Exhibit 99.1
TEXAS PACIFIC LAND TRUST
1700 Pacific Avenue
Suite 1670
Dallas, Texas 75201
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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
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Rentals, royalties and other income.................... $ 1,753,512 $ 1,328,888
Land sales............................................. 61,685 193,756
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Total income........................................... $ 1,815,197 $ 1,522,644
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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