10-Q Filing

TEXAS PACIFIC LAND TRUST CIK: 97517 Q2 2020

Filing Information

Form Type	10-Q
Accession Number	`0000097517-20-000045`
Period End Date	20200630
Filing Date	20200806
Fiscal Year	2020
Fiscal Period	Q2
XBRL Instance	tpl-20200630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 76 Cash Flow Statement 56 Comprehensive Income 4

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$18.13M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$11.31M	USD	Point-in-time
Less: accumulated depletion	`AccumulatedDepreciationRoyaltyInterests`	$360.00K	USD	Point-in-time
Less: accumulated depletion	`AccumulatedDepreciationRoyaltyInterests`	$260.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$258.36M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$303.64M	USD	Point-in-time
Accrued receivables, net	`OtherReceivables`	$49.56M	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, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$100.00	USD	Point-in-time
Accrued receivables, net	`OtherReceivables`	$62.99M	USD	Point-in-time
Other assets	`OtherAssets`	$3.21M	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
Other assets	`OtherAssets`	$3.98M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $18,130 and $11,313 as of June 30, 2020 and December 31, 2019, respectively	`PropertyPlantAndEquipmentNet`	$85.48M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $18,130 and $11,313 as of June 30, 2020 and December 31, 2019, respectively	`PropertyPlantAndEquipmentNet`	$88.32M	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
Real estate acquired	`RealEstateGrossAtCarryingValue`	$107.08M	USD	Point-in-time
Real estate acquired	`RealEstateGrossAtCarryingValue`	$108.30M	USD	Point-in-time
Sub-share certificates of proprietary interest, outstanding (in shares)	`CommonStockSharesOutstanding`	7.76M	shares	Point-in-time
Sub-share certificates of proprietary interest, outstanding (in shares)	`CommonStockSharesOutstanding`	7.76M	shares	Point-in-time
Royalty interests acquired, net of accumulated depletion of $360 and $260 as of June 30, 2020 and December 31, 2019, respectively	`TotalRoyaltyInterests`	$45.91M	USD	Point-in-time
Royalty interests acquired, net of accumulated depletion of $360 and $260 as of June 30, 2020 and December 31, 2019, respectively	`TotalRoyaltyInterests`	$29.06M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.79M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.10M	USD	Point-in-time
Total assets	`Assets`	$598.18M	USD	Point-in-time
Total assets	`Assets`	$553.60M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$19.19M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$15.37M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.99M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$5.27M	USD	Point-in-time
Deferred taxes payable	`DeferredIncomeTaxLiabilitiesNet`	$40.83M	USD	Point-in-time
Deferred taxes payable	`DeferredIncomeTaxLiabilitiesNet`	$40.13M	USD	Point-in-time
Unearned revenue	`ContractWithCustomerLiability`	$17.38M	USD	Point-in-time
Unearned revenue	`ContractWithCustomerLiability`	$20.04M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiability`	$3.37M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiability`	$3.14M	USD	Point-in-time
Total liabilities	`Liabilities`	$86.04M	USD	Point-in-time
Total liabilities	`Liabilities`	$80.66M	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 $0.0333 each; outstanding 7,756,156 Sub-share Certificates as of June 30, 2020 and December 31, 2019	`CommonStockValue`	-	USD	Point-in-time
Sub-share Certificates in Certificates of Proprietary Interest, par value $0.0333 each; outstanding 7,756,156 Sub-share Certificates as of June 30, 2020 and December 31, 2019	`CommonStockValue`	-	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.43M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.46M	USD	Point-in-time
Net proceeds from all sources	`RetainedEarningsUnappropriated`	$513.60M	USD	Point-in-time
Net proceeds from all sources	`RetainedEarningsUnappropriated`	$474.37M	USD	Point-in-time
Total capital	`StockholdersEquity`	$383.39M	USD	Point-in-time
Total capital	`StockholdersEquity`	$472.94M	USD	Point-in-time
Total capital	`StockholdersEquity`	$512.14M	USD	Point-in-time
Total liabilities and capital	`LiabilitiesAndStockholdersEquity`	$553.60M	USD	Point-in-time
Total liabilities and capital	`LiabilitiesAndStockholdersEquity`	$598.18M	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`	$278.63M	USD	2 Qtrs
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$54.57M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$151.16M	USD	2 Qtrs
Salaries and related employee expenses	`LaborAndRelatedExpense`	$19.56M	USD	2 Qtrs
Salaries and related employee expenses	`LaborAndRelatedExpense`	$8.94M	USD	1 Quarter
Salaries and related employee expenses	`LaborAndRelatedExpense`	$14.21M	USD	2 Qtrs
Salaries and related employee expenses	`LaborAndRelatedExpense`	$7.74M	USD	1 Quarter
Water service-related expenses	`WaterProductionCosts`	$5.72M	USD	1 Quarter
Water service-related expenses	`WaterProductionCosts`	$8.95M	USD	2 Qtrs
Water service-related expenses	`WaterProductionCosts`	$10.30M	USD	2 Qtrs
Water service-related expenses	`WaterProductionCosts`	$2.17M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.45M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.10M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$5.41M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$4.24M	USD	2 Qtrs
Legal and professional fees	`ProfessionalFees`	$9.64M	USD	2 Qtrs
Legal and professional fees	`ProfessionalFees`	$2.61M	USD	1 Quarter
Legal and professional fees	`ProfessionalFees`	$4.97M	USD	2 Qtrs
Legal and professional fees	`ProfessionalFees`	$7.86M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationAmortizationAndAccretionNet`	$7.01M	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationAmortizationAndAccretionNet`	$3.68M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationAmortizationAndAccretionNet`	$1.45M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationAmortizationAndAccretionNet`	$2.65M	USD	2 Qtrs
Total operating expenses	`CostsAndExpenses`	$45.89M	USD	2 Qtrs
Total operating expenses	`CostsAndExpenses`	$24.87M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$19.84M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$41.04M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$62.44M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$105.27M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$34.73M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$237.59M	USD	2 Qtrs
Other income	`NonoperatingIncomeExpense`	$1.02M	USD	2 Qtrs
Other income	`NonoperatingIncomeExpense`	$437.00K	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$830.00K	USD	2 Qtrs
Other income	`NonoperatingIncomeExpense`	$193.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$34.92M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$106.29M	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`	$22.01M	USD	2 Qtrs
Current	`CurrentIncomeTaxExpenseBenefit`	$19.02M	USD	1 Quarter
Current	`CurrentIncomeTaxExpenseBenefit`	$33.57M	USD	2 Qtrs
Current	`CurrentIncomeTaxExpenseBenefit`	$7.99M	USD	1 Quarter
Deferred	`DeferredIncomeTaxExpenseBenefit`	$-5.72M	USD	1 Quarter
Deferred	`DeferredIncomeTaxExpenseBenefit`	$15.28M	USD	2 Qtrs
Deferred	`DeferredIncomeTaxExpenseBenefit`	$-700.00K	USD	2 Qtrs
Deferred	`DeferredIncomeTaxExpenseBenefit`	$-645.00K	USD	1 Quarter
Total income tax expense	`IncomeTaxExpenseBenefit`	$48.84M	USD	2 Qtrs
Total income tax expense	`IncomeTaxExpenseBenefit`	$21.31M	USD	2 Qtrs
Total income tax expense	`IncomeTaxExpenseBenefit`	$13.29M	USD	1 Quarter
Total income tax expense	`IncomeTaxExpenseBenefit`	$7.34M	USD	1 Quarter
Net income	`NetIncomeLoss`	$27.58M	USD	1 Quarter
Net income	`NetIncomeLoss`	$49.59M	USD	1 Quarter
Net income	`NetIncomeLoss`	$84.98M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$189.58M	USD	2 Qtrs
Other comprehensive income periodic pension costs, net of income taxes of $3, $2, $7 and $5, respectively	`OtherComprehensiveIncomeLossNetOfTax`	$13.00K	USD	1 Quarter
Other comprehensive income periodic pension costs, net of income taxes of $3, $2, $7 and $5, respectively	`OtherComprehensiveIncomeLossNetOfTax`	$18.00K	USD	2 Qtrs
Other comprehensive income periodic pension costs, net of income taxes of $3, $2, $7 and $5, respectively	`OtherComprehensiveIncomeLossNetOfTax`	$9.00K	USD	1 Quarter
Other comprehensive income periodic pension costs, net of income taxes of $3, $2, $7 and $5, respectively	`OtherComprehensiveIncomeLossNetOfTax`	$27.00K	USD	2 Qtrs
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$27.60M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$49.59M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$85.01M	USD	2 Qtrs
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$189.60M	USD	2 Qtrs
Weighted average number of Sub-share Certificates outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.76M	shares	2 Qtrs
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	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`	$6.39	USD	1 Quarter
Net income per Sub-share Certificate basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$10.96	USD	2 Qtrs
Net income per Sub-share Certificate basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$3.56	USD	1 Quarter
Net income per Sub-share Certificate basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$24.44	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`	$6.00	USD	2 Qtrs
Cash dividends per Sub-share Certificate (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$16.00	USD	2 Qtrs
Cash dividends per Sub-share Certificate (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	-	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$27.58M	USD	1 Quarter
Net income	`NetIncomeLoss`	$49.59M	USD	1 Quarter
Net income	`NetIncomeLoss`	$84.98M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$189.58M	USD	2 Qtrs
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-15.28M	USD	2 Qtrs
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$700.00K	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$7.01M	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$3.68M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$1.45M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$2.65M	USD	2 Qtrs
Land sale revenue recognized on exchanges and sales with basis	`RevenueRecognizedOnLandExchange`	-	USD	2 Qtrs
Land sale revenue recognized on exchanges and sales with basis	`RevenueRecognizedOnLandExchange`	$123.00K	USD	2 Qtrs
Operating assets, excluding income taxes	`IncreaseDecreaseInOtherOperatingAssets`	$-14.31M	USD	2 Qtrs
Operating assets, excluding income taxes	`IncreaseDecreaseInOtherOperatingAssets`	$21.52M	USD	2 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	-	USD	2 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-9.40M	USD	2 Qtrs
Operating liabilities, excluding income taxes	`IncreaseDecreaseInOtherOperatingLiabilities`	$-1.36M	USD	2 Qtrs
Operating liabilities, excluding income taxes	`IncreaseDecreaseInOtherOperatingLiabilities`	$18.86M	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$5.72M	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-3.29M	USD	2 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$219.97M	USD	2 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$100.83M	USD	2 Qtrs
Proceeds from sale of fixed assets	`ProceedsFromSaleOfOtherPropertyPlantAndEquipment`	$30.00K	USD	2 Qtrs
Proceeds from sale of fixed assets	`ProceedsFromSaleOfOtherPropertyPlantAndEquipment`	-	USD	2 Qtrs
Proceeds from land sales with basis	`ProceedsFromSaleOfLandHeldForUse`	$2.81M	USD	2 Qtrs
Proceeds from land sales with basis	`ProceedsFromSaleOfLandHeldForUse`	-	USD	2 Qtrs
Acquisition of land	`PaymentsToAcquireRealEstate`	$3.91M	USD	2 Qtrs
Acquisition of land	`PaymentsToAcquireRealEstate`	$74.41M	USD	2 Qtrs
Acquisition of royalty interests	`PaymentsToAcquireRoyaltyInterestsInMiningProperties`	$5.02M	USD	2 Qtrs
Acquisition of royalty interests	`PaymentsToAcquireRoyaltyInterestsInMiningProperties`	$16.95M	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquireEquipmentAndOtherAcquisitionOfRealEstate`	$3.97M	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquireEquipmentAndOtherAcquisitionOfRealEstate`	$22.60M	USD	2 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-102.00M	USD	2 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-22.02M	USD	2 Qtrs
Purchase of Sub-share Certificates in Certificates of Proprietary Interest	`PaymentsForRepurchaseOfCommonStock`	-	USD	2 Qtrs
Purchase of Sub-share Certificates in Certificates of Proprietary Interest	`PaymentsForRepurchaseOfCommonStock`	$4.35M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$46.55M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$124.10M	USD	2 Qtrs
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-50.90M	USD	2 Qtrs
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-124.10M	USD	2 Qtrs
Net (decrease) increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$67.08M	USD	2 Qtrs
Net (decrease) increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-45.28M	USD	2 Qtrs
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$303.64M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$258.36M	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, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$303.64M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$258.36M	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
Income taxes paid	`IncomeTaxesPaidNet`	$18.45M	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	$25.30M	USD	2 Qtrs
Operating lease right-of-use assets	`NoncashOrPartNoncashAcquisitionOperatingLeaseRightOfUseAssets`	$3.71M	USD	2 Qtrs
Operating lease right-of-use assets	`NoncashOrPartNoncashAcquisitionOperatingLeaseRightOfUseAssets`	-	USD	2 Qtrs
Land exchange	`LandExchange`	-	USD	2 Qtrs
Land exchange	`LandExchange`	$15.00K	USD	2 Qtrs

Comprehensive Income 4 line items

Line Item	Tag	Value	Unit	Period
Other comprehensive income - periodic pension costs	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$2.00K	USD	1 Quarter
Other comprehensive income - periodic pension costs	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$5.00K	USD	2 Qtrs
Other comprehensive income - periodic pension costs	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$3.00K	USD	1 Quarter
Other comprehensive income - periodic pension costs	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$7.00K	USD	2 Qtrs

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