Exhibit 99.1 TEXAS PACIFIC LAND TRUST 1700 Pacific Avenue Suite 1670 Dallas, Texas 75201 ------ TRUSTEES: Telephone (214) 969-5530 ROY THOMAS Maurice Meyer III General Agent Joe R. Clark John R. Norris III DAVID M. PETERSON Assistant General Agent TEXAS PACIFIC LAND TRUST REPORT OF OPERATIONS - UNAUDITED -------------------------------- Three Months Ended ------------------ June 30, 2003 June 30, 2002 ------------- ------------- Rentals, royalties and other income.... $ 1,934,117 $ 1,616,190 Land sales............................. 650,000 128,205 -------------- ------------- Total income........................... $ 2,584,117 $ 1,744,395 ============== ============= Provision for income tax............... $ 621,558 $ 387,437 Net income............................. $ 1,419,138 $ 914,524 Net income per sub-share............... $.62 $.38 Average sub-shares outstanding during period........................ 2,292,804 2,372,137 Six Months Ended ---------------- June 30, 2003 June 30, 2002 ------------- ------------- Rentals, royalties and other income.... $ 3,687,629 $ 2,945,078 Land sales............................. 711,685 321,961 -------------- ------------- Total income........................... $ 4,399,314 $ 3,267,039 ============== ============= Provision for income tax............... $ 982,021 $ 689,029 Net income............................. $ 2,295,558 $ 1,625,614 Net income per sub-share............... $1.00 $.68 Average sub-shares outstanding during period........................ 2,299,549 2,378,812