USD
CY2021Q1 tpl Number Of Oil And Gas Wells
NumberOfOilAndGasWells
541 well
CY2020Q4 tpl Number Of Oil And Gas Wells
NumberOfOilAndGasWells
531 well

Files In Submission

Name View Source Status
0001811074-21-000024-index-headers.html Edgar Link pending
0001811074-21-000024-index.html Edgar Link pending
0001811074-21-000024.txt Edgar Link pending
0001811074-21-000024-xbrl.zip Edgar Link pending
ex31103312021.htm Edgar Link pending
ex31203312021.htm Edgar Link pending
ex32103312021.htm Edgar Link pending
ex32203312021.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
tpl-20210331.htm Edgar Link pending
tpl-20210331.xsd Edgar Link pending
tpl-20210331_cal.xml Edgar Link unprocessable
tpl-20210331_def.xml Edgar Link unprocessable
tpl-20210331_htm.xml Edgar Link completed
tpl-20210331_lab.xml Edgar Link unprocessable
tpl-20210331_pre.xml Edgar Link unprocessable