https://www.sec.gov/Archives/edgar/data/97517/000009751720000051/exhibit991q32020earnin.htm
Expenses moving down.
What was sold?
The Trust recognized land sales revenue of $11.5 million for the third quarter ended September 30, 2020 and $4.6 million for the comparable period of 2019.
$46mm in net income + $4mm in depreciation = $50mm more cash on the balance sheet. Add that to the $258mm from the end of Q2 to get $308mm or ~$40/share or 8.5% of market cap.
Update: The actual cash number is $316mm.
The Texas Pacific Land Trust Investor 
Wow! I think the biggest takeaway is the fact that the price of oil was obviously down significantly from last year, yet more oil was drilled in the Permian than any other time! That is impressive. Ie. If the price of oil was the same today as it was last year we would have had the highest revenue EVER!
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“The Trust continues to make progress toward effecting its planned corporate reorganization into a Delaware corporation and, currently anticipates to be in a position to move forward with the reorganization by the end of the fourth quarter of 2020”
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Impressive figures considering the pandemic hammer blow to oil consumption, especially when compared with all the over-leveraged shale plays. Zero debt and cash in hand is great way to ride out the lockdown era. Oil prices and drilling go down, but TPL retains plenty of action on its land (which is all that matters for us longs). Interested to see the DUC count, which bodes well as energy sector consolidates to those with deep pockets.
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Good to see expenses down and the conversion on schedule for 4Q!
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HK has published their 3Q commentary. I believe this is one of the most informative reports on renewables vs non-renewables that I have read. Whether you like TPL or not, this is a must read just for the in-depth research.
Click to access Q3-CVALUE-Review_FINAL.pdf
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