Stock Analysis on Net
Stock Analysis on Net

Texas Pacific Land Corp. (NYSE:TPL)

Common-Size Income Statement 

Texas Pacific Land Corp., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Oil and gas royalties 56.59 67.79 63.52 45.59 31.55
Water sales 17.77 12.69 15.03 18.13 17.32
Produced water royalties 13.34 10.82 12.88 16.74 7.98
Easements and other surface-related income 11.23 7.20 8.34 13.68 15.54
Land sales and other operating revenue 1.08 1.49 0.23 5.85 27.62
Revenues 100.00% 100.00% 100.00% 100.00% 100.00%
Salaries and related employee expenses -6.87 -6.20 -8.87 -10.63 -7.14
Water service-related expenses -5.31 -2.62 -2.93 -4.70 -4.24
General and administrative expenses -2.36 -1.99 -2.58 -4.54 -1.99
Legal and professional fees -4.99 -1.31 -1.61 -3.56 -3.34
Ad valorem and other taxes -1.17 -1.33 -0.03 0.00 0.00
Depreciation, depletion and amortization -2.34 -2.30 -3.60 -4.76 -1.82
Operating expenses -23.04% -15.75% -19.64% -28.19% -18.54%
Operating income 76.96% 84.25% 80.36% 71.81% 81.46%
Interest earned on cash and cash equivalents, net 4.53 0.93 0.02 0.00 0.00
Other employee pension costs 0.08 0.05 0.03 0.00 0.00
Miscellaneous other income (expense), net 0.37 0.00 0.10 0.80 0.55
Other income, net 4.99% 0.98% 0.14% 0.80% 0.55%
Income before income taxes 81.95% 85.23% 80.50% 72.60% 82.01%
Income tax expense -17.72 -18.35 -20.63 -14.41 -17.03
Net income 64.23% 66.88% 59.87% 58.19% 64.98%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Income statement item Description The company
Operating income The net result for the period of deducting operating expenses from operating revenues. Texas Pacific Land Corp. operating income as a percentage of revenues increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Income before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Texas Pacific Land Corp. income before income taxes as a percentage of revenues increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Texas Pacific Land Corp. net income as a percentage of revenues increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.