Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Texas Pacific Land Corp., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Oil and gas royalties	357,394)	452,434)	286,468)	137,948)	154,729)
Water sales	112,203)	84,725)	67,766)	54,862)	84,949)
Produced water royalties	84,260)	72,234)	58,081)	50,640)	39,119)
Easements and other surface-related income	70,932)	48,057)	37,616)	41,398)	76,243)
Land sales and other operating revenue	6,806)	9,972)	1,027)	17,706)	135,456)
Revenues	631,595)	667,422)	450,958)	302,554)	490,496)
Salaries and related employee expenses	(43,384)	(41,402)	(40,012)	(32,173)	(35,041)
Water service-related expenses	(33,566)	(17,463)	(13,233)	(14,233)	(20,808)
General and administrative expenses	(14,928)	(13,285)	(11,638)	(13,724)	(9,765)
Legal and professional fees	(31,522)	(8,735)	(7,281)	(10,778)	(16,403)
Ad valorem and other taxes	(7,385)	(8,854)	(144)	—)	—)
Depreciation, depletion and amortization	(14,757)	(15,376)	(16,257)	(14,395)	(8,906)
Operating expenses	(145,542)	(105,115)	(88,565)	(85,303)	(90,923)
Operating income	486,053)	562,307)	362,393)	217,251)	399,573)
Interest earned on cash and cash equivalents, net	28,630)	6,207)	78)	—)	—)
Other employee pension costs	514)	363)	113)	—)	—)
Miscellaneous other income (expense), net	2,364)	(22)	433)	2,411)	2,682)
Other income, net	31,508)	6,548)	624)	2,411)	2,682)
Income before income taxes	517,561)	568,855)	363,017)	219,662)	402,255)
Income tax expense	(111,916)	(122,493)	(93,037)	(43,613)	(83,527)
Net income	405,645)	446,362)	269,980)	176,049)	318,728)

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).

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Income statement item	Description	The company
Revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Texas Pacific Land Corp. revenues increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Texas Pacific Land Corp. operating income increased from 2021 to 2022 but then slightly decreased 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 increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
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 increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Texas Pacific Land Corp. (NYSE:TPL)

Income Statement