Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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Texas Pacific Land Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Texas Pacific Land Corp., consolidated income statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Revenue Trends
- Total revenues exhibit significant fluctuations over the periods analyzed, with an initial sharp decline from $191.3 million in March 2019 to a low of approximately $54.6 million in June 2020. Following this trough, revenues demonstrate a steady recovery, reaching a peak near $191.1 million in September 2022 before stabilizing around the $170 million mark into 2024. This pattern reflects volatility likely influenced by market conditions alongside other operational factors.
- Oil and Gas Royalties
- Oil and gas royalties contribute a substantial portion to total revenues, showing a notable decline from early 2019 levels, dropping from about $33.2 million to $20.5 million by mid-2020. Subsequently, this stream recovers strongly, peaking above $130 million in late 2022 before experiencing variability but remaining robust in the $90-100 million range into 2024. This trend suggests dependence on commodity prices or production volumes with cyclical recovery phases.
- Water Sales and Produced Water Royalties
- Water sales show variability with a dip notable around mid-2020, correlating with the general downturn, then increasing substantially through late 2022 and 2023, peaking at over $40 million. Produced water royalties emerge from early 2020 onwards and consistently increase, rising from around $12.5 million in early 2020 to approximately $27.7 million by late 2024, indicating expanding operations or improved monetization in this area.
- Surface-Related Income and Land Sales
- Easements and other surface-related income decline from $31.4 million in early 2019 to under $10 million by late 2020, followed by irregular fluctuations around $15-19 million through 2023 before tapering off somewhat. Land sales represent a highly volatile and generally minor revenue source after an initial spike of over $103 million in early 2019, falling to episodic and low values thereafter, indicating inconsistent land sale activities.
- Operating Expenses and Components
- Operating expenses exhibit marked increases over time, rising from $16.2 million in early 2019 to a peak exceeding $46.2 million by late 2024. Salaries and employee expenses remain relatively high and variable, with notable increases in late 2023 through 2024, suggesting staffing cost pressures. Water service-related expenses fluctuate with a sharp rise in 2023, consistent with increased water sales activity. General and administrative expenses remain fairly stable but with gradual upward movement, while legal and professional fees show irregular spikes, notably a significant increase in early 2023.
- Depreciation, Depletion, and Amortization
- Depreciation, depletion, and amortization expenses rise steadily from $1.2 million in early 2019 to peaks near $5.76 million by late 2024, indicating increasing capital asset utilization or changes in asset base amortization schedules.
- Profitability and Income Metrics
- Operating income displays strong variation, bottoming out mid-2020 amid low revenues, but recovering robustly to over $162 million in late 2022 before stabilizing near $127 million towards late 2024. Other income, net, increases significantly after 2020, contributing favorably to overall profitability. Income before taxes follows a similar pattern to operating income, while income tax expense exhibits large fluctuations and peaks in late 2021, reflecting tax rate or timing effects. Net income correlates with the operating and pre-tax income trends: after a low point in mid-2020 around $27.6 million, it recovers to nearly $130 million in late 2022 and maintains high levels through 2024.
- Overall Observations
- The financial data reflects a company experiencing significant cyclical fluctuations, particularly influenced by oil and gas royalties and water-related revenues. After a pronounced downturn during 2020, reflective of broader industry and economic challenges, there is a pattern of recovery and growth through 2022 followed by stabilization. Operating expenses have generally increased, exerting pressure on margins; however, the company's ability to grow non-operating income and manage taxation appears to support sustained net profitability.