Investor Presentaiton

Growth Strategy and Competitive Advantage Water Services and Operations Produced Water Royalties Stability Through the Cycle ($ in millions) Despite 2020's challenging back drop of COVID-19 | and oil price weakness, TPL's produced water royalty business generated resilient revenues $20 $18 $16 $14 $12 $10 Produced water royalties ($MM) $- $6 $4 $2 1Q19 2Q19 $120 TEXAS EST 1888 PACIFIC LAND CORT Significant Acreage Dedicated to TPL Disposal Royalties ■Current and future wells drilled within TPL's ~450,000-acre dedication provide a significant base for disposal royalty growth in the future ■ In addition, TPL collects royalties on significant disposal volumes that are produced outside the contracted acreage but brought into TPL's associated systems for disposal providing additional growth opportunities in the future EDDY Cou LEA 285 LOVING 3Q20 огон 1Q21 2Q21 3Q21 $100 $80 WTI Cushing Oil price ($/bbl) $60 4Q21 1Q22 2Q22 3Q22 4Q22 WTI Cushing ($/bbl) $40 $20 GA CULBERSON Ranch Road 652 REEVES Over 70% or ~450,000 acres in TPL's core northern Delaware region is dedicated to systems where TPL has disposal royalties Core N. Delaware Region TPL Surface Acreage ~610,000 acres ~245,000 acres (302) 285' NYSE: TPL 12 Royalty Based Business Model Captures Increased Disposal Volumes in Northern Delaware Focus Area 3019 4Q19 1Q20 2Q20 Produced water royalties ($mm) Source: Company data and Bloomberg.

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