Investor Presentaiton
Non-GAAP Reconciliations
($ in millions)
Net income
Adjustments:
Income tax expense
Depreciation, depletion and amortization
EBITDA
Revenue
EBITDA Margin
Adjusted EBITDA:
EBITDA
Other Adjustments:
Less: land sales deemed significant
Less: sale of oil and gas royalty interests(2)
Add: proxy contests, settlement, and corporate
reorganization costs(3)
Add: employee share-based compensation
Adjusted EBITDA
Adjusted Revenue()
Adjusted EBITDA Margin
Adjusted EBITDA
Adjustments:
Tax impact of land sales deemed significant
Interest
Current income tax expense
Capital expenditures, net
Free cash flow
TEXAS
PACIFIC
EST. 1888
LAND CORP
Land and Resource Water Services and
Management
Total
Operations
Year ended
December 31, 2022 December 31, 2022 December 31, 2022
2017
Year ended December 31,
2018
2019
2020
2021
Three months ended
2022
1Q22
2Q22
3Q22
4Q22
$
97.2
$
209.7
$
318.7
$
176.1
$
270.0 $
446.4
$
97.9
$
118.9 $ 129.8
$
99.7
$
47.8
52.0
83.6
43.6
93.0
122.5
0.4
2.6
8.9
14.4
16.3
15.4
26.5
33.4
34.1
28.4
4.1
4.2
3.9
3.2
365.0 $
100.3
22
81.3 $
22.2
13.1
446.4
122.5
15.4
$
$
154.6
145.4 $
$
264.3
$
411.2
$
234.1
300.2
$
490.5
$
302.6
$
$
379.3 $
584.2
$
451.0 $
667.4
128.5 $
147.3 $
156.5
$
167.9 $
131.3
$
467.6 $
116.6
176.3
191.1 $
152.7
+A
$
507.0 $
$
160.4 $
584.2
667.4
94.0 %
88.0 %
83.8 %
77.4 %
84.1 %
87.5 %
87.2 %
88.8 %
87.9 %
86.0 %
92.2 %
72.7 %
87.5 %
$
145.4
$
264.3
$
411.2
$
234.1
$
379.3
$
584.2
$
128.5
$
156.5
$
167.9 $
131.3
$
467.6
$
116.6
$
584.2
(122.0)
(18.9)
13.0
5.1
8.7
7.6
1.3
1.8
1.9
2.6
47
2.9
I
7.6
$
145.4 $
154.6 $
94.0 %
245.4 $
281.3 $
302.2
239.1
368.5
$
302.6
$
388.0 $
451.0 $
591.8
667.4
$
$
129.8 $
147.3 $
158.3
169.8
+A
133.9
tA
472.3
119.6
$
591.8
176.3 $
191.1 $
152.7
$
507.0
$
160.4
$
667.4
87.2 %
82.0 %
79.0 %
86.0 %
88.7 %
88.1 %
89.8 %
88.9 %
87.7 %
93.2 %
74.5 %
88.7 %
$
145.4 $
245.4
$
302.2
$
239.1
$
388.0
$
591.8
$
129.8
$
158.3
$
169.8
$
133.9
$
472.3
$
119.6 $
591.8
21.5
(46.9)
(37.2)
(57.5)
(18.7)
(47.9)
(32.7)
(46.0)
(5.1)
(93.3)
(16.4)
(121.2)
(19.0)
(26.9)
(3.0)
(34.0)
(7.3)
$
79.8
$
160.3
$
233.5
$
188.0 $
278.3
$
451.6
$
99.9 $
116.9
$
(34.0)
(1.8)
134.0
(26.3)
(6.8)
(98.7)
(0.4)
(22.5)
(121.2)
(18.6)
(19.0)
$
100.8
$
373.2
$
78.5 $
451.6
Source:
Company data.
Note:
Numbers may not foot due to immaterial rounding.
(1)
Land swap of ~$22 million in 4Q19, and sale to WPX in 1Q19 of ~$100 million.
(2)
(3)
(4)
Sale of nonparticipating perpetual oil and gas royalty interest in approximately 812 net royalty acres (1/8th interest) of ~$19 million
Costs related to proxy contest to elect a new Trustee, settlement agreement and corporate reorganization.
Excludes land sales deemed significant and sales of oil and gas royalty interests.
NYSE: TPL
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