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Investor Presentaiton

Non-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 $ 467.6 $ 116.6 176.3 191.1 $ 152.7 +A $ 507.0 $ $ 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
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