Investor Presentaiton

Significant 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

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