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Mar 31, 2024
Texas Pacific Q1 2024 Earnings Report
Texas Pacific Land Corporation reported strong Q1 2024 results, driven by surface-derived cash flows and record water segment revenues.
Key Takeaways
Texas Pacific Land Corporation announced its financial results for the first quarter of 2024, reporting a net income of $114.4 million and revenues of $174.1 million, which included record water segment revenues of $62.7 million. The company's royalty production was 24.8 thousand barrels of oil equivalent per day, and it repurchased $10.3 million of common stock. The company also announced the development of a new energy-efficient method of produced water desalination and treatment.
Net income reached $114.4 million, or $4.97 per share (diluted).
Revenues totaled $174.1 million, with record water segment revenues of $62.7 million.
Adjusted EBITDA was $152.0 million.
Royalty production amounted to 24.8 thousand barrels of oil equivalent (“Boe”) per day.
Texas Pacific
Texas Pacific
Texas Pacific Revenue by Segment
Revenue by Segment
Oil & Gas Royalties Revenue
CapyFin.comWater Sales Revenue
CapyFin.comProduced Water Royalties Revenue
CapyFin.comSurface-Related Income Revenue
CapyFin.com Forward Guidance
TPL is focused on maximizing value from its legacy asset base and exploiting unique opportunities.
Positive Outlook
- Strategic investments in people.
- Strategic investments in technology.
- Strategic investments in assets.
- Continued progress with beneficial reuse initiatives.
- Developing innovative solutions for produced water in the Permian Basin.
Challenges Ahead
- Impacted by commodity prices.
- Impacted by development decisions made by customers.
- Impacted by operating decisions made by customers.
- Potential litigation.
- Changes in general economic conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income