Selected Financial Data
since 2005
Income Statement
Texas Pacific Land Corp., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenues | Operating income | Net income |
|---|---|---|---|
| Dec 31, 2023 | 631,595) | 486,053) | 405,645) |
| Dec 31, 2022 | 667,422) | 562,307) | 446,362) |
| Dec 31, 2021 | 450,958) | 362,393) | 269,980) |
| Dec 31, 2020 | 302,554) | 217,251) | 176,049) |
| Dec 31, 2019 | 490,496) | 399,573) | 318,728) |
| Dec 31, 2018 | 300,220) | 260,834) | 209,736) |
| Dec 31, 2017 | 132,329) | 119,776) | 76,361) |
| Dec 31, 2016 | 59,911) | 55,058) | 37,240) |
| Dec 31, 2015 | 79,415) | 75,256) | 50,039) |
| Dec 31, 2014 | 55,202) | 51,417) | 34,765) |
| Dec 31, 2013 | 44,109) | 40,131) | 27,219) |
| Dec 31, 2012 | 32,587) | 29,303) | 19,648) |
| Dec 31, 2011 | 34,301) | 30,737) | 20,595) |
| Dec 31, 2010 | 20,066) | 16,398) | 11,309) |
| Dec 31, 2009 | 13,085) | 9,991) | 6,914) |
| Dec 31, 2008 | 19,296) | 15,576) | 10,940) |
| Dec 31, 2007 | 15,465) | 11,508) | 8,250) |
| Dec 31, 2006 | 22,461) | 16,318) | 11,570) |
| Dec 31, 2005 | 15,408) | 11,927) | 8,513) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Analysis of the income statement from 2005 to 2023 reveals a trajectory of exponential long-term growth characterized by extreme operational efficiency and periodic volatility.
- Revenue Trends
- Revenue exhibited moderate fluctuations between 2005 and 2016, oscillating within a range of approximately 13 million to 79 million. A period of rapid acceleration began in 2017, where revenues climbed from 132 million to a peak of 490 million in 2019. Following a significant contraction in 2020 to 302 million, the upward trend resumed, reaching a historical high of 667 million in 2022 before moderating slightly to 631 million in 2023.
- Operating Performance
- Operating income consistently tracked revenue growth, maintaining high margins throughout the analyzed period. Operating income grew from 11.9 million in 2005 to 486 million in 2023. The consistent relationship between revenue and operating income indicates a highly scalable business model with minimal increases in operating expenses relative to revenue growth.
- Net Profitability
- Net income mirrored the patterns observed in revenue and operating income. A substantial expansion occurred between 2017 and 2019, with net income increasing from 76 million to 318 million. A sharp decline was recorded in 2020, falling to 176 million, before recovering to a peak of 446 million in 2022. The stable conversion of operating income to net income across nearly two decades suggests a consistent tax and interest expense profile.
The financial evidence indicates a fundamental shift in the scale of operations, moving from a baseline of low tens of millions in the mid-2000s to a plateau of several hundred million in the 2020s, while maintaining a remarkably stable and high profit margin.
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Balance Sheet: Assets
Texas Pacific Land Corp., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 862,464) | 1,156,398) |
| Dec 31, 2022 | 633,401) | 877,427) |
| Dec 31, 2021 | 526,513) | 764,064) |
| Dec 31, 2020 | 332,530) | 571,635) |
| Dec 31, 2019 | —) | 598,176) |
| Dec 31, 2018 | —) | 285,075) |
| Dec 31, 2017 | —) | 127,460) |
| Dec 31, 2016 | —) | 62,454) |
| Dec 31, 2015 | —) | 50,436) |
| Dec 31, 2014 | —) | 33,102) |
| Dec 31, 2013 | —) | 22,357) |
| Dec 31, 2012 | —) | 21,187) |
| Dec 31, 2011 | —) | 27,432) |
| Dec 31, 2010 | —) | 24,989) |
| Dec 31, 2009 | —) | 26,788) |
| Dec 31, 2008 | —) | 30,785) |
| Dec 31, 2007 | —) | 32,657) |
| Dec 31, 2006 | —) | 32,468) |
| Dec 31, 2005 | —) | 32,305) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset base of Texas Pacific Land Corp. reflects three distinct evolutionary phases between 2005 and 2023: a period of relative stagnation and contraction, a transition to moderate growth, and a subsequent phase of rapid, exponential expansion.
- Total Asset Trajectory (2005–2023)
- From 2005 to 2012, total assets remained relatively stable with a slight downward bias, decreasing from 32.3 million USD to a low of 21.2 million USD. A growth inflection point occurred in 2013, leading to a steady increase through 2016. Beginning in 2017, the asset base expanded aggressively, rising from 127.5 million USD to 1.156 billion USD by the end of 2023. A brief stagnation occurred in 2020, with assets dipping slightly to 571.6 million USD from 598.2 million USD in 2019, before resuming a steep upward trend.
- Liquidity and Current Asset Growth (2020–2023)
- Data available from 2020 onward reveals a significant increase in current assets, which grew from 332.5 million USD in 2020 to 862.5 million USD in 2023. This growth indicates a substantial accumulation of liquid resources. By December 31, 2023, current assets represented approximately 74.6% of the total asset base, demonstrating a shift toward a highly liquid balance sheet structure.
- Comparative Growth Analysis
- The most profound acceleration in total assets occurred between 2017 and 2019, during which the asset base more than quadrupled from 127.5 million USD to 598.2 million USD. The subsequent growth from 2021 to 2023 further solidified this expansion, with total assets increasing by approximately 51% over that three-year window to exceed the 1 billion USD threshold.
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Balance Sheet: Liabilities and Stockholders’ Equity
Texas Pacific Land Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Total equity | |
|---|---|---|---|---|
| Dec 31, 2023 | 44,387) | 113,202) | —) | 1,043,196) |
| Dec 31, 2022 | 39,595) | 104,540) | —) | 772,887) |
| Dec 31, 2021 | 50,900) | 112,353) | —) | 651,711) |
| Dec 31, 2020 | 21,376) | 86,451) | —) | 485,184) |
| Dec 31, 2019 | —) | 86,039) | —) | 512,137) |
| Dec 31, 2018 | —) | 40,384) | —) | 244,691) |
| Dec 31, 2017 | —) | 48,267) | —) | 79,193) |
| Dec 31, 2016 | —) | 14,830) | —) | 47,624) |
| Dec 31, 2015 | —) | 4,747) | —) | 45,689) |
| Dec 31, 2014 | —) | 6,383) | —) | 26,720) |
| Dec 31, 2013 | —) | 4,427) | —) | 17,930) |
| Dec 31, 2012 | —) | 5,591) | —) | 15,596) |
| Dec 31, 2011 | —) | 6,885) | —) | 20,547) |
| Dec 31, 2010 | —) | 6,687) | —) | 18,302) |
| Dec 31, 2009 | —) | 7,084) | —) | 19,704) |
| Dec 31, 2008 | —) | 7,260) | —) | 23,525) |
| Dec 31, 2007 | —) | 7,767) | —) | 24,890) |
| Dec 31, 2006 | —) | 8,028) | —) | 24,439) |
| Dec 31, 2005 | —) | 7,691) | —) | 24,614) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial position of the entity has undergone a fundamental transformation between 2005 and 2023, characterized by an exponential increase in stockholders' equity and a corresponding, though less aggressive, rise in total liabilities.
- Equity Accumulation Trends
- Between 2005 and 2013, total equity remained relatively stagnant, fluctuating within a narrow range between approximately 15.6 million and 26.7 million US dollars. A period of accelerated growth began in 2014, with equity climbing steadily to 79.2 million US dollars by 2017. A sharp inflection point occurred in 2018, where equity surged to 244.7 million US dollars, initiating a rapid upward trajectory that culminated in total equity of 1.04 billion US dollars by December 31, 2023.
- Liability Expansion and Composition
- Total liabilities were maintained at consistently low levels, generally remaining below 10 million US dollars from 2005 through 2015. A scaling trend emerged in 2016, with liabilities increasing to 14.8 million US dollars and continuing to rise to 113.2 million US dollars by 2023. Analysis of current liabilities from 2020 to 2023 reveals a volatility range between 21.4 million and 50.9 million US dollars, indicating that short-term obligations constitute a significant portion of the total liability profile in recent years.
- Capital Structure and Solvency
- Although total liabilities increased more than ten-fold from 2015 to 2023, the growth rate of total equity far exceeded that of liabilities. This divergence has resulted in a substantial strengthening of the solvency position. By 2023, the proportion of liabilities relative to equity had diminished significantly, reflecting a capital structure heavily dominated by equity and an exceptionally low reliance on leverage relative to the total asset base.
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Cash Flow Statement
Texas Pacific Land Corp., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Cash provided by operating activities | Cash used in investing activities | Cash used in financing activities |
|---|---|---|---|
| Dec 31, 2023 | 418,288) | (60,312) | (144,609) |
| Dec 31, 2022 | 447,149) | (21,401) | (336,808) |
| Dec 31, 2021 | 265,163) | (14,997) | (104,948) |
| Dec 31, 2020 | 207,037) | (25,998) | (201,660) |
| Dec 31, 2019 | 342,790) | (111,692) | (50,899) |
| Dec 31, 2018 | 191,649) | (81,533) | (70,049) |
| Dec 31, 2017 | 93,830) | (18,720) | (44,948) |
| Dec 31, 2016 | 40,957) | (959) | (35,592) |
| Dec 31, 2015 | 49,567) | (196) | (31,174) |
| Dec 31, 2014 | 38,852) | (33) | (25,244) |
| Dec 31, 2013 | 30,065) | (34) | (25,217) |
| Dec 31, 2012 | 19,911) | (37) | (24,479) |
| Dec 31, 2011 | 23,931) | (20) | (18,031) |
| Dec 31, 2010 | 11,697) | (15) | (12,683) |
| Dec 31, 2009 | 9,393) | (21) | (10,875) |
| Dec 31, 2008 | 11,441) | (6) | (11,933) |
| Dec 31, 2007 | 9,535) | (27) | (7,878) |
| Dec 31, 2006 | 10,367) | (63) | (11,407) |
| Dec 31, 2005 | 10,332) | (44) | (6,604) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile over the period from 2005 to 2023 is characterized by a transition from stable, modest growth to an era of substantial cash generation and aggressive capital distribution. The overall financial trajectory indicates a highly efficient operating model with minimal capital intensity relative to the volume of cash generated.
- Operating Cash Flow Trends
- Cash provided by operating activities remained relatively stagnant between 2005 and 2010, fluctuating within a narrow range of approximately 9 million to 12 million USD. A period of moderate acceleration occurred between 2011 and 2016, with values rising from 23.9 million USD to 40.9 million USD. Starting in 2017, an exponential growth phase is observed, with operating cash flows surging from 93.8 million USD in 2017 to a peak of 447.1 million USD in 2022. Despite a slight contraction in 2023 to 418.3 million USD, the current operating cash generation is more than 40 times the levels recorded in 2005.
- Investing Activity Patterns
- Investing activities were negligible for the first decade of the analyzed period, with annual outflows typically remaining below 200 thousand USD through 2015. A significant shift occurred in 2017, marked by a sharp increase in capital deployment, peaking at 111.7 million USD in 2019. Following this peak, outflows moderated between 2020 and 2022, before increasing again to 60.3 million USD in 2023. The data indicates that while investing activities have scaled up in absolute terms, they remain a small fraction of the total cash provided by operations.
- Financing Activity Analysis
- Cash used in financing activities has been consistently negative throughout the entire period, indicating a persistent return of capital to shareholders. Outflows grew gradually from 6.6 million USD in 2005 to 35.6 million USD in 2016. In alignment with the surge in operating cash flow, financing outflows escalated dramatically after 2017, with notable peaks of 201.7 million USD in 2020 and 336.8 million USD in 2022. This pattern demonstrates a strategic commitment to distributing a significant portion of excess liquidity.
The synthesis of these trends reveals a capital allocation strategy focused on maximizing shareholder returns. The substantial gap between the cash generated from operations and the cash utilized for investing activities suggests an asset-light business model that requires minimal reinvestment to sustain its growth. The primary destination for the resulting surplus is financing activities, confirming a high rate of capital repatriation.
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Per Share Data
Texas Pacific Land Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 17.60 | 17.59 | 4.33 |
| Dec 31, 2022 | 19.27 | 19.26 | 10.67 |
| Dec 31, 2021 | 11.61 | 11.61 | 3.67 |
| Dec 31, 2020 | 7.57 | 7.57 | 8.67 |
| Dec 31, 2019 | 13.70 | 13.70 | 2.00 |
| Dec 31, 2018 | 8.98 | 8.98 | 1.35 |
| Dec 31, 2017 | 3.24 | 3.24 | 0.45 |
| Dec 31, 2016 | 1.55 | 1.55 | 0.10 |
| Dec 31, 2015 | 2.03 | 2.03 | 0.10 |
| Dec 31, 2014 | 1.38 | 1.38 | 0.09 |
| Dec 31, 2013 | 1.05 | 1.05 | 0.00 |
| Dec 31, 2012 | 0.73 | 0.73 | 0.16 |
| Dec 31, 2011 | 0.74 | 0.74 | 0.07 |
| Dec 31, 2010 | 0.39 | 0.39 | 0.07 |
| Dec 31, 2009 | 0.23 | 0.23 | 0.06 |
| Dec 31, 2008 | 0.35 | 0.35 | 0.06 |
| Dec 31, 2007 | 0.26 | 0.26 | 0.05 |
| Dec 31, 2006 | 0.36 | 0.36 | 0.18 |
| Dec 31, 2005 | 0.26 | 0.26 | 0.04 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial data reveals a significant long-term escalation in both profitability and shareholder distributions, characterized by a transition from stability in the first decade to high growth and increased volatility in the second.
- Earnings Per Share (EPS) Performance
- Basic and diluted earnings per share remained relatively flat between 2005 and 2010, fluctuating within a narrow range of 0.23 to 0.39. A period of steady acceleration began in 2011, with EPS increasing from 0.74 to 2.03 by 2015. The most aggressive growth phase occurred after 2016, where earnings jumped from 3.24 in 2017 to a peak of 19.27 in 2022. Despite a notable contraction in 2020 to 7.57, the overall trajectory indicates a substantial expansion in per-share profitability.
- Dividend Distribution Trends
- Dividend payments were nominal and stagnant from 2005 through 2017, generally remaining below 0.50 per share. A structural shift in payout policy is evident starting in 2018, with dividends rising to 1.35 and reaching a maximum of 10.67 in 2022. The dividend history is marked by significant volatility in the latter years, as seen in the sharp increase to 8.67 in 2020 and the subsequent decline to 4.33 in 2023, suggesting the use of variable or special dividends rather than a fixed growth model.
- Correlation Between Earnings and Payouts
- There is a clear lagging correlation between earnings growth and dividend increases. While EPS began its primary ascent around 2011, dividend payouts did not scale proportionally until 2018. In the final years of the period, the magnitude of dividend distributions became more closely aligned with the heightened levels of earnings, though the payouts exhibit greater year-over-year variance than the earnings themselves.
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