TPL - Texas Pacific Land trades in green despite decrease in Q1 net income revenue

"We are very pleased with our Q1 results, which demonstrate continued strong momentum across our business lines. This was also a landmark quarter in our Company’s history as we completed our reorganization from a trust to a corporation," Texas Pacific Land ([[TPL]] +7.6%) president & CEO Tyler Glover commented.The company completed corporate reorganization from a business trust to a Delaware corporation effective Jan. 11, 2021.Texas Pacific Land reported Q1 net income of $50.1M, a dip of 12.8% Y/Y; impacted by decreased pace of development by operators in the Permian Basin and Winter Storm Uri in February 2021.Total revenues narrowed by $12.4M led by decrease in water sales due to a 40.7% decrease in the number of barrels of sourced and treated water sold over the same time period.Revenue dip was partially offset by oil and gas royalties, which increased 16.9%.The company also approved a stock repurchase program to purchase up to $20M of shares of outstanding stock.Previously: Texas Pacific Land Corporation

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Texas Pacific Land trades in green despite decrease in Q1 net income, revenue