Exhibit 99.1
TEXAS PACIFIC LAND
TRUST
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, 2005 |
September 30, 2004 |
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| Rentals, royalties and other income | $ | 2,831,193 | $ | 2,273,748 | ||||
| Land sales | 1,691,883 | 19,356,335 | ||||||
| Total income | $ | 4,523,076 | $ | 21,630,083 | ||||
| Provision for income tax | $ | 1,165,224 | $ | 6,788,934 | ||||
| Net income | $ | 2,600,803 | $ | 13,446,147 | ||||
| Net income per sub-share | $1.20 | $6.10 | ||||||
| Average sub-shares outstanding during period | 2,174,925 | 2,205,758 | ||||||
| Nine Months Ended |
||||||||
|---|---|---|---|---|---|---|---|---|
| September 30, 2005 |
September 30, 2004 |
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| Rentals, royalties and other income | $ | 8,180,809 | $ | 6,296,488 | ||||
| Land sales | 2,986,748 | 20,171,626 | ||||||
| Total income | $ | 11,167,557 | $ | 26,468,114 | ||||
| Provision for income tax | $ | 2,784,106 | $ | 7,871,170 | ||||
| Net income | $ | 6,331,579 | $ | 16,081,656 | ||||
| Net income per sub-share | $2.90 | $7.26 | ||||||
| Average sub-shares outstanding during period | 2,179,617 | 2,216,268 | ||||||
Third Quarter 2004 earnings include $5.57 per sub-share attributable to the reported $19,356,335 in land sales. Excluding land sales, third Quarter 2004 earnings would have been $.53 per sub-share. Third Quarter 2005 earnings include $.52 per sub-share attributable to the reported $1,691,883 in land sales. Excluding land sales third Quarter 2005 earnings would have been $.68 per sub-share. Excluding the effect of land sales from both periods, third Quarter 2005 earnings would have increased 28.3% over third Quarter 2004. This increase is due primarily to increased oil and gas royalty income and interest income.