Texas Pacific Land Corporation announced its first-quarter 2025 financial and operating results, marking an excellent start to the year. The company reported a net income of $120.7 million, an increase from $118.4 million in the fourth quarter of 2024. Total revenues for the quarter reached $196.0 million, up from $185.8 million in the previous quarter.
The company set new quarterly records for oil and gas royalty production, averaging 31.1 thousand Boe per day, representing a 25% increase year-over-year from 24.8 thousand Boe per day in Q1 2024. The Water Services and Operations segment also achieved record revenues of $69.4 million, an 11% increase from $62.7 million in the first quarter of 2024. This growth was driven by a $19.1 million increase in oil and gas royalty revenue and a $4.7 million increase in produced water royalties year-over-year.
The average realized price for TPL's production in Q1 2025 was $41.58 per Boe, an increase from $37.93 per Boe in the fourth quarter of 2024. Total operating expenses for the quarter were $45.9 million, primarily due to a $1.8 million increase in water service-related expenses. The Board of Directors declared a quarterly cash dividend of $1.60 per share, payable on June 16, 2025, reflecting confidence in future cash flow generation.
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