10-Q Filing

TEXAS PACIFIC LAND TRUST CIK: 97517 Q2 2019

Filing Information

Form Type	10-Q
Accession Number	`0000097517-19-000036`
Period End Date	20190630
Filing Date	20190807
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	tpl06-30x201910xq_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 76 Cash Flow Statement 50 Comprehensive Income 4

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$3.01M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$5.58M	USD	Point-in-time
Certificates of proprietary interest, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$100.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$155.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$119.65M	USD	Point-in-time
Certificates of proprietary interest, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$100.00	USD	Point-in-time
Certificates of proprietary interest, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Certificates of proprietary interest, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accrued receivables	`OtherReceivables`	$48.75M	USD	Point-in-time
Accrued receivables	`OtherReceivables`	$68.01M	USD	Point-in-time
Sub-share certificates of proprietary interest, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.03	USD	Point-in-time
Sub-share certificates of proprietary interest, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.03	USD	Point-in-time
Tax like-kind exchange escrow	`EscrowDeposit`	$3.80M	USD	Point-in-time
Tax like-kind exchange escrow	`EscrowDeposit`	$35.12M	USD	Point-in-time
Sub-share certificates of proprietary interest, outstanding (in shares)	`CommonStockSharesOutstanding`	7.76M	shares	Point-in-time
Other assets	`OtherAssets`	$3.88M	USD	Point-in-time
Sub-share certificates of proprietary interest, outstanding (in shares)	`CommonStockSharesOutstanding`	7.76M	shares	Point-in-time
Other assets	`OtherAssets`	$2.78M	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	-	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$9.40M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $5,575 and $3,012 as of June 30, 2019 and December 31, 2018, respectively	`PropertyPlantAndEquipmentNet`	$64.80M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $5,575 and $3,012 as of June 30, 2019 and December 31, 2018, respectively	`PropertyPlantAndEquipmentNet`	$84.79M	USD	Point-in-time
Real estate acquired	`RealEstateGrossAtCarryingValue`	$10.49M	USD	Point-in-time
Real estate acquired	`RealEstateGrossAtCarryingValue`	$84.90M	USD	Point-in-time
Royalty interests acquired	`RoyaltyInterestAcquired`	$24.30M	USD	Point-in-time
Royalty interests acquired	`RoyaltyInterestAcquired`	$29.32M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.29M	USD	Point-in-time
Total assets	`Assets`	$285.07M	USD	Point-in-time
Total assets	`Assets`	$463.61M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$10.51M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$22.90M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$7.33M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.61M	USD	Point-in-time
Deferred taxes payable	`DeferredIncomeTaxLiabilitiesNet`	$30.18M	USD	Point-in-time
Deferred taxes payable	`DeferredIncomeTaxLiabilitiesNet`	$14.90M	USD	Point-in-time
Unearned revenue	`ContractWithCustomerLiability`	$16.32M	USD	Point-in-time
Unearned revenue	`ContractWithCustomerLiability`	$13.37M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiability`	$3.49M	USD	Point-in-time
Total liabilities	`Liabilities`	$40.38M	USD	Point-in-time
Total liabilities	`Liabilities`	$80.22M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Certificates of Proprietary Interest, par value $100 each; none outstanding	`PreferredStockValue`	-	USD	Point-in-time
Certificates of Proprietary Interest, par value $100 each; none outstanding	`PreferredStockValue`	-	USD	Point-in-time
Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding 7,756,156 and 7,762,414 Sub-share Certificates as of June 30, 2019 and December 31, 2018, respectively	`CommonStockValue`	-	USD	Point-in-time
Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding 7,756,156 and 7,762,414 Sub-share Certificates as of June 30, 2019 and December 31, 2018, respectively	`CommonStockValue`	-	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.08M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.06M	USD	Point-in-time
Net proceeds from all sources	`RetainedEarningsUnappropriated`	$384.45M	USD	Point-in-time
Net proceeds from all sources	`RetainedEarningsUnappropriated`	$245.77M	USD	Point-in-time
Total capital	`StockholdersEquity`	$244.69M	USD	Point-in-time
Total capital	`StockholdersEquity`	$383.39M	USD	Point-in-time
Total liabilities and capital	`LiabilitiesAndStockholdersEquity`	$285.07M	USD	Point-in-time
Total liabilities and capital	`LiabilitiesAndStockholdersEquity`	$463.61M	USD	Point-in-time

Income Statement 76 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$87.31M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$73.84M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$133.85M	USD	2 Qtrs
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$278.63M	USD	2 Qtrs
Salaries and related employee expenses	`LaborAndRelatedExpense`	$3.83M	USD	1 Quarter
Salaries and related employee expenses	`LaborAndRelatedExpense`	$7.74M	USD	1 Quarter
Salaries and related employee expenses	`LaborAndRelatedExpense`	$14.21M	USD	2 Qtrs
Salaries and related employee expenses	`LaborAndRelatedExpense`	$6.40M	USD	2 Qtrs
Water service-related expenses	`WaterProductionCosts`	$10.30M	USD	2 Qtrs
Water service-related expenses	`WaterProductionCosts`	$3.89M	USD	2 Qtrs
Water service-related expenses	`WaterProductionCosts`	$5.72M	USD	1 Quarter
Water service-related expenses	`WaterProductionCosts`	$2.59M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.10M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.01M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$4.24M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.69M	USD	2 Qtrs
Legal and professional fees	`ProfessionalFees`	$420.00K	USD	1 Quarter
Legal and professional fees	`ProfessionalFees`	$1.07M	USD	2 Qtrs
Legal and professional fees	`ProfessionalFees`	$7.86M	USD	1 Quarter
Legal and professional fees	`ProfessionalFees`	$9.64M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$2.65M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$1.45M	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$813.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$483.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$41.04M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$13.87M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$24.87M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.34M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$62.44M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$237.59M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$65.50M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$119.99M	USD	2 Qtrs
Other income	`NonoperatingIncomeExpense`	$437.00K	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$160.00K	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$290.00K	USD	2 Qtrs
Other income	`NonoperatingIncomeExpense`	$830.00K	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$65.67M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$120.28M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$238.43M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$62.88M	USD	1 Quarter
Current	`CurrentIncomeTaxExpenseBenefit`	$33.57M	USD	2 Qtrs
Current	`CurrentIncomeTaxExpenseBenefit`	$19.02M	USD	1 Quarter
Current	`CurrentIncomeTaxExpenseBenefit`	$23.98M	USD	2 Qtrs
Current	`CurrentIncomeTaxExpenseBenefit`	$13.16M	USD	1 Quarter
Deferred	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred	`DeferredIncomeTaxExpenseBenefit`	$15.28M	USD	2 Qtrs
Deferred	`DeferredIncomeTaxExpenseBenefit`	$-5.72M	USD	1 Quarter
Deferred	`DeferredIncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Total income tax expense	`IncomeTaxExpenseBenefit`	$13.29M	USD	1 Quarter
Total income tax expense	`IncomeTaxExpenseBenefit`	$13.16M	USD	1 Quarter
Total income tax expense	`IncomeTaxExpenseBenefit`	$23.98M	USD	2 Qtrs
Total income tax expense	`IncomeTaxExpenseBenefit`	$48.84M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$52.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$96.29M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$189.58M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$49.59M	USD	1 Quarter
Other comprehensive income periodic pension costs, net of income taxes of $2, $3, $5 and $7, respectively	`OtherComprehensiveIncomeLossNetOfTax`	$9.00K	USD	1 Quarter
Other comprehensive income periodic pension costs, net of income taxes of $2, $3, $5 and $7, respectively	`OtherComprehensiveIncomeLossNetOfTax`	$13.00K	USD	1 Quarter
Other comprehensive income periodic pension costs, net of income taxes of $2, $3, $5 and $7, respectively	`OtherComprehensiveIncomeLossNetOfTax`	$26.00K	USD	2 Qtrs
Other comprehensive income periodic pension costs, net of income taxes of $2, $3, $5 and $7, respectively	`OtherComprehensiveIncomeLossNetOfTax`	$18.00K	USD	2 Qtrs
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$96.32M	USD	2 Qtrs
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$189.60M	USD	2 Qtrs
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$49.59M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$52.52M	USD	1 Quarter
Weighted average number of Sub-share Certificates outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.81M	shares	2 Qtrs
Weighted average number of Sub-share Certificates outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.80M	shares	1 Quarter
Weighted average number of Sub-share Certificates outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.76M	shares	1 Quarter
Weighted average number of Sub-share Certificates outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.76M	shares	2 Qtrs
Net income per Sub-share Certificate basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$12.33	USD	2 Qtrs
Net income per Sub-share Certificate basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$24.44	USD	2 Qtrs
Net income per Sub-share Certificate basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$6.73	USD	1 Quarter
Net income per Sub-share Certificate basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$6.39	USD	1 Quarter
Cash dividends per Sub-share Certificate (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$6.00	USD	2 Qtrs
Cash dividends per Sub-share Certificate (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$4.05	USD	2 Qtrs
Cash dividends per Sub-share Certificate (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	-	USD	1 Quarter
Cash dividends per Sub-share Certificate (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	-	USD	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$52.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$96.29M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$189.58M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$49.59M	USD	1 Quarter
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	2 Qtrs
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-15.28M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.65M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$813.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.45M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$483.00K	USD	1 Quarter
Operating assets, excluding income taxes	`IncreaseDecreaseInOperatingAssets`	$21.52M	USD	2 Qtrs
Operating assets, excluding income taxes	`IncreaseDecreaseInOperatingAssets`	$18.11M	USD	2 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-9.40M	USD	2 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-1.20M	USD	2 Qtrs
Operating liabilities, excluding income taxes	`IncreaseDecreaseInOperatingLiabilities`	$18.86M	USD	2 Qtrs
Operating liabilities, excluding income taxes	`IncreaseDecreaseInOperatingLiabilities`	$6.96M	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$5.72M	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.07M	USD	2 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$89.23M	USD	2 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$219.97M	USD	2 Qtrs
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	2 Qtrs
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$30.00K	USD	2 Qtrs
Acquisition of land	`PaymentsToAcquireLand`	$74.41M	USD	2 Qtrs
Acquisition of land	`PaymentsToAcquireLand`	$2.66M	USD	2 Qtrs
Acquisition of royalty interests	`PaymentsToAcquireRoyaltyInterestsInMiningProperties`	$5.02M	USD	2 Qtrs
Acquisition of royalty interests	`PaymentsToAcquireRoyaltyInterestsInMiningProperties`	-	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$31.56M	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.60M	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.35M	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.72M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-34.23M	USD	2 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-102.00M	USD	2 Qtrs
Purchase of Sub-share Certificates in Certificates of Proprietary Interest	`PaymentsForRepurchaseOfCommonStock`	$4.35M	USD	2 Qtrs
Purchase of Sub-share Certificates in Certificates of Proprietary Interest	`PaymentsForRepurchaseOfCommonStock`	$17.04M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$46.55M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$31.65M	USD	2 Qtrs
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-50.90M	USD	2 Qtrs
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-48.69M	USD	2 Qtrs
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.32M	USD	2 Qtrs
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$67.08M	USD	2 Qtrs
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$79.58M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$123.45M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$190.52M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$85.89M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$79.58M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$123.45M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$190.52M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$85.89M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaidNet`	$21.95M	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	$18.45M	USD	2 Qtrs

Comprehensive Income 4 line items

Line Item	Tag	Value	Unit	Period
Other comprehensive income, tax	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$3.00K	USD	1 Quarter
Other comprehensive income, tax	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$5.00K	USD	2 Qtrs
Other comprehensive income, tax	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$7.00K	USD	2 Qtrs
Other comprehensive income, tax	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$2.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.