2Q23 Earnings

tpltblogger7 Comments

Sorry for being half-in on all of the excitement over the past couple days. Planes, trains, and automobiles….

https://ir.stockpr.com/tpltrust/sec-filings-email/content/0001811074-23-000041/tpl-20230630.htm

Legal expenses were $10MM. Congratulations to commenter Paul who nailed it. Runner up was StrategicInvestor. Hopefully we are turning the page on that ugly chapter.

$609MM in cash on the balance sheet. Only $20MM of repurchases. My focus now moves from governance (I hope) to return of capital and ROE maximization.

Wheels up soon. Let us know your reactions to the quarter in the comments.

7 thoughts on “2Q23 Earnings”

  2. The lack of challenging, important questions on these earnings calls is frustrating. No comment or questions about some of the most important issues facing the company including use of cash on balance sheet (share repurchase plan, special dividend, etc).
    Only two questions on the call…I’m disappointed in the analysts I’m not pressing management on issues.

    Liked by 1 person

    • Its in the SEC filing published on TPL website and in the press release.
      Second Quarter 2023 Highlights

      Net income of $100.4 million, or $13.06 per share (basic) and $13.05 per share (diluted)
      Revenues of $160.6 million
      Adjusted EBITDA(1) of $133.6 million
      Free cash flow (1) of $105.1 million
      Royalty production of 24.9 thousand barrels of oil equivalent per day
      $19.5 million of common stock repurchases
      Quarterly cash dividend of $3.25 per share paid on June 15, 2023
      As of June 30, 2023, TPL’s royalty acreage had an estimated 4.9 net well permits, 8.2 net drilled but uncompleted wells, 2.3 net completed wells, and 62.6 net producing wells.

      Six Months Ended June 30, 2023 Highlights

      Net income of $187.0 million, or $24.31 per share (basic) and $24.30 per share (diluted)
      Revenues of $307.0 million
      Adjusted EBITDA(1) of $249.5 million
      Free Cash Flow(1) of $193.2 million
      Royalty production of 22.9 thousand barrels of oil equivalent per day
      $26.2 million of common stock repurchases
      $50.0 million of total cash dividends paid during 2023 (comprised of $6.50 per share in regular dividends)

      Liked by 1 person

    • $1610 a 2:58pm with 25,663 volume. I thought the earnings beat was good but the departure of the Gold Dust Twins is even better. Some interesting detail in the SEC filings, worth a read.

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