Exhibit 99.1
1700 Pacific Avenue
Suite 1670
Dallas, Texas 75201
_______
| TRUSTEES: | Telephone (214) 969-5530 | ROY THOMAS |
| Maurice Meyer III | General Agent | |
| Joe R. Clark | ||
| John R. Norris III | DAVID M. PETERSON | |
| Assistant General Agent |
TEXAS PACIFIC LAND TRUST
REPORT OF OPERATIONS — UNAUDITED
| Three Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
September 30, 2003 |
September 30, 2002 | |||||||
| Rentals, royalties and other income | $ | 2,071,894 | $ | 1,463,795 | ||||
| Land sales | 583,041 | 385,895 | ||||||
| Total income | $ | 2,654,935 | $ | 1,849,690 | ||||
| Provision for income tax | $ | 633,870 | $ | 429,747 | ||||
| Net income | $ | 1,506,993 | $ | 998,235 | ||||
| Net income per sub-share | $ | .66 | $ | .43 | ||||
| Average sub-shares outstanding during period | 2,273,587 | 2,345,104 | ||||||
| Nine Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
September 30, 2003 |
September 30, 2002 | |||||||
| Rentals, royalties and other income | $ | 5,759,523 | $ | 4,408,873 | ||||
| Land sales | 1,294,726 | 707,856 | ||||||
| Total income | $ | 7,054,249 | $ | 5,116,729 | ||||
| Provision for income tax | $ | 1,615,891 | $ | 1,118,776 | ||||
| Net income | $ | 3,802,551 | $ | 2,623,849 | ||||
| Net income per sub-share | $ | 1.66 | $ | 1.11 | ||||
| Average sub-shares outstanding during period | 2,286,303 | 2,362,347 | ||||||