Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Texas Pacific Land Corp., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Texas Pacific Land Corp. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Texas Pacific Land Corp. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Texas Pacific Land Corp. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Texas Pacific Land Corp. financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023. |
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Texas Pacific Land Corp. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Equity
Texas Pacific Land Corp., debt to equity calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Total equity | 1,043,196) | 772,887) | 651,711) | 485,184) | 512,137) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Chevron Corp. | 0.13 | 0.15 | 0.23 | 0.34 | 0.19 | |
| ConocoPhillips | 0.38 | 0.35 | 0.44 | 0.51 | 0.43 | |
| Exxon Mobil Corp. | 0.20 | 0.21 | 0.28 | 0.43 | 0.24 | |
| Occidental Petroleum Corp. | 0.65 | 0.66 | 1.46 | 1.95 | 1.13 | |
| Debt to Equity, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.23 | 0.23 | 0.34 | 0.48 | 0.31 | |
| Debt to Equity, Industry | ||||||
| Energy | 0.24 | 0.25 | 0.37 | 0.52 | 0.33 | |
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).
1 2023 Calculation
Debt to equity = Total debt ÷ Total equity
= 0 ÷ 1,043,196 = 0.00
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. |
Debt to Equity (including Operating Lease Liability)
Texas Pacific Land Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Operating lease liabilities, current | 854) | 833) | 674) | 795) | —) | |
| Operating lease liabilities, noncurrent | 1,170) | 1,955) | 1,445) | 2,026) | 3,367) | |
| Total debt (including operating lease liability) | 2,024) | 2,788) | 2,119) | 2,821) | 3,367) | |
| Total equity | 1,043,196) | 772,887) | 651,711) | 485,184) | 512,137) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Chevron Corp. | 0.16 | 0.17 | 0.25 | 0.37 | 0.21 | |
| ConocoPhillips | 0.40 | 0.36 | 0.45 | 0.54 | 0.45 | |
| Exxon Mobil Corp. | 0.23 | 0.24 | 0.31 | 0.46 | 0.27 | |
| Occidental Petroleum Corp. | 0.69 | 0.69 | 1.49 | 2.01 | 1.17 | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.26 | 0.26 | 0.37 | 0.52 | 0.34 | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Energy | 0.27 | 0.28 | 0.40 | 0.55 | 0.36 | |
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).
1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total equity
= 2,024 ÷ 1,043,196 = 0.00
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Texas Pacific Land Corp. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Debt to Capital
Texas Pacific Land Corp., debt to capital calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Total equity | 1,043,196) | 772,887) | 651,711) | 485,184) | 512,137) | |
| Total capital | 1,043,196) | 772,887) | 651,711) | 485,184) | 512,137) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Chevron Corp. | 0.11 | 0.13 | 0.18 | 0.25 | 0.16 | |
| ConocoPhillips | 0.28 | 0.26 | 0.31 | 0.34 | 0.30 | |
| Exxon Mobil Corp. | 0.17 | 0.17 | 0.22 | 0.30 | 0.20 | |
| Occidental Petroleum Corp. | 0.39 | 0.40 | 0.59 | 0.66 | 0.53 | |
| Debt to Capital, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.19 | 0.19 | 0.26 | 0.33 | 0.24 | |
| Debt to Capital, Industry | ||||||
| Energy | 0.20 | 0.20 | 0.27 | 0.34 | 0.25 | |
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).
1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 1,043,196 = 0.00
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. |
Debt to Capital (including Operating Lease Liability)
Texas Pacific Land Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Operating lease liabilities, current | 854) | 833) | 674) | 795) | —) | |
| Operating lease liabilities, noncurrent | 1,170) | 1,955) | 1,445) | 2,026) | 3,367) | |
| Total debt (including operating lease liability) | 2,024) | 2,788) | 2,119) | 2,821) | 3,367) | |
| Total equity | 1,043,196) | 772,887) | 651,711) | 485,184) | 512,137) | |
| Total capital (including operating lease liability) | 1,045,220) | 775,675) | 653,830) | 488,005) | 515,504) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Chevron Corp. | 0.14 | 0.15 | 0.20 | 0.27 | 0.18 | |
| ConocoPhillips | 0.28 | 0.26 | 0.31 | 0.35 | 0.31 | |
| Exxon Mobil Corp. | 0.19 | 0.19 | 0.24 | 0.32 | 0.22 | |
| Occidental Petroleum Corp. | 0.41 | 0.41 | 0.60 | 0.67 | 0.54 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.20 | 0.21 | 0.27 | 0.34 | 0.26 | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Energy | 0.21 | 0.22 | 0.28 | 0.36 | 0.27 | |
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).
1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 2,024 ÷ 1,045,220 = 0.00
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Texas Pacific Land Corp. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Debt to Assets
Texas Pacific Land Corp., debt to assets calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Total assets | 1,156,398) | 877,427) | 764,064) | 571,635) | 598,176) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Chevron Corp. | 0.08 | 0.09 | 0.13 | 0.18 | 0.11 | |
| ConocoPhillips | 0.20 | 0.18 | 0.22 | 0.25 | 0.21 | |
| Exxon Mobil Corp. | 0.11 | 0.11 | 0.14 | 0.20 | 0.13 | |
| Occidental Petroleum Corp. | 0.27 | 0.27 | 0.39 | 0.45 | 0.35 | |
| Debt to Assets, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.13 | 0.13 | 0.17 | 0.23 | 0.16 | |
| Debt to Assets, Industry | ||||||
| Energy | 0.13 | 0.14 | 0.18 | 0.24 | 0.17 | |
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).
1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 0 ÷ 1,156,398 = 0.00
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. |
Debt to Assets (including Operating Lease Liability)
Texas Pacific Land Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total debt | —) | —) | —) | —) | —) | |
| Operating lease liabilities, current | 854) | 833) | 674) | 795) | —) | |
| Operating lease liabilities, noncurrent | 1,170) | 1,955) | 1,445) | 2,026) | 3,367) | |
| Total debt (including operating lease liability) | 2,024) | 2,788) | 2,119) | 2,821) | 3,367) | |
| Total assets | 1,156,398) | 877,427) | 764,064) | 571,635) | 598,176) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Chevron Corp. | 0.10 | 0.11 | 0.15 | 0.20 | 0.13 | |
| ConocoPhillips | 0.20 | 0.18 | 0.23 | 0.26 | 0.22 | |
| Exxon Mobil Corp. | 0.13 | 0.13 | 0.16 | 0.22 | 0.15 | |
| Occidental Petroleum Corp. | 0.28 | 0.29 | 0.40 | 0.47 | 0.37 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.14 | 0.14 | 0.19 | 0.24 | 0.18 | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Energy | 0.15 | 0.15 | 0.20 | 0.25 | 0.19 | |
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).
1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 2,024 ÷ 1,156,398 = 0.00
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Texas Pacific Land Corp. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Financial Leverage
Texas Pacific Land Corp., financial leverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total assets | 1,156,398) | 877,427) | 764,064) | 571,635) | 598,176) | |
| Total equity | 1,043,196) | 772,887) | 651,711) | 485,184) | 512,137) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 1.11 | 1.14 | 1.17 | 1.18 | 1.17 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Chevron Corp. | 1.63 | 1.62 | 1.72 | 1.82 | 1.65 | |
| ConocoPhillips | 1.95 | 1.95 | 2.00 | 2.10 | 2.02 | |
| Exxon Mobil Corp. | 1.84 | 1.89 | 2.01 | 2.12 | 1.89 | |
| Occidental Petroleum Corp. | 2.45 | 2.41 | 3.69 | 4.31 | 3.19 | |
| Financial Leverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.81 | 1.83 | 1.99 | 2.12 | 1.93 | |
| Financial Leverage, Industry | ||||||
| Energy | 1.84 | 1.86 | 2.02 | 2.17 | 1.95 | |
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).
1 2023 Calculation
Financial leverage = Total assets ÷ Total equity
= 1,156,398 ÷ 1,043,196 = 1.11
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Texas Pacific Land Corp. financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023. |
Interest Coverage
Texas Pacific Land Corp., interest coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net income | 405,645) | 446,362) | 269,980) | 176,049) | 318,728) | |
| Add: Income tax expense | 111,916) | 122,493) | 93,037) | 43,613) | 83,527) | |
| Add: Interest expense | —) | —) | —) | —) | —) | |
| Earnings before interest and tax (EBIT) | 517,561) | 568,855) | 363,017) | 219,662) | 402,255) | |
| Solvency Ratio | ||||||
| Interest coverage1 | — | — | — | — | — | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Chevron Corp. | 64.08 | 97.27 | 31.39 | -9.69 | 7.94 | |
| ConocoPhillips | 21.88 | 36.07 | 15.38 | -2.90 | 13.24 | |
| Exxon Mobil Corp. | 63.17 | 98.43 | 33.98 | -23.94 | 25.16 | |
| Occidental Petroleum Corp. | 7.80 | 14.71 | 3.30 | -10.03 | 1.17 | |
| Interest Coverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | 35.53 | 54.91 | 17.67 | -12.51 | 11.17 | |
| Interest Coverage, Industry | ||||||
| Energy | 32.12 | 48.83 | 16.26 | -13.30 | 7.10 | |
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).
1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 517,561 ÷ 0 = —
2 Click competitor name to see calculations.
Fixed Charge Coverage
Texas Pacific Land Corp., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net income | 405,645) | 446,362) | 269,980) | 176,049) | 318,728) | |
| Add: Income tax expense | 111,916) | 122,493) | 93,037) | 43,613) | 83,527) | |
| Add: Interest expense | —) | —) | —) | —) | —) | |
| Earnings before interest and tax (EBIT) | 517,561) | 568,855) | 363,017) | 219,662) | 402,255) | |
| Add: Operating lease cost | 800) | 800) | 800) | 700) | 700) | |
| Earnings before fixed charges and tax | 518,361) | 569,655) | 363,817) | 220,362) | 402,955) | |
| Interest expense | —) | —) | —) | —) | —) | |
| Operating lease cost | 800) | 800) | 800) | 700) | 700) | |
| Fixed charges | 800) | 800) | 800) | 700) | 700) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 647.95 | 712.07 | 454.77 | 314.80 | 575.65 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Chevron Corp. | 9.57 | 18.28 | 8.43 | -1.29 | 2.62 | |
| ConocoPhillips | 17.14 | 28.76 | 11.94 | -1.79 | 9.51 | |
| Exxon Mobil Corp. | 13.03 | 20.62 | 9.13 | -5.68 | 5.66 | |
| Occidental Petroleum Corp. | 3.09 | 6.42 | 1.78 | -4.00 | 0.91 | |
| Fixed Charge Coverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | 10.15 | 17.43 | 7.01 | -3.67 | 4.10 | |
| Fixed Charge Coverage, Industry | ||||||
| Energy | 9.23 | 15.47 | 6.39 | -3.82 | 2.81 | |
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).
1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 518,361 ÷ 800 = 647.95
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Texas Pacific Land Corp. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |