Texas Pacific Land tops quarterly profit estimates on higher oil prices

Aug. 5 (Reuters) - Texas Pacific Land TPL.N beat Wall Street estimates for second-quarter profit on Wednesday, as higher oil prices and record oil and gas royalty production boosted earnings.

Shares of the company rose 3% in after-hours trading.

• Texas Pacific generates revenue from oil and gas royalty interests, land-use fees, construction-material sales, and water sourcing and treatment services.
• Revenue rose to $246.1 million from $236.8 million in the first quarter, but missed Wall Street's estimate of $254 million, according to LSEG data.
• Revenue from oil and gas royalty increased to $145.6 million from $118.2 million, as the company's share of production rose to a record 39,700 barrels of oil equivalent per day (boepd) from 37,100 boepd.
• Its average realized price rose to $42.17 per boe from $37.06, with realized oil prices increasing to $97.55 per barrel from $70.57.
• Produced-water royalty revenue rose to $37.1 million, while water-sales revenue fell to $39.7 million as volumes declined.
• Net income was $153.9 million and adjusted EBITDA totaled $215.6 million.

• During the quarter, Texas Pacific announced an agreement with a Chevron CVX.N unit to provide land and brackish-water resources for Project Kilby, a power-generation and data-center development in Reeves County, Texas.
• The Permian-focused land and royalty company reported diluted earnings of $2.23 per share for the quarter ended June 30, above analysts' average estimate of $2.19.