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Texas Pacific Land Trust SubShare Certif Reports Operating Results (10-Q)

August 03, 2012 | About:
10qk

10qk

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Texas Pacific Land Trust SubShare Certif (TPL) filed Quarterly Report for the period ended 2012-06-30.

Texas Pacific Land Trust has a market cap of $510.8 million; its shares were traded at around $57.75 with a P/E ratio of 22.5 and P/S ratio of 14.9. The dividend yield of Texas Pacific Land Trust stocks is 0.4%. Texas Pacific Land Trust had an annual average earning growth of 10.9% over the past 10 years. GuruFocus rated Texas Pacific Land Trust the business predictability rank of 3.5-star.

Highlight of Business Operations:

Oil and gas royalty revenue was $3,328,254 for the second quarter of 2012, compared to $3,591,193 for the second quarter of 2011, a decrease of 7.3%. Oil royalty revenue was $2,762,049 for the second quarter of 2012, a decrease of 3.5% from the second quarter of 2011 when oil royalty revenue was $2,862,705. This decrease was due to decreases in both price and volume. The average price per royalty barrel of crude oil during the second quarter of 2012 was 2.4% lower than the average price prevailing during the second quarter of 2011. In addition, crude oil production subject to the Trust s royalty interest decreased 1.1% in the second quarter of 2012 compared to the second quarter of 2011. Gas royalty revenue was $566,205 for the second quarter of 2012, a decrease of 22.3% from the second quarter of 2011 when gas royalty revenue was $728,488. This decrease in gas royalty revenue resulted from a price decrease of 39.4% in the second quarter of 2012 compared to the second quarter of 2011, which more than offset a volume increase of 28.2% over the same period.

Interest income, including interest on investments, was $185,493 for the second quarter of 2012 compared to $232,705 for the second quarter of 2011, a decrease of 20.3%. Interest on notes receivable for the second quarter of 2012 was $180,489, a decrease of 20.9% compared to the second quarter of 2011 when interest on notes receivable was $228,314. As of June 30, 2012, notes receivable for land sales were $10,182,840 compared to $12,534,550 at June 30, 2011, a decrease of 18.8%. Interest income earned from investments was $5,004 for the second quarter of 2012, an increase of 14.0% from the second quarter of 2011. Interest on investments is affected by such variables as cash on hand for investment and the rate of interest on short-term investments.

Earnings per Sub-share certificate were $1.24 for the first six months of 2012, compared to $.93 for the first six months of 2011. Total operating and investing revenues were $18,286,817 for the first six months of 2012 compared to $14,519,095 for the first six months of 2011, an increase of 26.0%. This increase in revenue and earnings was primarily due to increases in easement and sundry income and land sales, which were partially offset by decreases in gas royalty revenue and interest income from notes receivable.

Oil and gas royalty revenue was $6,762,080 for the first six months of 2012 compared to $7,067,415 for the first six months of 2011, a decrease of 4.3%. Oil royalty revenue was $5,608,621 for the first six months of 2012, an increase of 0.5% from the first six months of 2011 when oil royalty revenue was $5,578,871. The average price per royalty barrel of crude oil during the first six months of 2012 was 5.6% higher than the average price prevailing during the first six months of 2011. This price increase more than offset a decrease of 4.8% in the volume of crude oil production subject to the Trust s royalty interest in the first six months of 2012 compared to the first six months of 2011. Gas royalty revenue was $1,153,459 for the first six months of 2012, a decrease of 22.5% from the first six months of 2011 when gas royalty revenue was $1,488,544. This decrease in gas royalty revenue resulted from a price decrease of 31.8% in the first six months of 2012 compared to the first six months of 2011, partially offset by a volume increase of 13.4% over the same period.

Interest income, including interest on investments, was $373,051 for the first six months of 2012 compared to $486,057 for the first six months of 2011, a decrease of 23.2%. Interest on notes receivable for the first six months of 2012 was $362,850, a decrease of 24.0% compared to the first six months of 2011 when interest on notes receivable was $477,326. As of June 30, 2012, notes receivable for land sales were $10,182,840 compared to $12,534,550 at June 30, 2011, a decrease of 18.8%. Interest income earned from investments was $10,201 for the first six months of 2012, an increase of 16.8% from the first six months of 2011. Interest on investments is affected by such variables as cash on hand for investment and the rate of interest on short-term investments.

Read the The complete Report

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