Exhibit 99.1
TEXAS PACIFIC LAND
TRUST
1700 Pacific Avenue
Suite 1670
Dallas, Texas 75201
__________
| TRUSTEES: Maurice Meyer III Joe R. Clark John R. Norris III |
Telephone (214) 969-5530 | ROY THOMAS General Agent DAVID M. PETERSON Assistant General Agent |
TEXAS PACIFIC LAND TRUST
REPORT OF OPERATIONS - - UNAUDITED
| Three Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| December 31, 2004 |
December 31, 2003 | |||||||
| Rentals, royalties and other income | $ | 2,566,896 | $ | 2,564,615 | ||||
| Land sales | 105,600 | 334,465 | ||||||
| Total income | $ | 2,672,496 | $ | 2,899,080 | ||||
| Provision for income tax | $ | 488,307 | $ | 649,201 | ||||
| Net income | $ | 1,331,302 | $ | 1,527,600 | ||||
| Net income per sub-share | $.61 | $.68 | ||||||
| Average sub-shares outstanding during period | 2,197,175 | 2,256,427 | ||||||
| Year Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| December 31, 2004 |
December 31, 2003 | |||||||
| Rentals, royalties and other income | $ | 8,863,384 | $ | 8,324,138 | ||||
| Land sales | 20,277,226 | 1,629,191 | ||||||
| Total income | $ | 29,140,610 | $ | 9,953,329 | ||||
| Provision for income tax | $ | 8,359,477 | $ | 2,265,092 | ||||
| Net income | $ | 17,412,958 | $ | 5,330,151 | ||||
| Net income per sub-share | $7.89 | $2.34 | ||||||
| Average sub-shares outstanding during period | 2,208,190 | 2,274,212 | ||||||