Texas Pacific Land misses first-quarter core profit estimates on lower oil prices

May 7 (Reuters) - Permian-focused land and royalty company Texas Pacific Land TPL.N missed Wall Street expectations for first-quarter core profit on Wednesday, as lower oil prices offset higher production.

Brent crude futures LCoc1 fell on average in the first quarter from a year earlier on fears that U.S. President Donald Trump's trade policy would slow economies around the world and slash energy demand, even as OPEC+ ramps up supply.

Oil and gas producers have been cutting production weighed down by macroeconomic uncertainty amid the Trump administration's sweeping tariffs.

Earlier this week, Diamondback Energy FANG.O said it was cutting its current-year production forecast based on the uncertainty and added that, at current commodity prices, U.S. oil production is at the tipping point.

Texas Pacific said realized price for oil during the quarter was down 7.5%, year-over-year, at $71.05 per barrel.

However, the company reported a 5.4% rise in quarterly net income at $120.7 million from a year earlier on the back of higher production and natural gas prices.

The company's share of quarterly production was up 13.4% to 1.12 million barrels of oil from a year earlier, natural gas production was up 37.4% at 5.23 billion cubic feet, while prices jumped about 80% at $3.63 per thousand cubic feet.

The landowner reported an adjusted core profit of $169.4 million for the quarter ended March 31, compared with Wall Street estimates of $180 million, according to data compiled by LSEG.