Profile: Texas Pacific Land Trust (TPL)

Texas Pacific Land Trust (Texas Pacific or the Trust) is engaged in the sale and lease of land owned by it, retaining oil and gas royalties, temporary cash investments and the overall management of the land owned by it. Texas Pacific's income is derived primarily from land sales, oil and gas royalties, grazing leases and interest on investments. The Trust owns the surface estate in 963,248 acres of land located in 20 counties in the western part of Texas. Texas Pacific also owns a 1/128 non-participating perpetual oil and gas royalty interest under 85,414 acres of land and a 1/16 nonparticipating perpetual oil and gas royalty interest under 386,988 acres of land in the western part of Texas. As of December 31, 2008, grazing leases were in effect on 99% or approximately 953,730 acres of the Trust's land. Approximately 37,121 acres of land were sold during the year ended December 31, 2008. Texas Pacific leases office space in Dallas, Texas.

The Trust was organized to receive and hold title to extensive tracts of land in the State of Texas, previously the property of the Texas and Pacific Railway Company, and to issue transferable certificates of interest pro rata to the holders of certain debt securities of the Texas and Pacific Railway Company. During 2008, Texas Pacific received approximately 7.9% of its oil and gas royalty income, from 47 leases operated by Chevron U.S.A., Inc.