Texas Pacific Land Trust 10-K 28 Feb 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2017
Document Information [Line Items]
Entity Registrant Name	TEXAS PACIFIC LAND TRUST
Entity Central Index Key	97,517
Trading Symbol	tpl
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)	7,821,599
Entity Public Float		$ 2,279,209,327
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 79,580	$ 49,418
Accrued receivables	18,205	6,550
Other assets	850	328
Deferred tax asset	6,992	3,875
Prepaid income taxes	1,202
Property, plant and equipment, net of accumulated depreciation of $463 and $165 in 2017 and 2016, respectively	19,516	1,168
Real estate acquired	1,115	1,115
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:
Land (surface rights) situated in eighteen counties in Texas – 877,633 acres in 2017 and 877,488 acres in 2016	0	0
Total assets	127,460	62,454
LIABILITIES AND CAPITAL
Accounts payable and accrued expenses	5,608	827
Income taxes payable	851	1,951
Other taxes payable	433	277
Unearned revenue	41,375	11,775
Total liabilities	48,267	14,830
Commitments and contingencies
Capital:
Certificates of Proprietary Interest, par value $100 each; outstanding 0 Certificates	0	0
Sub-share Certificates in Certificates of Proprietary Interest, par value $0.03 1/3 each; outstanding 7,821,599 and 7,927,314 Sub-shares in 2017 and 2016, respectively	0	0
Accumulated other comprehensive loss	(804)	(960)
Net proceeds from all sources	79,997	48,584
Total capital	79,193	47,624
Total liabilities and capital	127,460	62,454
Royalty Interests in Acres 1_16 [Member]
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:
1/16th nonparticipating perpetual royalty interest in 373,777 acres	0	0
Royalty Interests in Acres 1_128 [Member]
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:
1/128th nonparticipating perpetual royalty interest in 85,414 acres	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) $ in Thousands	Dec. 31, 2017USD ($)a$ / sharesshares	Dec. 31, 2016USD ($)a$ / sharesshares
Property, plant and equipment, accumulated depreciation | $	$ 463	$ 165
Land (surface rights) (Acre)	10,064.78	10,064.78
Certificates of Proprietary Interest, par value (in dollars per share) | $ / shares	$ 100	$ 100
Certificates of Proprietary Interest, outstanding (in shares) | shares	0	0
Sub-share Certificates in Certificates of Proprietary Interest, par value (in dollars per share) | $ / shares	$ 0.0333	$ 0.0333
Sub-share Certificates in Certificates of Proprietary Interest, outstanding (in shares) | shares	7,821,599	7,927,314
Land Surface Rights [Member]
Land (surface rights) (Acre)	877,633	877,488
Royalty Interests in Acres 1_16 [Member]
Nonparticipating perpetual royalty interest in acres (Acre)	373,777	373,777
Royalty Interests in Acres 1_128 [Member]
Nonparticipating perpetual royalty interest in acres (Acre)	85,414	85,414

Consolidated Statements of Inco

Consolidated Statements of Income and Total Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income:
Oil and gas royalties	$ 61,315	$ 29,997	$ 24,860
Easements and sundry income	44,760	18,346	26,612
Water sales and royalties	25,536	8,125	4,801
Land sales	220	2,945	22,617
Other income	498	498	525
	132,329	59,911	79,415
Expenses:
Taxes, other than income taxes	3,161	1,779	1,477
Salaries and related employee benefits	3,232	1,241	1,196
General and administrative expenses	1,762	1,004	788
Water service-related expenses	491
Legal and professional fees	3,523	778	665
Depreciation and amortization	376	43	25
Trustees’ compensation	8	8	8
	12,553	4,853	4,159
Operating income	119,776	55,058	75,256
Interest income earned from investments	84	29	27
Income before income taxes	119,860	55,087	75,283
Income taxes:
Current	46,864	22,041	25,430
Deferred benefit	(3,365)	(4,194)	(186)
	43,499	17,847	25,244
Net income	76,361	37,240	50,039
Amortization of net actuarial costs and prior service costs, net of income taxes of $38, $49, and $52, respectively	70	91	96
Net actuarial gain on pension plan net of income taxes of $46, $107, and $4, respectively	86	198	8
Total other comprehensive gain	156	289	104
Total comprehensive income	$ 76,517	$ 37,529	$ 50,143
Net income per Sub-share Certificate (in dollars per share)	$ 9.72	$ 4.66	$ 6.10
Weighted average number of Sub-share Certificates outstanding (in shares)	7,854,705	7,989,030	8,197,632

Consolidated Statements of Inc5

Consolidated Statements of Income and Total Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Amortization of net actuarial costs and prior service costs, income taxes	$ 38	$ 49	$ 52
Net actuarial gain (loss) on pension plan income taxes	$ 46	$ 107	$ 4

Consolidated Statements of Net

Consolidated Statements of Net Proceeds From All Sources - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Sub-Share Certificates of Proprietary Interest, Per Share [Member]
Balances (in shares)		7,927,314		8,118,064	7,927,314	8,118,064	8,322,399
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled (in shares)					(105,715)	(190,750)	(204,335)
Balances (in shares)	7,821,599		7,927,314		7,821,599	7,927,314	8,118,064
AOCI Attributable to Parent [Member]
Balances		$ (960)		$ (1,249)	$ (960)	$ (1,249)	$ (1,353)
Periodic pension costs, net of income taxes					156	289	104
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled
Balances	$ (804)		$ (960)		(804)	(960)	(1,249)
Net Proceeds From All Sources [Member]
Balances		48,584		46,936	48,584	46,936	28,070
Net income					76,361	37,240	50,039
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled					(34,267)	(33,085)	(28,770)
Dividends paid					(2,769)	(2,507)	(2,403)
Special dividends paid - $1.00 per Sub-share Certificate					(7,912)
Balances	79,997		48,584		79,997	48,584	46,936
Balances		47,624		45,687	47,624	45,687	26,717
Net income	18,361	$ 14,885	10,907	$ 7,280	76,361	37,240	50,039
Periodic pension costs, net of income taxes					156	289	104
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled					(34,267)	(33,085)	(28,770)
Dividends paid					(2,769)	(2,507)	(2,403)
Special dividends paid - $1.00 per Sub-share Certificate					(7,912)
Balances	$ 79,193		$ 47,624		$ 79,193	$ 47,624	$ 45,687

Consolidated Statements of Net7

Consolidated Statements of Net Proceeds From All Sources (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
AOCI Attributable to Parent [Member]
Periodic pension costs, income taxes	$ 84	$ 156	$ 56
Net Proceeds From All Sources [Member]
Dividends paid - per Sub-share (in dollars per share)	$ 0.35	$ 0.31	$ 0.29
Special dividends paid per Sub-share Certificate (in dollars per share)	1
Dividends paid - per Sub-share (in dollars per share)	0.35
Special dividends paid per Sub-share Certificate (in dollars per share)	$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 76,361	$ 37,240	$ 50,039
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred taxes	(3,117)	(4,038)	(130)
Depreciation and amortization	376	43	25
(Gain) loss on disposal of fixed assets	(4)	8	(1)
Changes in operating assets and liabilities:
Accrued receivables and other assets	(12,226)	(2,874)	(564)
Income taxes payable	(1,100)	1,316	228
Prepaid income taxes	(1,202)		816
Notes receivable for land sales	49	44	784
Unearned revenue	29,600	9,196	(1,361)
Accounts payable, accrued expenses and other liabilities	5,093	22	(270)
Net cash provided by operating activities	93,830	40,957	49,566
Cash flows from investing activities:
Proceeds from sale of fixed assets	27	18	25
Purchase of fixed assets	(18,747)	(977)	(221)
Net cash used in investing activities	(18,720)	(959)	(196)
Cash flows from financing activities:
Purchase of Sub-share Certificates in Certificates of Proprietary Interest	(34,267)	(33,085)	(28,770)
Dividends paid	(10,681)	(2,507)	(2,403)
Net cash used in financing activities	(44,948)	(35,592)	(31,173)
Net increase in cash and cash equivalents	30,162	4,406	18,197
Cash and cash equivalents, beginning of period	49,418	45,012	26,815
Cash and cash equivalents, end of period	79,580	49,418	45,012
Supplemental disclosure of cash flow information:
Income taxes paid	$ 49,002	$ 20,725	$ 24,386

Note 1 - Organization and Descr

Note 1 - Organization and Description of Business Segments	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Nature of Operations [Text Block]	1. Organization and Description of Business Segments Texas Pacific Land Trust (which, together with its subsidiary as the context requires, may one 890,000 February 1, 1888, The Trust announced the formation of Texas Pacific Water Resources LLC (“TPWR”) in June 2017. The Trust is organized to manage land, including royalty interests, for the benefit of its owners. The Trust ’s income is derived primarily from oil, gas and water royalties, sales of water and land, easements and leases of the land. We operate our business in two 9,

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies Principle s of Consolidation and Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include our consolidated accounts and the accounts of our wholly owned subsidiary, TPWR. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in accordance with GAAP requires Revenue Recognition – Oil and G as R oyalties Oil and gas royalties ( “O&G royalties”) are received in connection with royalty interests owned by the Trust. O&G royalties are recognized as revenue when crude oil and gas products are removed from the respective mineral reserve locations. O&G royalty payments are generally received one three not The O&G royalties which the Trust receives are dependent upon the market prices for oil and gas. The market prices for oil and gas are subject to national and international economic and political conditions and, in the past, have been subject to significant price fluctuations. The Trust has analyzed public reports of drilling activities by the oil companies operating where the Trust has an O&G royalty interest in an effort to identify unpaid royalties associated with royalty interests owned by the Trust. Rights to certain O&G royalties believed by the Trust to be due and payable may Revenue Recognition - Easements and S undry I ncome Easement contracts represent contracts which permit companies to install pipe lines, pole lines and other equipment on land owned by the Trust. Easement income is recognized when earned. When the Trust receives a signed contract and payment, the Trust m akes available the respective parcel of land to the grantee. Though a small number of payments received are for perpetual easements, the vast majority are for terms of ten Sundry income represents leasing arrangements to companies in a wide array of industries, including: agricultural, oil and gas, construction, wind power and other industries. Lease income is recognized when earned. These leases generally require fixed annual payments or royalties. Lease terms generally range from month-to-month arrangements to ten Advance lease payments are deferred and amortized over the appropriate accounting period. Lease payments not Revenue Recognition - W ater Sales and R oyalties Water revenues encompass royalties received pursuant to legacy agreements with operators and direct sales of water to operators and other customers. The earnings cycle for both revenue streams is complete upon delivery of water. Water revenue s are recognized as earned. Revenue Recognition – Land S ales Income is recognized on land sales during the periods in which such sales are closed and sufficient amounts of cash down payments are received using the full accrual method of gain recognition. For income tax purposes, land sales are recognized on the installment method. The sales price of land sales are reflected as income and the cost of the respective parcels of land are reflected as expenses as these parcels of land are not Cash and C ash E quivalents The Trust considers investments in bank deposits, money market funds and highly-liquid cash investments with original maturities of three Accrued Receivables Accrued receivables consist primarily of amounts due under oil and gas royalty leases , water sales or royalty agreements, and sundry leases. Accrued receivables are reflected at their net realizable value based on historical royalty and lease receipt information and other factors anticipated to affect valuation. A valuation allowance is recorded if amounts expected to be received are considered impaired. No December 31, 2017 2016 . Property, Plant and Equipment Property, plant and equipment is carried at cost. Maintenance and repair costs are expensed as incurred. The Trust capitalizes the cost of software developed by a third Fencing, w ater wells and water well fields (in years) 10 to 15 Software developed for internal use (in years) 5 Office furniture , equipment and vehicles (in years) 5 to 7 Real Estate Acquired While the Trust is generally not Real estate acquired is carried at the lower of cost or market. Valuations are periodically performed or obtained by management whenever events or changes in circumstances indicate that the carrying amount may not Real Estate and Royalty Interests Assigned Through the 1888 The fair market value of the Trust ’s land and royalty interests was not 1888 no no no 1888 no Income Taxes Deferred tax assets and liabilities are recognized for the f uture tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the po sition taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50% zero December 31, 2017 2016. Concentrations of Credit Risk We invest our cash and cash equivalents among two three imize exposure to any one December 31, 2017 2016, not Net I ncome per Sub-share Certificate Net income per Sub-share Certificate is based on the weighted average number of Sub-share Certificates in Certificates of Proprietary Interest and equivalent Sub-share Certificates of Proprietary Interest outstanding during each period. Purchases and Retirements of Sub-share Certificates The cost s of Sub-share Certificates purchased and retired are charged to net proceeds from all sources. Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other gains and losses affecting capital that, under GAAP, are excluded from net income. Significant Customers Two represented, in the aggregate, 26.5%, 23.7% 18.8% December 31, 2017, 2016 2015, Recent Accounting Pronouncements In May 2014, Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014 09, Revenue Recognition (Topic 606 . ” five December 15, 2017, In preparation for adoption of the new standard on January 1, 2018, y to enable the preparation of financial information and have reached conclusions on key accounting assessments related to the standard, including our assessment that the impact of accounting for costs incurred to obtain a contract is immaterial. The most significant impact of the standard is related to our accounting for easement agreements and to a lesser extent oil and gas royalties. Specifically, for term easement agreements, we will recognize revenue for term easements upon execution of these agreements, and as a result, we will no , (ii) a reduction in oil and gas royalty revenue with a corresponding reduction in taxes, other than income taxes, and (iii) an increase in deferred income tax expense for the years ended December 31, 2017 2016. Expected Impact to Reported Results Adoption of the standard related to revenue recognition is expected to impact our reports results as follows (in thousands, except per share amounts): As reported New Revenue Standard Adjustment As Adjusted Consolidated Statements of Income : For the year ended December 31, 2017 Revenue $ 132,329 $ 22,305 $ 154,634 Taxes, other than income taxes 3,161 (2,896 ) 265 Income taxes — deferred (3,365 ) 4,331 966 Net income 76,361 20,870 97,231 Net income per Sub-share Certificate 9.72 2.66 12.38 For the year ended December 31, 201 6 Revenue $ 59,911 $ 6,197 $ 66,108 Taxes, other than income taxes 1,779 (1,612 ) 167 Income taxes — deferred (4,194 ) 2,774 (1,420 ) Net income 37,240 5,035 42,275 Net income per Sub-share Certificate 4.66 0.63 5.29 Consolidated Balance Sheets: As of December 31, 2017 Assets: Accrued receivables $ 18,205 $ (433 ) $ 17,772 Deferred tax asset (liability) 6,992 (7,106 ) (114 ) Liabilities and Capital: Unearned revenue $ 41,375 $ (33,011 ) $ 8,364 Other taxes payable 433 (433 ) — Net proceeds from all sources 79,997 25,905 105,902 As of December 31, 2016 Assets: Accrued receivables $ 6,550 $ (277 ) $ 6,273 Deferred tax asset 3,875 (2,774 ) 1,101 Liabilities and Capital: Unearned revenue $ 11,775 $ (7,809 ) $ 3,966 Other taxes payable 277 (277 ) — Net proceeds from all sources 48,584 5,035 53,619 In February 2016, No. 2016 02, Leases (Topic 842 January 2018, No. 2018 01, Land Easement Practical Expedient for Transition to Topic 842 not not December 15, 2018, first 2019. In June 2016, No. 2016 13, “ Financial Instruments – Credit Losses (Topic 326 December 15, 2019, first 2020. In March 2017, No. 2017 07, Compensation – Retirement Benefits (Topic 715 December 15, 2017. January 1, 2018 December 31, 2017, 2016 2015 2017 2016 2015 Increase/(decrease) in operating income $ (30 ) $ 44 $ 51 Increase/(decrease) in other income 30 (44 ) (51 ) No

Note 3 - Property, Plant and Eq

Note 3 - Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	3. Property, Plant and Equipment Property, plant and equipment, net consisted of the following at December 31, 2017 2016 2017 2016 Property, plant and equipment, at cost: Water service-related assets (1) $ 18,193 $ 501 Furniture, fixtures and equipment 1,786 832 Total property, plant and equipment, at cost 19,979 1,333 Less: Accumulated depreciation (463 ) (165 ) Property, plant and equipment, net $ 19,516 $ 1,168 ( 1 Water service-related assets include water wells and water well fields related to water sourcing and water re-use. Depreciation expense was $ 0.4 $0.1 December 31, 2017 2016,

Note 4 - Real Estate Acquired

Note 4 - Real Estate Acquired	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Real Estate Disclosure [Text Block]	4 . Real Estate Acquired Real estate acquired included the following activity for the years ended December 31, 201 7 2016 201 7 201 6 Acres Book Value Acres Book Value Balance at January 1: 10,064.78 $ 1,115 10,064.78 $ 1,115 Additions — — — — Sales — — — — Balance at December 31: 10,064.78 $ 1,115 10,064.78 $ 1,115 No December 31, 201 7 2016.

Note 5 - Employee Benefit Plans

Note 5 - Employee Benefit Plans	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	5 . Employee Benefit Plans The Trust has a defined contribution plan available to all regular employees having one approximately $0.1 December 31, 2017, 2016 2015, The Trust has a noncontributory pension plan (Plan) available to all regular employees having one 65. ’ services to date, as well as services expected in the future. The following table sets forth the Plan ’s changes in benefit obligation, changes in fair value of plan assets, and funded status as of December 31, 2017 2016 December 31 ( 201 7 20 16 Change in projected benefits obligation: Projected benefit obligation at beginning of year $ 4,833 $ 4,884 Service cost 147 153 Interest cost 201 215 Actuarial (gain) loss 82 (203 ) Benefits paid (231 ) (216 ) Projected benefit obligation at end of year $ 5,032 $ 4,833 Change in plan assets: Fair value of plan assets at beginning of year $ 4,937 $ 4,551 Actual return on plan assets 552 413 Contributions by employer 98 189 Benefits paid (231 ) (216 ) Fair value of plan assets at end of year 5,356 4,937 Funded (u nfunded) status at end of year $ 324 $ 104 Amounts recognized in the balance sheets as of December 31 , 2017 2016 201 7 20 16 Assets $ 324 $ 104 Liabilities — — $ 324 $ 104 Amounts recognized in accumulated other comprehensive income (loss) consist of the following at December 31 , 2017 2016 201 7 20 1 6 Net actuarial loss $ (1,246 ) $ (1,485 ) Prior service cost — — Amounts recognized in accumulated other comprehensive before taxes (1,246 ) (1,485 ) Income tax benefit 442 525 Amounts recognized in accumulated other comprehensive after taxes $ (804 ) $ (960 ) Net periodic benefit cost for the years ended December 31, 201 7, 2016 2015 201 7 20 1 6 20 1 5 Components of net periodic benefit cost: Service cost $ 147 $ 153 $ 160 Interest cost 201 215 200 Expected return on plan assets (339 ) (311 ) (296 ) Amortization of net loss 108 140 144 Amortization of prior service cost — — 3 Net periodic benefit cost $ 117 $ 197 $ 211 Other changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2017, 2016 2015 20 1 7 20 1 6 20 1 5 Net actuarial (gain) loss $ (132 ) $ (305 ) $ (12 ) Recognized actuarial loss (108 ) (140 ) (144 ) Recognized prior service cost — — (4 ) Total recognized in other comprehensive income, before taxes $ (240 ) $ (445 ) $ (160 ) Total recognized in net benefit cost and other comprehensive income, before taxes $ (123 ) $ (248 ) $ 51 The Trust reclassified $ 0.1 $0.1 December 31, 2017, 2016 2015, $0.1 $0, The following table summarizes the Plan assets in excess of projected benefit obligation and accumulated benefit obligation at December 31, 201 7 2016 201 7 20 1 6 Plan assets in excess of projected benefit obligation : Projected benefit obligation $ 5,032 $ 4,833 Fair value of plan assets $ 5,356 $ 4,937 Plan assets in excess of accumulated benefit obligation: Accumulated benefit obligation $ 4,510 $ 4,366 Fair value of plan assets $ 5,356 $ 4,937 The following are weighted-average assumptions used to determine benefit obligations and costs at December 31, 201 7, 2016 2015: 201 7 20 16 20 1 5 Weighted average assumptions used to determine benefit obligations as of December 31: Discount rate 3.75% 4.25% 4.50% Rate of compensation increase 7.29% 7.29% 7.29% Weighted average assumptions used to determine benefit costs for the years ended December 31: Discount rate 4.25% 4.50% 4.00% Expected return on plan assets 7.00% 7.00% 7.00% Rate of compensation increase 7.29% 7.29% 7.29% The expected return on Plan assets assumption of 7.0% two one third about 2.5% 8.5% 2.5%. The Plan has a formal investment policy statement. The Plan ’s investment objective is balanced income, with a moderate risk tolerance. This objective emphasizes current income through a 30% 80% 20% 60%. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The fair value accounting standards establish a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect our assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three Level 1 – Inputs are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Since inputs are based on quoted prices that are readily and regularly available in an active market, Level 1 Level 2 – Inputs are based on quoted prices for similar instruments in active markets, or are observable either directly or indirectly. Inputs are obtained from various sources including financial institutions and brokers. Level 3 – Inputs that are unobservable and significant to the overall fair value measurement. The degree of judgment exercised by us in determining fair value is greatest for fair value measurements categorized in Level 3. The fair values of plan assets by major asset category at December 31, 201 7 2016, Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of December 31, 2017: Cash and Cash Equivalents Money Markets $ 165 $ 165 $ — $ — Equities 670 670 — — Mutual Funds Equity Funds 2,468 2,468 — — Fixed Income Funds 2,053 2,053 — — Total $ 5,356 $ 5,356 $ — $ — As of December 31, 201 6 : Cash and Cash Equivalents Money Markets $ 1,048 $ 1,048 $ — $ — Equities 445 445 — — Mutual Funds Equity Funds 1,684 1,684 — — Fixed Income Funds 1,760 1,760 — — Total $ 4,937 $ 4,937 $ — $ — Management intends to fund the minimum ERISA amount for 201 8. may not The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the following ten -year period (in thousands): Year ending December 31, Amount 201 8 $ 244 201 9 266 20 20 279 202 1 272 202 2 264 2023 to 2027 1,213

Note 6 - Income Taxes

Note 6 - Income Taxes	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	6 . Income Taxes The income tax provision charged to operations for the years ended December 31, 2017, 2016 2015 2017 201 6 201 5 Current: U.S. Federal $ 46,013 $ 21,665 $ 25,030 State and local 851 376 400 46,864 22,041 25,430 Deferred benefit (3,365 ) (4,194 ) (186 ) $ 43,499 $ 17,847 $ 25,244 The Trust is taxed as if it were a corporation. Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 35% (in thousands): 201 7 201 6 201 5 Computed tax expense at the statutory rate $ 41,951 $ 19,280 $ 26,349 Reduction in income taxes resulting from: Statutory depletion (3,378 ) (1,609 ) (1,321 ) State taxes 397 205 257 Effect of change in statutory tax rate (1) 4,519 — — Other, net 10 (29 ) (41 ) $ 43,499 $ 17,847 $ 25,244 ( 1 The effect of the anticipated change in statutory income tax rate from 35% 21% January 1, 2018. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 201 7 2016 201 7 201 6 Deferred revenue $ 8,902 $ 4,177 Basis difference in pension plan liability — (36 ) Total deferred tax assets 8,902 4,141 Basis differences in property, plant and equipment 1,691 — Basis differences in real estate acquired through foreclosure 142 234 Basis difference in pension plan liability 68 — Deferred installment revenue on land sales for tax purposes 9 32 Total deferred tax liability 1,910 266 Net deferred tax asset $ 6,992 $ 3,875 The Trust files a U. S. Federal income tax return. With few exceptions, the Trust is no 201 4.

Note 7 - Lease Commitments

Note 7 - Lease Commitments	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	7 . Lease Commitments The Trust is a lessee under operating leases in connection with its administrative offices located in Dallas and Midland, Texas. The lease agreements require monthly rent payments and expire in March 2025 August 2022, December 31, 2017 ( Year ending December 31, Amount 201 8 $ 164 201 9 170 20 20 175 202 1 180 20 22 153 Thereafter 208 $ 1,050 Rent expense for th ese lease agreements amounted to approximately $0.1 December 31, 2017, 2016 2015,

Note 8 - Capital

Note 8 - Capital	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	8 . Capital Certificates of Proprietary Interest ( “Certificates”) and Sub-share Certificates in Certificates of Proprietary Interest (“Sub-shares”) are exchangeable in the ratio of one 3,000 No 2017 2016. The number of Certificates authorized for issuance at a given date is the number then outstanding plus one/three-thousandth of the number of Sub-shares then outstanding. The number of Sub-shares authorized for issuance at a given date is the number then outstanding plus three thousand The Declaration of Trust was executed and delivered in New York. In the opinion of counsel for the Trust, under the laws of the State of New York, the Certificate and Sub-share Certificate holders are not The assets of the Trust are located in Texas. In the opinion of Texas counsel, under the laws of the State of Texas, the Certificate and Sub-share Certificate holders may first

Note 9 - Business Segment Repor

Note 9 - Business Segment Reporting	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	9 . Business Segment Reporting In its operation of the business, management, including our chief operating decision makers, reviews certain financial information, including segmented internal profit and loss statements prepared in accordance with GAAP. During the periods presented, we reported our financial performance based on the following segments: Land and Resource Management and Water Service and Operations. Our segments provide management with a comprehensive financial view of our key businesses. The segments enable the alignment of strategies and objectives of the Trust and provide a framework for timely and rational allocation of resources within businesses. We eliminate any inter-segment revenues and expenses upon consolidation. The Land and Resource Management segment encompasses the business of managing approximately 890,000 The Water Service and Operations segment encompasses the business of providing a full-service water offering to operators in the Permian Basin as well as managing agreements with energy companies and oilfield service businesses to allow such companies to explore for water, drill water wells, construct water-related infrastructure and purchase water sourced from land that we own. The revenue streams of this segment consist of revenues from royalties on sales of water as well as revenue generated from direct sales of water. Segment financial results were as follows (in thousands): Year s Ended December 31, 2017 2016 2015 Revenues: Land and resource management $ 101,035 $ 51,786 $ 74,614 Water service and operations 31,294 8,125 4,801 Total consolidated revenues $ 132,329 $ 59,911 $ 79,415 Net income: Land and resource management $ 57,598 $ 32,014 $ 46,943 Water service and operations 18,763 5,226 3,096 Total consolidated net income $ 76,361 $ 37,240 $ 50,039 Capital Expenditures: Land and resource management $ 920 $ 478 $ 221 Water service and operations 17,827 499 — Total capital expenditures $ 18,747 $ 977 $ 221 Depreciation and amortization: Land and resource management $ 136 $ 24 $ 25 Water service and operations 240 19 — Total depreciation and amortization $ 376 $ 43 $ 25 December 31, 2017 December 31, 2016 Total Assets: Land and resource management $ 104,974 $ 61,974 Water service and operations 22,486 480 Total consolidated assets $ 127,460 $ 62,454 Property, plant and equipment, net: Land and resource management $ 1,449 $ 688 Water service and operations 18,067 480 Total consolidated property, plant and equipment, net $ 19,516 $ 1,168

Note 10 - Subsequent Events

Note 10 - Subsequent Events	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	10 . Subsequent Events The Trust evaluated events that occurred after the balance sheet date through the date these financial statements were issued, and the following event that met recognition or disclosure criteria was identified: At their February 201 8 $1.05 March 16, 2018 March 9, 2018. $3.00 March 16, 2018 March 9, 2018 .

Note 11 - Oil and Gas Producing

Note 11 - Oil and Gas Producing Activities (Unaudited)	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Oil and Gas Exploration and Production Industries Disclosures [Text Block]	1 1. Oil and Gas Producing Activities (Unaudited) The Trust ’s share of oil and gas produced, all of which is from royalty interests, was as follows for the years ended December 31, 2017, 2016 2015, 818,854, 569,585 383,961, 4,174,691, 2,612,965 1,910,389. not There are a number of oil and gas wells that have been drilled but are not identified 206 not not

Note 12 - Selected Quarterly Fi

Note 12 - Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Quarterly Financial Information [Text Block]	1 2 . Selected Quarterly Financial Data (Unaudited) The following tables present unaudited financial data of the Trust for each quarter of 201 7 2016 Quarter ended December 31, September 30, June 30, March 31, 201 7 201 7 201 7 201 7 Income $ 38,321 $ 42,497 $ 27,358 $ 24,238 Income before income taxes $ 33,913 $ 39,091 $ 24,741 $ 22,114 Net income $ 18,361 $ 26,405 $ 16,711 $ 14,885 Net income per Sub-share Certificate $ 2.35 $ 3.36 $ 2.12 $ 1.88 Quarter ended December 31, September 30, June 30, March 31, 201 6 201 6 201 6 201 6 Income $ 17,573 $ 14,273 $ 16,196 $ 11,898 Income before income taxes $ 16,081 $ 13,100 $ 15,103 $ 10,802 Net income $ 10,907 $ 8,929 $ 10,123 $ 7,280 Net income per Sub-share Certificate $ 1.37 $ 1.12 $ 1.26 $ 0.90 F- 20

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Principle s of Consolidation and Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include our consolidated accounts and the accounts of our wholly owned subsidiary, TPWR. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in accordance with GAAP requires
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition – Oil and G as R oyalties Oil and gas royalties ( “O&G royalties”) are received in connection with royalty interests owned by the Trust. O&G royalties are recognized as revenue when crude oil and gas products are removed from the respective mineral reserve locations. O&G royalty payments are generally received one three not The O&G royalties which the Trust receives are dependent upon the market prices for oil and gas. The market prices for oil and gas are subject to national and international economic and political conditions and, in the past, have been subject to significant price fluctuations. The Trust has analyzed public reports of drilling activities by the oil companies operating where the Trust has an O&G royalty interest in an effort to identify unpaid royalties associated with royalty interests owned by the Trust. Rights to certain O&G royalties believed by the Trust to be due and payable may Revenue Recognition - Easements and S undry I ncome Easement contracts represent contracts which permit companies to install pipe lines, pole lines and other equipment on land owned by the Trust. Easement income is recognized when earned. When the Trust receives a signed contract and payment, the Trust m akes available the respective parcel of land to the grantee. Though a small number of payments received are for perpetual easements, the vast majority are for terms of ten Sundry income represents leasing arrangements to companies in a wide array of industries, including: agricultural, oil and gas, construction, wind power and other industries. Lease income is recognized when earned. These leases generally require fixed annual payments or royalties. Lease terms generally range from month-to-month arrangements to ten Advance lease payments are deferred and amortized over the appropriate accounting period. Lease payments not Revenue Recognition - W ater Sales and R oyalties Water revenues encompass royalties received pursuant to legacy agreements with operators and direct sales of water to operators and other customers. The earnings cycle for both revenue streams is complete upon delivery of water. Water revenue s are recognized as earned. Revenue Recognition – Land S ales Income is recognized on land sales during the periods in which such sales are closed and sufficient amounts of cash down payments are received using the full accrual method of gain recognition. For income tax purposes, land sales are recognized on the installment method. The sales price of land sales are reflected as income and the cost of the respective parcels of land are reflected as expenses as these parcels of land are not
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and C ash E quivalents The Trust considers investments in bank deposits, money market funds and highly-liquid cash investments with original maturities of three
Receivables, Policy [Policy Text Block]	Accrued Receivables Accrued receivables consist primarily of amounts due under oil and gas royalty leases , water sales or royalty agreements, and sundry leases. Accrued receivables are reflected at their net realizable value based on historical royalty and lease receipt information and other factors anticipated to affect valuation. A valuation allowance is recorded if amounts expected to be received are considered impaired. No December 31, 2017 2016 .
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Plant and Equipment Property, plant and equipment is carried at cost. Maintenance and repair costs are expensed as incurred. The Trust capitalizes the cost of software developed by a third Fencing, w ater wells and water well fields (in years) 10 to 15 Software developed for internal use (in years) 5 Office furniture , equipment and vehicles (in years) 5 to 7
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block]	Real Estate Acquired While the Trust is generally not Real estate acquired is carried at the lower of cost or market. Valuations are periodically performed or obtained by management whenever events or changes in circumstances indicate that the carrying amount may not
Real Estate and Royalty Interests Assigned [Policy Text Block]	Real Estate and Royalty Interests Assigned Through the 1888 The fair market value of the Trust ’s land and royalty interests was not 1888 no no no 1888 no
Income Tax, Policy [Policy Text Block]	Income Taxes Deferred tax assets and liabilities are recognized for the f uture tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the po sition taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50% zero December 31, 2017 2016.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentrations of Credit Risk We invest our cash and cash equivalents among two three imize exposure to any one December 31, 2017 2016, not
Earnings Per Share, Policy [Policy Text Block]	Net I ncome per Sub-share Certificate Net income per Sub-share Certificate is based on the weighted average number of Sub-share Certificates in Certificates of Proprietary Interest and equivalent Sub-share Certificates of Proprietary Interest outstanding during each period. Purchases and Retirements of Sub-share Certificates The cost s of Sub-share Certificates purchased and retired are charged to net proceeds from all sources.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other gains and losses affecting capital that, under GAAP, are excluded from net income.
Concentration Risk, Customer Risk, Policy [Policy Text Block]	Significant Customers Two represented, in the aggregate, 26.5%, 23.7% 18.8% December 31, 2017, 2016 2015,
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2014, Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014 09, Revenue Recognition (Topic 606 . ” five December 15, 2017, In preparation for adoption of the new standard on January 1, 2018, y to enable the preparation of financial information and have reached conclusions on key accounting assessments related to the standard, including our assessment that the impact of accounting for costs incurred to obtain a contract is immaterial. The most significant impact of the standard is related to our accounting for easement agreements and to a lesser extent oil and gas royalties. Specifically, for term easement agreements, we will recognize revenue for term easements upon execution of these agreements, and as a result, we will no , (ii) a reduction in oil and gas royalty revenue with a corresponding reduction in taxes, other than income taxes, and (iii) an increase in deferred income tax expense for the years ended December 31, 2017 2016. Expected Impact to Reported Results Adoption of the standard related to revenue recognition is expected to impact our reports results as follows (in thousands, except per share amounts): As reported New Revenue Standard Adjustment As Adjusted Consolidated Statements of Income : For the year ended December 31, 2017 Revenue $ 132,329 $ 22,305 $ 154,634 Taxes, other than income taxes 3,161 (2,896 ) 265 Income taxes — deferred (3,365 ) 4,331 966 Net income 76,361 20,870 97,231 Net income per Sub-share Certificate 9.72 2.66 12.38 For the year ended December 31, 201 6 Revenue $ 59,911 $ 6,197 $ 66,108 Taxes, other than income taxes 1,779 (1,612 ) 167 Income taxes — deferred (4,194 ) 2,774 (1,420 ) Net income 37,240 5,035 42,275 Net income per Sub-share Certificate 4.66 0.63 5.29 Consolidated Balance Sheets: As of December 31, 2017 Assets: Accrued receivables $ 18,205 $ (433 ) $ 17,772 Deferred tax asset (liability) 6,992 (7,106 ) (114 ) Liabilities and Capital: Unearned revenue $ 41,375 $ (33,011 ) $ 8,364 Other taxes payable 433 (433 ) — Net proceeds from all sources 79,997 25,905 105,902 As of December 31, 2016 Assets: Accrued receivables $ 6,550 $ (277 ) $ 6,273 Deferred tax asset 3,875 (2,774 ) 1,101 Liabilities and Capital: Unearned revenue $ 11,775 $ (7,809 ) $ 3,966 Other taxes payable 277 (277 ) — Net proceeds from all sources 48,584 5,035 53,619 In February 2016, No. 2016 02, Leases (Topic 842 January 2018, No. 2018 01, Land Easement Practical Expedient for Transition to Topic 842 not not December 15, 2018, first 2019. In June 2016, No. 2016 13, “ Financial Instruments – Credit Losses (Topic 326 December 15, 2019, first 2020. In March 2017, No. 2017 07, Compensation – Retirement Benefits (Topic 715 December 15, 2017. January 1, 2018 December 31, 2017, 2016 2015 2017 2016 2015 Increase/(decrease) in operating income $ (30 ) $ 44 $ 51 Increase/(decrease) in other income 30 (44 ) (51 ) No

Note 2 - Summary of Significa22

Note 2 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block]	Fencing, w ater wells and water well fields (in years) 10 to 15 Software developed for internal use (in years) 5 Office furniture , equipment and vehicles (in years) 5 to 7
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	As reported New Revenue Standard Adjustment As Adjusted Consolidated Statements of Income : For the year ended December 31, 2017 Revenue $ 132,329 $ 22,305 $ 154,634 Taxes, other than income taxes 3,161 (2,896 ) 265 Income taxes — deferred (3,365 ) 4,331 966 Net income 76,361 20,870 97,231 Net income per Sub-share Certificate 9.72 2.66 12.38 For the year ended December 31, 201 6 Revenue $ 59,911 $ 6,197 $ 66,108 Taxes, other than income taxes 1,779 (1,612 ) 167 Income taxes — deferred (4,194 ) 2,774 (1,420 ) Net income 37,240 5,035 42,275 Net income per Sub-share Certificate 4.66 0.63 5.29 Consolidated Balance Sheets: As of December 31, 2017 Assets: Accrued receivables $ 18,205 $ (433 ) $ 17,772 Deferred tax asset (liability) 6,992 (7,106 ) (114 ) Liabilities and Capital: Unearned revenue $ 41,375 $ (33,011 ) $ 8,364 Other taxes payable 433 (433 ) — Net proceeds from all sources 79,997 25,905 105,902 As of December 31, 2016 Assets: Accrued receivables $ 6,550 $ (277 ) $ 6,273 Deferred tax asset 3,875 (2,774 ) 1,101 Liabilities and Capital: Unearned revenue $ 11,775 $ (7,809 ) $ 3,966 Other taxes payable 277 (277 ) — Net proceeds from all sources 48,584 5,035 53,619
Schedule of Change in Accounting Estimate [Table Text Block]	2017 2016 2015 Increase/(decrease) in operating income $ (30 ) $ 44 $ 51 Increase/(decrease) in other income 30 (44 ) (51 )

Note 3 - Property, Plant and 23

Note 3 - Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Property, Plant and Equipment [Table Text Block]	2017 2016 Property, plant and equipment, at cost: Water service-related assets (1) $ 18,193 $ 501 Furniture, fixtures and equipment 1,786 832 Total property, plant and equipment, at cost 19,979 1,333 Less: Accumulated depreciation (463 ) (165 ) Property, plant and equipment, net $ 19,516 $ 1,168

Note 4 - Real Estate Acquired (

Note 4 - Real Estate Acquired (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Real Estate Investment Financial Statements, Disclosure [Table Text Block]	201 7 201 6 Acres Book Value Acres Book Value Balance at January 1: 10,064.78 $ 1,115 10,064.78 $ 1,115 Additions — — — — Sales — — — — Balance at December 31: 10,064.78 $ 1,115 10,064.78 $ 1,115

Note 5 - Employee Benefit Pla25

Note 5 - Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Net Funded Status [Table Text Block]	201 7 20 16 Change in projected benefits obligation: Projected benefit obligation at beginning of year $ 4,833 $ 4,884 Service cost 147 153 Interest cost 201 215 Actuarial (gain) loss 82 (203 ) Benefits paid (231 ) (216 ) Projected benefit obligation at end of year $ 5,032 $ 4,833 Change in plan assets: Fair value of plan assets at beginning of year $ 4,937 $ 4,551 Actual return on plan assets 552 413 Contributions by employer 98 189 Benefits paid (231 ) (216 ) Fair value of plan assets at end of year 5,356 4,937 Funded (u nfunded) status at end of year $ 324 $ 104
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	201 7 20 16 Assets $ 324 $ 104 Liabilities — — $ 324 $ 104
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	201 7 20 1 6 Net actuarial loss $ (1,246 ) $ (1,485 ) Prior service cost — — Amounts recognized in accumulated other comprehensive before taxes (1,246 ) (1,485 ) Income tax benefit 442 525 Amounts recognized in accumulated other comprehensive after taxes $ (804 ) $ (960 )
Schedule of Net Benefit Costs [Table Text Block]	201 7 20 1 6 20 1 5 Components of net periodic benefit cost: Service cost $ 147 $ 153 $ 160 Interest cost 201 215 200 Expected return on plan assets (339 ) (311 ) (296 ) Amortization of net loss 108 140 144 Amortization of prior service cost — — 3 Net periodic benefit cost $ 117 $ 197 $ 211
Schedule of Changes in Projected Benefit Obligations [Table Text Block]	20 1 7 20 1 6 20 1 5 Net actuarial (gain) loss $ (132 ) $ (305 ) $ (12 ) Recognized actuarial loss (108 ) (140 ) (144 ) Recognized prior service cost — — (4 ) Total recognized in other comprehensive income, before taxes $ (240 ) $ (445 ) $ (160 ) Total recognized in net benefit cost and other comprehensive income, before taxes $ (123 ) $ (248 ) $ 51
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]	201 7 20 1 6 Plan assets in excess of projected benefit obligation : Projected benefit obligation $ 5,032 $ 4,833 Fair value of plan assets $ 5,356 $ 4,937 Plan assets in excess of accumulated benefit obligation: Accumulated benefit obligation $ 4,510 $ 4,366 Fair value of plan assets $ 5,356 $ 4,937
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	201 7 20 16 20 1 5 Weighted average assumptions used to determine benefit obligations as of December 31: Discount rate 3.75% 4.25% 4.50% Rate of compensation increase 7.29% 7.29% 7.29% Weighted average assumptions used to determine benefit costs for the years ended December 31: Discount rate 4.25% 4.50% 4.00% Expected return on plan assets 7.00% 7.00% 7.00% Rate of compensation increase 7.29% 7.29% 7.29%
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of December 31, 2017: Cash and Cash Equivalents Money Markets $ 165 $ 165 $ — $ — Equities 670 670 — — Mutual Funds Equity Funds 2,468 2,468 — — Fixed Income Funds 2,053 2,053 — — Total $ 5,356 $ 5,356 $ — $ — As of December 31, 201 6 : Cash and Cash Equivalents Money Markets $ 1,048 $ 1,048 $ — $ — Equities 445 445 — — Mutual Funds Equity Funds 1,684 1,684 — — Fixed Income Funds 1,760 1,760 — — Total $ 4,937 $ 4,937 $ — $ —
Schedule of Expected Benefit Payments [Table Text Block]	Year ending December 31, Amount 201 8 $ 244 201 9 266 20 20 279 202 1 272 202 2 264 2023 to 2027 1,213

Note 6 - Income Taxes (Tables)

Note 6 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	2017 201 6 201 5 Current: U.S. Federal $ 46,013 $ 21,665 $ 25,030 State and local 851 376 400 46,864 22,041 25,430 Deferred benefit (3,365 ) (4,194 ) (186 ) $ 43,499 $ 17,847 $ 25,244
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	201 7 201 6 201 5 Computed tax expense at the statutory rate $ 41,951 $ 19,280 $ 26,349 Reduction in income taxes resulting from: Statutory depletion (3,378 ) (1,609 ) (1,321 ) State taxes 397 205 257 Effect of change in statutory tax rate (1) 4,519 — — Other, net 10 (29 ) (41 ) $ 43,499 $ 17,847 $ 25,244
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	201 7 201 6 Deferred revenue $ 8,902 $ 4,177 Basis difference in pension plan liability — (36 ) Total deferred tax assets 8,902 4,141 Basis differences in property, plant and equipment 1,691 — Basis differences in real estate acquired through foreclosure 142 234 Basis difference in pension plan liability 68 — Deferred installment revenue on land sales for tax purposes 9 32 Total deferred tax liability 1,910 266 Net deferred tax asset $ 6,992 $ 3,875

Note 7 - Lease Commitments (Tab

Note 7 - Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year ending December 31, Amount 201 8 $ 164 201 9 170 20 20 175 202 1 180 20 22 153 Thereafter 208 $ 1,050

Note 9 - Business Segment Rep28

Note 9 - Business Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Year s Ended December 31, 2017 2016 2015 Revenues: Land and resource management $ 101,035 $ 51,786 $ 74,614 Water service and operations 31,294 8,125 4,801 Total consolidated revenues $ 132,329 $ 59,911 $ 79,415 Net income: Land and resource management $ 57,598 $ 32,014 $ 46,943 Water service and operations 18,763 5,226 3,096 Total consolidated net income $ 76,361 $ 37,240 $ 50,039 Capital Expenditures: Land and resource management $ 920 $ 478 $ 221 Water service and operations 17,827 499 — Total capital expenditures $ 18,747 $ 977 $ 221 Depreciation and amortization: Land and resource management $ 136 $ 24 $ 25 Water service and operations 240 19 — Total depreciation and amortization $ 376 $ 43 $ 25
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	December 31, 2017 December 31, 2016 Total Assets: Land and resource management $ 104,974 $ 61,974 Water service and operations 22,486 480 Total consolidated assets $ 127,460 $ 62,454 Property, plant and equipment, net: Land and resource management $ 1,449 $ 688 Water service and operations 18,067 480 Total consolidated property, plant and equipment, net $ 19,516 $ 1,168

Note 12 - Selected Quarterly 29

Note 12 - Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Quarterly Financial Information [Table Text Block]	Quarter ended December 31, September 30, June 30, March 31, 201 7 201 7 201 7 201 7 Income $ 38,321 $ 42,497 $ 27,358 $ 24,238 Income before income taxes $ 33,913 $ 39,091 $ 24,741 $ 22,114 Net income $ 18,361 $ 26,405 $ 16,711 $ 14,885 Net income per Sub-share Certificate $ 2.35 $ 3.36 $ 2.12 $ 1.88 Quarter ended December 31, September 30, June 30, March 31, 201 6 201 6 201 6 201 6 Income $ 17,573 $ 14,273 $ 16,196 $ 11,898 Income before income taxes $ 16,081 $ 13,100 $ 15,103 $ 10,802 Net income $ 10,907 $ 8,929 $ 10,123 $ 7,280 Net income per Sub-share Certificate $ 1.37 $ 1.12 $ 1.26 $ 0.90

Note 1 - Organization and Des30

Note 1 - Organization and Description of Business Segments (Details Textual)	12 Months Ended
	Dec. 31, 2017a
Number of Operating Segments	2
West Texas [Member]
Area of Land	890,000

Note 2 - Summary of Significa31

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts Receivable	$ 0	$ 0
Income Tax Contingency	50.00%
Unrecognized Tax Benefits	$ 0	$ 0
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Concentration Risk, Percentage	26.50%	23.70%	18.80%
Number of Customers	2
Minimum [Member]
Notes Receivable Installment Term	10 years

Note 2 - Summary of Significa32

Note 2 - Summary of Significant Accounting Policies - Property, Plant and Equipment Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2017
Software Development [Member]
Property, plant and equipment (Year)	5 years
Minimum [Member] | Fencing, Water Wells and Water Well Fields [Member]
Property, plant and equipment (Year)	10 years
Minimum [Member] | Office Furniture, Equipment and Vehicles [Member]
Property, plant and equipment (Year)	5 years
Maximum [Member] | Fencing, Water Wells and Water Well Fields [Member]
Property, plant and equipment (Year)	15 years
Maximum [Member] | Office Furniture, Equipment and Vehicles [Member]
Property, plant and equipment (Year)	7 years

Note 2 - Summary of Significa33

Note 2 - Summary of Significant Accounting Policies - Adoption Impact of New Accounting Pronouncement Related to Revenue Recognition (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue	$ 38,321	$ 42,497	$ 27,358	$ 24,238	$ 17,573	$ 14,273	$ 16,196	$ 11,898	$ 132,329	$ 59,911	$ 79,415
Taxes, other than income taxes									3,161	1,779	1,477
Income taxes — deferred									(3,365)	(4,194)	(186)
Net income	$ 18,361	$ 26,405	$ 16,711	$ 14,885	$ 10,907	$ 8,929	$ 10,123	$ 7,280	$ 76,361	$ 37,240	$ 50,039
Net income per Sub-share Certificate (in dollars per share)	$ 2.35	$ 3.36	$ 2.12	$ 1.88	$ 1.37	$ 1.12	$ 1.26	$ 0.90	$ 9.72	$ 4.66	$ 6.10
ASSETS
Accrued receivables	$ 18,205				$ 6,550				$ 18,205	$ 6,550
Deferred tax asset (liability)	6,992				3,875				6,992	3,875
LIABILITIES AND CAPITAL
Unearned revenue	41,375				11,775				41,375	11,775
Other taxes payable	433				277				433	277
Net proceeds from all sources	79,997				48,584				79,997	48,584
Accounting Standards Update 2014-09 [Member]
Revenue									154,634	66,108
Taxes, other than income taxes									265	167
Income taxes — deferred									966	(1,420)
Net income									$ 97,231	$ 42,275
Net income per Sub-share Certificate (in dollars per share)									$ 12.38	$ 5.29
ASSETS
Accrued receivables	17,772				6,273				$ 17,772	$ 6,273
Deferred tax asset (liability)	(114)				1,101				(114)	1,101
LIABILITIES AND CAPITAL
Unearned revenue	8,364				3,966				8,364	3,966
Other taxes payable
Net proceeds from all sources	105,902				53,619				105,902	53,619
Scenario, Previously Reported [Member] | Accounting Standards Update 2014-09 [Member]
Revenue									132,329	59,911
Taxes, other than income taxes									3,161	1,779
Income taxes — deferred									(3,365)	(4,194)
Net income									$ 76,361	$ 37,240
Net income per Sub-share Certificate (in dollars per share)									$ 9.72	$ 4.66
ASSETS
Accrued receivables	18,205				6,550				$ 18,205	$ 6,550
Deferred tax asset (liability)	6,992				3,875				6,992	3,875
LIABILITIES AND CAPITAL
Unearned revenue	41,375				11,775				41,375	11,775
Other taxes payable	433				277				433	277
Net proceeds from all sources	79,997				48,584				79,997	48,584
Restatement Adjustment [Member] | Accounting Standards Update 2014-09 [Member]
Revenue									22,305	6,197
Taxes, other than income taxes									(2,896)	(1,612)
Income taxes — deferred									4,331	2,774
Net income									$ 20,870	$ 5,035
Net income per Sub-share Certificate (in dollars per share)									$ 2.66	$ 0.63
ASSETS
Accrued receivables	(433)				(277)				$ (433)	$ (277)
Deferred tax asset (liability)	(7,106)				(2,774)				(7,106)	(2,774)
LIABILITIES AND CAPITAL
Unearned revenue	(33,011)				(7,809)				(33,011)	(7,809)
Other taxes payable	(433)				(277)				(433)	(277)
Net proceeds from all sources	$ 25,905				$ 5,035				$ 25,905	$ 5,035

Note 2 - Summary of Significa34

Note 2 - Summary of Significant Accounting Policies - Retrospective Impact of Future Adoption of ASU No. 2017-07 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Increase/(decrease) in operating income	$ (30)	$ 44	$ 51
Increase/(decrease) in other income	$ 30	$ (44)	$ (51)

Note 3 - Property, Plant and 35

Note 3 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Depreciation	$ 0.4	$ 0.1

Note 3 - Property, Plant and 36

Note 3 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Property, plant and equipment		$ 19,979	$ 1,333
Less: Accumulated depreciation		(463)	(165)
Property, plant and equipment		19,516	1,168
Water Service-Related [Member]
Property, plant and equipment	[1]	18,193	501
Furniture and Fixtures [Member]
Property, plant and equipment		$ 1,786	$ 832
[1]	Water service-related assets include water wells and water wells field related to water sourcing and water re-use.

Note 4 - Real Estate Acquired37

Note 4 - Real Estate Acquired (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Real Estate Owned, Valuation Allowance, Provision	$ 0	$ 0

Note 4 - Real Estate Acquired -

Note 4 - Real Estate Acquired - Real Estate Acquired Included the Following Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)a
Balance (Acre) | a	10,064.78
Balance | $	$ 1,115
Sales (Acre) | a
Sales | $
Balance (Acre) | a	10,064.78
Balance | $	$ 1,115

Note 5 - Employee Benefit Pla39

Note 5 - Employee Benefit Plans (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Contribution Plan, Employer Discretionary Contribution Amount		$ 100,000	$ 100,000	$ 100,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax		100,000	100,000	100,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax		100,000	100,000	100,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax		$ 70,000	$ 91,000	$ 96,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets		7.00%	7.00%	7.00%
Defined Benefit Plan Benefit Payment Term		10 years
Inflation Rate [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets		2.50%
Minimum [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets		2.50%
Minimum [Member] | Fixed Income Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		30.00%
Minimum [Member] | Equity Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		20.00%
Maximum [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets		8.50%
Maximum [Member] | Fixed Income Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		80.00%
Maximum [Member] | Equity Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		60.00%
Scenario, Forecast [Member]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax	$ 100,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax	$ 0

Note 5 - Employee Benefit Pla40

Note 5 - Employee Benefit Plans - Plan Changes in Fair Value of Plan Assets and Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Change in projected benefits obligation:
Projected benefit obligation at beginning of year	$ 4,833	$ 4,884
Service cost	147	153	$ 160
Interest cost	201	215	200
Actuarial (gain) loss	82	(203)
Benefits paid, benefit obligation	(231)	(216)
Projected benefit obligation at end of year	5,032	4,833	4,884
Fair value of plan assets at beginning of year	4,937	4,551
Actual return on plan assets	552	413
Contributions by employer	98	189
Benefits paid, plan assets	(231)	(216)
Fair value of plan assets at end of year	5,356	4,937	$ 4,551
Funded (unfunded) status at end of year	$ 324	$ 104

Note 5 - Employee Benefit Pla41

Note 5 - Employee Benefit Plans - Amounts Recognized in the Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets	$ 324	$ 104
Liabilities
	$ 324	$ 104

Note 5 - Employee Benefit Pla42

Note 5 - Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Net actuarial loss	$ (1,246)	$ (1,485)
Prior service cost
Amounts recognized in accumulated other comprehensive income (loss), before taxes	(1,246)	(1,485)
Income tax benefit	442	525
Amounts recognized in accumulated other comprehensive income (loss), after taxes	$ (804)	$ (960)

Note 5 - Employee Benefit Pla43

Note 5 - Employee Benefit Plans - Summary of Net Periodic Benefits Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Change in projected benefits obligation:
Service cost	$ 147	$ 153	$ 160
Interest cost	201	215	200
Expected return on plan assets	(339)	(311)	(296)
Amortization of net loss	108	140	144
Amortization of prior service cost			3
Net periodic benefit cost	$ 117	$ 197	$ 211

Note 5 - Employee Benefit Pla44

Note 5 - Employee Benefit Plans - Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net actuarial (gain) loss	$ (132)	$ (305)	$ (12)
Recognized actuarial loss	(108)	(140)	(144)
Recognized prior service cost			(4)
Total recognized in other comprehensive income, before taxes	(240)	(445)	(160)
Total recognized in net benefit cost and other comprehensive income, before taxes	$ (123)	$ (248)	$ 51

Note 5 - Employee Benefit Pla45

Note 5 - Employee Benefit Plans - Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Plan assets in excess of projected benefit obligation:
Projected benefit obligation	$ 5,032	$ 4,833
Fair value of plan assets	5,356	4,937
Accumulated benefit obligation	$ 4,510	$ 4,366

Note 5 - Employee Benefit Pla46

Note 5 - Employee Benefit Plans - Summary of Weighted-average Assumptions Used to Determine Benefit Obligations and Costs (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Weighted average assumptions used to determine benefit obligations as of December 31:
Discount rate	3.75%	4.25%	4.50%
Rate of compensation increase	7.29%	7.29%	7.29%
Weighted average assumptions used to determine benefit costs for the years ended December 31:
Discount rate	4.25%	4.50%	4.00%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	7.00%	7.00%	7.00%
Rate of compensation increase	7.29%	7.29%	7.29%

Note 5 - Employee Benefit Pla47

Note 5 - Employee Benefit Plans - Fair Values of Plan Assets by Major Asset Category (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Plan assets by category	$ 5,356	$ 4,937	$ 4,551
Fair Value, Inputs, Level 1 [Member]
Plan assets by category	5,356	4,937
Money Market Funds [Member]
Plan assets by category	165	1,048
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Plan assets by category	165	1,048
Equity Securities [Member]
Plan assets by category	670	445
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Plan assets by category	670	445
Equity Funds [Member]
Plan assets by category	2,468	1,684
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Plan assets by category	2,468	1,684
Fixed Income Funds [Member]
Plan assets by category	2,053	1,760
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Plan assets by category	$ 2,053	$ 1,760

Note 5 - Employee Benefit Pla48

Note 5 - Employee Benefit Plans - Summary of Benefit Payments Over Ten Years (Details) $ in Thousands	Dec. 31, 2017USD ($)
2,018	$ 244
2,019	266
2,020	279
2,021	272
2,022	264
2023 to 2027	$ 1,213

Note 6 - Income Taxes (Details

Note 6 - Income Taxes (Details Textual)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		35.00%
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%

Note 6 - Income Taxes - Income

Note 6 - Income Taxes - Income Tax Provision Charged to Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
U.S. Federal	$ 46,013	$ 21,665	$ 25,030
State and local	851	376	400
	46,864	22,041	25,430
Deferred benefit	(3,365)	(4,194)	(186)
	$ 43,499	$ 17,847	$ 25,244

Note 6 - Income Taxes - Summary

Note 6 - Income Taxes - Summary of Income Tax Expense at Federal Rate (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Computed tax expense at the statutory rate		$ 41,951	$ 19,280	$ 26,349
Reduction in income taxes resulting from:
Statutory depletion		(3,378)	(1,609)	(1,321)
State taxes		397	205	257
Effect of change in statutory tax rate (1)	[1]	4,519
Other, net		10	(29)	(41)
		$ 43,499	$ 17,847	$ 25,244
[1]	The effect of the anticipated change in statutory income tax rate from 35% to 21% effective January 1, 2018.

Note 6 - Income Taxes - Summa52

Note 6 - Income Taxes - Summary of Temporary Differences in Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred revenue	$ 8,902	$ 4,177
Basis difference in pension plan asset (liability)		(36)
Total deferred tax assets	8,902	4,141
Basis differences in property, plant and equipment	1,691
Basis differences in real estate acquired through foreclosure	142	234
Basis difference in pension plan liability	68
Deferred installment revenue on land sales for tax purposes	9	32
Total deferred tax liability	1,910	266
Net deferred tax asset	$ 6,992	$ 3,875

Note 7 - Lease Commitments (Det

Note 7 - Lease Commitments (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Leases, Rent Expense	$ 0.1	$ 0.1	$ 0.1

Note 7 - Lease Commitments - Su

Note 7 - Lease Commitments - Summary of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2017USD ($)
2,018	$ 164
2,019	170
2,020	175
2,021	180
2,022	153
Thereafter	208
	$ 1,050

Note 8 - Capital (Details Textu

Note 8 - Capital (Details Textual) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Number of Certificates Exchanged	0	0
Certificate [Member]
Number of Shares Used In Ratio	1
Sub Shares [Member]
Number of Shares Used In Ratio	3,000

Note 9 - Business Segment Rep56

Note 9 - Business Segment Reporting (Details Textual)	Dec. 31, 2017a
West Texas [Member]
Area of Land	890,000

Note 9 - Business Segment Rep57

Note 9 - Business Segment Reporting - Income Statement Segment Data (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue	$ 38,321	$ 42,497	$ 27,358	$ 24,238	$ 17,573	$ 14,273	$ 16,196	$ 11,898	$ 132,329	$ 59,911	$ 79,415
Net income	$ 18,361	$ 26,405	$ 16,711	$ 14,885	$ 10,907	$ 8,929	$ 10,123	$ 7,280	76,361	37,240	50,039
Capital Expenditures									18,747	977	221
Depreciation and Amortization									376	43	25
Land And Resource Management [Member]
Revenue									101,035	51,786	74,614
Net income									57,598	32,014	46,943
Capital Expenditures									920	478	221
Depreciation and Amortization									136	24	25
Water Service And Operations [Member]
Revenue									31,294	8,125	4,801
Net income									18,763	5,226	3,096
Capital Expenditures									17,827	499
Depreciation and Amortization									$ 240	$ 19

Note 9 - Business Segment Rep58

Note 9 - Business Segment Reporting - Balance Sheet Segment Data (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Total Assets	$ 127,460	$ 62,454
Property, plant and equipment	19,516	1,168
Land And Resource Management [Member]
Total Assets	104,974	61,974
Property, plant and equipment	1,449	688
Water Service And Operations [Member]
Total Assets	22,486	480
Property, plant and equipment	$ 18,067	$ 480

Note 10 - Subsequent Events (De

Note 10 - Subsequent Events (Details Textual) - Subsequent Event [Member]	1 Months Ended
	Feb. 28, 2018$ / shares
Common Stock, Dividends, Per Share, Declared	$ 1.05
Special [Member]
Common Stock, Dividends, Per Share, Declared	$ 3

Note 11 - Oil and Gas Produci60

Note 11 - Oil and Gas Producing Activities (Unaudited) (Details Textual)	Dec. 31, 2017Mcfbbl	Dec. 31, 2016Mcfbbl	Dec. 31, 2015Mcfbbl
Productions Barrels of Oil | bbl	818,854	569,585	383,961
Production of Gas | Mcf	4,174,691	2,612,965	1,910,389

Note 12 - Selected Quarterly 61

Note 12 - Selected Quarterly Financial Data (Unaudited) - Unaudited Financial Data of the Trust for Each Quarter (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income	$ 38,321	$ 42,497	$ 27,358	$ 24,238	$ 17,573	$ 14,273	$ 16,196	$ 11,898	$ 132,329	$ 59,911	$ 79,415
Income before income taxes	33,913	39,091	24,741	22,114	16,081	13,100	15,103	10,802	119,860	55,087	75,283
Net income	$ 18,361	$ 26,405	$ 16,711	$ 14,885	$ 10,907	$ 8,929	$ 10,123	$ 7,280	$ 76,361	$ 37,240	$ 50,039
Net income per Sub-share Certificate (in dollars per share)	$ 2.35	$ 3.36	$ 2.12	$ 1.88	$ 1.37	$ 1.12	$ 1.26	$ 0.90	$ 9.72	$ 4.66	$ 6.10