10-Q Filing

TEXAS PACIFIC LAND CORP CIK: 1811074 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001811074-23-000025`
Period End Date	20230331
Filing Date	20230503
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	tpl-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 44 Cash Flow Statement 54

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$510.83M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$590.62M	USD	Point-in-time
Accounts receivable and accrued receivables, net	`OtherReceivables`	$103.98M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable and accrued receivables, net	`OtherReceivables`	$106.04M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.59M	USD	Point-in-time
Common stock authorized (in shares)	`CommonStockSharesAuthorized`	7.76M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.43M	USD	Point-in-time
Common stock authorized (in shares)	`CommonStockSharesAuthorized`	7.76M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	7.69M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	7.70M	shares	Point-in-time
Tax like-kind exchange escrow	`EscrowDeposit`	$6.76M	USD	Point-in-time
Tax like-kind exchange escrow	`EscrowDeposit`	$6.35M	USD	Point-in-time
Treasury stock, at cost (in shares)	`TreasuryStockCommonShares`	62,836.00	shares	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	-	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$4.81M	USD	Point-in-time
Treasury stock, at cost (in shares)	`TreasuryStockCommonShares`	60,477.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$633.40M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$711.01M	USD	Point-in-time
Real estate acquired	`RealEstateGrossAtCarryingValue`	$109.70M	USD	Point-in-time
Real estate acquired	`RealEstateGrossAtCarryingValue`	$109.70M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$86.19M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$85.48M	USD	Point-in-time
Royalty interests acquired, net	`TotalRoyaltyInterests`	$45.02M	USD	Point-in-time
Royalty interests acquired, net	`TotalRoyaltyInterests`	$44.72M	USD	Point-in-time
Other assets	`OtherAssets`	$3.63M	USD	Point-in-time
Other assets	`OtherAssets`	$3.82M	USD	Point-in-time
Total assets	`Assets`	$877.43M	USD	Point-in-time
Total assets	`Assets`	$955.25M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$27.26M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$23.44M	USD	Point-in-time
Ad valorem and other taxes payable	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$4.56M	USD	Point-in-time
Ad valorem and other taxes payable	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$8.50M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$3.17M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$22.43M	USD	Point-in-time
Unearned revenue	`ContractWithCustomerLiabilityCurrent`	$4.49M	USD	Point-in-time
Unearned revenue	`ContractWithCustomerLiabilityCurrent`	$6.78M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$39.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$61.04M	USD	Point-in-time
Deferred taxes payable	`DeferredIncomeTaxLiabilitiesNet`	$41.15M	USD	Point-in-time
Deferred taxes payable	`DeferredIncomeTaxLiabilitiesNet`	$40.84M	USD	Point-in-time
Unearned revenue - noncurrent	`ContractWithCustomerLiabilityNoncurrent`	$21.71M	USD	Point-in-time
Unearned revenue - noncurrent	`ContractWithCustomerLiabilityNoncurrent`	$22.39M	USD	Point-in-time
Accrued liabilities - noncurrent	`AccruedLiabilitiesCurrentAndNoncurrent`	$2.09M	USD	Point-in-time
Accrued liabilities - noncurrent	`AccruedLiabilitiesCurrentAndNoncurrent`	$1.92M	USD	Point-in-time
Total liabilities	`Liabilities`	$104.54M	USD	Point-in-time
Total liabilities	`Liabilities`	$126.20M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none outstanding as of March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none outstanding as of March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value; 7,756,156 shares authorized and 7,693,320 and 7,695,679 outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$78.00K	USD	Point-in-time
Common stock, $0.01 par value; 7,756,156 shares authorized and 7,693,320 and 7,695,679 outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$78.00K	USD	Point-in-time
Treasury stock, at cost; 62,836 and 60,477 shares as of March 31, 2023 and December 31, 2022, respectively	`TreasuryStockValue`	$104.14M	USD	Point-in-time
Treasury stock, at cost; 62,836 and 60,477 shares as of March 31, 2023 and December 31, 2022, respectively	`TreasuryStockValue`	$108.79M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.29M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$7.73M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.52M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.49M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$866.14M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$927.54M	USD	Point-in-time
Total equity	`StockholdersEquity`	$651.71M	USD	Point-in-time
Total equity	`StockholdersEquity`	$829.05M	USD	Point-in-time
Total equity	`StockholdersEquity`	$727.88M	USD	Point-in-time
Total equity	`StockholdersEquity`	$772.89M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$877.43M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$955.25M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Periodic pension costs, net of income taxes	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$2.00K	USD	1 Quarter
Periodic pension costs, net of income taxes	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$-6.00K	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$147.34M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$146.36M	USD	1 Quarter
Salaries and related employee expenses	`LaborAndRelatedExpense`	$10.59M	USD	1 Quarter
Salaries and related employee expenses	`LaborAndRelatedExpense`	$9.38M	USD	1 Quarter
Water service-related expenses	`WaterProductionCosts`	$5.66M	USD	1 Quarter
Water service-related expenses	`WaterProductionCosts`	$2.78M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.55M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.97M	USD	1 Quarter
Legal and professional fees	`ProfessionalFees`	$1.72M	USD	1 Quarter
Legal and professional fees	`ProfessionalFees`	$16.63M	USD	1 Quarter
Ad valorem and other taxes	`TaxesExcludingIncomeAndExciseTaxes`	$1.57M	USD	1 Quarter
Ad valorem and other taxes	`TaxesExcludingIncomeAndExciseTaxes`	$2.04M	USD	1 Quarter
Land sales expenses	`LandSalesExpense`	-	USD	1 Quarter
Land sales expenses	`LandSalesExpense`	$3.00K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationAmortizationAndAccretionNet`	$4.13M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationAmortizationAndAccretionNet`	$3.40M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$41.41M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$23.02M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$124.31M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$104.95M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$5.39M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$76.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$124.39M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$110.34M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$23.77M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$26.49M	USD	1 Quarter
Net income	`NetIncomeLoss`	$97.90M	USD	1 Quarter
Net income	`NetIncomeLoss`	$86.57M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-25.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$8.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$86.54M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$97.91M	USD	1 Quarter
Net income per sub-share certificate - basic (in dollars per share)	`EarningsPerShareBasic`	$11.25	USD	1 Quarter
Net income per sub-share certificate - basic (in dollars per share)	`EarningsPerShareBasic`	$12.65	USD	1 Quarter
Net income per sub-share certificate - diluted (in dollars per share)	`EarningsPerShareDiluted`	$11.24	USD	1 Quarter
Net income per sub-share certificate - diluted (in dollars per share)	`EarningsPerShareDiluted`	$12.64	USD	1 Quarter
Weighted average number of shares of common stock outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.74M	shares	1 Quarter
Weighted average number of shares of common stock outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.69M	shares	1 Quarter
Weighted average number of shares of common stock outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.74M	shares	1 Quarter
Weighted average number of shares of common stock outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.70M	shares	1 Quarter
Dividend paid per common stock (in USD per share)	`CommonStockDividendsPerShareCashPaid`	$3.00	USD	1 Quarter
Dividend paid per common stock (in USD per share)	`CommonStockDividendsPerShareCashPaid`	$3.25	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$97.90M	USD	1 Quarter
Net income	`NetIncomeLoss`	$86.57M	USD	1 Quarter
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$406.00K	USD	1 Quarter
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$306.00K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$3.40M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$4.13M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.50M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.47M	USD	1 Quarter
Receivables and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.08M	USD	1 Quarter
Receivables and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$12.96M	USD	1 Quarter
Operating liabilities, excluding income taxes	`IncreaseDecreaseInOtherOperatingLiabilities`	$-3.33M	USD	1 Quarter
Operating liabilities, excluding income taxes	`IncreaseDecreaseInOtherOperatingLiabilities`	$640.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$19.26M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$20.90M	USD	1 Quarter
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-4.81M	USD	1 Quarter
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	-	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$107.73M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$114.78M	USD	1 Quarter
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$96.00K	USD	1 Quarter
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$5.00K	USD	1 Quarter
Acquisition of real estate	`PaymentsToAcquireRealEstate`	-	USD	1 Quarter
Acquisition of real estate	`PaymentsToAcquireRealEstate`	$13.00K	USD	1 Quarter
Acquisition of royalty interests	`PaymentsToAcquireRoyaltyInterestsInMiningProperties`	-	USD	1 Quarter
Acquisition of royalty interests	`PaymentsToAcquireRoyaltyInterestsInMiningProperties`	$1.64M	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquireEquipmentAndOtherAcquisitionOfRealEstate`	$1.75M	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquireEquipmentAndOtherAcquisitionOfRealEstate`	$3.62M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.18M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.74M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$6.84M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$219.00K	USD	1 Quarter
Shares exchanged for tax withholdings	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Shares exchanged for tax withholdings	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$939.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$23.22M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$25.06M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-32.84M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-23.44M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$80.19M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$79.11M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$597.38M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$507.36M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$428.24M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$517.18M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$597.38M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$507.36M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$428.24M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$517.18M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	$6.00M	USD	1 Quarter
Nonmonetary exchange of assets	`FairValueOfAssetsAcquired`	$4.17M	USD	1 Quarter
Nonmonetary exchange of assets	`FairValueOfAssetsAcquired`	-	USD	1 Quarter
Increase (decrease) in accounts payable related to capital expenditures	`DecreaseIncreaseInAccountsPayableRelatedToCapitalExpenditures`	$-619.00K	USD	1 Quarter
Increase (decrease) in accounts payable related to capital expenditures	`DecreaseIncreaseInAccountsPayableRelatedToCapitalExpenditures`	$2.02M	USD	1 Quarter
Share repurchases not yet settled	`StockRepurchaseProgramShareRepurchasesNotYetSettled`	$266.00K	USD	1 Quarter
Share repurchases not yet settled	`StockRepurchaseProgramShareRepurchasesNotYetSettled`	-	USD	1 Quarter

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