Investor Presentaiton

Water 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

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