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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.
Revenue by Segment
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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