Investor Presentaiton

History 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

View entire presentation