May 7 (Reuters) - Permian-focused land and royalty

company Texas Pacific Land ( TPL ) missed Wall Street

expectations for first-quarter core profit on Wednesday, as

lower oil prices offset higher production.

Brent crude futures 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 ) 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.