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

November 06, 2012 | About:
10qk

10qk

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Texas Pacific Land Trust SubShare Certif (TPL) filed Quarterly Report for the period ended 2012-09-30.

Texas Pacific Land Trust has a market cap of $483.9 million; its shares were traded at around $57.62 with a P/E ratio of 21.5 and P/S ratio of 14.1. 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 $3,820,708 for the third quarter of 2012, compared to $3,683,621 for the third quarter of 2011, an increase of 3.7%. Oil royalty revenue was $2,992,539 for the third quarter of 2012, an increase of 12.7% from the third quarter of 2011 when oil royalty revenue was $2,655,431. The average price per royalty barrel of crude oil during the third quarter of 2012 was 9.3% lower than the average price prevailing during the third quarter of 2011. This price decrease, however, was more than offset by an increase of 24.2% in crude oil production subject to the Trust's royalty interest in the third quarter of 2012 compared to the third quarter of 2011. Gas royalty revenue was $828,169 for the third quarter of 2012, a decrease of 19.5% from the third quarter of 2011 when gas royalty revenue was $1,028,190. This decrease in gas royalty revenue resulted from a price decrease of 26.9% in the third quarter of 2012 compared to the third quarter of 2011, which more than offset a volume increase of 10.0% over the same period.

Interest income, including interest on investments, was $185,652 for the third quarter of 2012 compared to $215,916 for the third quarter of 2011, a decrease of 14.0%. Interest on notes receivable for the third quarter of 2012 was $180,852, a decrease of 14.4% compared to the third quarter of 2011 when interest on notes receivable was $211,331. As of September 30, 2012, notes receivable for land sales were $9,667,642 compared to $10,892,178 at September 30, 2011, a decrease of 11.2%. Interest income earned from investments was $4,800 for the third quarter of 2012, an increase of 4.7% from the third 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 $1.73 for the first nine months of 2012, compared to $1.49 for the first nine months of 2011. Total operating and investing revenues were $25,330,098 for the first nine months of 2012 compared to $23,079,474 for the first nine months of 2011, an increase of 9.8%. This increase in revenue and earnings was primarily due to increases in easement and sundry income and oil royalty revenue, which were partially offset by decreases in land sales, gas royalty revenue and interest income from notes receivable.

Oil and gas royalty revenue was $10,582,788 for the first nine months of 2012 compared to $10,751,036 for the first nine months of 2011, a decrease of 1.6%. Oil royalty revenue was $8,601,160 for the first nine months of 2012, an increase of 4.5% from the first nine months of 2011 when oil royalty revenue was $8,234,302. The average price per royalty barrel of crude oil during the first nine months of 2012 was essentially equal to the average price prevailing during the first nine months of 2011. Crude oil production subject to the Trust's royalty interest increased 4.5% in the first nine months of 2012 compared to the first nine months of 2011. Gas royalty revenue was $1,981,628 for the first nine months of 2012, a decrease of 21.3% from the first nine months of 2011 when gas royalty income was $2,516,734. This decrease in gas royalty revenue resulted from a price decrease of 29.7% in the first nine months of 2012 compared to the first nine months of 2011, partially offset by a volume increase of 11.9% over the same period.

Interest income, including interest on investments, was $558,703 for the first nine months of 2012 compared to $701,973 for the first nine months of 2011, a decrease of 20.4%. Interest on notes receivable for the first nine months of 2012 was $543,702, a decrease of 21.0% compared to the first nine months of 2011 when interest on notes receivable was $688,657. As of September 30, 2012, notes receivable for land sales were $9,667,642 compared to $10,892,178 at September 30, 2011, a decrease of 11.2%. Interest income earned from investments was $15,001 for the first nine months of 2012, an increase of 12.7% from the first nine 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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