Texas Pacific Land Corporation reported strong financial and operating results for the fourth quarter and full year ended December 31, 2024. For the fourth quarter, net income was $118.4 million, an increase from $106.6 million in the third quarter of 2024. Total revenues reached $185.8 million, up from $173.6 million in the prior quarter, driven by increases in easements and oil and gas royalty revenue.
For the full year 2024, total revenues increased to $705.8 million, up from $631.6 million in 2023, with net income rising to $453.960 million from $405.645 million in the previous year. The water services segment was a major contributor to this growth, with water sales increasing by $38.5 million and produced water royalties by $19.9 million. Oil and gas royalty revenue also saw a $15.9 million increase, or $24.6 million excluding a 2023 settlement.
TPL's oil and gas royalty production averaged 29.1 thousand Boe per day in Q4 2024 and 26.8 thousand Boe per day for the full year 2024, both showing increases over prior periods. The company deployed over $400 million in 2024 towards accretive royalty interests and surface assets, enhancing its growth trajectory. Furthermore, construction began on its sub-scale produced water desalination test facility, which remains on track for completion in mid-2025, signaling future technological advancements and revenue streams.
The Board of Directors declared a quarterly cash dividend of $1.60 per share, payable on March 17, 2025. This consistent dividend payout, combined with the company's robust financial performance and strategic investments, underscores its commitment to shareholder returns and long-term value creation. TPL's active management approach and diversified revenue streams continue to drive record performance.
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