$TPL
Texas Pacific Land Corp

2024 Q4 Form 10-Q Financial Statement

#000181107424000061 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2024 Q2
Revenue $173.6M $172.3M
YoY Change 9.87% 7.3%
Cost Of Revenue $11.73M $14.82M
YoY Change 37.16% 44.1%
Gross Profit $161.8M $157.5M
YoY Change 8.31% 4.78%
Gross Profit Margin 93.24% 91.4%
Selling, General & Admin $28.56M $20.20M
YoY Change 51.36% -22.77%
% of Gross Profit 17.65% 12.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.762M $4.093M
YoY Change 60.77% 5.14%
% of Gross Profit 3.56% 2.6%
Operating Expenses $34.50M $24.29M
YoY Change 53.64% -19.15%
Operating Profit $127.3M $133.2M
YoY Change 0.29% 10.76%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $8.086M $13.22M
YoY Change 1.34% 92.4%
Pretax Income $135.4M $146.4M
YoY Change 0.36% 15.17%
Income Tax $28.82M $31.85M
% Of Pretax Income 21.28% 21.75%
Net Earnings $106.6M $114.6M
YoY Change 0.97% 14.14%
Net Earnings / Revenue 61.42% 66.49%
Basic Earnings Per Share $4.64 $4.99
Diluted Earnings Per Share $4.63 $4.98
COMMON SHARES
Basic Shares Outstanding 22.97M shares 22.98M shares 22.99M shares
Diluted Shares Outstanding 23.01M shares 23.01M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $533.9M $894.7M
YoY Change -18.38% 46.85%
Cash & Equivalents $533.9M $894.7M
Short-Term Investments
Other Short-Term Assets $52.43M $3.878M
YoY Change 926.99% -27.0%
Inventory
Prepaid Expenses
Receivables $122.6M $119.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $709.0M $1.018B
YoY Change -10.35% 38.4%
LONG-TERM ASSETS
Property, Plant & Equipment $119.1M $95.51M
YoY Change 37.54% -63.3%
Goodwill
YoY Change
Intangibles $35.77M $20.46M
YoY Change 67.89%
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $466.6M $298.1M
YoY Change 61.76% 12.07%
TOTAL ASSETS
Total Short-Term Assets $709.0M $1.018B
Total Long-Term Assets $466.6M $298.1M
Total Assets $1.176B $1.316B
YoY Change 8.92% 31.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.56M $31.66M
YoY Change 39.73% 16.57%
Accrued Expenses $953.0K $887.0K
YoY Change -40.77% -50.0%
Deferred Revenue $6.694M $6.060M
YoY Change 9.7% -2.6%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $57.33M $44.27M
YoY Change 21.03% -5.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $20.63M $21.09M
YoY Change -19.63% -20.81%
Total Long-Term Liabilities $20.63M $21.09M
YoY Change -19.63% -20.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.33M $44.27M
Total Long-Term Liabilities $20.63M $21.09M
Total Liabilities $123.4M $109.4M
YoY Change 7.56% -3.87%
SHAREHOLDERS EQUITY
Retained Earnings $1.196B $1.347B
YoY Change 10.4% 34.29%
Common Stock $231.0K $231.0K
YoY Change 196.15% 196.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $162.4M $158.3M
YoY Change 21.34% 23.19%
Treasury Stock Shares
Shareholders Equity $1.052B $1.206B
YoY Change
Total Liabilities & Shareholders Equity $1.176B $1.316B
YoY Change 8.92% 31.41%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $106.6M $114.6M
YoY Change 0.97% 14.14%
Depreciation, Depletion And Amortization $5.762M $4.093M
YoY Change 60.77% 5.14%
Cash From Operating Activities $118.6M $98.29M
YoY Change 10.19% 16.33%
INVESTING ACTIVITIES
Capital Expenditures $128.2M $7.410M
YoY Change 2344.46% -71.4%
Acquisitions
YoY Change
Other Investing Activities -$87.95M $0.00
YoY Change
Cash From Investing Activities -$216.1M -$7.410M
YoY Change 664.74% -71.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -263.2M -33.28M
YoY Change 742.55% -25.24%
NET CHANGE
Cash From Operating Activities 118.6M 98.29M
Cash From Investing Activities -216.1M -7.410M
Cash From Financing Activities -263.2M -33.28M
Net Change In Cash -360.8M 57.60M
YoY Change -850.22% 309.38%
FREE CASH FLOW
Cash From Operating Activities $118.6M $98.29M
Capital Expenditures $128.2M $7.410M
Free Cash Flow -$9.600M $90.88M
YoY Change -109.38% 55.14%

Facts In Submission

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dei Entity File Number
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dei Entity Registrant Name
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dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
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dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
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dei Entity Address Address Line2
EntityAddressAddressLine2
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dei Entity Address City Or Town
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dei Entity Address State Or Province
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dei City Area Code
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dei Trading Symbol
TradingSymbol
TPL
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4423000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
9995000 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-2578000 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
1114000 usd
us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
4002000 usd
us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
-4809000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
364096000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
306858000 usd
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
45000000 usd
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 usd
us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
42952000 usd
us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
0 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
21403000 usd
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
1026000 usd
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
20320000 usd
tpl Payments To Acquire Equipment And Other Acquisition Of Real Estate
PaymentsToAcquireEquipmentAndOtherAcquisitionOfRealEstate
16451000 usd
tpl Payments To Acquire Equipment And Other Acquisition Of Real Estate
PaymentsToAcquireEquipmentAndOtherAcquisitionOfRealEstate
10630000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
5000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-225763000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-55914000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
310550000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
74979000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
22795000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
32325000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1623000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1284000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-334968000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-108588000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-196635000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
142356000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
730549000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
517182000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
533914000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
659538000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
96648000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
74984000 usd
tpl Decrease Increase In Accounts Payable Related To Capital Expenditures
DecreaseIncreaseInAccountsPayableRelatedToCapitalExpenditures
5543000 usd
tpl Decrease Increase In Accounts Payable Related To Capital Expenditures
DecreaseIncreaseInAccountsPayableRelatedToCapitalExpenditures
-243000 usd
us-gaap Nature Of Operations
NatureOfOperations
Organization and Description of Business Segments<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 873,000 surface acres of land, principally 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 8,000 additional net royalty acres (normalized to 1/8th) (“NRA”) for a collective total of approximately 199,000 NRA, principally concentrated in the Permian Basin.</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%">Our revenues are derived from oil and gas royalties, water sales, produced water royalties, easements and other surface-related (“SLEM”) income and land sales.</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, Texas Pacific Land Trust (the “Trust”), organized under a Declaration of Trust dated February 1, 1888 (the “Declaration of Trust”), into Texas Pacific Land Corporation, a corporation formed and existing under the laws of the State of Delaware (the “Corporate Reorganization”).</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="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:107%">Increase in Authorized Shares of Common Stock</span></div><div style="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%">As of December 31, 2023, the Company had authorized shares consisting of 1,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”), and 7,756,156 shares of common stock, par value $0.01 per share (“Common Stock”). On March 1, 2024, we filed a Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of the Company (the “Certificate of Incorporation”) with the Secretary of State of the State of Delaware, pursuant to which the Certificate of Incorporation was amended and restated to provide that the total number of authorized shares of capital stock of the Company be increased to 47,536,936 shares of capital stock, consisting of 1,000,000 shares of Preferred Stock and 46,536,936 shares of Common Stock.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="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:107%">Common Stock Split</span></div><div style="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 March 26, 2024, we effected a three-for-one stock split in the form of a stock dividend of two shares of Common Stock for every share of Common Stock outstanding to stockholders of record as of March 18, 2024. All shares, stock awards, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance stock units (“PSUs”) and per share information have been retroactively adjusted to reflect the stock split. The three-for-one stock split was not applied to shares held as treasury stock. The shares of Common Stock retain a par value of $0.01 per share. Accordingly, an amount equal to the par value of the increased shares resulting from the stock split was reclassified from “Additional paid-in capital” to “Common Stock.” </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"><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, 2023. 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 September 30, 2024 and the results of its operations for the three and nine months ended September 30, 2024 and 2023, and its cash flows for the nine months ended September 30, 2024 and 2023. 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 Quarterly Report, and these interim financial statements and footnotes should be read in conjunction with the audited financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2023. The results for the interim periods shown in this Quarterly 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 Note 14, “Business Segment Reporting” for further information regarding our segments.</span></div>
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q1 tpl Capital Stock Shares Authorized
CapitalStockSharesAuthorized
47536936 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
46536936 shares
CY2024Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
3
CY2024Q1 us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
2 shares
CY2024Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
3
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
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 condensed 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>
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
533914000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
725169000 usd
CY2024Q3 us-gaap Escrow Deposit
EscrowDeposit
0 usd
CY2023Q4 us-gaap Escrow Deposit
EscrowDeposit
5380000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
533914000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
730549000 usd
CY2024Q3 tpl Surface Rights In Acres
SurfaceRightsInAcres
798991 acre
CY2024Q3 tpl Land Surface Rights Carrying Value
LandSurfaceRightsCarryingValue
0 usd
CY2023Q4 tpl Surface Rights In Acres
SurfaceRightsInAcres
798999 acre
CY2023Q4 tpl Land Surface Rights Carrying Value
LandSurfaceRightsCarryingValue
0 usd
CY2024Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
74124 acre
CY2024Q3 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
142727000 usd
CY2023Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
69447 acre
CY2023Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
130024000 usd
CY2024Q3 tpl Total Real Estateand Land Surface Rights Acres
TotalRealEstateandLandSurfaceRightsAcres
873115 acre
CY2024Q3 tpl Total Real Estate Including Land Surface Rights
TotalRealEstateIncludingLandSurfaceRights
142727000 usd
CY2023Q4 tpl Total Real Estateand Land Surface Rights Acres
TotalRealEstateandLandSurfaceRightsAcres
868446 acre
CY2023Q4 tpl Total Real Estate Including Land Surface Rights
TotalRealEstateIncludingLandSurfaceRights
130024000 usd
CY2024Q3 us-gaap Area Of Land
AreaOfLand
640 acre
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
185885000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
146739000 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
66777000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
57152000 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
119108000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
89587000 usd
CY2024Q3 us-gaap Depreciation
Depreciation
3400000 usd
CY2023Q3 us-gaap Depreciation
Depreciation
3000000.0 usd
us-gaap Depreciation
Depreciation
9700000 usd
us-gaap Depreciation
Depreciation
9300000 usd
CY2024Q3 tpl Royalty Interest Acquired
RoyaltyInterestAcquired
171828000 usd
CY2023Q4 tpl Royalty Interest Acquired
RoyaltyInterestAcquired
51494000 usd
CY2024Q3 tpl Total Royalty Interests Gross
TotalRoyaltyInterestsGross
171828000 usd
CY2023Q4 tpl Total Royalty Interests Gross
TotalRoyaltyInterestsGross
51494000 usd
CY2024Q3 tpl Accumulated Depreciation Royalty Interests
AccumulatedDepreciationRoyaltyInterests
7800000 usd
CY2023Q4 tpl Accumulated Depreciation Royalty Interests
AccumulatedDepreciationRoyaltyInterests
4885000 usd
CY2024Q3 tpl Total Royalty Interests
TotalRoyaltyInterests
164028000 usd
CY2023Q4 tpl Total Royalty Interests
TotalRoyaltyInterests
46609000 usd
CY2024Q3 us-gaap Depletion
Depletion
1900000 usd
CY2023Q3 us-gaap Depletion
Depletion
500000 usd
us-gaap Depletion
Depletion
2900000 usd
us-gaap Depletion
Depletion
1400000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
37103000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
21403000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1330000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
378000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
35773000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
21025000 usd
CY2024Q3 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P15Y9M18D
CY2024Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
400000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000.0 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
600000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2300000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
2300000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
2300000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
2300000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2300000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
23700000 usd
CY2024Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
3
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2935000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2789000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8989000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8112000 usd
CY2024Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
600000 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
600000 usd
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1900000 usd
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1700000 usd
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
11600000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y3M18D
CY2024Q3 tpl Interest On Cash And Cash Equivalents
InterestOnCashAndCashEquivalents
7913000 usd
CY2023Q3 tpl Interest On Cash And Cash Equivalents
InterestOnCashAndCashEquivalents
7850000 usd
tpl Interest On Cash And Cash Equivalents
InterestOnCashAndCashEquivalents
28475000 usd
tpl Interest On Cash And Cash Equivalents
InterestOnCashAndCashEquivalents
19849000 usd
CY2024Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
173000 usd
CY2023Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
129000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2774000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
390000 usd
CY2024Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
8086000 usd
CY2023Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
7979000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
31249000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
20239000 usd
us-gaap Proceeds From Legal Settlements
ProceedsFromLegalSettlements
1900000 usd
CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
135417000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
134937000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
427843000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
372429000 usd
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28823000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
29363000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
92243000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
79894000 usd
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.213
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.218
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.216
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.215
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
106594000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
105574000 usd
us-gaap Net Income Loss
NetIncomeLoss
335600000 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22979781 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23026563 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22990213 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23054073 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.64
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.58
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
14.60
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
12.69
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22979781 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23026563 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22990213 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23054073 shares
CY2024Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
32388 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
18760 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
26520 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
18882 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23012169 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23045323 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23016733 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23072955 shares
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.63
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.58
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
14.58
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
12.68
CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
1043196000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
114417000 usd
CY2024Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
0 usd
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.17
CY2024Q1 us-gaap Dividends Cash
DividendsCash
26907000 usd
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3416000 usd
CY2024Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
10445000 usd
CY2024Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1207000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
6000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-21000 usd
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
1122449000 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
114589000 usd
CY2024Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.17
CY2024Q2 us-gaap Dividends Cash
DividendsCash
26894000 usd
CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2642000 usd
CY2024Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
6344000 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
5000 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-21000 usd
CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
1206421000 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
106594000 usd
CY2024Q3 us-gaap Dividends Cash
DividendsCash
26915000 usd
CY2024Q3 tpl Dividends Cash Special
DividendsCashSpecial
229834000 usd
CY2024Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2437000 usd
CY2024Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
6134000 usd
CY2024Q3 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
416000 usd
CY2024Q3 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
6000 usd
CY2024Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-21000 usd
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
1052132000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
772887000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
86568000 usd
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.08
CY2023Q1 us-gaap Dividends Cash
DividendsCash
25061000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2370000 usd
CY2023Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
6749000 usd
CY2023Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
939000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
6000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-25000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
829051000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
100393000 usd
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.08
CY2023Q2 us-gaap Dividends Cash
DividendsCash
24966000 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2806000 usd
CY2023Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
19708000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-8000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-26000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
887550000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
105574000 usd
CY2023Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.08
CY2023Q3 us-gaap Dividends Cash
DividendsCash
24952000 usd
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2752000 usd
CY2023Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
5995000 usd
CY2023Q3 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
345000 usd
CY2023Q3 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
7000 usd
CY2023Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-26000 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
964558000 usd
CY2024Q1 tpl Capital Stock Shares Authorized
CapitalStockSharesAuthorized
47536936 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
46536936 shares
CY2022Q4 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
250000000.0 usd
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
22700000 usd
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
32200000 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
173563000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
157967000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
520039000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
464938000 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
106594000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
105574000 usd
us-gaap Net Income Loss
NetIncomeLoss
335600000 usd
us-gaap Net Income Loss
NetIncomeLoss
292535000 usd
CY2024Q3 us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
9833000 usd
CY2023Q3 us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
5243000 usd
us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
21994000 usd
us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
10387000 usd
CY2024Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5762000 usd
CY2023Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3584000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
13695000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10881000 usd
CY2024Q3 us-gaap Assets
Assets
1175569000 usd
CY2023Q4 us-gaap Assets
Assets
1156398000 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
119108000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
89587000 usd
CY2024Q3 tpl Share Of Oil And Gas Produced
ShareOfOilAndGasProduced
28300 boe
CY2023Q3 tpl Share Of Oil And Gas Produced
ShareOfOilAndGasProduced
21800 boe
tpl Share Of Oil And Gas Produced
ShareOfOilAndGasProduced
26000.0 boe
tpl Share Of Oil And Gas Produced
ShareOfOilAndGasProduced
22600 boe

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