Name: Texas Pacific Land Corp. (NYSE:TPL) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Texas Pacific Land Corp., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cash and cash equivalents	725,169)	510,834)	428,242)	281,046)	303,645)
Accounts receivable and accrued receivables, net	128,971)	103,983)	95,217)	48,216)	62,995)
Prepaid expenses and other current assets	2,944)	7,427)	3,054)	1,290)	—)
Tax like-kind exchange escrow	5,380)	6,348)	—)	1,978)	—)
Prepaid income taxes	—)	4,809)	—)	—)	—)
Current assets	862,464)	633,401)	526,513)	332,530)	366,640)
Real estate acquired	130,024)	109,704)	109,071)	108,536)	107,075)
Property, plant and equipment, net	89,587)	85,478)	79,722)	79,267)	88,323)
Royalty interests acquired, net	46,609)	45,025)	44,390)	45,646)	29,060)
Intangible assets, net	21,025)	—)	—)	—)	—)
Land (surface rights)	—)	—)	—)	—)	—)
1/16th nonparticipating perpetual royalty interest	—)	—)	—)	—)	—)
1/128th nonparticipating perpetual royalty interest	—)	—)	—)	—)	—)
Real estate and royalty interests assigned through the Declaration of Trust, no value assigned	—)	—)	—)	—)	—)
Operating lease right-of-use assets	1,861)	2,525)	1,826)	2,473)	3,098)
Other assets	4,828)	1,294)	2,542)	3,183)	3,980)
Noncurrent assets	293,934)	244,026)	237,551)	239,105)	231,536)
Total assets	1,156,398)	877,427)	764,064)	571,635)	598,176)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Total assets exhibited a strong upward trajectory from 2020 through 2023, increasing from $571.6 million to $1.16 billion. This represents a substantial expansion of the balance sheet, with the most significant acceleration in growth occurring between 2022 and 2023.

Liquidity and Current Asset Trends: A marked increase in liquidity is observed, driven primarily by cash and cash equivalents, which grew from $303.6 million in 2019 to $725.2 million in 2023. Total current assets more than doubled over the five-year period, rising from $366.6 million to $862.5 million. Accounts receivable also followed a consistent upward trend, increasing from $63.0 million in 2019 to $129.0 million in 2023, suggesting an expansion in the scale of operations or billing cycles.
Analysis of Noncurrent Assets: Noncurrent assets remained relatively stable between 2019 and 2022 before increasing to $293.9 million in 2023. Real estate acquired grew steadily, with a notable jump to $130.0 million in 2023. Property, plant, and equipment remained consistent, fluctuating within a narrow range between $79.3 million and $89.6 million over the period. The 2023 reporting period also introduced $21.0 million in intangible assets, which contributed to the overall increase in long-term holdings.
Structural Asset Composition: The balance sheet structure shifted significantly toward current assets. In 2019, current assets accounted for approximately 61% of total assets; by 2023, this proportion increased to approximately 74%. This trend indicates a strategic accumulation of cash and liquid assets relative to the growth of long-term physical and royalty interests.

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