================================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                              ---------------------

                                    FORM 10-Q

                              ---------------------

(Mark One)
[X]      QUARTERLY REPORT UNDER  SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
         ACT OF 1934.
         For the quarterly period ended March 31, 2003

                                       OR

[   ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934.
         For the transition period from ______ to ______

                          Commission File Number: 1-737



                            TEXAS PACIFIC LAND TRUST
             (Exact Name of Registrant as Specified in Its Charter)


                 NOT APPLICABLE                                75-0279735
(State or Other Jurisdiction of Incorporation               (I.R.S. Employer
                or Organization)                             Identification No.)

1700 PACIFIC AVENUE, SUITE 1670, DALLAS, TEXAS                   75201
    (Address of Principal Executive Offices)                   (Zip Code)

                                 (214) 969-5530
              (Registrant's Telephone Number, Including Area Code)


           -----------------------------------------------------------
              (Former Name, Former Address and Former Fiscal Year,
                         if Changed Since Last Report)

Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes  X     No
                                               ---      -----

Indicate by check mark whether the registrant is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act).  Yes  X    No
                                                 ---      -----

================================================================================

<PAGE>

            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. Forward-looking statements
include statements regarding the Trust's future operations and prospects, the
markets for real estate in the areas in which the Trust owns real estate,
applicable zoning regulations, the markets for oil and gas, production limits on
prorated oil and gas wells authorized by the Railroad Commission of Texas,
expected competition, management's intent, beliefs or current expectations with
respect to the Trust'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 Securities and Exchange
Commission, 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 2 "Management's Discussion and Analysis of Financial
Condition and Results of Operations."









                                       1


<PAGE>


                          PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                            TEXAS PACIFIC LAND TRUST
                                 BALANCE SHEETS

<table>
<caption>

                                                                                                     MARCH 31,         DECEMBER 31,
                                           ASSETS                                                       2003              2002
                                                                                                   --------------    --------------
                                                                                                     (UNAUDITED)
                                                                                                   --------------



                                                                                                <c>               <c>
Cash                                                                                                $      162,721    $      147,746
Temporary cash investments at cost which approximates market                                             3,750,000         3,200,000
Accounts receivable                                                                                        489,389           486,583
Accrued interest receivable                                                                                391,603           358,746
Prepaid expenses                                                                                            31,391            44,844
Notes receivable for land sales                                                                         10,669,464        11,923,998
Real estate acquired through foreclosure:
    (8,089.24 acres at March 31, 2003 and December 31, 2002)                                             2,470,908         2,470,908
Water wells, leasehold improvements, furniture and equipment
    - at cost less accumulated depreciation                                                                 96,339           102,482

Property, no value assigned:
    Land (surface rights) situated in twenty counties in
      Texas - 1,003,262.31 acres in 2003 and 1,004,496.01 acres in 2002                                         --                --

    Town lots in Iatan, Loraine and Morita - 628 lots in 2003 and 2003                                          --                --

    1/16 nonparticipating perpetual royalty interest in 386,987.70 acres in 2003 and 2002                       --                --

    1/128 nonparticipating perpetual royalty interest in 85,413.60 acres in 2003 and 2002                       --                --

                                                                                                    --------------    --------------
                                                                                                    $   18,061,815    $   18,735,307
                                                                                                    ==============    ==============

                                  LIABILITIES AND CAPITAL

Federal income taxes payable                                                                        $      755,413    $      125,196
Other taxes                                                                                                 85,074            30,421
Other liabilities                                                                                           36,563            10,120
Deferred taxes                                                                                           4,180,930         4,586,451
                                                                                                    --------------    --------------
      Total liabilities                                                                                  5,057,980         4,752,188

Capital:
    Certificate of Proprietary Interest, par value $100
      each; no certificates outstanding in 2003 and 2002                                                        --                --

    Sub-share Certificates in Certificates of Proprietary Interest, par value
      $.16 2/3 each; outstanding:
      2,300,787 sub-shares in 2003 and 2,317,387 sub-shares in 2002                                             --                --

    Net proceeds from all sources                                                                       13,003,835        13,983,119
                                                                                                    --------------    --------------
      Total capital                                                                                     13,003,835        13,983,119

                                                                                                    --------------    --------------
                                                                                                    $   18,061,815    $   18,735,307
                                                                                                    ==============    ==============
</table>

                See accompanying notes to financial statements.

                                       2
<PAGE>



                            TEXAS PACIFIC LAND TRUST
                              STATEMENTS OF INCOME
                                   (UNAUDITED)

<table>
<caption>

                                                                                                THREE MONTHS
                                                                                              ENDED MARCH 31,
                                                                                       --------------------------------
                                                                                           2003               2002
                                                                                       ------------       -------------
Income:

                                                                                    <c>                <c>
     Rentals, royalties and sundry income                                              $  1,500,526       $   1,079,512
     Land sales                                                                              61,685             193,756
     Interest                                                                               252,986             249,376
                                                                                       ------------       -------------
                                                                                          1,815,197           1,522,644
                                                                                       ------------       -------------

Expenses:
     Taxes, other than Federal income taxes                                                 134,199             104,903
     General and administrative expenses                                                    444,115             405,059
                                                                                       ------------       -------------
                                                                                            578,314             509,962
                                                                                       ------------       -------------

         Income before
              Federal income taxes                                                        1,236,883           1,012,682

Federal income taxes                                                                        360,463             301,592

         Net income                                                                    $    876,420       $     711,090
                                                                                       ============       =============



Average number of sub-share certificates
     and equivalent sub-share certificates
     outstanding                                                                          2,313,087           2,391,273
                                                                                       ============       =============

Basic and dilutive earnings per sub-share certificate                                  $        .38       $         .30
                                                                                       ============       =============

Cash dividends per sub-share certificate                                               $        .40       $         .40
                                                                                       ============       =============

</table>

                 See accompanying notes to financial statements.


                                      3

<PAGE>



                            TEXAS PACIFIC LAND TRUST
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


<table>
<caption>
                                                                                                 THREE MONTHS
                                                                                                ENDED MARCH 31,
                                                                                       ----------------------------------
                                                                                           2003                 2002
                                                                                       -----------           ------------
Cash flow from operating activities:


                                                                                   <c>                  <c>
     Net income                                                                       $    876,420         $    711,090

         Adjustments to reconcile net income to net
          cash provided by operating activities:

              Depreciation                                                                   9,000               10,201
              Deferred taxes                                                              (405,521)            (208,902)

              (Increase) decrease in assets:
                  Accounts receivable                                                       (2,806)              (9,203)
                  New notes receivable from land sales                                          --             (145,000)
                  Payments received on notes receivable                                  1,254,533              826,311
                  Accrued interest receivable                                              (32,857)                 297
                  Federal income taxes receivable                                               --              149,668
                  Prepaid expenses                                                          13,453               18,342
              Increase (decrease) in liabilities:
                  Federal income taxes payable                                             630,217              360,825
                  Other taxes payable                                                       54,653               55,500
                  Escrow deposits on land sales                                                 --               (5,000)
                  Other liabilities payable                                                 26,443               43,119
                                                                                      -------------        -------------

                       Total adjustments                                                 1,547,115            1,096,158
                                                                                      -------------        -------------

                           Net cash provided by operating activities                     2,423,535            1,807,248
                                                                                      -------------        -------------

Cash flows from investing activities-
     Additions to water wells, leasehold improvements,
         furniture and equipment                                                            (2,857)              (6,095)
                                                                                      -------------        -------------

Cash flows from financing activities:
     Sub-shares purchased for retirement                                                  (932,748)            (537,407)
     Dividends paid                                                                       (922,955)            (956,995)
                                                                                      -------------        -------------

                           Net cash used by financing activities                        (1,855,703)          (1,494,402)
                                                                                      -------------        -------------

Net increase in cash and cash equivalents                                                  564,975              306,751

Cash and cash equivalents at beginning of period                                         3,347,746            2,585,065
                                                                                      -------------        -------------

Cash and cash equivalents at end of period                                            $  3,912,721         $  2,891,816
                                                                                      =============        =============


</table>
                 See accompanying notes to financial statements.


                                       4
<PAGE>



                            TEXAS PACIFIC LAND TRUST
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                                 MARCH 31, 2003

(1)      In the opinion of management, the accompanying unaudited financial
         statements contain all adjustments (consisting of only normal recurring
         accruals) necessary to present fairly the financial position of Texas
         Pacific Land Trust (the "Trust") as of March 31, 2003 and the results
         of its operations for the three months ended March 31, 2003 and 2002
         and its cash flows for the three months ended March 31, 2003 and 2002,
         respectively. These financial statements and footnotes included herein
         should be read in conjunction with the Trust's annual financial
         statements as of December 31, 2002 and 2001 and for each of the years
         in the three year period ended December 31, 2002 included in the
         Trust's Annual Report on Form 10-K for the year ended December 31,
         2002.

(2)      No value is assigned to the land, unless acquired through foreclosure;
         consequently, no allowance for depletion is computed, and no charge to
         income is made therefor, and no cost is deducted from the proceeds of
         the land sales in computing gain or loss thereon.

(3)      The Sub-shares and the Certificates of Proprietary Interest are freely
         interchangeable in the ratio of one Certificate of Proprietary Interest
         for 600 Sub-shares or 600 Sub-shares for one Certificate of Proprietary
         Interest.

(4)      The Trust's effective Federal income tax rate is less than the 34%
         statutory rate because taxable income is reduced by statutory
         percentage depletion allowed on mineral royalty income.

(5)      The results of  operations  for the three months ended March 31, 2003
         are not  necessarily  indicative  of the results to be expected for the
         full year.

(6)      Cash in excess of daily requirements is invested primarily in overnight
         investments in loan participation instruments with maturities of ninety
         days or less. Such investments are deemed to be highly liquid debt
         instruments for purposes of the statements of cash flows.

         Supplemental cash flow information for the three months ended March 31,
         2003 and 2002 is summarized as follows:

                                                 2003                2002
                                                 ----                ----

            Federal income taxes paid        $    135,767        $         --
                                             ============        ============

(7)      SFAS No. 131, "Disclosures about Segments of an Enterprise and Related
         Information" establishes standards for the way public business
         enterprises are to report information about operating segments. SFAS
         No. 131 utilizes the management approach as a basis for identifying
         reportable segments. The management approach is based on the way that
         management organizes the segments within the enterprise for making
         operating decisions and assessing performance. The Trust's management
         views its operations as one segment and believes the only significant
         activity is managing the land which was conveyed to the Trust in 1888.
         Trust management makes decisions about resource allocation and
         performance assessment based on the same financial information
         presented in these financial statements. Managing the land includes
         sales and leases of such land, and the retention of oil and gas
         royalties.



                                       5
<PAGE>




ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

         The following discussion and analysis should be read together with the
Financial Statements, including the Notes thereto, and the other financial
information appearing elsewhere in this Report. Period-to-period comparisons of
financial data are not necessarily indicative, and therefore should not be
relied upon as indicators, of the Trust's future performance. Words or phrases
such as "does not believe" and "believes", or similar expressions, when used in
this Form 10-Q or other filings with the Securities and Exchange Commission, are
intended to identify "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995.

RESULTS OF OPERATIONS FOR QUARTER ENDED MARCH 31, 2003 COMPARED TO QUARTER ENDED
MARCH 31, 2002

         Earnings per sub-share certificate were $.38 for the first quarter of
2003 compared to $.30 for the first quarter of 2002. Total revenues were
$1,815,197 compared to $1,522,644, an increase of 19.2%.

         The Trust sold 1,233.70 acres of land for an aggregate of $61,685 ($50
per acre) in the first quarter of 2003. This compares to 2,980.86 acres at
$65.00 per acre, for a total of $193,756, in the first quarter of 2002.

         Land sales may vary widely from year to year and quarter to quarter.
The total dollar amount, the average price per acre, and the number of acres
sold in any one year or quarter should not be assumed to be indicative of land
sales in the future. The Trust is a passive seller of land and does not actively
solicit sales of land. The demand for, and the sales price of, any particular
tract of the Trust's land is influenced by many factors, including, the national
and local economies, the rate of residential and commercial development in
nearby areas, livestock carrying capacity, and the condition of the local
agricultural industry, which itself is influenced by range conditions and prices
for livestock and other agricultural products. Approximately 99% of the Trust's
land is classified as ranch land and intermingled with other ownerships to form
ranching units. Ranch land sales are, therefore, largely dependent on the
actions of the adjoining landowners.

         Rentals, royalties and sundry income were $1,500,526 for the first
quarter of 2003 compared to $1,079,512 in the first quarter of 2002, an increase
of 39.0%. This increase resulted primarily from an increase in oil and gas
royalty revenue.

         Oil and gas royalty revenue was $1,209,021, up 73.1% compared to the
first quarter of 2002. Oil royalty revenue was $799,526, up 68.7% compared to
2002. Crude oil production subject to the Trust's royalty interest was down 1.6%
for the first quarter and the average price per royalty barrel was up 71.5%
compared to the comparable period of 2002. Gas royalty revenue was $409,495 in
the first quarter, up 82.5% on a volume increase of 2.5% and price increase of
77.9% from first quarter 2002 levels.

         Easement and sundry income was $204,252 down 30.2% from the first
quarter of 2002. This is not a preditable source of income and amounts vary
greatly in any one reporting period.

         Interest revenue increased 1.4% in the first quarter of 2003 compared
to 2002. Interest from notes receivable was $239,786, up 2.6% from the first
quarter of 2002. Notes receivable were $10,669,464 as of March 31, 2003, down
10.5% from December 31, 2002. Sundry interest was $13,200, down 15.5% from the
first quarter of 2002.

         Taxes, other than Federal income taxes were up 27.9%. This increase is
primarily attributable to an increase in oil and gas production taxes. The
increase in oil and gas production taxes, in turn, resulted from the increased
oil and gas royalty income occasioned by the higher oil and gas prices
prevailing during the quarter.


                                       6
<PAGE>

         General and administrative expenses increased 9.6% compared to the
first quarter of 2002, due mainly to legal expense pertaining to listing and SEC
reporting rules.

LIQUIDITY AND CAPITAL RESOURCES

         The Trust's principal sources of liquidity are its revenues from oil
and gas royalties, lease rentals and receipts of interest and principal payments
on the notes receivable arising from its sales of land. In the past these
sources have generated more than adequate amounts of cash to meet the Trust's
needs and, in the opinion of management, should continue to do so in the
foreseeable future.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         There have been no material changes in the information related to
market risk of the Trust since December 31, 2002.

ITEM 4.  CONTROLS AND PROCEDURES

         Within the 90 days prior to the date of this report, Texas Pacific Land
Trust carried out an evaluation, under the supervision and with the
participation of the Trust's management, including Roy Thomas, the Trust's Chief
Executive Officer and David M. Peterson, the Trust's Chief Financial Officer, of
the effectiveness of the design and operation of the Trust's disclosure controls
and procedures pursuant to Exchange Act Rule 13a-14. Based upon that evaluation,
Mr. Thomas and Mr. Peterson concluded that the Texas Pacific Land Trust's
disclosure controls and procedures are effective in timely alerting them to
material information relating to the Trust required to be included in Texas
Pacific Land Trust's periodic SEC filings.

         There were no significant changes made in the Trust's internal controls
or in other factors that could significantly affect these controls subsequent to
the date of their evaluation.



                                       7
<PAGE>



                                     PART II

                                OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)   Exhibits

               99.1  Certification pursuant to 18 U.S.C. Section 1350, as
                     adopted pursuant to Section 906 of the Sarbanes-Oxley Act
                     of 2002

               99.2  Certification pursuant to 18 U.S.C. Section 1350, as
                     adopted pursuant to Section 906 of the Sarbanes-Oxley Act
                     of 2002

         (b)   Reports on Form 8-K.

               No Current Reports on Form 8-K were filed during the quarter
               for which this report is filed.


                                       8
<PAGE>



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                 TEXAS PACIFIC LAND TRUST
                                 (Registrant)



Date:  May 12, 2003             By: /s/  Roy Thomas
                                    -----------------------------------------
                                    Roy Thomas, General Agent,
                                    Authorized Signatory and Chief Executive
                                    Officer



Date:  May 12, 2003             By: /s/  David M. Peterson
                                    ----------------------------------------
                                    David M. Peterson, Assistant General Agent,
                                    and Chief Financial Officer



                                       9
<PAGE>



                                 CERTIFICATIONS

I, Roy Thomas, certify that:

1.       I have reviewed this quarterly report on Form 10-Q of Texas Pacific
         Land Trust (the Registrant);

2.       Based on my knowledge, this quarterly report does not contain any
         untrue statement of a material fact or omit to state a material fact
         necessary to make the statements made, in light of the circumstances
         under which such statements were made, not misleading with respect to
         the period covered by this quarterly report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this quarterly report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the registrant as of, and for, the periods presented in
         this quarterly report;

4.       The registrant's other certifying officer and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         we have:

            a)   designed such disclosure controls and procedures to
                 ensure that material information relating to the registrant,
                 including its consolidated subsidiaries, is made known to us by
                 others within those entities, particularly during the period in
                 which this quarterly report is being prepared;

            b)   evaluated the effectiveness of the registrant's disclosure
                 controls and procedures as of a date within 90 days prior to
                 the filing date of this quarterly report (the "Evaluation
                 Date"); and

            c)   presented in this quarterly report our conclusions about the
                 effectiveness of the disclosure controls and procedures based
                 on our evaluation as of the Evaluation Date;

5.       The registrant's other certifying officer and I have disclosed, based
         on our most recent evaluation, to the registrant's auditors and the
         audit committee of registrant's board of directors (or persons
         performing the equivalent function):

            a)   all significant deficiencies in the design or operation of
                 internal controls which could adversely affect the registrant's
                 ability to record, process, summarize and report financial data
                 and have identified for the registrant's auditors any material
                 weaknesses in internal controls; and

            b)   any fraud, whether or not material, that involves management or
                 other employees who have a significant role in the registrant's
                 internal controls; and

6.       The registrant's other certifying officer and I have indicated in this
         quarterly report whether or not there were significant changes in
         internal controls or in other factors that could significantly affect
         internal controls subsequent to the date of our most recent evaluation,
         including any corrective actions with regard to significant
         deficiencies and material weaknesses.


Date:  May 12, 2003               By: /s/  Roy Thomas
                                      -----------------------------------
                                      Roy Thomas, General Agent and Chief
                                      Executive Officer


                                       10

<PAGE>



I, David M. Peterson, certify that:

1.       I have reviewed this quarterly report on Form 10-Q of Texas Pacific
         Land Trust (the Registrant);

2.       Based on my knowledge, this quarterly report does not contain any
         untrue statement of a material fact or omit to state a material fact
         necessary to make the statements made, in light of the circumstances
         under which such statements were made, not misleading with respect to
         the period covered by this quarterly report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this quarterly report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the registrant as of, and for, the periods presented in
         this quarterly report;

4.       The registrant's other certifying officer and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         we have:

            a)   designed such disclosure controls and procedures to ensure
                 that material information relating to the registrant,
                 including its consolidated subsidiaries, is made known to us
                 by others within those entities, particularly during the
                 period in which this quarterly report is being prepared;

            b)   evaluated the effectiveness of the registrant's disclosure
                 controls and procedures as of a date within 90 days prior to
                 the filing date of this quarterly report (the "Evaluation
                 Date"); and

            c)   presented in this quarterly report our conclusions about the
                 effectiveness of the disclosure controls and procedures based
                 on our evaluation as of the Evaluation Date;

5.       The registrant's other certifying officer and I have disclosed, based
         on our most recent evaluation, to the registrant's auditors and the
         audit committee of registrant's board of directors (or persons
         performing the equivalent function):

            a)   all significant deficiencies in the design or operation of
                 internal controls which could adversely affect the
                 registrant's ability to record, process, summarize and report
                 financial data and have identified for the registrant's
                 auditors any material weaknesses in internal controls; and

            b)   any fraud, whether or not material, that involves management
                 or other employees who have a significant role in the
                 registrant's internal controls; and

6.       The registrant's other certifying officer and I have indicated in this
         quarterly report whether or not there were significant changes in
         internal controls or in other factors that could significantly affect
         internal controls subsequent to the date of our most recent evaluation,
         including any corrective actions with regard to significant
         deficiencies and material weaknesses.


Date:  May 12, 2003              By: /s/  David M. Peterson
                                     ------------------------------------------
                                     David M. Peterson, Assistant General Agent
                                     and Chief Financial Officer

                                       11

<PAGE>



                                INDEX TO EXHIBITS


   EXHIBIT
    NUMBER                             DESCRIPTION

    99.1      Certification of Chief Executive Officer pursuant to Section 906
              of the Sarbanes-Oxley Act of 2002

    99.2      Certification of Chief Financial Officer pursuant to Section 906
              of the Sarbanes-Oxley Act of 2002