Texas Pacific Land Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Oil and Gas Royalty Interests

Oil and Gas Royalty Interests

3 Months Ended

Mar. 31, 2023

As of March 31, 2023 and December 31, 2022, we owned the following oil and gas royalty interests (in thousands):


	March 31, 2023		December 31, 2022
1/16th nonparticipating perpetual royalty interests	$	—	$	—
1/128th nonparticipating perpetual royalty interests	—		—
Royalty interests acquired	47,928		47,928
Total royalty interests, gross	47,928		47,928
Less: accumulated depletion	(3,208)		(2,903)
Total royalty interests, net	$	44,720	$	45,025

Acquisitions

There were no oil and gas royalty interest transactions during the three months ended March 31, 2023.

For the three months ended March 31, 2022, we acquired oil and gas royalty interests in 92 net royalty acres (normalized to 1/8th) for an aggregate purchase price of approximately $1.6 million, an average price of approximately $17,750 per net royalty acre.

Depletion expense was $0.3 million and $0.2 million for the three months ended March 31, 2023 and 2022, respectively.