Texas Pacific Land (TPL) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenues for Q1 2025 were $196.0 million, up 5.6% from $185.8 million in Q4 2024, and up 12.9% from $174.1 million in Q1 2024[6][10]. - Net income for Q1 2025 was $120.7 million, or $5.24 per diluted share, compared to $118.4 million in Q4 2024 and $114.4 million in Q1 2024[5][24]. - Operating income increased to $150,073 for the three months ended March 31, 2025, compared to $142,544 for the same period in 2024, representing a rise of 5.3%[27]. - EBITDA for the three months ended March 31, 2025, was $166,335, compared to $149,824 for the same period in 2024, indicating a growth of 11.0%[33]. - Adjusted EBITDA for the three months ended March 31, 2025, was $169,418, an increase from $152,044 in the same period of 2024, reflecting an increase of 11.5%[33]. - Free cash flow for Q1 2025 was $126.6 million, reflecting strong operational performance[8]. - Free cash flow for the three months ended March 31, 2025, was $126,556, compared to $114,484 for the same period in 2024, showing a growth of 10.6%[33]. - The company reported an income tax expense of $33,742 for the three months ended March 31, 2025, compared to $32,618 in the same period of 2024, indicating an increase of 3.4%[33]. Production and Revenue - Oil and gas royalty production reached a record 31.1 thousand Boe per day in Q1 2025, an increase from 29.1 thousand Boe per day in Q4 2024 and 24.8 thousand Boe per day in Q1 2024[6][10][22]. - Oil and gas royalty revenue increased by $14.3 million from Q4 2024, totaling $111.2 million in Q1 2025, driven by higher production and commodity prices[6][10][25]. - Oil and gas royalties revenue was $111,245 for the three months ended March 31, 2025, compared to $92,120 in the same period of 2024, marking a significant increase of 20.7%[29]. - Water sales revenue reached $38,813 for the three months ended March 31, 2025, up from $37,126 in the same period of 2024, reflecting a growth of 4.5%[29]. Expenses - Total operating expenses increased to $45.9 million in Q1 2025 from $43.2 million in Q4 2024, primarily due to higher water service-related expenses[7][11]. - Total operating expenses for the three months ended March 31, 2025, were $45,910, an increase from $43,240 in the same period of 2024, representing a rise of 6.2%[27]. Dividends and Shareholder Returns - The company declared a quarterly cash dividend of $1.60 per share, payable on June 16, 2025[12]. Other Highlights - TPL's royalty acreage had an estimated 5.9 net well permits and 24.3 net wells total, marking a company record[8]. - Average realized price for oil was $71.05 per barrel in Q1 2025, compared to $70.73 in Q4 2024 and $76.77 in Q1 2024[22][25]. - Total revenues for the three months ended March 31, 2025, were $195,983, an increase of 10.5% compared to $185,784 for the same period in 2024[27]. - Net income for the three months ended March 31, 2025, was $120,652, up from $118,360 in the prior year, reflecting a growth of 1.1%[27].