Texas Pacific Land (US:TPL)2022-05-04 20:32Financial Performance - Total revenues for the three months ended March 31, 2022, were $147.3 million, an increase of $63.2 million compared to $84.2 million in the same period of 2021[85]. - Net income for the three months ended March 31, 2022, was $97.9 million, up from $50.1 million in the same period of 2021, reflecting an increase of $47.8 million[85]. - Total consolidated revenues increased by 75.0% to $147.3 million for the three months ended March 31, 2022, compared to $84.2 million for the same period in 2021[97]. - Net income for the company increased by 95.5% to $97.9 million for the three months ended March 31, 2022, compared to $50.1 million for the same period in 2021[112]. - Adjusted EBITDA for the three months ended March 31, 2022 was $129.8 million, compared to $69.8 million for the same period in 2021[112]. Revenue Breakdown - Oil and gas royalty revenue increased by $54.6 million to $104.2 million for the three months ended March 31, 2022, compared to $49.5 million in the same period of 2021[86]. - Oil and gas royalty revenue rose by 110.3% to $104.2 million for the three months ended March 31, 2022, compared to $49.5 million for the same period in 2021[99]. - Water sales revenue increased by 45.3% to $18.8 million for the three months ended March 31, 2022, compared to $13.0 million for the same period in 2021[105]. - Produced water royalties increased by 18.6% to $14.9 million for the three months ended March 31, 2022, compared to $12.5 million for the same period in 2021[106]. - Land and Resource Management segment revenues increased by 96.1% to $113.3 million for the three months ended March 31, 2022, compared to $57.8 million for the same period in 2021[98]. - Water Services and Operations segment revenues increased by 28.9% to $34.0 million for the three months ended March 31, 2022, compared to $26.4 million for the same period in 2021[104]. Pricing and Market Conditions - Average WTI Cushing price per barrel was $95.18 in Q1 2022, compared to $58.09 in Q1 2021, representing a 63.8% increase[73]. - Average Henry Hub price per mmbtu was $4.67 in Q1 2022, up from $3.50 in Q1 2021, indicating a 33.4% increase[73]. - The average realized price for oil increased to $94.24 per barrel for the three months ended March 31, 2022, compared to $55.53 per barrel for the same period in 2021[101]. Cash Flow and Expenditures - Cash and cash equivalents as of March 31, 2022, were $507.4 million, expected to support business growth and dividends[77]. - Cash flow from operating activities for Q1 2022 was $107.7 million, compared to $52.4 million in Q1 2021, marking a significant increase[79]. - Capital expenditures for Q1 2022 were approximately $5.2 million, up from $1.4 million in Q1 2021, reflecting increased investment in water services[81]. Dividends and Shareholder Returns - Dividends paid in Q1 2022 totaled $23.2 million, with a cash dividend of $3.00 per share, compared to $21.3 million and $2.75 per share in Q1 2021[84]. Operational Activity - Average monthly horizontal permits in the Permian Basin increased to 572 in Q1 2022 from 446 in Q1 2021, indicating a rise in drilling activity[73]. Taxation - Total income tax expense rose to $26.5 million for the three months ended March 31, 2022, compared to $12.0 million for the same period in 2021, primarily due to increased operating income[92]. Market Risk - There have been no material changes in the information related to market risk of the Company since December 31, 2021[117].