4Q20 and 2020 Earnings

tpltblogger3 Comments

10-K & Press Release

  • Share buybacks back! at discretion of board
  •  7,756,156 shares out as of 1/31/21
  • Quarterly dividends going forward. Starting at $2.75/share. 1% regular div yield
  • $44.8mm net income; $5.77/share
  • Income down $24.3mm vs $4Q19. Primary driver of that was $20.4mm reduction in land sales
  • First month WTI futures were $35.82, $45.10, and $48.46 to close Oct, Nov, and Dec 20 respectively. Compare with 2019 at $54.15, $55.41, and $61.12 over the same three months.
  • Expenses $6.1mm lower Q4 to Q4
  • Water top line down, primarily on price, but so are expenses. Will be interesting to see where water goes from here given consolidation and the long term thinking touted by the E&Ps
  • Largest customer OXY is slowly de-levering and has found some stable ground
  • Search for new compensation consultant being undertaken by comp committee
  • Are the independent directors not paid enough at $24k a piece?
  • $281mm in cash on the balance sheet. Will be ~$250mm after March dividend payment. $250mm = 2.9% of market cap
  • BOE:  2019 = 13,700.  2020 = 16,200 
  • DUC:  2019 = 486.  2020 = 531

     

 

3 thoughts on “4Q20 and 2020 Earnings”

  1. Very solid considering all that went down last year, starting with the epic #WTI nosedive.

    The growth in BOEs and DUCS is encouraging too.
    BOES (TPL’s share of oil and gas is measured in barrels of equivalency.)
    2018 – 8,800
    2019 – 13,700
    2020 – 16,200

    DUCs (drilled but uncompleted wells)
    2018 – 362 
    2019 – 486 
    2020 – 531

    Liked by 3 people

  2. Agree, sold quarter considering epic oil nosedive. Like the reinstatement of share buyback. Quarterly dividend a plus. They seem to spend a lot of time on thinking about compensation, but understand the transition to corporation may justify.

    Liked by 1 person

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