Texas Pacific Land Trust Second Quarter Earnings Release (Unaudited)

Texas Pacific Land Trust (NYSE:TPL):

TEXAS PACIFIC LAND TRUST
REPORT OF OPERATIONS - UNAUDITED

Three Months Ended

June 30, 2016 June 30, 2015
Oil and gas royalties $ 6,866,702 $ 5,699,594
Land sales -- 160,000
Easements and sundry income 9,198,970 5,802,945
Other income 130,438 132,595
Total income $ 16,196,110 $ 11,795,134
Provision for income tax $ 4,980,353 $ 3,533,021
Net income $ 10,123,117 $ 7,416,012
Net income per sub-share $ 1.26 $ .90
Average sub-shares outstanding during period 8,048,500 8,244,345

Six Months Ended

June 30, 2016 June 30, 2015
Oil and gas royalties $ 12,477,453 $ 12,224,859
Land sales 86,000 20,428,000
Easements and sundry income 15,269,943 13,605,939
Other income 260,817 275,689
Total income $ 28,094,213 $ 46,534,487
Provision for income tax $ 8,502,716 $ 15,122,543
Net income $ 17,403,168 $ 29,582,101
Net income per sub-share $ 2.16 $ 3.58
Average sub-shares outstanding during period 8,064,759 8,262,482

This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the Trust's future operations and prospects, the markets for real estate in the areas in which the Trust owns real estate, applicable zoning regulations, the markets for oil and gas, production limits on prorated oil and gas wells authorized by the Railroad Commission of Texas, expected competition, management's intent, beliefs or current expectations with respect to the Trust's future financial performance and other matters. We assume no responsibility to update any such forward-looking statements.

Contacts:

Texas Pacific Land Trust
David M. Peterson, 214-969-5530
General Agent, Chief Executive Officer

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