Investor Presentaiton

Royalty 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

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