Investor Presentaiton

TEXAS EST 1888 PACIFIC Unique Exposure to Full Permian Development Chain TPL Business Overview SLEM Royalties TPWR TPL surface generates multiple income streams from Oil & Gas activities, Renewables, Grazing and Hunting leases TPL owns an average 4.4% revenue interest across ~533,260 gross royalty acres in the Permian Basin TPWR provides brackish and treated water for well completions and facilitates produced water disposal Business Flow Overview Ownership of right of way Surface Ownership of groundwater and subsurface injection rights High margins with no capital Provides ease of access 24% FY 2022 TPL Revenue Royalties SLEM $667mm 8% Water 68% LAND CORP Royalties Assets located in the core of the Permian No capex or opex burden for organic production and cash flow growth Real ownership of assets underlying cash flow generation Demand for water disposal services and locations on TPL surface has significantly out-paced the rest of the Permian Water Provides operational solutions across sourcing and disposal Disposal comprises significant portion of operator LOE Royalty stream with limited capex requirements to capture additional value Allows continued development Maximize Surface Ownership to Operate Profitable Water Business that Facilitates Development of Royalty Acreage Source: Company data. Reporting Segments: = Land and Resource Management = Water Services and Operations NYSE: TPL 4

View entire presentation