Texas Pacific Land Trust engages in the provision of management of land. It operates through the Land and Resource Management; and Water Service and Operations segments. The Land and Resource Management segment involves in the business of managing the land and related resources in West Texas owned by the Trust. The Water Service and Operations segment consists of revenues from royalties on sales of water, direct sales of water and to a lesser extent, easements, and sundry income. The company was founded on February 1, 1888 and is headquartered in Dallas, TX.
We operate our business in two segments: Land and Resource Management and Water Services and Operations. We eliminate any inter-segment revenues and expenses upon consolidation.
We analyze financial results for each of our reportable segments. The reportable segments presented are consistent with our reportable segments discussed in Note 9, “Business Segment Reporting” in Item 1. Financial Statements in this Quarterly Report on Form 10-Q. We monitor our reporting segments based upon revenue and net income calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Revenues. Revenues increased $13.5 million, or 18.2%, to $87.3 million for the three months ended June 30, 2019 compared to $73.8 million for the three months ended June 30, 2018. Net income decreased $2.9 million, or 5.6%, to $49.6 million for the three months ended June 30, 2019 compared to $52.5 million for the three months ended June 30, 2018.