$TPL
Texas Pacific Land Corp

2022 Q1 Form 10-Q Financial Statement

#000181107422000027 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $147.3M $84.16M
YoY Change 75.08% -12.88%
Cost Of Revenue $2.782M $3.300M
YoY Change -15.7% -51.47%
Gross Profit $144.6M $80.90M
YoY Change 78.68% -9.91%
Gross Profit Margin 98.11% 96.13%
Selling, General & Admin $16.11M $15.00M
YoY Change 7.43% -5.66%
% of Gross Profit 11.15% 18.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.126M $3.838M
YoY Change 7.5% 15.08%
% of Gross Profit 2.85% 4.74%
Operating Expenses $20.24M $18.80M
YoY Change 7.66% -2.59%
Operating Profit $124.3M $62.02M
YoY Change 100.43% -12.08%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $76.00K $5.000K
YoY Change 1420.0% -99.39%
Pretax Income $124.4M $62.03M
YoY Change 100.54% -13.09%
Income Tax $26.49M $11.98M
% Of Pretax Income 21.3% 19.31%
Net Earnings $97.90M $50.05M
YoY Change 95.6% -12.8%
Net Earnings / Revenue 66.45% 59.48%
Basic Earnings Per Share $12.65 $6.45
Diluted Earnings Per Share $12.64 $6.45
COMMON SHARES
Basic Shares Outstanding 7.741M shares 7.756M shares
Diluted Shares Outstanding 7.743M shares 7.756M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $507.4M $310.7M
YoY Change 63.29% 38.89%
Cash & Equivalents $507.4M $310.7M
Short-Term Investments
Other Short-Term Assets $2.534M $1.800M
YoY Change 40.78%
Inventory
Prepaid Expenses
Receivables $109.0M $61.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $618.8M $375.8M
YoY Change 64.65% 28.54%
LONG-TERM ASSETS
Property, Plant & Equipment $80.00M $78.40M
YoY Change 2.04% -68.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.000M
YoY Change
Total Long-Term Assets $237.7M $238.0M
YoY Change -0.09% -5.65%
TOTAL ASSETS
Total Short-Term Assets $618.8M $375.8M
Total Long-Term Assets $237.7M $238.0M
Total Assets $856.6M $613.8M
YoY Change 39.55% 12.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.64M $12.40M
YoY Change 1.97% -41.23%
Accrued Expenses $2.572M $5.500M
YoY Change -53.24% 66.67%
Deferred Revenue $4.655M $5.298M
YoY Change -12.14%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $67.28M $33.85M
YoY Change 98.77% -13.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $20.30M $21.90M
YoY Change -7.31% 12.89%
Total Long-Term Liabilities $20.30M $21.90M
YoY Change -7.31% 12.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $67.28M $33.85M
Total Long-Term Liabilities $20.30M $21.90M
Total Liabilities $128.7M $99.87M
YoY Change 28.86% 0.57%
SHAREHOLDERS EQUITY
Retained Earnings $741.9M $516.5M
YoY Change 43.64%
Common Stock $78.00K $78.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.62M
YoY Change
Treasury Stock Shares
Shareholders Equity $727.9M $513.9M
YoY Change
Total Liabilities & Shareholders Equity $856.6M $613.8M
YoY Change 39.55% 12.71%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $97.90M $50.05M
YoY Change 95.6% -12.8%
Depreciation, Depletion And Amortization $4.126M $3.838M
YoY Change 7.5% 15.08%
Cash From Operating Activities $107.7M $52.39M
YoY Change 105.65% -23.68%
INVESTING ACTIVITIES
Capital Expenditures $3.005M $2.738M
YoY Change 9.75% -24.3%
Acquisitions
YoY Change
Other Investing Activities $96.00K
YoY Change
Cash From Investing Activities -$5.178M -$1.449M
YoY Change 257.35% -94.07%
FINANCING ACTIVITIES
Cash Dividend Paid $23.22M $21.33M
YoY Change 8.88% -82.81%
Common Stock Issuance & Retirement, Net $200.0K $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$23.44M -$21.33M
YoY Change 9.91% -82.81%
NET CHANGE
Cash From Operating Activities $107.7M $52.39M
Cash From Investing Activities -$5.178M -$1.449M
Cash From Financing Activities -$23.44M -$21.33M
Net Change In Cash $79.11M $29.61M
YoY Change 167.2% -137.06%
FREE CASH FLOW
Cash From Operating Activities $107.7M $52.39M
Capital Expenditures $3.005M $2.738M
Free Cash Flow $104.7M $49.65M
YoY Change 110.94% -23.64%

Facts In Submission

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CY2022Q1 us-gaap Nature Of Operations
NatureOfOperations
Organization and Description of Business Segments<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </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%">Organization </span></div><div style="text-align:justify"><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 surface 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 Note 10, “Changes in Equity.” 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 are in reference to the Trust, and references to periods on or after that date are in reference to Texas Pacific Land Corporation or TPL Corporation.</span></div><div style="padding-left:27pt;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%"> </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, 2021. 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, 2022 and the results of its operations for the three months ended March 31, 2022 and 2021, respectively, and its cash flows for the three months ended March 31, 2022 and 2021, 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, 2021. 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"><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 Note 11, “Business Segment Reporting” for further information regarding our segments.</span></div>
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2022Q1 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 style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </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 assets 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>
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
120611000 USD
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
118401000 USD
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
40615000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
38679000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
79996000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
79722000 USD
CY2022Q1 us-gaap Depreciation
Depreciation
3800000 USD
CY2021Q1 us-gaap Depreciation
Depreciation
3600000 USD
CY2022Q1 tpl Surface Rights In Acres
SurfaceRightsInAcres
823445 acre
CY2022Q1 tpl Land Surface Rights Carrying Value
LandSurfaceRightsCarryingValue
0 USD
CY2021Q4 tpl Surface Rights In Acres
SurfaceRightsInAcres
823452 acre
CY2021Q4 tpl Land Surface Rights Carrying Value
LandSurfaceRightsCarryingValue
0 USD
CY2022Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
57146 acre
CY2022Q1 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
109083000 USD
CY2021Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
57129 acre
CY2021Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
109071000 USD
CY2022Q1 tpl Total Real Estateand Land Surface Rights Acres
TotalRealEstateandLandSurfaceRightsAcres
880591 acre
CY2022Q1 tpl Total Real Estate Including Land Surface Rights
TotalRealEstateIncludingLandSurfaceRights
109083000 USD
CY2021Q4 tpl Total Real Estateand Land Surface Rights Acres
TotalRealEstateandLandSurfaceRightsAcres
880581 acre
CY2021Q4 tpl Total Real Estate Including Land Surface Rights
TotalRealEstateIncludingLandSurfaceRights
109071000 USD
CY2022Q1 tpl Total Royalty Interests Gross
TotalRoyaltyInterestsGross
47903000 USD
CY2022Q1 tpl Royalty Interest Acquired
RoyaltyInterestAcquired
47903000 USD
CY2021Q4 tpl Royalty Interest Acquired
RoyaltyInterestAcquired
46266000 USD
CY2021Q4 tpl Total Royalty Interests Gross
TotalRoyaltyInterestsGross
46266000 USD
CY2022Q1 tpl Accumulated Depreciation Royalty Interests
AccumulatedDepreciationRoyaltyInterests
2108000 USD
CY2021Q4 tpl Accumulated Depreciation Royalty Interests
AccumulatedDepreciationRoyaltyInterests
1876000 USD
CY2022Q1 tpl Total Royalty Interests
TotalRoyaltyInterests
45795000 USD
CY2021Q4 tpl Total Royalty Interests
TotalRoyaltyInterests
44390000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
10800000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1505000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
300000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M18D
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7756156 shares
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
124389000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
62027000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26489000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11975000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.213
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.193
CY2021Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
0 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
97900000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
50052000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7741365 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
12.65
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.45
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7741365 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7756156 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1345 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7742710 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7756156 shares
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
12.64
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.45
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
651711000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
97900000 USD
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
3.00
CY2022Q1 us-gaap Dividends Cash
DividendsCash
23224000 USD
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1481000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
2000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
8000 USD
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
727876000 USD
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
485184000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
50052000 USD
CY2021Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
2.75
CY2021Q1 us-gaap Dividends Cash
DividendsCash
21329000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
8000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
28000 USD
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
513935000 USD
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
200000 USD
CY2022Q1 tpl Stock Repurchase Program Shares Authorized To Be Repurchased Amount
StockRepurchaseProgramSharesAuthorizedToBeRepurchasedAmount
100000000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
147335000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
84155000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
97900000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
50052000 USD
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3005000 USD
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2738000 USD
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4126000 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3838000 USD
CY2022Q1 us-gaap Assets
Assets
856569000 USD
CY2021Q4 us-gaap Assets
Assets
764064000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
79996000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
79722000 USD
CY2022Q1 tpl Share Of Oil And Gas Produced
ShareOfOilAndGasProduced
20800 Boe
CY2021Q1 tpl Share Of Oil And Gas Produced
ShareOfOilAndGasProduced
16400 Boe
CY2022Q1 tpl Number Of Oil And Gas Wells
NumberOfOilAndGasWells
556 well
CY2021Q4 tpl Number Of Oil And Gas Wells
NumberOfOilAndGasWells
452 well

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