Cautionary Statement Regarding Forward-Looking Statements



Statements in this Quarterly Report on Form 10-Q that are not purely historical
are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934,
including statements regarding management's expectations, hopes, intentions or
strategies regarding the future. Words or phrases such as "expects" and
"believes", or similar expressions, when used in this Form 10-Q or other filings
with the Securities and Exchange Commission (the "SEC"), are intended to
identify "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements include
statements regarding the Company's future operations and prospects, the
potential future impact of COVID-19, the markets for real estate in the areas in
which the Company owns real estate, applicable zoning regulations, the markets
for oil and gas including actions of other oil and gas producers or consortiums
worldwide such as the Organization of the Petroleum Exporting Countries ("OPEC")
and Russia (collectively referred to as "OPEC+"), expected competition,
management's intent, beliefs or current expectations with respect to the
Company's future financial performance and other matters. All forward-looking
statements in this Report are based on information available to us as of the
date this Report is filed with the SEC, and we assume no responsibility to
update any such forward-looking statements, except as required by law. All
forward-looking statements are subject to a number of risks, uncertainties and
other factors that could cause our actual results, performance, prospects or
opportunities to differ materially from those expressed in, or implied by, these
forward-looking statements. These risks, uncertainties and other factors
include, but are not limited to, the factors discussed in Item 1A. "Risk
Factors" of Part I of our Annual Report on Form 10-K for the year ended December
31, 2021, and in Part I, Item 2. "Management's Discussion and Analysis of
Financial Condition and Results of Operations" and Part II, Item 1A. "Risk
Factors" of this Quarterly Report on Form 10-Q.

The following discussion and analysis should be read in conjunction with our
Annual Report on Form 10-K for the year ended December 31, 2021 filed with the
SEC on February 23, 2022 and the condensed consolidated financial statements and
accompanying notes included, in Part I, Item 1 of this Quarterly Report on Form
10-Q. Period-to-period comparisons of financial data are not necessarily
indicative, and therefore should not be relied upon as indicators, of the
Company's future performance.

Overview

Texas Pacific Land Corporation (which, together with its subsidiaries as the
context requires, may be referred to as "TPL", the "Company", "our", "we" or
"us") is one of the largest landowners in the State of Texas with approximately
880,000 surface acres of land in West Texas, with the majority of our ownership
concentrated in the Permian Basin. Additionally, we own a 1/128th
nonparticipating perpetual oil and gas royalty interest ("NPRI") under
approximately 85,000 acres of land and a 1/16th NPRI under approximately 371,000
acres of land, as well as approximately 4,000 additional net royalty acres
(normalized to 1/8th), all located in the western part of Texas.

We completed our reorganization from a business trust to a corporation (the
"Corporate Reorganization") on January 11, 2021, changing our name from Texas
Pacific Land Trust (the "Trust") to Texas Pacific Land Corporation. Any
references in this Quarterly Report on Form 10-Q to the Company, TPL, our, we,
or us with respect to periods prior to January 11, 2021 are in reference to the
Trust, and references to periods on or after that date are in reference to Texas
Pacific Land Corporation or TPL Corporation. For further information on the
Corporate Reorganization, see Note 10, "Changes in Equity" in the notes to the
condensed consolidated financial statements.

Our business activity is generated from surface and royalty interest ownership
in West Texas, primarily in the Permian Basin. Our revenues are derived from
oil, gas and produced water royalties, sales of water and land, easements and
commercial leases. Due to the nature of our operations and concentration of our
ownership in one geographic location, our revenue and net income are subject to
substantial fluctuations from quarter to quarter and year to year. In addition
to fluctuations in response to changes in the market price for oil and gas, our
financial results are also subject to decisions by the owners and operators of
not only the oil and gas wells to which our oil and gas royalty interests
relate, but also to other owners and operators in the Permian Basin as it
relates to our other revenue streams, principally water sales, easements and
other surface-related revenue.

For a further overview of our business and business segments, see Item 1. "Business - General" in our Annual Report on Form 10-K for the year ended December 31, 2021.


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Market Conditions

Global Oil Market Impact in 2022



Average oil and gas prices during the first quarter of 2022 were meaningfully
higher compared to average prices during most of the previous quarterly periods
over the last decade. In 2021, oil prices were supported by oil supply cuts by
OPEC+. Oil demand in 2021 broadly trended higher throughout the year, which also
helped support strengthening oil prices. Beginning in March 2022, Russia's
incursion into Ukraine created volatility in global supply of numerous
commodities, including oil. In response, the US has implemented numerous
measures to help mitigate potential supply shortfalls and high oil prices, most
notably by releasing millions of barrels of crude oil from its Strategic
Petroleum Reserve. The confluence of these major events have contributed to
increased fluctuations in oil prices during 2022. Although our revenues are
directly and indirectly impacted by changes in oil prices, we believe our
royalty interests (which require no capital expenditures or operating expense
burden from us for well development), strong balance sheet, and liquidity
position will help us navigate through potential oil price volatility.

COVID-19 Pandemic



We continue to monitor the COVID-19 pandemic as cases and hospitalizations have
dropped significantly in 2022. We are following local government mandates, where
applicable, and will continue to revise and refine our on-site work to ensure
business continuity and the safety and wellbeing of our employees. The full
extent to which the Pandemic impacts our business will depend on future
developments that are highly uncertain and cannot be predicted, including new
information that may emerge concerning the severity and new variants of the
virus.

Permian Basin Activity

The Permian Basin is one of the oldest and most well-known hydrocarbon-producing
areas and currently accounts for a substantial portion of oil and gas production
in the United States, covering approximately 86,000 square miles in 52 counties
across southeastern New Mexico and western Texas. Exploration and production
("E&P") firms active in the Permian have generally guided towards increased
drilling and development activity in 2022 compared to prior year activity
levels. Per the U.S. Energy Information Administration ("EIA"), Permian
production is currently in excess of five million barrels per day, which is
higher than the average daily production of every year prior to 2022. Despite
record Permian production volumes, E&P companies continue to experience
challenges with labor and supply chains related to drilling and completion
activities, which could negatively impact overall production.

With our ownership concentration in the Permian Basin, our revenues are directly impacted by oil and gas pricing and drilling activity in the Permian Basin. Below are metrics for the three months ended March 31, 2022 and 2021:



                                                                 Three Months Ended
                                                                      March 31,
                                                                  2022            2021
Oil and Gas Pricing Metrics:(1)
WTI Cushing average price per bbl                           $    95.18          $ 58.09
Henry Hub average price per mmbtu                           $     4.67

$ 3.50

Activity Metrics specific to the Permian Basin:(1)(2) Average monthly horizontal permits

                                       572          446
Average monthly horizontal wells drilled                                 465          343
Average weekly horizontal rig count                                      265          189
DUCs as of March 31 for each applicable year                           

3,924 4,617



Total Average US weekly horizontal rig count (2)                         575          350




(1) Commonly used definitions in the oil and gas industry provided in the table
above are defined as follows: WTI Cushing represents West Texas Intermediate.
Bbl represents one barrel of 42 U.S. gallons of oil. Mmbtu represents one
million British thermal units, a measurement used for natural gas. DUCs
represent drilled but uncompleted wells.
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(2) Permian Basin specific information per Enverus analytics. US weekly horizontal rig counts per Baker Hughes United States Rotary Rig Count for horizontal rigs.



The metrics above demonstrate the shifts in activity in the Permian Basin for
the three months ended March 31, 2022 and 2021. Oil and gas prices in the first
quarter of 2022 have rebounded strongly compared to the comparable period in
2021. Development, drilling, completion, and production activities across the
Permian broadly have also significantly improved in the first quarter of 2022
compared to the prior year, although operators currently continue to deploy
capital at a measured, albeit increased, pace. As we are a significant landowner
in the Permian Basin and not an oil and gas producer, our revenue is affected by
the development decisions made by companies that operate in the areas where we
own royalty interests and land. Accordingly, these decisions made by others
affect not only our production and produced water disposal volumes but also
directly impact our surface-related income and water sales.

Liquidity and Capital Resources

Overview



Our principal sources of liquidity are cash and cash flows generated from our
operations. Our primary liquidity and capital requirements are for capital
expenditures related to our Water Services and Operations segment (the extent
and timing of which are under our control), working capital and general
corporate needs.

We continuously review our liquidity and capital resources. If market conditions
were to change and our revenues were to decline significantly or operating costs
were to increase significantly, our cash flows and liquidity could be reduced.
Should this occur, we could seek alternative sources of funding. We have no debt
or credit facilities, nor any off-balance sheet arrangements as of March 31,
2022.

As of March 31, 2022, we had cash and cash equivalents of $507.4 million that we
expect to utilize, along with cash flow from operations, to provide capital to
support the growth of our business, to repurchase our common stock subject to
market conditions, to pay dividends subject to the discretion of our board of
directors and for general corporate purposes. For the three months ended March
31, 2022, we paid $23.2 million in dividends to our stockholders. We believe
that cash from operations, together with our cash and cash equivalents balances,
will be sufficient to meet ongoing capital expenditures, working capital
requirements and other cash needs for the foreseeable future.

During the three months ended March 31, 2022, we invested approximately $2.9
million in TPWR projects to maintain and/or enhance water sourcing assets, of
which $0.9 million related to electrifying our water sourcing infrastructure.

Cash Flows from Operating Activities

For the three months ended March 31, 2022 and 2021, net cash provided by operating activities was $107.7 million and $52.4 million, respectively. Our cash flow provided by operating activities is primarily from oil, gas and produced water royalties, water and land sales, and easements and other surface-related income. Cash flow used in operations generally consists of operating expenses associated with our revenue streams, general and administrative expenses and income taxes.



The increase in cash flows provided by operating activities for the three months
ended March 31, 2022 compared to the same period of 2021, was primarily related
to increased prices and volumes of oil and gas production and was partially
offset by increased working capital requirements.

Cash Flows Used in Investing Activities



For the three months ended March 31, 2022 and 2021, net cash used in investing
activities was $5.2 million and $1.4 million, respectively. Our cash flows used
in investing activities are primarily related to capital expenditures related to
our water services and operations segment and acquisitions of royalty interests.

Capital expenditures increased $2.2 million for the three months ended March 31,
2022 compared to the same period of 2021. Acquisitions of royalty interests
increased approximately $1.6 million for the three months ended March 31, 2022
compared to the same period 2021.

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Cash Flows Used in Financing Activities

For the three months ended March 31, 2022 and 2021, net cash used in financing
activities was $23.4 million and $21.3 million, respectively. Our cash flows
used in financing primarily consist of activities which return capital to our
stockholders such as payment of dividends.

During the three months ended March 31, 2022, we paid total dividends of $23.2
million consisting of cumulative paid cash dividends of $3.00 per share. During
the three months ended March 31, 2021, we paid total dividends of $21.3 million
consisting of cumulative cash dividends of $2.75 per share.

Results of Operations

The following table shows our consolidated results of operations for the three months ended March 31, 2022 and 2021 (in thousands):


                                                 Three Months Ended
                                                     March 31,
                                                 2022           2021
Revenues:
Oil and gas royalties                        $  104,172      $ 49,533
Water sales                                      18,820        12,956
Produced water royalties                         14,870        12,549

Easements and other surface-related income 9,192 9,047 Land sales and other operating revenue

              281            70
Total revenues                                  147,335        84,155

Expenses:


Salaries and related employee expenses            9,385         9,979
Water service-related expenses                    2,782         3,298
General and administrative expenses               3,000         2,806
Legal and professional fees                       1,719         2,212
Ad valorem taxes                                  2,010             -

Depreciation, depletion and amortization          4,126         3,838
Total operating expenses                         23,022        22,133

Operating income                                124,313        62,022

Other income, net                                    76             5
Income before income taxes                      124,389        62,027

Income tax expense                               26,489        11,975
Net income                                   $   97,900      $ 50,052

For the Three Months Ended March 31, 2022 as Compared to the Three Months Ended March 31, 2021

Consolidated Revenues and Net Income:



Total revenues and net income increased $63.2 million and $47.8 million,
respectively, for the three months ended March 31, 2022 compared to the same
period for the three months ended March 31, 2021. These increases were
principally due to the $54.6 million increase in oil and gas royalty revenue and
the $5.9 million increase in water sales over the same period. Individual
revenue line items are discussed below under "Segment Results of Operations."

Consolidated Expenses:



Salaries and related employee expenses. Salaries and related employee expenses
were $9.4 million for the three months ended March 31, 2022 compared to $10.0
million for the comparable period of 2021. Salaries and related employee
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expenses for the three months ended March 31, 2021 included a $2.0 million
severance accrual. Salaries and related employee expenses for the three months
ended March 31, 2022 include $1.3 million of share-based compensation expense.

Water service-related expenses. Water service-related expenses decreased to $2.8
million for the three months ended March 31, 2022 from $3.3 million for the same
period of 2021. This decrease in expenses was principally the result of a
decrease in fuel and equipment rental expenses due to our investment in
electrifying our water sourcing infrastructure.

Legal and professional fees. Legal and professional fees decreased $0.5 million
to $1.7 million for the three months ended March 31, 2022 from $2.2 million for
the comparable period of 2021. Legal and professional fees for the three months
ended March 31, 2021 were higher principally due to legal expenses associated
with our Corporate Reorganization which was completed on January 11, 2021.

Ad valorem taxes. For the three months ended March 31, 2022, the Company
recorded an accrual of approximately $2.0 million for ad valorem taxes. Prior to
January 1, 2022, the ad valorem taxes with respect to our historical royalty
interests were paid directly by certain third parties pursuant to an existing
arrangement. Since the completion of our Corporate Reorganization on January 11,
2021, we have received notice from one such third party that they no longer
intend to pay the ad valorem taxes related to such historical royalty interests.
While we continue to believe the obligation to pay these ad valorem taxes should
belong to the third party, we are accruing an estimate of such taxes and intend
to pay the taxes when they become due in order to protect the royalty interests
from any potential tax liens for nonpayment of future ad valorem taxes.

Total income tax expense. Total income tax expense was $26.5 million and $12.0
million for the three months ended March 31, 2022 and 2021, respectively. The
increase in income tax expense is primarily related to increased operating
income resulting from increased revenues from oil and gas royalties and water
sales.

Segment Results of Operations



We operate our business in two reportable segments: Land and Resource Management
and Water Services and Operations. We eliminate any inter-segment revenues and
expenses upon consolidation.

We evaluate the performance of our operating segments separately to monitor the
different factors affecting financial results. The reportable segments presented
are consistent with our reportable segments discussed in Note 11, "Business
Segment Reporting" in the notes to the condensed consolidated 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").

Our results of operations for the three months ended March 31, 2022 have
benefited from a rebound in oil and gas activity in the Permian Basin and
commodity prices compared to 2021. While our oil and gas royalty revenues have
benefited from increased royalty production and higher commodity prices during
this time period, our surface-related income continues to be impacted by the
development pace of operators in the Permian.


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For the Three Months Ended March 31, 2022 as Compared to the Three Months Ended
March 31, 2021

The following is an analysis of our operating results for the comparable periods by reportable segment (in thousands):



                                                                          Three Months Ended March 31,
                                                                    2022                                    2021
Revenues:
Land and resource management:

Oil and gas royalty revenue                         $      104,172                 71  %       $ 49,533                 59  %
Easements and other surface-related income                   8,894                  6  %          8,187                 10  %
Land sales and other operating revenue                         281                  -  %             70                  -  %
Total land and resource management revenue                 113,347                 77  %         57,790                 69  %

Water services and operations:
Water sales                                                 18,820                 13  %         12,956                 15  %
Produced water royalties                                    14,870                 10  %         12,549                 15  %
Easements and other surface-related income                     298                  -  %            860                  1  %
Total water services and operations revenue                 33,988                 23  %         26,365                 31  %
Total consolidated revenues                         $      147,335                100  %       $ 84,155                100  %

Net income:
Land and resource management                        $       81,156                 83  %       $ 39,513                 79  %
Water services and operations                               16,744                 17  %         10,539                 21  %
Total consolidated net income                       $       97,900                100  %       $ 50,052                100  %



Land and Resource Management

Land and Resource Management segment revenues increased $55.6 million, or 96.1%,
to $113.3 million for the three months ended March 31, 2022 as compared to the
comparable period of 2021. The increase in Land and Resource Management segment
revenues is principally due to an increase in oil and gas royalty revenue, as
discussed further below.

Oil and gas royalties. Oil and gas royalty revenue was $104.2 million for the
three months ended March 31, 2022 compared to $49.5 million for the three months
ended March 31, 2021, an increase of 110.3%. The table below provides financial
and operational data by royalty stream for the three months ended March 31, 2022
and 2021:

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                                                       Three Months Ended
                                                           March 31,
                                                       2022           2021
Our share of production volumes(1):
Oil (MBbls)                                               796           646
Natural gas (MMcf)                                      3,279         2,709
NGL (MBbls)                                               528           383
Equivalents (MBoe)                                      1,871         1,480
Equivalents per day (MBoe/d)                             20.8          16.4

Oil and gas royalty revenue (in thousands):
Oil royalties                                      $   71,681      $ 34,249
Natural gas royalties                                  16,175         7,360
NGL royalties                                          16,316         7,924
Total oil and gas royalties                        $  104,172      $ 49,533

Realized prices:
Oil ($/Bbl)                                        $    94.24      $  55.53
Natural gas ($/Mcf)                                $     5.33      $   2.94
NGL ($/Bbl)                                        $    33.42      $  22.36
Equivalents ($/Boe)                                $    58.31      $  35.04





(1)   Commonly used definitions in the oil and gas industry not previously
defined: Boe represents barrels of oil equivalent. MBbls represents one thousand
barrels of crude oil, condensate or NGLs. Mcf represents one thousand cubic feet
of natural gas. MMcf represents one million cubic feet of natural gas. MBoe
represents one thousand Boe. MBoe/d represents one thousand Boe per day.

Our share of crude oil, natural gas and NGL production volumes was 20.8 thousand
Boe per day for the three months ended March 31, 2022 compared to 16.4 thousand
Boe per day for the same period of 2021. The average realized prices were $94.24
per barrel of oil, $5.33 per Mcf of natural gas, and $33.42 per barrel of NGL,
for a total equivalent price of $58.31 per Boe for the three months ended March
31, 2022, an increase of $23.27 per Boe compared to the total equivalent price
of $35.04 per Boe for the same period of 2021.

Easements and other surface-related income. Easements and other surface-related
income was $8.9 million for the three months ended March 31, 2022, an increase
of 8.6% compared to $8.2 million for the three months ended March 31, 2021.
Easements and other surface-related income includes pipeline, power line and
utility easements, commercial leases and seismic and temporary permits. The
increase in easements and other surface-related income is principally related to
increases of $1.5 million in pipeline easement income, $0.9 million in power
line and utility easements, and $0.6 million in material sales for the three
months ended March 31, 2022 compared to the same period of 2021. These increases
were partially offset by a $2.4 million decrease in commercial lease revenue for
the three months ended March 31, 2022. Easements and other surface-related
income is dependent on development decisions made by companies that operate in
the areas where we own land and is, therefore, unpredictable and may vary
significantly from period to period. See "Market Conditions" above for
additional discussion of development activity in the Permian Basin during the
three months ended March 31, 2022.

Net income. Net income for the Land and Resource Management segment was $81.2
million for the three months ended March 31, 2022 compared to $39.5 million for
the three months ended March 31, 2021. Expenses, including income tax expense,
for the Land and Resource Management segment were $32.2 million and $18.3
million for the three months ended March 31, 2022 and 2021, respectively. The
increase in expenses during 2022 is principally related to a $12.9 million
increase in income tax expense for the three months ended March 31, 2022
compared to the same period of 2021. Expenses are discussed further above under
"Results of Operations."




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Water Services and Operations

Water Services and Operations segment revenues increased 28.9%, to $34.0 million
for the three months ended March 31, 2022 as compared with revenues of $26.4
million for the comparable period of 2021. The increase in Water Services and
Operations segment revenues is due to increases in water sales and produced
water royalty revenue. As discussed in "Market Conditions" above, our segment
revenues are directly influenced by development decisions made by our customers
and the overall activity level in the Permian Basin. Accordingly, our segment
revenues and sales volumes, as further discussed below, will fluctuate from
period to period based upon those decisions and activity levels.

Water sales. Water sales revenue was $18.8 million for the three months ended
March 31, 2022, an increase of $5.9 million or 45.3%, compared with the three
months ended March 31, 2021 when water sales revenue was $13.0 million. The
increase in water sales is principally due to increased average pricing for the
three months ended March 31, 2022, compared to the same period of 2021. Average
pricing in 2022 has generally returned to pre-pandemic levels, while pricing in
2021 continued to be impacted by the lows in 2020 brought on by COVID-19.

Produced water royalties. Produced water royalties are royalties received from
the transportation or disposal of produced water on our land. We do not operate
any saltwater disposal wells. Produced water royalties were $14.9 million for
the three months ended March 31, 2022 compared to $12.5 million for the same
period in 2021. This increase is principally due to increased produced water
volumes for the three months ended March 31, 2022 compared to the same period of
2021.

Easements and other surface-related income. Easements and other surface-related
income was $0.3 million for the three months ended March 31, 2022, a decrease of
$0.6 million compared to $0.9 million for the three months ended March 31, 2021.
The decrease in easements and other surface-related income relates to a decrease
in temporary permits for sourced water lines for the three months ended March
31, 2022 compared to the same period in 2021.

Net income. Net income for the Water Services and Operations segment was $16.7
million for the three months ended March 31, 2022 compared to $10.5 million for
the three months ended March 31, 2021. As discussed above, revenues for the
Water Services and Operations segment increased 28.9% for the three months ended
March 31, 2022 compared to the same period of 2021. Expenses, including income
tax expense, for the Water Services and Operations segment were $17.2 million
for the three months ended March 31, 2022 as compared to $15.8 million for the
three months ended March 31, 2021. The overall increase in segment expenses
during 2022 is principally related to increased income tax expense as a result
of increased segment operating income during the same time period. Expenses are
discussed further above under "Results of Operations."

Non-GAAP Performance Measures



In addition to amounts presented in accordance with GAAP, we also present
certain supplemental non-GAAP measurements. These measurements are not to be
considered more relevant or accurate than the measurements presented in
accordance with GAAP. In compliance with the requirements of the SEC, our
non-GAAP measurements are reconciled to net income, the most directly comparable
GAAP performance measure. For all non-GAAP measurements, neither the SEC nor any
other regulatory body has passed judgment on these non-GAAP measurements.

EBITDA and Adjusted EBITDA



EBITDA is a non-GAAP financial measurement of earnings before interest, taxes,
depreciation, depletion and amortization. Its purpose is to highlight earnings
without finance, taxes, and depreciation, depletion and amortization expense,
and its use is limited to specialized analysis. We calculate Adjusted EBITDA as
EBITDA excluding the impact of certain non-cash, non-recurring and/or unusual,
non-operating items, including, but not limited to: employee share-based
compensation, conversion costs related to our Corporate Reorganization, and
severance costs. We have presented EBITDA and Adjusted EBITDA because we believe
that both are useful supplements to net income in analyzing operating
performance.









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The following table presents a reconciliation of net income to EBITDA and
Adjusted EBITDA for the three months ended March 31, 2022 and 2021 (in
thousands):
                                                                Three Months Ended
                                                                    March 31,
                                                                2022           2021
 Net income                                                 $   97,900      $ 50,052
 Add:
Income tax expense                                              26,489        11,975
Depreciation, depletion and amortization                         4,126      

3,838


 EBITDA                                                        128,515      

65,865

Add:


Employee share-based compensation                                1,319      

-


Conversion costs related to corporate reorganization                 -         1,973
Severance costs                                                      -         2,000

Adjusted EBITDA                                             $  129,834      $ 69,838

Critical Accounting Policies and Estimates



This discussion and analysis of our financial condition and results of
operations is based on our condensed consolidated financial statements, which
have been prepared in accordance with GAAP. The preparation of these financial
statements requires us to make judgments, estimates and assumptions that affect
the reported amounts of assets, liabilities, revenues, expenses and disclosures
of contingent assets and liabilities. For a full discussion of our accounting
policies please refer to Note 2 to the Consolidated Financial Statements
included in our 2021 Annual Report on Form 10-K filed with the SEC on February
23, 2022.

There have been no material changes to our critical accounting policies or in
the estimates and assumptions underlying those policies, from those provided in
Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations included in our 2021 Annual Report on Form 10-K.

New Accounting Pronouncements



For further information regarding recently issued accounting pronouncements, see
Note 2, "Summary of Significant Accounting Policies" in the notes to the
condensed consolidated financial statements included in   Item 1. "Financial
Statements"   in this Quarterly Report on Form 10-Q.

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