Exhibit 99.1 TEXAS PACIFIC LAND TRUST 1700 Pacific Avenue Suite 1670 Dallas, Texas 75201 ------ TRUSTEES: Telephone (214) 969-5530 ROY THOMAS Joe R. Clark General Agent Maurice Meyer III John R. Norris III DAVID M. PETERSON Assistant General Agent TEXAS PACIFIC LAND TRUST REPORT OF OPERATIONS - UNAUDITED
Three Months Ended March 31, 2003 March 31, 2002 -------------- -------------- Rentals, royalties and other income.................... $ 1,753,512 $ 1,328,888 Land sales............................................. 61,685 193,756 ------------------ --------------- Total income........................................... $ 1,815,197 $ 1,522,644 ================== =============== Provision for income tax............................... $ 360,463 $ 301,592 Net income............................................. $ 876,420 $ 711,090 Net income per sub-share............................... $.38 $.30 Average sub-shares outstanding during period........... 2,313,087 2,391,273