#1TEXAS PACIFIC EST. 1888 LAND CORP Investor Presentation February 2023#2Disclaimer TEXAS EST 1888 PACIFIC LAND CORP This presentation has been designed to provide general information about Texas Pacific Land Corporation and its subsidiaries ("TPL" or the "Company"). Any information contained or referenced herein is suitable only as an introduction to the Company. The recipient is strongly encouraged to refer to and supplement this presentation with information the Company has filed with the Securities and Exchange Commission ("SEC"). The Company makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this presentation, and nothing contained herein is, or shall be, relied upon as a promise or representation, whether as to the past or to the future. This presentation does not purport to include all of the information that may be required to evaluate the subject matter herein and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to herein. Unless otherwise stated, statements in this presentation are made as of the date of this presentation, and nothing shall create an implication that the information contained herein is correct as of any time after such date. TPL reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. The Company disclaims any obligations to update the data, information or opinions contained herein or to notify the market or any other party of any such changes, other than required by law. Industry and Market Data The Company has neither sought nor obtained consent from any third party for the use of previously published information. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed herein. The Company shall not be responsible or have any liability for any misinformation contained in any third party report, SEC or other regulatory filing. The industry in which the Company operates is subject to a high degree of uncertainty and risk due to a variety of factors, which could cause our results to differ materially from those expressed in these third-party publications. Some of the data included in this presentation is based on TPL's good faith estimates, which are derived from TPL's review of internal sources as well as the third party sources described above. All registered or unregistered service marks, trademarks and trade names referred to in this presentation are the property of their respective owners, and TPL's use herein does not imply an affiliation with, or endorsement by, the owners of these service marks, trademarks and trade names. Forward-looking Statements This presentation contains certain forward-looking statements within the meaning of the U.S. federal securities laws that are based on TPL's beliefs, as well as assumptions made by, and information currently available to, TPL, and therefore involve risks and uncertainties that are difficult to predict. These statements include, but are not limited to, statements about strategies, plans, objectives, expectations, intentions, expenditures and assumptions and other statements that are not historical facts. When used in this document, words such as "anticipate," "believe," "estimate," "expect," "intend," "plan" and "project" and similar expressions are intended to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Although we believe our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this presentation are reasonable, we may be unable to achieve these plans, intentions or expectations and actual results, performance or achievements may vary materially and adversely from those envisaged in this document. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see TPL's annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC. The tables, graphs, charts and other analyses provided throughout this document are provided for illustrative purposes only and there is no guarantee that the trends, outcomes or market conditions depicted on them will continue in the future. There is no assurance or guarantee with respect to the prices at which the Company's common stock will trade, and such securities may not trade at prices that may be implied herein. TPL's forecasts and expectations for future periods are dependent upon many assumptions, including the drilling and development plans of our customers, estimates of production and potential drilling locations, which may be affected by commodity price declines, the severity and duration of the COVID-19 pandemic and related economic repercussions or other factors that are beyond TPL's control. These materials are provided merely for general informational purposes and are not intended to be, nor should they be construed as 1) investment, financial, tax or legal advice, 2) a recommendation to buy or sell any security, or 3) an offer or solicitation to subscribe for or purchase any security. These materials do not consider the investment objective, financial situation, suitability or the particular need or circumstances of any specific individual who may receive or review this presentation, and may not be taken as advice on the merits of any investment decision. Although TPL believes the information herein to be reliable, the Company and persons acting on its behalf make no representation or warranty, express or implied, as to the accuracy or completeness of those statements or any other written or oral communication it makes, safe as provided for by law, and the Company expressly disclaims any liability relating to those statements or communications (or any inaccuracies or omissions therein). These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf. Non-GAAP Financial Measures In addition to amounts presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), this presentation includes certain supplemental non-GAAP measurements. These non-GAAP measurements are not to be considered more relevant or accurate than the measurements presented in accordance with GAAP. In compliance with requirements of the SEC, our non-GAAP measurements are reconciled to net income, the most directly comparable GAAP performance measure. In this presentation, TPL utilizes earnings before interest, taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA and free cash flow ("FCF"). TPL believes that EBITDA, Adjusted EBITDA and FCF are useful supplements as an indicator of operating and financial performance. EBITDA, Adjusted EBITDA and FCF are not presented as an alternative to net income and they should not be considered in isolation or as a substitute for net income. See Appendix for a reconciliation of these non-GAAP measures to net income, the most directly comparable financial measure calculated in accordance with GAAP. NYSE: TPL 2#3The Permian Basin “ETF" NYSE: TPL "Best Year in TPL History" $ $ Positioned to capture upside $592 Million 2022 Adjusted EBITDA (1) 100% Texas Permian Exposure ~220% Production Growth since 2018(4) $ TEXAS Est. 140 PACIFIC LAND CORP TEXAS PACIFIC WATER RESOURCES Efficient conversion of revenues to cash $452 Million 2022 Free Cash Flow(1) Diversified Revenue Streams: Royalties, Water, and Surface ~14 Years Inventory Below $40/bbl Breakeven (5) 0 * Balance Sheet Strength (2) No Debt Cash Balance of $511 Million ~23,700 Core Permian Net Royalty Acres (3) ~874,000 Surface Acres TEXAS EST. 1888 PACIFIC LAND CORP Robust Inventory (6) of 584 DUCs and 338 Permits Source: (1) (2) (3) (4) Company data and Enverus. Adjusted EBITDA and Free Cash Flow are non-GAAP measures. See Appendix for reconciliations of these non-GAAP measures to net income. Balance sheet as of 12/31/22. Net royalty acres defined as gross royalty acres (533,260) in-basin multiplied by the average royalty per acre (4.4%). Increase in daily average net well production from 1Q'18 to 4Q 2022. Based on total inventory with a breakeven oil price less than $40/bbl divided by FY 2022 spuds. (6) As of 12/31/22 per Enverus and internal TPL estimates. NYSE: TPL 3#4TEXAS EST 1888 PACIFIC Unique Exposure to Full Permian Development Chain TPL Business Overview SLEM Royalties TPWR TPL surface generates multiple income streams from Oil & Gas activities, Renewables, Grazing and Hunting leases TPL owns an average 4.4% revenue interest across ~533,260 gross royalty acres in the Permian Basin TPWR provides brackish and treated water for well completions and facilitates produced water disposal Business Flow Overview Ownership of right of way Surface Ownership of groundwater and subsurface injection rights High margins with no capital Provides ease of access 24% FY 2022 TPL Revenue Royalties SLEM $667mm 8% Water 68% LAND CORP Royalties Assets located in the core of the Permian No capex or opex burden for organic production and cash flow growth Real ownership of assets underlying cash flow generation Demand for water disposal services and locations on TPL surface has significantly out-paced the rest of the Permian Water Provides operational solutions across sourcing and disposal Disposal comprises significant portion of operator LOE Royalty stream with limited capex requirements to capture additional value Allows continued development Maximize Surface Ownership to Operate Profitable Water Business that Facilitates Development of Royalty Acreage Source: Company data. Reporting Segments: = Land and Resource Management = Water Services and Operations NYSE: TPL 4#5Royalty Interest Overview Land and Resource Management Net Royalty Position and Rigs Running on Core TPL Acreage Delaware ▲▲ A Basin Dawson Gaines Borden Midland Basin Scurry Source: Note: (1) (2) New Mexico Texas Eddy Culberson Jeff Davis Reeves Central Lea Basin Platform Andrews Martin Ector Midland Winkler Loving Ward Crane Pecos Upton TEXAS EST 1888 PACIFIC LAND CORP Net Royalty Acres Distribution Northern Delaware 9.0% Southeast J 11.1% Delaware Howard 38.8% Mitchell NRA(1): ~23,700 Southwest Delaware 19.5% Midland Other Cok Sterling Glasscock Tom G 21.6% Key Operators with a Permian Focus OXY ConocoPhillips 14% 19% Chevron devon 4% Irion Reagan 2% 3% Royalty Acreage 7% (~533,260 Gross Royalty Acres/~23,700 Net Royalty Acres) Net Wells(2); 72.4 ExxonMobil DIAMONDBACK Energy 11% Seog resources APA Corporation Surface Acreage (~874,000 acres) 8% 9% Combined Royalty & Surface Acreage COTERRA PIONEER NATURAL RESOURCES 3% A Active Rigs on TPL Royalty (42 Rigs - 27 Delaware, 15 Midland) 11% 9% bp Other Active Permian Rigs (340 Rigs - 188 Delaware, 137 Midland, 15 Other) Company data and Enverus as of 12/31/22. Rigs on TPL based on intersect of well-lateral centroid on TPL Royalty Acreage DSUs. Rig counts include active Horizontal, Directional and Unclassified rigs per Enverus Rig Analytics. Net royalty acres defined as gross royalty acres (~533,260) multiplied by the average royalty per acre (4.4%) as of 4Q 2022. Includes net 57.7 PDP, 7.4 DUCS, 2.3 Completed and 5.0 Permitted wells (represents only horizontal locations) as of 12/31/22. NYSE: TPL 5#6Exxon Chevron $147 Exposed to Diverse Client Base Required to Utilize TPL Surface / Water E&P Companies on TPL Market Cap (in $ billions) $454 $347 High Margin, Fixed-fee Revenue Streams Strong Performance Through Commodity Price Fluctuations Existing Relationship with TPL (1) Other Permian Operators Drill on TPL NRA TEXAS EST 1888 PACIFIC LAND CORP Midstream Companies on TPL ENERGY TRANSFER EPIC Enterprise Products Partners L.P. RYX MIDSTREAM SERVICES $106 $76 $57 $54 $40 $25 $19 $17 $15 $13 $7 $6 $5 $4 $2 Conoco BP EOG Occidental Pioneer Devon Diamondback Coterra Marathon APA PDC Ovintiv Matador ♦ Fasken Four Corners PHILLIPS Permian Private Operators Western Midstream 66 Partners, LP Hunt ♦ Legacy ONEOK dep Midstream TPL has Existing Relationships with Over 90% of the Top E&P and also Blue-Chip Midstream Companies Source: Company data and Bloomberg as of 12/31/22. Relationships established through surface operations and/or water sourcing/produced water. Mewbourne Sabinal Sable ♦ Sequitur Sheridan K Surge ♦ TR. MPLX TARGA PLAINS ALL AMERICAN KINDER MORGAN INC. NYSE: TPL 6#7Business Segments Overview Production and Free Cash Flow Growth ($ in millions, unless specified) ~40% Free Cash Flow CAGR 2016 – 2022 21.3 18.6 16.2 13.7 $452 8.8 5.1 3.3 $278 $234 $188 $160 $80 $40 2016 2017 2018 2019 2020 2021 2022 Free Cash Flow Net Production (mboe/d) Free Cash Flow Adjusted EBITDA Water Services and Operations Water Services and Operations Source: Company data. Note: Free Cash Flow and Adjusted EBITDA are non-GAAP measures. See Appendix for reconciliations of these non-GAAP measures to net income. Land and Resource Management values inclusive of land-related surface and easement income. Water Services and Operations values inclusive of water-related surface and easement income. 20% 17% FY 2022 $592mm $452mm 80% 83% TEXAS EST 1888 PACIFIC LAND CORT Land and Resource Management Land and Resource Management NYSE: TPL 7#8History of TPL P Chevron TEXAS EST. 1888 PACIFIC LAND CORP 1888 NYSE Texas & Pacific Railway bankruptcy leads to the formation of Texas Pacific Land Trust, where all land assets were placed. 1927 TPL listed on NYSE. TPL is among the few Depression Era companies that continue trading today, almost a century later. 1954 The mineral estate under TPL's land was spun-off to its shareholders under a new company named TXL Oil. TPL reserved an NPRI under certain tracts of land (1). 2001 Chevron acquired Texaco for $36 billion, and now performs as an operator across a large portion of TPL's Permian position. 2015 Rapid development across much of TPL's acreage leads to increased royalty revenues for the Trust. 2019 Conversion Committee formed to evaluate if the Trust should convert into a C-corporation. 1871 - 1888 1871 1889 - 2010 2011 - Present Texas & Pacific Railway is created and was granted ~3.5 million acres of land from the State of Texas. 1920's Texas and Pacific Abrams #1 becomes the first well to produce oil from the Permian Basin, and a few years later, the first oil pipeline is built in the basin. 1962 Texaco purchased TXL Oil which at the time held over 2 million undeveloped acres in west Texas. 2010's The Permian Basin begins to grow production as unconventional development unlocks tremendous additional reserves. 2017 TPL forms Texas Pacific Water Resources LLC ("TPWR")(2). 2021 TPL's reorganization to a C-Corp is completed THE TEXAS TANDP PACIFIC RAILWAY A ® XX Source: Company data. =2 (2) A fixed 1/16 NPRI was reserved under all lands held by the primary term of an oil and gas lease and a fixed 1/128 NPRI under all lands held by production. TPWR is a 100% wholly owned subsidiary of TPL. NYSE: TPL 8#9TEXAS EST. 1888 PACIFIC Key Investment Highlights Positioned to capture upside ETF of the Permian Basin Synergistic Business Segments Focus on Return On and Of Capital Sustained Profitability and Pristine Balance Sheet Significant Upside $592 million in Adjusted EBITDA(1) for 2022 21.3 mboe/d 2022 average daily royalty production $667 million in total revenue for 2022 $157 million in revenue for 2022 from water sales and produced water royalties LAND CORP Largest royalty company with 100% of acreage located in Texas Permian Basin Three high-margin revenue streams linked to the development intensity of the Permian - multiple "ways to win" Unparalleled position consisting of ~23,700 net royalty acres ("NRAS") (2) and ~874,000 surface acres TPL interest is focused in the Delaware Basin where rig count represents ~25% of total horizontal rigs across the U.S. Ownership of surface provides right-of-way for continued development across TPL's footprint Rights to water and ability to promote operational solutions promotes further growth of the royalty business Upside exposure to water disposal revenues as Delaware Basin production growth persists TPL returned over $335mm to shareholders 2022 Paid $20.00/share special dividend during 2Q 2022; most recent declared quarterly regular dividend of $3.25/share Repurchased ~$88 million of common stock 2022 2022 Adjusted EBITDA (1) margin of 89% Minimal capex for organic royalty or land business growth; moderate capex for water No debt and cash balance of $511 million as of 12/31/2022 Significant undeveloped potential: only ~14% of royalty acreage is developed with ~19,000 gross undeveloped locations (3) High concentration in what TPL believes is best part of Permian, with ~14 years of inventory under $40/bbl breakeven (4) Water business continues to capitalize on opportunities to expand market share leading to future long-term growth Surface in frontier areas provides upside as development core expands with enhanced D&C and technology Source: (1) (2) (3) (4) Company data, Bloomberg, Baker Hughes, and Enverus as of 12/31/22. See Appendix for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures. Net royalty acres defined as gross royalty acres (~533,260) multiplied by the average royalty per acre (4.4%). As of 12/31/22 per Enverus and TPL internal estimates. Gross drilling locations based on an average lateral length of 6,975 as per the expected DSU. Based on total inventory with a breakeven oil price less than $40/bbl divided by FY 2022 net spuds. NYSE: TPL 9#10Surface Leases, Easements and Material Sales ("SLEM") TEXAS EST 1888 PACIFIC LAND CORP Generates Multiple Long-Term Income Streams with No Opex ~874,000 Surface Acres With a Concentration in Core Permian Areas ✓ Extensive position allows our surface to benefit from development occurring on and adjacent to TPL land Since 2018, SLEM revenue has represented ~13% of total TPL revenues (1) Generates majority of its surface revenue from easements related to pipeline infrastructure Generates lease and material (caliche) sales revenues Majority of easements have 30+ year term but subsequently renew every ten years with an additional payment (initial fee plus ~15%) TPL SLEM Revenue Tracks the Region's Well Count Cumulative SLEM Revenue since 2016(2) $400 $300 $200 $100 TPL Has Averaged ~$60,000 in SLEM Revenue for Every Well Drilled On and Surrounding its Core Permian Surface Position 9LOL 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 6LOL 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Count Since 2016(3) Cumulative Horizontal Well TPL Caliche Pad Surface procurement E&P Electrical Easement for Facility on non-TPL Surface E&P Oil & Gas Pipeline Easement for Facility on non-TPL Surface E&P Lease Road to Operations on non-TPL Surface E&P Produced Water Pipeline to SWD on non-TPL Surface TPL Caliche Pit E&P Lease Road on TPL Surface E&P Oil & Gas Facility on TPL Surface E&P Produced Water Easement on TPL Surface E&P Oil & Gas Pipeline Easement on TPL Surface E&P Electrical Easement on TPL Surface E&P Oil & Gas Facility on non-TPL Surface TPL Caliche Pad SWD on non-TPL Surface TPL Caliche Pad E&P Producing Oil & Gas Wells on non-TPL Surface Non-TPL Surface Acreage TPL Section Boundary TPL Surface SWD on TPL Surface SLEM Revenue Well Count Solar Farm on TPL Surface The TPL Surface Position Can't be Replicated Amongst Royalty and Water Companies Source: Company data and Enverus. 223 (2) Total revenue adjusted to exclude one-time land swap of $22mm in 2019 and one-time land/royalty sales of $100mm and $19mm in 2019 and 2018, respectively. SLEM revenue represents TPL's cumulative easements and other surface related income from 1/1/16 through 12/31/22 for Land and Resource management segment. Cumulative horizontal well count per Enverus in TPL's Northern Delaware Region (~950,000 acres) and TPL's Midland Region (~250,000 acre region around TPL's surface in East Ector, Midland, Upton and Glasscock Counties). NYSE: TPL 10#11Water Resources Asset Overview Water Services and Operations Salt Water Disposal Wells CULBERSON Asset TPL Land Permits Active: Permitted: EDDY Water Oil Ratio (1) 4:1 LEA 652) LOVING Capacity (2) REEVES 3,497 mbbl/d 4,086 mbbl/d NEW MEXICO TEXAS 302 285 WARD TEXAS EST. 1888 PACIFIC TPL Water Sourcing Infrastructure LAND CORP 62 EDDY 285 CULBERSON Asset Source Water Delivery Source Water Storage Capacity Capacity 450 mbbl/d (302 miles of water pipeline) -21 mbbl/d Treatment Capabilities 215 mbbl/d (2 full oxidation facilities, 2 light oxidation facilities) 285 LOVING 285 LEA NEW MEXICO TEXAS (302) WARD TPL Surface Salt Water Disposal Wells Active Current Revenue Permitted/Permits in Progress - Growth Opp. 20 Disposed Water Volume Growth Sustained by Highest WOR Areas Source: Note: (1) (2) Company data and Enverus. TPL does not operate any water disposal wells. Water oil ratio ("WOR") defined as the ratio of 12-month cumulative water production to 12-month cumulative oil production. Revenue received both on and off TPL surface based on existing contracts. TPL Water Well Fields TPL Frac Pits Well Pads Sourced by TPL TPL Water Sourced via 3rd Party Vendors TPL Surface REEVES Sourced Water Business Driven by High Fluid Intensity Areas NYSE: TPL 11#12Growth Strategy and Competitive Advantage Water Services and Operations Produced Water Royalties Stability Through the Cycle ($ in millions) Despite 2020's challenging back drop of COVID-19 | and oil price weakness, TPL's produced water royalty business generated resilient revenues $20 $18 $16 $14 $12 $10 Produced water royalties ($MM) $- $6 $4 $2 1Q19 2Q19 $120 TEXAS EST 1888 PACIFIC LAND CORT Significant Acreage Dedicated to TPL Disposal Royalties ■Current and future wells drilled within TPL's ~450,000-acre dedication provide a significant base for disposal royalty growth in the future ■ In addition, TPL collects royalties on significant disposal volumes that are produced outside the contracted acreage but brought into TPL's associated systems for disposal providing additional growth opportunities in the future EDDY Cou LEA 285 LOVING 3Q20 огон 1Q21 2Q21 3Q21 $100 $80 WTI Cushing Oil price ($/bbl) $60 4Q21 1Q22 2Q22 3Q22 4Q22 WTI Cushing ($/bbl) $40 $20 GA CULBERSON Ranch Road 652 REEVES Over 70% or ~450,000 acres in TPL's core northern Delaware region is dedicated to systems where TPL has disposal royalties Core N. Delaware Region TPL Surface Acreage ~610,000 acres ~245,000 acres (302) 285' NYSE: TPL 12 Royalty Based Business Model Captures Increased Disposal Volumes in Northern Delaware Focus Area 3019 4Q19 1Q20 2Q20 Produced water royalties ($mm) Source: Company data and Bloomberg.#13TPL is a Market Leader for Water in the Northern Delaware Water Services and Operations Delaware Produced Water Volumes of ~2,000 mbbls/d at ~$0.10/bbl() Total Produced Water Volumes of ~2,080 mbbls/d at ~$0.10/bbl(1) 5,000 TPL's Established Footprint Allows Optionality with SWD Operators to Negotiate Increased Economics TEXAS EST 1888 PACIFIC LAND CORP Delaware Sourced Water Volumes of ~241 mbbls/d at ~$0.62/bbl (2) Total Sourced Water Volumes of ~328 mbbls/d at ~$0.60 / bbl (2) 60% 2,500 Provides Irreplaceable Additional Upside as Aquifer Runs Underneath TPL Land 40% Produced Volumes (mbbls/day) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 2018 Average Capture Rate 2019 Average Capture Rate 2021 Average Capture Rate 2020 Average Capture Rate 50% 2022 Average Capture Rate 40% 30% 20% 10% TPWR Capture Rate Completions Volumes (mbbls/day) 2,000 1,500 1,000 500 2018 Average Capture Rate 2019 Average Capture Rate 2020 Average Capture Rate 35% 30% 2021 Average Capture Rate 2022 Average Capture Rate 25% 20% 15% 10% 5% TPWR Capture Rate 0% 0% Jan-18 Jul-18 Jan-19 Aug-19 Feb-20 Sep-20 Mar-21 Sep-21 Apr-22 Oct-22 ■Northern Delaware Region Volumes (Estimated) ■TPL Northern Delaware Volumes (Actuals) (1) Jan-18 Jul-18 Jan-19 Aug-19 Feb-20 Sep-20 Mar-21 Sep-21 Apr-22 Oct-22 Northern Delaware Region Volumes (Estimated) ■TPL Northern Delaware Volumes (Actuals) (2) Source: Note: (1) (2) Royalty Based Business Model Captures Increased Sourcing and Disposal Volumes in Northern Delaware Focus Area Company data and Enverus as of 12/31/22. Northern Delaware Region is defined as approximately 1,400,000 acres surrounding TPL's Northern Delaware Surface position including ~900,000 acres in Texas and ~500,000 acres in Southern New Mexico. Capture rate defined as TPL volumes as a percentage of total volumes in the Northern Delaware Region. Regional water volumes based on Enverus estimated WOR, historic oil production and Enverus oil type curves. Historic volumes represent horizontal wells turned to production NYSE: TPL since TPWR formation in Jun. 2017. TPL data is the average for 4Q 2022; Regional produced water volumes based on Enverus estimated water production from wells drilled since TPWR formation (Jun. 2017) shown through 4Q 2022 based on available data. TPL data is the average sourced + treated volumes for 4Q 2022. Regional sourced /treated water demand based on Enverus reported well fluid intensity volumes for wells completed in the Northern Delaware Region shown through 4Q 2022 based on available data. 13#14Summary of Financials Adjusted EBITDA (1) ($ in millions) Margin: 95% 94% 87% 82% 79% 86% 89% $63 2016 ~38% Adjusted EBITDA CAGR 2016-2022 $388 $302 $245 $239 $145 2017 2018 $592 Capex by Business Segment ($ in millions) $48 2019 2020 2021 2022 $19 Net Production per Share(2) (mboe/d per million shares) 2.8 2.4 2.1 ~32% Net Production per Share CAGR Since 2016-2022 1.1 0.6 0.4 1.8 2016 2017 2018 2019 2020 2021 2022 $33 $5 $19 $16 2017 2018 2019 2020 2021 2022 Water Service and Operations Land and Resource Management Source: Note: (1) (2) Company data. Revenue was restated retrospectively upon adoption of new revenue recognition guidance on 1/1/18. CAGR defined as the compounded annual growth rate. See Appendix for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures. Calculated as average daily net production during the year divided by the average number of shares outstanding during year. TEXAS EST 1888 PACIFIC LAND CORT NYSE: TPL 14#15Return of Capital to Shareholders Cumulative Return of Capital ($ in millions, except average WTI prices) $98 $95 $94 $93 $79 $65 $57 $49 $51 $43 $39 $201.7 $95 $68 $335.1 $87.8 $105.2 $247.3 $201.7 $19.9 $70.0 $50.9 $44.9 $24.5 $25.2 $25.2 $31.2 $35.6 $38.4 $4.3 $85.3 $12.7 $18.0 $34.2 $46.6 $31.6 $10.7 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Dividends Share Repurchases -Average WTI Price ($/bbl) Source: Company data and Bloomberg. TEXAS EST 18881 PACIFIC LAND CORT NYSE: TPL 15#16Source: (1) An Unmatched Oil and Gas Investment Summary Investment Highlights Performance Through the Cycle 10-year Average Annual Total Return (1) TEXAS EST. 1888 PACIFIC TEXAS EST 1888 PACIFIC LAND CORT ETF of the Permian Basin Synergistic Business Segments Focus on Return On and Of Capital Sustained Profitability and Pristine Balance Sheet Significant Upside LAND CORP W Nasdaq (Composite) S&P 500Ⓡ WTI Oil (1%) S&P Oil & Gas (3%) E&P Index Bloomberg. Based on compounded total shareholder return from January 2013 to December 2022. 15% 13% NYSE: TPL 16 47%#17Appendix TEXAS EST. 1888 PACIFIC LAND CORP#18TEXAS EST. 1888 PACIFIC TPL Revenue Streams Through the Life Cycle of a Well Typical Activities TPL Revenue Sources 1 Initial Development Phase Infrastructure for oil & gas development ■ Fixed fee payments for use of TPL's surface to build infrastructure Sale of materials (caliche) used in the construction of infrastructure 2 Drilling and Completion Phase ■Sourced / Treated water volumes (1) ■ Development of gathering, transportation and processing infrastructure ■ Fixed price per barrel for providing brackish groundwater and / or treated produced water ■ Fixed fee payments for the use of TPL's surface for a variety of midstream infrastructure requirements 3 Production Phase ■ Significant produced water volumes (gathering, treating and reuse, and disposing back into the ground) LAND CORP ■ Royalty interest on the oil & gas produced ■Royalty per barrel (injection fee) for allowing saltwater disposal (SWD) on TPL lands Majority of Stable Revenue Streams are Royalty, or Fixed-Fee Payments, with Limited-to-No Capital Expenditure Burden ROW & Surface Procurement Electrical Infrastructure Oil & Gas Facility TPL Gravel Pit TPL Water Storage B TPL Water Supply Wells Midstream Pipeline Easement E&P Operator Lease Road Producing O&G Wells t Operator Completions (Fracking) SWD O&G Sales Line Produced Water Gathering Line E&P Operator Well Pad & Drilling Pit E&P Operator Drilling Non-TPL Surface Acreage TPL Surface TPL Produced Water Treatment Facility Surface and Royalty Ownership Allow Steady Revenue Generation Through the Entire Life Cycle of Oil & Gas Development Sourced and Treated water is water used for oil and gas development (i.e. drilling and completions). O = Land and Resource Management = Water Services and Operations NYSE: TPL 18#19Well-Positioned Assets Attract Increasing Development Focus Land and Resource Management Average Net Production (mboed) TEXAS Source: Note: (1) 5.1 3.3 2.7 1.7 8.8 13.7 16.2 18.6 21.3 2014 2015 2016 2017 2018 2019 2020 2021 2022 Gross DUC Inventory(1) 121 107 71 362 319 584 531 486 452 2014 2015 2016 2017 2018 2019 2020 2021 2022 PACIFIC LAND CORP Near-term Royalty Production is Supported by Robust DUC Inventory Held by Well Capitalized E&P Operators Company data and Enverus. TPL production growth giving effect to our portfolio of ~23,700 net royalty acres in the Permian Basin as of 12/31/22 as if it had been owned since 1/1/14. DUCS considered to be all wells awaiting completion. DUC values shown as of period end date. Horizontal wells only. NYSE: TPL 19#20Significant Undeveloped Resource in Core Areas Land and Resource Management TPL Inventory by Breakeven to Working Interest Operator Wellhead PV-10 Breakeven ($/bbl) $70 $60 $50 $40 $30 $20 $10 $0 ~14 years of inventory life based on FY 2022 average net spud rate with breakevens under $40/bbl (1) 1,891 3,781 5,672 TEXAS PACIFIC LAND CORP 7,562 9,453 Drilling locations 11,343 13,234 15,124 17,015 18,905 TPL Inventory by IRR to Working Interest Operator(2) 120% 100% | 80% ~14 years of inventory life based on FY 2022 average net spud rate with IRRS of greater than 38% Wellhead BTax IRR 60% 40% 20% |0% 1,891 3,781 | 5,672 7,562 Northern Delaware 9,453 Drilling locations 11,343 13,234 15,124 17,015 18,905 Midland Source: Company data and Enverus. Note: =2 (2) Southeast Delaware Southwest Delaware Enverus assumes no differential for oil and NGL, a $0.70 differential for gas, and NGL pricing at 25% of WTI. Excluding areas to be considered outside of basin. Excludes DUCS and Permits. Not showing locations with negative IRRs. Based on total inventory with a breakeven oil price less than $40/bbl divided by FY 2022 net spuds. IRRS calculated at a flat price of $55.00/bbl and $2.75/mcf of oil and gas, respectively. NYSE: TPL 20#21TEXAS EST. 1888 PACIFIC Summary of Highest-Visibility Inventory Land and Resource Management 100% NRI Permitted Wells ~78% of Permits are drilled within 6 months (1) ~89% of Permits are drilled within 12 months(1) 28% 3% 5% 100% NRI DUC Wells ~36% of DUCs are completed within 6 months (2) I ~91% of DUCs are completed within 12 months (2) 11% 7% 100% NRI Completed Wells ~98% of Completed Wells are listed as producing within ~1 month (3) 1% 4% 18% LAND CORT ExxonMobil S. Deogresources OXY NRI by Region NRI by Operator Source: Note: (1) (2) (3) (4) 8% 6% Permitted Wells: 5.0 6% 7% 7% 20% Permitted Wells: 5.0 73% 37% 33% 42% DUC Wells(4): 7.4 11% 3% 8% 15% 12% 7% 1% 1% Completed Wells: 2.3 11% 7% 7% 9% 5% 10% 30% DUC Wells(4): 7.4 30% Completed Wells: 2.3 59% 61% Highest-Visibility Inventory with Top Operators Validates TPL's Near-Term Production Outlook Company data and Enverus. Permian Basin horizontal locations as of 12/31/22. Permitted well conversion rate based on wells permitted from 1/1/21 through 12/31/21 and then drilled through 12/31/22. DUC well conversion rate based on wells drilled from 1/1/21 through 12/31/21 and then completed through 12/31/22. Completed well conversion rates based on wells completed between 1/1/21 and 12/31/21. DUCS considered to be all wells awaiting completion. ConocoPhillips devon Chevron COTERRA Other Northern Delaware Midland Southeast Delaware Southwest Delaware Other NYSE: TPL 21#22Summary of Full Inventory Land and Resource Management TEXAS EST. 1888 PACIFIC LAND CORP Gross Locations Average Additional Sub-region NRI (2) NRA DSUs PDP Completed DUCS (3) Permits Undeveloped Total Locations PDP + Total Locations Gross Undeveloped PDP + Total Average Lat. Resource (Mmboe) Locations/DSU Length (ft.) Northern Delaware 2.3% 9,206 510 1,869 70 247 9,628 10,122 11,991 16,417 ן 24 6,312 Southeast Delaware 2.1% 2,126 102 182 II 9 26 792 845 1,027 611 10 6,553 Southwest Delaware 3.0% 5,112 132 22 8 1,848 1,856 1,878 H 1,951 14 5,336 Delaware 2.4% 16,444 744 2,073 || 79 281 195 12,268 12,823 14,896 18,979 2 201 6,205 || Midland 0.5% 2,640 344 1,520 104 296 142 6,286 6,828 8,348 5,345 241 8,483 Other 1.8% 4,631 128 727 739 830 329 6,054 Total 1.7% 23,715 1,216 3,684 187 584 338 19,281 20,390 24,074 24,653 20 6,975 T Established Production Base High Near-Term Cash Flow Outstanding Organic Resource Grounded in Conservative Assumptions Total Gross Locations Permitted Wells: 338 DUC Wells: 584 Completed Wells: 187 PDP Wells: 3,684 Additional Undeveloped Locations: 19,281 Undeveloped Gross Locations Northern Delaware: 9,628 Southeast Delaware: 792 Southwest Delaware: 1,848 Midland: 6,286 Other: 727 Company data and Enverus. Permian Basin horizontal locations only, shown on a gross location basis. 1,943 vertical wells excluded. Other areas include Eastern Shelf, Western Delaware, and Central Basin Platform. Proved developed locations inclusive of PDP locations and completed locations. Calculated as 100% Net Royalty Acres divided by DSU Acres. Source: Note: (1) (2) (3) As of 12/31/22 per Enverus. DUCS considered to be all wells awaiting completion. (4) Net royalty acres defined as gross royalty acres (533,260) multiplied by the average royalty per acre (4.4%). Gross undeveloped resource is based on average EUR for each sub-region multiplied by the total location count in the sub-region grossed up by weighted average lateral length for region compared to Enverus type curve, which is normalized to 7,500' ft. well. Additional volumes from vertical wells not captured in gross undeveloped resource. NYSE: TPL 22 22#23Royalty Key Terms Land and Resource Management Focus Area (1) Northern Delaware Southeast Delaware Southwest Delaware Delaware Midland Other Total TEXAS EST 1888 PACIFIC LAND CORP Gross Royalty Acres Net Royalty Acres Average Royalty Gross DSU Acres Implied Average Net Revenue Interest per Well 155,364 9,206 5.9% 399,860 2.3% 34,285 2,126 6.2% 101,993 2.1% 81,795 5,112 6.2% 168,459 3.0% 271,444 16,444 6.1% 670,312 2.4% 150,888 2,640 1.7% 499,709 0.5% 110,928 533,260 4,631 4.2% 258,617 1.8% 23,715 4.4% 1,428,638 1.7% Gross Royalty Acres Net Royalty Acres (Normalized to 1/8) Net Royalty Acres Drilling Spacing Units ("DSUS") Implied Average Net Revenue Interest per Well Source: Company data and Enverus. Note: Description ■ An undivided ownership of the oil, gas, and minerals underneath one acre of land ■Gross Royalty Acres standardized to 12.5% (or 1/8) oil and gas lease royalty ■Gross Royalty Acres standardized on a 100% (or 8/8) oil and gas lease royalty basis ■ Areas designated in a spacing order or unit designation as a unit and within which operators drill wellbores to develop our oil and natural gas rights Number of 100% oil and gas lease royalty acres per gross DSU acre Other areas include Eastern Shelf, Western Delaware, and Central Basin Platform. Excluding acres which are considered to be outside of the Permian Basin. How's It Calculated ■Total Texas Pacific Land Corporation acreage 533,260 ■ Gross Royalty Acres * Avg. royalty/ (1/8) 189,720 = 533,260 * 4.4% / (1/8) Gross Royalty Acres * Avg. royalty 23,715 533,260 * 4.4% = ■Total number of gross DSU acres 1,428,638 ■Net Royalty Acres/Gross DSU Acres 1.7% 23,715/1,428,638 = NYSE: TPL 23#24Historical Financial Summary ($ in millions) Total Acres Revenues: Oil and gas royalties Water sales Produced water royalties Easements and other surface-related income Land sales and other operating revenue Total Revenues Expenses: Salaries and related employee benefits Water service related expenses TEXAS EST 18881 PACIFIC LAND CORP Year ended December 31, Three months ended, 2021 2022 December 31, 2021 September 30, 2022 December 31, 2022 880,581 874,366 880,581 880,469 874,366 $286.5 $452.4 $99.6 $130.3 $96.7 67.8 72.2 22.8 24.4 19.2 58.1 84.7 14.9 19.1 19.6 37.6 48.1 9.8 14.1 10.7 1.0 10.0 0.1 3.1 6.5 $451.0 $667.4 $147.2 $191.1 $152.7 40.0 41.4 8.2 10.7 11.7 13.2 17.5 2.7 6.3 4.4 General and administrative expenses 11.8 13.4 3.3 3.2 3.5 Legal and professional fees 7.3 8.7 2.4 2.1 3.7 Ad valorem taxes - 8.7 2.8 1.9 Land Sales Expenses 0.1 0.1 Depreciation, depletion and amortization 16.3 15.4 4.7 3.9 3.2 Total operating expenses $88.6 $105.1 $21.3 $29.1 $28.5 Operating income (loss) $362.4 $562.3 $125.9 $162.1 $124.2 Margin (%) 80.4 % 84.3 % 85.5 % 84.8 % 81.4 % 0.6 6.5 (0.3) 1.9 3.9 Other income (expense) Income before income taxes Income tax expense Net income Margin (%) Key balance sheet items: Cash and cash equivalents Total debt Total capital Total assets Total liabilities Source: Company data. Note: Numbers may not foot due to immaterial rounding. $363.0 $568.9 $125.6 $164.0 $128.2 93.0 122.5 46.5 34.1 28.4 $270.0 $446.4 $79.0 $129.8 $99.7 59.9 % 66.9 % 53.7 % 67.9 % 65.3 % 2021 2022 4Q21 3Q22 4Q22 $428.2 $510.8 $428.2 $446.6 $510.8 - 651.7 772.9 651.7 721.2 7641 877.4 764.1 829.0 112.4 104.5 112.4 107.8 772.9 877.4 104.5 NYSE: TPL 24#25Non-GAAP Reconciliations ($ in millions) Net income Adjustments: Income tax expense Depreciation, depletion and amortization EBITDA Revenue EBITDA Margin Adjusted EBITDA: EBITDA Other Adjustments: Less: land sales deemed significant Less: sale of oil and gas royalty interests(2) Add: proxy contests, settlement, and corporate reorganization costs(3) Add: employee share-based compensation Adjusted EBITDA Adjusted Revenue() Adjusted EBITDA Margin Adjusted EBITDA Adjustments: Tax impact of land sales deemed significant Interest Current income tax expense Capital expenditures, net Free cash flow TEXAS PACIFIC EST. 1888 LAND CORP Land and Resource Water Services and Management Total Operations Year ended December 31, 2022 December 31, 2022 December 31, 2022 2017 Year ended December 31, 2018 2019 2020 2021 Three months ended 2022 1Q22 2Q22 3Q22 4Q22 $ 97.2 $ 209.7 $ 318.7 $ 176.1 $ 270.0 $ 446.4 $ 97.9 $ 118.9 $ 129.8 $ 99.7 $ 47.8 52.0 83.6 43.6 93.0 122.5 0.4 2.6 8.9 14.4 16.3 15.4 26.5 33.4 34.1 28.4 4.1 4.2 3.9 3.2 365.0 $ 100.3 22 81.3 $ 22.2 13.1 446.4 122.5 15.4 $ $ 154.6 145.4 $ $ 264.3 $ 411.2 $ 234.1 300.2 $ 490.5 $ 302.6 $ $ 379.3 $ 584.2 $ 451.0 $ 667.4 128.5 $ 147.3 $ 156.5 $ 167.9 $ 131.3 $ 176.3 191.1 $ 152.7 +A $ 467.6 $ 507.0 $ 116.6 $ 160.4 $ 584.2 667.4 94.0 % 88.0 % 83.8 % 77.4 % 84.1 % 87.5 % 87.2 % 88.8 % 87.9 % 86.0 % 92.2 % 72.7 % 87.5 % $ 145.4 $ 264.3 $ 411.2 $ 234.1 $ 379.3 $ 584.2 $ 128.5 $ 156.5 $ 167.9 $ 131.3 $ 467.6 $ 116.6 $ 584.2 (122.0) (18.9) 13.0 5.1 8.7 7.6 1.3 1.8 1.9 2.6 47 2.9 I 7.6 $ 145.4 $ 154.6 $ 94.0 % 245.4 $ 281.3 $ 302.2 239.1 368.5 $ 302.6 $ 388.0 $ 451.0 $ 591.8 667.4 $ $ 129.8 $ 147.3 $ 158.3 169.8 +A 133.9 tA 472.3 119.6 $ 591.8 176.3 $ 191.1 $ 152.7 $ 507.0 $ 160.4 $ 667.4 87.2 % 82.0 % 79.0 % 86.0 % 88.7 % 88.1 % 89.8 % 88.9 % 87.7 % 93.2 % 74.5 % 88.7 % $ 145.4 $ 245.4 $ 302.2 $ 239.1 $ 388.0 $ 591.8 $ 129.8 $ 158.3 $ 169.8 $ 133.9 $ 472.3 $ 119.6 $ 591.8 21.5 (46.9) (37.2) (57.5) (18.7) (47.9) (32.7) (46.0) (5.1) (93.3) (16.4) (121.2) (19.0) (26.9) (3.0) (34.0) (7.3) $ 79.8 $ 160.3 $ 233.5 $ 188.0 $ 278.3 $ 451.6 $ 99.9 $ 116.9 $ (34.0) (1.8) 134.0 (26.3) (6.8) (98.7) (0.4) (22.5) (121.2) (18.6) (19.0) $ 100.8 $ 373.2 $ 78.5 $ 451.6 Source: Company data. Note: Numbers may not foot due to immaterial rounding. (1) Land swap of ~$22 million in 4Q19, and sale to WPX in 1Q19 of ~$100 million. (2) (3) (4) Sale of nonparticipating perpetual oil and gas royalty interest in approximately 812 net royalty acres (1/8th interest) of ~$19 million Costs related to proxy contest to elect a new Trustee, settlement agreement and corporate reorganization. Excludes land sales deemed significant and sales of oil and gas royalty interests. NYSE: TPL 25 25#26TEXAS EST. 1888 PACIFIC * LAND CORP Texas Pacific Land Corporation 1700 Pacific Avenue, Suite 2900 Dallas, Texas 75201 www.texaspacific.com