TPL 10-Q Quarterly Reports

Texas Pacific Land Quarterly Report for Q3 Ended Sep 30, 2026

Texas Pacific Land Quarterly Report for Q2 Ended Jun 30, 2026

Texas Pacific Land Corporation (TPL) reported net income of $153.9 million for the three months ended June 30, 2026, up from $116.1 million a year earlier, and $296.8 million for the six months, versus $236.8 million. Total revenues were $246.1 million for the quarter, compared with $187.5 million, and $482.9 million for the six months, compared with $383.5 million. Oil and gas royalties were the largest driver, rising to $145.6 million from $95.0 million, with average realized pricing of $42.17 per Boe and production of 39.7 thousand Boe per day. Water sales of $39.7 million and produced water royalties of $37.1 million also grew, while easements and other surface-related income declined to $23.7 million from $36.2 million, mainly due to lower pipeline easement income. The balance sheet strengthened, with cash and cash equivalents of $248.6 million at June 30, 2026, up from $144.8 million at December 31, 2025, and total assets of $1.86 billion. The Company's $500 million Credit Facility remained undrawn. During the first half of 2026, TPL acquired land for $110.2 million, including land tied to data center and power generation initiatives, and entered into a land sale with Chevron U.S.A. Inc. for Project Kilby, recognizing $20.9 million of land sales revenue and a financing receivable. Operating cash flow was $334.9 million for the six months, and free cash flow, as defined by the Company, was $291.9 million. The Board declared a quarterly dividend of $0.60 per share on August 4, 2026, payable September 15, 2026. No shares were repurchased in the quarter, with $170.2 million remaining under the repurchase authorization. Management notes that oil prices rose substantially in 2026 amid Middle East conflict and Strait of Hormuz disruptions, and that the duration and impact of this conflict on future prices remain uncertain. Management also highlighted the company's desalination facility, which has commenced commissioning, with an initial capacity of 10,000 barrels of water per day.

Texas Pacific Land Quarterly Report for Q1 Ended Mar 31, 2026

Texas Pacific Land Corporation reported net income of $142.9 million for the three months ended March 31, 2026, up from $120.7 million a year earlier, and diluted earnings per share of $2.07 compared with $1.75. Total revenues rose to $236.8 million from $196.0 million. Oil and gas royalty revenue increased 6.2% to $118.2 million on higher production of 37.1 thousand Boe per day, although the average realized price fell 10.9% to $37.06 per Boe. Water sales increased to $46.9 million, with pricing up 16.7% and volumes up 3.5%, and produced water royalties rose to $33.5 million on a 23.5% increase in volumes. The quarter included a $20.9 million land sale recognized at closing in connection with an arrangement with a developer of a power generation plant supporting data center operations. The sale carries aggregate consideration of $42.5 million, paid mostly through annual payments through 2046, and is recorded as a financing receivable. Cash and cash equivalents were $247.6 million at quarter-end, up from $144.8 million at December 31, 2025, and the $500 million Credit Facility remained undrawn. Free cash flow, as defined by the company, was $136.4 million compared with $126.6 million in the prior-year quarter. The Board declared a quarterly cash dividend of $0.60 per share on May 5, 2026, payable June 15, 2026. No shares were repurchased in the quarter, with $170.2 million remaining under the stock repurchase authorization. The company stated that its target cash balance is approximately $700 million and that it would return excess free cash flow to stockholders through special dividends and/or share repurchases. The Permian desalination facility, with an initial capacity of 10,000 barrels of water per day, was under construction with an estimated service date in the second quarter of 2026.

Texas Pacific Land Quarterly Report for Q3 Ended Sep 30, 2025

Texas Pacific Land Corporation's Form 10-Q for the quarter ended September 30, 2025 reports third-quarter revenue of $203.1 million (up from $173.6 million) and net income of $121.2 million (up from $106.6 million), with diluted EPS of $5.27 versus $4.63. For the nine months, total revenues were $586.6 million and net income was $358.0 million, compared with $520.0 million and $335.6 million a year earlier. Oil and gas royalty revenue rose to $108.7 million for the quarter, driven by production growth to 36.3 thousand Boe per day, even though the average realized price fell 10.4% to $34.10 per Boe. Water Services and Operations revenue also grew, with water sales up $8.4 million and produced water royalties up to $32.3 million. The company ended the quarter with $531.8 million in cash and no debt. Operating cash flow for the nine months was $432.2 million, and free cash flow was $379.5 million, compared with $337.3 million a year earlier. Cash dividends were $111.0 million for the nine months, and the company repurchased $8.4 million of stock. Subsequent events include a $500.0 million revolving credit facility entered into October 23, 2025 (undrawn as of November 5, 2025), the acquisition on November 3, 2025 of approximately 17,306 NRA for $474.1 million in cash, a quarterly dividend of $1.60 per share, and a board-approved three-for-one stock split expected in December 2025. The filing reports no material pending legal proceedings and no material changes to risk factors. Management concluded that disclosure controls were effective as of September 30, 2025.

Texas Pacific Land Quarterly Report for Q2 Ended Jun 30, 2025

Texas Pacific Land Corporation (TPL) reported net income of $116.1 million for the three months ended June 30, 2025, compared to $114.6 million for the same period of 2024, on total revenues of $187.5 million versus $172.3 million. For the six months ended June 30, 2025, net income was $236.8 million on revenues of $383.5 million, compared to $229.0 million and $346.5 million a year earlier. Oil and gas royalty revenue rose to $206.3 million for the six months, driven by higher production (32.2 thousand Boe per day versus 24.9 thousand), even though the average realized price per Boe fell 11.8% to $37.10. Easements and other surface-related income grew to $54.4 million for the six months, principally from pipeline easements. The balance sheet strengthened, with cash and cash equivalents of $543.9 million at June 30, 2025, up from $369.8 million at December 31, 2024, and total assets of $1.40 billion. The company reported no debt, credit facilities or off-balance sheet arrangements. Management set a target cash balance of approximately $700 million and stated that above this level it will seek to deploy most free cash flow toward special dividends and share repurchases. During the six months, the company paid $74.2 million in dividends and made no share repurchases, with $178.5 million remaining under its repurchase authorization. The Board declared a quarterly dividend of $1.60 per share on August 5, 2025. Water Services and Operations results were mixed: water sales fell to $64.4 million for the six months, down 14.9% in volume, while produced water royalties rose to $58.4 million. Management also noted that the company is developing a produced water desalination and treatment process, with an initial capacity of 10,000 barrels of water per day and construction expected to be completed later in 2025.

Texas Pacific Land Quarterly Report for Q1 Ended Mar 31, 2025

Texas Pacific Land Corporation reported net income of $120.7 million for the three months ended March 31, 2025, compared to $114.4 million for the same period of 2024. Total revenues rose $21.8 million to $196.0 million, led by oil and gas royalties of $111.2 million (up from $92.1 million), while water sales were $38.8 million, produced water royalties $27.7 million, and easements and other surface-related income $18.2 million. Diluted earnings per share were $5.24 versus $4.97 a year earlier. Operating income reached $150.1 million, and net cash provided by operating activities was $156.7 million. The company ended the quarter with cash and cash equivalents of $460.4 million and no debt, credit facilities or off-balance sheet arrangements. Management has set a target to maintain a cash balance of approximately $700 million, with amounts above that target to be deployed mainly toward special dividends and share repurchases. During the quarter, TPL paid $37.4 million in dividends, made no share repurchases, and had $178.5 million remaining under its repurchase program. A quarterly cash dividend of $1.60 per share was declared on May 6, 2025, payable June 16, 2025. The filing also highlights the Water Services and Operations segment, where capital expenditures were $9.9 million and a new produced water desalination and treatment facility with an initial capacity of 10,000 barrels of water per day is under construction, with completion expected later in 2025. Average Henry Hub natural gas prices rose while average WTI oil prices fell in the period, and management stated that no material legal proceedings are pending.

Texas Pacific Land Quarterly Report for Q3 Ended Sep 30, 2024

Texas Pacific Land Corporation's Form 10-Q for the quarter ended September 30, 2024 reports total revenues of $173.6 million for the three months ended September 30, 2024, up from $158.0 million a year earlier, and net income of $106.6 million versus $105.6 million. For the nine months, total revenues were $520.0 million (versus $464.9 million) and net income was $335.6 million (versus $292.5 million). Basic EPS for the nine months was $14.60. Water sales and produced water royalties drove much of the growth, while easements and other surface-related income and land sales declined. Cash and cash equivalents were $533.9 million at quarter-end, with no debt or credit facilities outstanding. Capital allocation was active during the period. The company paid $310.6 million in dividends in the nine months, including special cash dividends of $10.00 per share and regular quarterly dividends of $1.17 per share, and repurchased $22.7 million of common stock. The company acquired a 4,120-acre surface asset package in Martin County for $45.0 million and oil and gas royalty interests in Culberson County for $120.3 million. A further royalty acquisition of approximately 7,490 NRA for $276.4 million closed on October 2, 2024, with $43.0 million held in escrow at quarter-end. The Board declared a quarterly dividend of $1.60 per share on November 4, 2024. Management states that the company targets cash and cash equivalents of approximately $700 million and will deploy free cash flow above that level toward dividends and share repurchases. Free Cash Flow, a non-GAAP measure, was $337.3 million for the nine months ended September 30, 2024, compared with $299.2 million a year earlier. The filing notes that revenue remains sensitive to oil and gas prices and to development decisions by Permian Basin operators.

Texas Pacific Land Quarterly Report for Q2 Ended Jun 30, 2024

Texas Pacific Land Corporation (TPL) reported total revenues of $172.3 million for the three months ended June 30, 2024, up from $160.6 million in the prior-year period, and net income of $114.6 million versus $100.4 million. For the six months ended June 30, 2024, total revenues were $346.5 million and net income was $229.0 million, compared with $307.0 million and $187.0 million in 2023. Growth was driven mainly by higher oil and gas royalty revenue, water sales, and produced water royalties, while legal and professional fees fell sharply from the prior year's stockholder-related matters. Other income, net rose to $23.2 million for the six months, largely from interest earned on higher cash balances. The balance sheet shows cash and cash equivalents of $894.7 million as of June 30, 2024, and the company reports no debt or credit facilities. Management states a target cash balance of approximately $700 million, with cash above that level to be deployed mainly toward share repurchases and dividends. During the six months, TPL paid $53.8 million in dividends and repurchased $16.6 million of common stock. The Board declared a $10.00 per share special cash dividend in June 2024, paid July 15, 2024, and declared a quarterly dividend of $1.17 per share on August 6, 2024. The filing also notes a three-for-one stock split effected March 26, 2024, and an increase in authorized common shares to 46,536,936. The company is developing an energy-efficient produced water desalination and treatment process, with cumulative spending of $7.1 million through June 30, 2024, and is pursuing a facility with an initial capacity of 10,000 barrels of water per day. Management reports that disclosure controls were effective as of June 30, 2024.

Texas Pacific Land Quarterly Report for Q1 Ended Mar 31, 2024

Texas Pacific Land Corporation reported first-quarter 2024 total revenues of $174.1 million, up 19.0% from $146.4 million in the prior-year quarter, and net income of $114.4 million, up 32.2% from $86.6 million. Growth came mainly from water sales, which rose 70.9% to $37.1 million on a 51.3% increase in volumes, and from easements and other surface-related income, which rose $5.7 million. Oil and gas royalties increased 3.4% to $92.1 million, supported by higher production of 24.8 thousand Boe per day versus 20.9 thousand a year earlier, though the average realized price fell 4.6%. Prior-year legal and professional fees of $16.6 million dropped to $4.1 million, which also lifted profitability. Operating cash flow was $147.2 million, and cash and cash equivalents were $837.1 million at March 31, 2024. The company reported no debt or credit facilities. During the quarter, the company effected a three-for-one stock split on March 26, 2024, and increased its authorized common stock to 46,536,936 shares. The Board declared a quarterly cash dividend of $1.17 per share on May 6, 2024, payable June 17, 2024. Share repurchases totaled $10.3 million in the quarter. The Delaware Supreme Court affirmed, on February 27, 2024, a December 2023 ruling in the company's favor in its litigation against Horizon Kinetics and SoftVest entities over stockholder voting commitments. The filing states that management is unable to estimate the amount or likelihood of reimbursement from a third party for ad valorem taxes the company has accrued or paid on historical royalty interests, and no receivable has been recorded.

Texas Pacific Land Quarterly Report for Q3 Ended Sep 30, 2023

Texas Pacific Land Corporation reported lower revenue and net income for the three and nine months ended September 30, 2023. Total revenues were $158.0 million for the third quarter, down 17.3% from $191.1 million, and net income was $105.6 million, down 18.7%. The decline was principally driven by oil and gas royalty revenue, which fell to $87.1 million from $130.3 million, a decrease of 33.2%. The company attributed the drop to lower average commodity prices and lower production volumes. For the nine months, total revenues were $464.9 million, down 9.7%, and net income was $292.5 million, down 15.6%. Legal and professional fees rose to $28.5 million from $5.0 million, principally due to legal expenses associated with stockholder matters. Offsetting the royalty decline, revenue from Water Services and Operations rose 9.4% to $48.0 million in the third quarter, led by water sales of $26.4 million and produced water royalties of $20.8 million. Easements and other surface-related income also increased, to $17.4 million in the quarter from $13.8 million. Other income, net rose to $8.0 million from $1.9 million, reflecting higher interest income on cash balances. Results for the nine months include an $8.7 million recovery from an arbitration with an operator over improperly deducted post-production costs. The balance sheet remained strong, with cash and cash equivalents of $654.2 million and no debt or credit facilities as of September 30, 2023. During the nine months, the company paid $75.0 million in dividends and repurchased $32.2 million of common stock, and it acquired $21.4 million of intangible assets. The board declared a quarterly dividend of $3.25 per share on October 31, 2023, payable December 15, 2023. The company also disclosed a pending Delaware Chancery Court action against entities affiliated with two board members, with no ruling issued as of the filing date.

Texas Pacific Land Quarterly Report for Q2 Ended Jun 30, 2023

Texas Pacific Land Corporation's Form 10-Q for the quarter ended June 30, 2023 shows net income of $100.4 million for the three months ended June 30, 2023, compared with $118.9 million in the prior-year quarter, and $187.0 million for the six months ended June 30, 2023 versus $216.8 million a year earlier. Total revenues were $160.6 million for the quarter, down from $176.3 million, as oil and gas royalty revenue fell to $82.4 million from $121.3 million on lower average realized prices. Growth came from water sales ($37.6 million vs. $22.3 million), produced water royalties ($20.8 million vs. $18.7 million), and easements and other surface-related income ($18.7 million vs. $14.0 million). Legal and professional fees rose to $10.2 million for the quarter from $1.2 million, principally tied to stockholder matters, and other income, net increased to $6.9 million on higher interest income. The balance sheet at June 30, 2023 showed cash and cash equivalents of $609.3 million, total assets of $1.00 billion, and no debt or credit facilities. Operating cash flow for the six months was $199.3 million, and the company repurchased $26.2 million of common stock and paid $50.0 million in dividends during the period. The board declared a quarterly dividend of $3.25 per share on August 1, 2023, payable September 15, 2023. The company also reported an $8.7 million recovery from an operator arbitration over post-production cost deductions, recorded in oil and gas royalty revenue for the six months. The filing states that a trial in the Delaware Chancery Court action against entities affiliated with two board members was held on April 17, 2023, with post-trial oral arguments on June 30, 2023, and that no ruling had been issued as of the filing date. Management reported that disclosure controls were effective as of June 30, 2023.

Texas Pacific Land Quarterly Report for Q1 Ended Mar 31, 2023

Texas Pacific Land Corporation's first-quarter 2023 Form 10-Q reports total revenues of $146.4 million, down $1.0 million, or 0.7%, from $147.3 million in the first quarter of 2022. Net income was $86.6 million, 11.6% lower than the prior-year period, and diluted EPS was $11.24 versus $12.64. The decline was driven by a $15.0 million decrease in oil and gas royalty revenue, partly offset by increases in produced water royalties and water sales. Legal and professional fees rose to $16.6 million from $1.7 million, principally due to legal expenses associated with stockholder matters, which more than offset the revenue decline and drove the net income decrease. Operating results were supported by a $8.7 million recovery from an ongoing arbitration with an operator over improper post-production cost deductions, which was included in oil and gas royalty revenue. Excluding that amount, oil and gas royalties decreased $23.7 million on lower average realized prices, which fell to $44.76 per Boe from $58.31. Easements and other surface-related income rose to $14.5 million from $8.9 million, and interest income boosted other income, net to $5.4 million from $0.1 million. Liquidity remained strong, with cash and cash equivalents of $590.6 million, no debt or credit facilities, and cash provided by operating activities of $114.8 million. The company paid $25.1 million in dividends ($3.25 per share), repurchased $6.7 million of common stock under a $250 million program effective January 1, 2023, and declared a quarterly dividend of $3.25 per share on May 2, 2023. A pending Delaware Chancery Court action against entities affiliated with two board members over stockholder voting commitments went to trial on April 17, 2023.

Texas Pacific Land Quarterly Report for Q3 Ended Sep 30, 2022

Texas Pacific Land Corporation's Form 10-Q for the quarter ended September 30, 2022 reports strong results driven by higher oil and gas prices and Permian Basin activity. Total revenues for the three months ended September 30, 2022 were $191.1 million, up from $123.7 million a year earlier, and net income was $129.8 million versus $83.8 million. For the nine months, total revenues were $514.7 million and net income was $346.6 million, with diluted EPS of $44.82 compared to $24.62. Oil and gas royalties were the largest driver, rising to $355.7 million for the nine months from $186.8 million, with the average realized equivalent price at $63.93 per Boe versus $41.01 a year earlier. The company carries no debt or credit facilities and held $446.6 million in cash and cash equivalents at September 30, 2022. For the nine months, operating cash flow was $314.6 million, while the company paid $224.1 million in dividends (including $20.00 per share in special dividends) and repurchased $58.4 million of common stock under a $100 million program running through December 31, 2022. Subsequent to quarter end, the board declared a $3.00 quarterly dividend and approved a new $250 million repurchase program effective January 1, 2023. The filing notes recurring risks tied to the company's concentration in the Permian Basin, including an accrual of approximately $6.9 million for ad valorem taxes that a third party has stopped paying on historical royalty interests, with reimbursement uncertain. Management also states that the Inflation Reduction Act is not expected to have a significant impact on its financial position or results of operations.

Texas Pacific Land Quarterly Report for Q2 Ended Jun 30, 2022

Texas Pacific Land Corporation reported a sharp increase in profitability for the three and six months ended June 30, 2022. Total revenues were $176.3 million for the quarter, compared with $95.9 million a year earlier, and $323.6 million for the six months, up from $180.1 million. Net income was $118.9 million for the quarter and $216.8 million for the six months, versus $57.0 million and $107.1 million in the prior-year periods. The filing attributes the growth mainly to higher oil and gas royalty revenue, with the average realized equivalent price rising to $70.36 per Boe in the quarter from $40.83, and production rising to 19.8 thousand Boe per day from 16.4 thousand. The balance sheet remained conservative. As of June 30, 2022, cash and cash equivalents were $389.8 million, total assets were $764.7 million, and the company had no debt or credit facilities. Cash provided by operating activities was $195.4 million for the six months, while the company paid $201.0 million in dividends, including $20.00 per share in special dividends, and repurchased $25.5 million of common stock under a $100 million program that runs through December 31, 2022. Management also disclosed a remediated material weakness related to the tax treatment of depletion on oil and gas royalty interests, and noted a new ad valorem tax accrual of about $4.0 million for the six months, arising because a third party stopped paying taxes on certain historical royalty interests. The filing notes that the company's revenues remain sensitive to oil prices and Permian Basin development activity, and that subsequent to quarter-end the board declared a quarterly dividend of $3.00 per share.

Texas Pacific Land Quarterly Report for Q1 Ended Mar 31, 2022

Texas Pacific Land Corporation's Form 10-Q for the quarter ended March 31, 2022 reports total revenues of $147.3 million, up from $84.2 million in the prior-year quarter, and net income of $97.9 million, compared with $50.1 million a year earlier. Oil and gas royalties were the main driver, rising to $104.2 million from $49.5 million, with the average realized equivalent price at $58.31 per Boe versus $35.04 per Boe, on production of 20.8 thousand Boe per day versus 16.4 thousand. Water sales increased to $18.8 million from $13.0 million, and produced water royalties rose to $14.9 million from $12.5 million. Operating income was $124.3 million, and cash and cash equivalents stood at $507.4 million at quarter-end with no debt or credit facilities. Cash provided by operating activities was $107.7 million, and the company paid $23.2 million in dividends during the quarter. Subsequent to quarter-end, on May 3, 2022, the board declared a quarterly dividend of $3.00 per share and a special dividend of $20.00 per share, both payable June 15, 2022. The board also approved on March 11, 2022 a $100 million stock repurchase program, with repurchases under a Rule 10b5-1 trading plan beginning April 18, 2022 and the program expiring December 31, 2022. Management concluded that disclosure controls and procedures were not effective, due solely to a material weakness in internal control over financial reporting related to income taxes, stemming from a design gap in periodic evaluation of historical tax returns; the filing states that no restatements resulted and that remediation will not be considered complete until controls operate effectively for at least two quarters.

Texas Pacific Land Quarterly Report for Q3 Ended Sep 30, 2021

Texas Pacific Land Corporation reported strong third-quarter 2021 results, with revenues of $123.7 million, up 66.3% from $74.4 million a year earlier, and net income of $83.8 million, up 81.2% from $46.3 million. For the nine months ended September 30, 2021, revenues were $303.8 million, up 33.1%, and net income was $190.9 million, up 45.5%. The filing attributes the growth mainly to oil and gas royalty revenue, which rose to $79.1 million in the quarter from $31.8 million, as the average realized equivalent price reached $46.07 per Boe compared with $23.02 per Boe a year earlier. Land and Resource Management revenue increased with royalties, while Water Services and Operations revenue rose 50.7% in the quarter, driven by a 61.1% increase in water sales and higher produced water royalties. The company's balance sheet remained strong, with cash and cash equivalents of $372.8 million at September 30, 2021, no debt or credit facilities, and total equity of $601.0 million. Operating cash flow was $174.5 million for the nine months. The filing notes that Permian Basin development activity has rebounded from 2020 lows but has not returned to pre-pandemic levels, and that easement and surface-related income, water sales pricing, and land sales remain volatile. Management said cash from operations and existing balances should be sufficient for foreseeable needs. Capital returns were active during the period. Dividends paid totaled $64.0 million for the nine months, and the company had repurchased $11.2 million of shares under a $20.0 million program that expires December 31, 2021. On October 28, 2021, the board declared a quarterly dividend of $2.75 per share, payable December 15, 2021 to holders of record on December 8, 2021.

Texas Pacific Land Quarterly Report for Q2 Ended Jun 30, 2021

Texas Pacific Land Corporation (TPL) reported total revenues of $95.9 million for the three months ended June 30, 2021, up from $57.3 million a year earlier, and net income of $57.0 million compared with $27.6 million. For the six months ended June 30, 2021, revenues were $180.1 million and net income was $107.1 million, versus $153.9 million and $85.0 million for the same period of 2020. Oil and gas royalty revenue was the main driver, rising to $58.2 million in the quarter from $20.5 million, reflecting a realized equivalent price of $40.83 per Boe versus $15.02, while company share of production was roughly flat at 16.4 thousand Boe per day. The balance sheet remained strong, with cash and cash equivalents of $329.1 million as of June 30, 2021, total assets of $633.8 million, and no debt or credit facilities. The company completed its reorganization from a business trust to a corporation on January 11, 2021, and began a $20.0 million stock repurchase program approved May 3, 2021, under which 1,633 shares were repurchased at an average price of $1,533. The board declared a quarterly dividend of $2.75 per share on August 3, 2021, payable September 15, 2021. The filing notes that water sales and surface-related income remain affected by a slower pace of Permian Basin development, with easements and other surface-related income down 33.8% for the six months and water sales down in volume. Management also cited approximately $4.7 million of severance costs in the quarter tied to salaries and related employee expenses.

Texas Pacific Land Quarterly Report for Q1 Ended Mar 31, 2021

Texas Pacific Land Corporation (TPL) reported first-quarter 2021 results in this Form 10-Q, filed after its January 11, 2021 reorganization from a business trust (Texas Pacific Land Trust) into a corporation. Total revenues were $84.2 million versus $96.6 million in the first quarter of 2020, and net income was $50.1 million versus $57.4 million. Revenue declines were driven by Water Services and Operations, where water sales fell to $13.0 million from $27.0 million, with a 40.7% decrease in barrels sold. Land and Resource Management revenue rose to $57.8 million from $56.7 million, principally on higher gas royalty revenue, partly offset by lower easement income and oil royalties. Management attributed the weaker results to lingering reduced oil demand, OPEC+ supply actions, and Winter Storm Uri in February 2021. The balance sheet remained debt-free, with cash and cash equivalents of $310.7 million at March 31, 2021 and total equity of $513.9 million. Operating cash flow was $52.4 million, and dividends paid totaled $21.3 million, reflecting a quarterly dividend of $2.75 per share. Subsequent to quarter-end, on May 3, 2021, the board declared a $2.75 per share quarterly dividend payable June 15, 2021 and approved a stock repurchase program of up to $20.0 million, expiring December 31, 2021. The filing shows 880,523 total acres of real estate in Texas, a 1/16th NPRI under approximately 371,000 acres, and 541 DUC wells subject to its royalty interest at March 31, 2021. Net income per share was $6.45 compared to $7.40 a year earlier, and the company reported no material legal proceedings.