Organization and Description of Business Segments |
12 Months Ended |
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Dec. 31, 2020 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | 听 |
| Organization and Description of Business Segments | Organization and Description of Business Segments 听
Texas Pacific Land Trust (which, together with its subsidiaries as the context requires, may be referred to as 鈥淭PL鈥, the 鈥淭rust鈥, 鈥渙ur鈥, 鈥渨e鈥 or 鈥渦s鈥) is one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas. Additionally, we own a 1/128th nonparticipating perpetual oil and gas royalty interest (鈥淣PRI鈥) under approximately 85,000 acres of land, a 1/16th NPRI under approximately 371,000 acres of land, and approximately 4,000 additional net royalty acres (normalized to 1/8th) in the western part of Texas.
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TPL was organized to manage land, including royalty interests, for the benefit of its owners. TPL鈥檚 income is derived primarily from oil and gas royalties, sales of water and land, easements and commercial leases of the land.
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We operate our business in two segments: Land and Resource Management and Water Services and Operations. Our segments provide management with a comprehensive financial view of our key businesses. The segments enable the alignment of strategies and objectives of TPL and provide a framework for timely and rational allocation of resources within businesses. See Note 10, 鈥淏usiness Segment Reporting鈥 for further information regarding our segments.
On January 11, 2021, we completed our reorganization from a business trust to a corporation (the 鈥淐orporate Reorganization鈥) and changed our name from Texas Pacific Land Trust to 国产福利资源在线播放. See further discussion in Note 11, 鈥淪ubsequent Events鈥 regarding the Corporate Reorganization. The financial statements to which these notes relate are for Texas Pacific Land Trust, prior to the Corporate Reorganization.
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