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Investor Presentaiton

TEXAS EST. 1888 PACIFIC Key Investment Highlights Positioned to capture upside ETF of the Permian Basin Synergistic Business Segments Focus on Return On and Of Capital Sustained Profitability and Pristine Balance Sheet Significant Upside $592 million in Adjusted EBITDA(1) for 2022 21.3 mboe/d 2022 average daily royalty production $667 million in total revenue for 2022 $157 million in revenue for 2022 from water sales and produced water royalties LAND CORP Largest royalty company with 100% of acreage located in Texas Permian Basin Three high-margin revenue streams linked to the development intensity of the Permian - multiple "ways to win" Unparalleled position consisting of ~23,700 net royalty acres ("NRAS") (2) and ~874,000 surface acres TPL interest is focused in the Delaware Basin where rig count represents ~25% of total horizontal rigs across the U.S. Ownership of surface provides right-of-way for continued development across TPL's footprint Rights to water and ability to promote operational solutions promotes further growth of the royalty business Upside exposure to water disposal revenues as Delaware Basin production growth persists TPL returned over $335mm to shareholders 2022 Paid $20.00/share special dividend during 2Q 2022; most recent declared quarterly regular dividend of $3.25/share Repurchased ~$88 million of common stock 2022 2022 Adjusted EBITDA (1) margin of 89% Minimal capex for organic royalty or land business growth; moderate capex for water No debt and cash balance of $511 million as of 12/31/2022 Significant undeveloped potential: only ~14% of royalty acreage is developed with ~19,000 gross undeveloped locations (3) High concentration in what TPL believes is best part of Permian, with ~14 years of inventory under $40/bbl breakeven (4) Water business continues to capitalize on opportunities to expand market share leading to future long-term growth Surface in frontier areas provides upside as development core expands with enhanced D&C and technology Source: (1) (2) (3) (4) Company data, Bloomberg, Baker Hughes, and Enverus as of 12/31/22. See Appendix for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures. Net royalty acres defined as gross royalty acres (~533,260) multiplied by the average royalty per acre (4.4%). As of 12/31/22 per Enverus and TPL internal estimates. Gross drilling locations based on an average lateral length of 6,975 as per the expected DSU. Based on total inventory with a breakeven oil price less than $40/bbl divided by FY 2022 net spuds. NYSE: TPL 9
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