India, Aug. 5 -- Texas Pacific Land Corp. (TPL) on Wednesday reported an increase in second-quarter profit, driven by higher revenues, reflecting stronger oil and gas royalty revenue and growth in its water-related business.
Net income for the quarter increased to $153.9 million, or $2.23 per share, from $116.1 million, or $1.68 per share, a year ago. Total revenue rose to a record $246.1 million from $187.5 million last year.
Oil and gas royalty revenue climbed to $145.6 million from $95.0 million a year earlier. Water sales increased to $39.7 million from $25.6 million, while produced water royalty revenue rose to $37.1 million from $30.7 million. Easements and other surface-related income declined to $23.7 million from $36.2 million.
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