Stock Analysis on Net
Stock Analysis on Net

Texas Pacific Land Corp. (NYSE:TPL)

$22.49

This company has been moved to the archive! The financial data has not been updated since November 6, 2024.

Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Texas Pacific Land Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Accounts payable and accrued expenses
Ad valorem and other taxes payable
Income taxes payable
Unearned revenue
Current liabilities
Deferred taxes payable
Unearned revenue, noncurrent
Operating lease liabilities, noncurrent
Accrued liabilities, noncurrent
Noncurrent liabilities
Total liabilities
Preferred stock, $0.01 par value; none outstanding
Common stock, $0.01 par value
Treasury stock, at cost
Additional paid-in capital
Accumulated other comprehensive income (loss)
Retained earnings
Net proceeds from all sources
Total equity
Total liabilities and equity

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).

Liabilities Trends
Current liabilities showed significant fluctuation, beginning at $24.5 million in 2019, decreasing to $21.4 million in 2020, then sharply increasing to $50.9 million in 2021, before moderately declining to $39.6 million in 2022 and rising again to $44.4 million in 2023. This indicates volatility in short-term obligations with a peak in 2021. Accounts payable and accrued expenses also exhibited variability but generally increased from 2019 ($19.2 million) to a peak in 2022 ($23.9 million), slightly declining in 2023 ($22.5 million).
Ad valorem and other taxes payable emerged from no recorded amounts in 2019 and 2020 to a substantial $8.0 million in 2022, and further increased to $10.8 million in 2023, signifying an increasing tax liability component in recent years. Income taxes payable fluctuated significantly, starting at $5.3 million in 2019, declining to $4.1 million in 2020, surging dramatically to $29.1 million in 2021, then declining sharply in subsequent years.
Unearned revenue displayed a consistent upward trend in both current and noncurrent categories. Current unearned revenue rose from $4.0 million in 2020 to $6.3 million in 2023, while noncurrent unearned revenue increased from $17.4 million in 2019 to $25.0 million in 2023, indicating a growing portion of deferred income potentially reflecting increased advance payments or longer-term contracts.
Deferred taxes payable remained relatively stable, fluctuating modestly between $38.7 million and $42.4 million over five years. Noncurrent liabilities showed some variability but an overall increase from $61.6 million in 2019 to $68.8 million in 2023, reflecting a modest growth in long-term obligations.
Total liabilities surged from $86.0 million in 2019 to a peak of $112.4 million in 2021, followed by a decrease in 2022 to $104.5 million and a rise again in 2023 to $113.2 million, showing volatility but an upward trend in the company's total obligations.
Equity Trends
Total equity experienced growth after 2020, starting at $512.1 million in 2019, dipping slightly in 2020 to $485.2 million, then increasing substantially to $651.7 million in 2021, $772.9 million in 2022, and further to $1.04 billion in 2023, indicating strengthening shareholder value and retained earnings.
Retained earnings followed a strong upward trajectory from $668.0 million in 2021 through $866.1 million in 2022, reaching $1.17 billion in 2023, which is a key contributor to the increase in total equity and suggests consistent profitability and earnings retention over recent years.
The treasury stock balance shows a dramatic increase in cost, moving from no reported value up to a negative $154.2 million in 2021, and further to negative $104.1 million in 2022 and negative $145.0 million in 2023. This indicates significant share repurchase activity and could impact equity composition.
Additional paid-in capital expanded from a nominal $28 thousand in 2021 to $14.6 million in 2023, reflecting new capital contributions or related equity transactions in that period. Accumulated other comprehensive income moved from a negative position in prior years to positive values in 2022 and 2023, representing improvements in comprehensive income items outside net earnings.
Overall Financial Position
The total liabilities and equity balance expanded from $598.2 million in 2019 to $1.16 billion in 2023, consistent with both equity growth and variable liabilities, highlighting an increase in company scale and financial capacity.
Net proceeds from all sources were reported only in 2019 and 2020, showing a decline from $513.6 million to $487.9 million, after which data is not available, limiting analysis of financing sources in later years.