Texas Pacific Land Corporation (TPL) reported significant financial performance for the three and nine months ended September 30, 2024, reflecting a robust increase in revenues and net income compared to the same periods in 2023. Total revenues for Q3 2024 reached $173.6 million, a 9.9% increase from $158.0 million in Q3 2023. This growth was driven by higher oil and gas royalties, which amounted to $94.4 million, up from $87.1 million, and a notable rise in water sales, which increased to $36.2 million from $26.4 million. Produced water royalties also saw an increase, rising to $27.7 million from $20.8 million.
Net income for the third quarter of 2024 was $106.6 million, slightly higher than $105.6 million in the prior year. Basic earnings per share improved to $4.64 from $4.58. For the nine-month period, total revenues were $520.0 million, up from $464.9 million, with net income increasing to $335.6 million from $292.5 million, marking a 14.7% rise.
The company’s cash and cash equivalents as of September 30, 2024, were reported at $533.9 million, a decrease from $725.2 million at the end of 2023. Total assets increased to $1.176 billion from $1.156 billion, while total liabilities rose to $123.4 million from $113.2 million. Total equity also saw a slight increase to $1.052 billion from $1.043 billion.
In terms of strategic developments, TPL made significant acquisitions during the reporting period, including mineral interests across approximately 4,106 net royalty acres in Culberson County, Texas, for $120.3 million, and 4,120 surface acres in Martin County for $45.0 million. Additionally, on October 2, 2024, TPL acquired approximately 7,490 net royalty acres in the Midland Basin for $276.4 million, which included a $43.0 million deposit held in escrow.
Operating expenses for the nine months ended September 30, 2024, included $310.6 million in dividends paid, significantly higher than $75.0 million in 2023. The company also repurchased $22.7 million of its common stock during this period, down from $32.2 million in the previous year.
Overall, TPL's performance in the Permian Basin has been positively impacted by increased oil and gas production, alongside effective management of its water services and operations, which have contributed to the overall revenue growth.
About Texas Pacific Land Corp
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