Rough one as expected. That said, it’s hard not to be impressed by volumes.  Also, six month top line vs last year looks decent if you like to see the bright side of things.  Adjust for land sales, revenue for the first six months of 2020 was $149.5mm.  First six months of 2019 was $170.2mm adjusted.  Maybe we call that a win given the pandemic backdrop?


Still on track for conversion by the end of this quarter.

As previously announced on March 23, 2020, our Trustees approved a plan to reorganize the Trust from its current structure to a corporation formed under the laws of the State of Delaware. We continue to progress towards the conversion. On June 15, 2020, the Trust announced the new corporation will be named Texas Pacific Land Corporation (“TPL Corp”) and the persons selected to serve as directors on the Board of Directors of TPL Corp. Additionally, a draft registration statement on Form 10 has been submitted to the Securities and Exchange Commission for review, on a non-public basis. It is currently anticipated that the corporate reorganization will be effective by the end of the third quarter of 2020, barring any unforeseen impacts of the COVID-19 pandemic or other developments, which could potentially extend this timeframe.


10 thoughts on “2Q

    • They don’t report balance sheet or cash flow items on the earnings release; you’ll have to wait until the Q comes out. This practice was real cute five or so quarters ago when the bought and sold some land. Their income statement was inflated with the land sale, but the purchase was buried in the Q that came out a week or so later.

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  1. I used to count down the moments to earnings day, I forgot it was even coming this week. It’s a shame how badly the proxy battle has killed the investor community buzz and my own personal excitement about this stock.

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