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 |
||||||||
|---|---|---|---|---|---|---|---|---|
| December 31, 2005 |
December 31, 2004 |
|||||||
| Rentals, royalties and other income | $ | 3,526,716 | $ | 2,566,896 | ||||
| Land sales | 713,368 | 105,600 | ||||||
| Total income | $ | 4,240,084 | $ | 2,672,496 | ||||
| Provision for income tax | $ | 876,035 | $ | 488,307 | ||||
| Net income | $ | 2,181,008 | $ | 1,331,302 | ||||
| Net income per sub-share | $1.01 | $.61 | ||||||
| Average sub-shares outstanding during period | 2,162,642 | 2,197,175 | ||||||
| Year Ended |
||||||||
|---|---|---|---|---|---|---|---|---|
| December 31, 2005 |
December 31, 2004 |
|||||||
| Rentals, royalties and other income | $ | 11,707,525 | $ | 8,863,384 | ||||
| Land sales | 3,700,116 | 20,277,226 | ||||||
| Total income | $ | 15,407,641 | $ | 29,140,610 | ||||
| Provision for income tax | $ | 3,660,141 | $ | 8,359,477 | ||||
| Net income | $ | 8,512,587 | $ | 17,412,958 | ||||
| Net income per sub-share | $3.92 | $7.89 | ||||||
| Average sub-shares outstanding during period | 2,172,931 | 2,208,190 | ||||||