Better than a sharp stick in the eye. Expenses flat from a year ago. Water segment continues to grow (but could it grow faster?). Missed “estimates” but they aren’t worth much for a company that has fairly limited control over its top line quarter to quarter.
This won’t be popular in the comment section, but it is worth recognizing that the top line from the water business covers the non-tax expenses for the whole organization. In that sense, you get the rest of the L + R revenue for free.
Share count down 17bp year over year. ~13.5k shares purchased. Average LTM price was ~$1,350. So figure ~$18MM spent on buybacks. The $20 special dividend, in contrast, will drain $155MM from the balance sheet. I’d prefer buybacks. The div will get some eyeballs, however.
$507MM on balance sheet prior to div payments. Plenty of room to spend down the $100MM (needs to be bigger) buyback authorization. Total left side of the balance sheet is $857MM. Big number.
No land sales or purchases.
I scrolled past the many pages on RSUs in the Q. Makes my head hurt.
DUCs up! 556 vs 452 a year ago.
$94.24 realized on oil. $5.33 on nat gas.
No unexpected severance or out of period tax adjustments, so that’s nice.
The Texas Pacific Land Trust Investor 
My only issue is that bought back shares are going into the treasurer instead of being retired.
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Thanks for the summary. My take is that there is too much overhead for the size of this operation. My concern is that an adequate audit is being done on site in all if the lease contracts.
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Not sure about the overhead either, but I do think the Directors Fees for this size and relatively simple company are excessive. That said, the land this company owns is better than the worlds best gold, and I like what management is doing with water as well.
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