Profile: Texas Pacific Land Trust (TPL)
26 Feb 2015
Texas Pacific Land Trust (the Trust) is engaged in managing land, including royalty interests, for the benefit of its owners. The Trust’s income is derived primarily from land sales, oil and gas royalties, easements, grazing and sundry leases, interest on notes receivable and interest on investments. The Trust sold approximately 10,399 acres of land in 2013. The Trust leases office space in Dallas, Texas.
As of February 15, 2014, the Trust owned the surface estate in 911,217 acres of land, comprising separate tracts, located in 18 counties in the western part of Texas. There were no material liens or encumbrances on the Trust’s title to the surface estate in those tracts. The Trust also owns a 1/128 nonparticipating perpetual oil and gas royalty interest under 85,414 acres of land and a 1/16 nonparticipating perpetual oil and gas royalty interest under 373,777 acres of land in the western part of Texas. As of December 31, 2013, grazing leases were in effect on over 99% or approximately 908,349 acres of the Trust’s land. The Trust regularly enters into grazing leases with many different local ranchers which grant the ranch owner lessees the right to graze livestock on the Trust’s properties. These leases are generally in a standard form common in the locality. Grazing leases are generally entered into for terms ranging from three to five years. The Trust generally retains the right to cancel a grazing lease upon 30 days notice in the event of a sale of the land. No individual grazing lease is material to the Trust.
Texas Pacific Land Trust
1700 Pacific Ave Ste 2770
DALLAS TX 75201-4661