# EDGAR Filing Document

**Accession Number:** 0001811074
**File Stem:** 0001811074-25-000094
**Filing Date:** 2025-11
**Character Count:** 92334
**Document Hash:** 9e958c96d14721a62b6d21d09b651e82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001811074-25-000094.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001811074-25-000094

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Texas Pacific Land Corp
- **CENTRAL INDEX KEY:** 0001811074
- **STANDARD INDUSTRIAL CLASSIFICATION:** OIL ROYALTY TRADERS [6792]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 750279735
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39804
- **FILM NUMBER:** 251454294

**BUSINESS ADDRESS:**
- **STREET 1:** 2699 HOWELL STREET
- **STREET 2:** SUITE 800
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75204
- **BUSINESS PHONE:** 214-969-5530

**MAIL ADDRESS:**
- **STREET 1:** 2699 HOWELL STREET
- **STREET 2:** SUITE 800
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75204

?xml version='1.0' encoding='ASCII'? tpl-20251105

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): November 5, 2025

**Commission File Number: 1-39804** 

**Exact name of registrant as specified in its charter:**

**TEXAS PACIFIC LAND CORPORATION**

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| | |
|:---|:---|
| **State or other jurisdiction of incorporation or organization:** | **IRS Employer Identification No.:** |
| Delaware | 75-0279735 |

---

**Address of principal executive offices:**

2699 Howell Street, Suite 800 Dallas, Texas 75204

**Registrant's telephone number, including area code:** 

214-969-5530

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock<br>(par value $.01 per share) | TPL | New York Stock Exchange |
| Common Stock<br>(par value $.01 per share) | TPL | NYSE Texas, Inc. |

---

------

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| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

Texas Pacific Land Corporation (the "Company") hereby incorporates by reference the contents of a press release announcing financial results for the three and nine months ended September 30, 2025, which was released to the press on November 5, 2025. A copy of the press release is furnished as Exhibit 99.1 to this current Report on Form 8-K.

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

---

On November 5, 2025, the Company posted to the Company's website at www.texaspacific.com an updated investor presentation to be used, in whole or in part, from time to time in meetings with investors and analysts. A copy of the updated investor presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein. The Company included a link in the updated investor presentation (Exhibit 99.2) to a video of Tyler Glover, the Chief Executive Officer of the Company, and others discussing the Company. The video is also available on the Company's website at www.TexasPacific.com.

The information included in this Item 7.01 of this Current Report on Form 8-K, including the attached Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

---

| | | | |
|:---|:---|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** | **Financial Statements and Exhibits.** | **Financial Statements and Exhibits.** |
|  | (d) | Exhibits. | Exhibits. |
|  |  | <u>[99.1](exhibit991q32025earningsre.htm)</u> | <u>[Press release including financial results of Texas Pacific Land Corporation for the Three and](exhibit991q32025earningsre.htm)[Nine](exhibit991q32025earningsre.htm)[Months Ended](exhibit991q32025earningsre.htm)[Sep](exhibit991q32025earningsre.htm)[tember](exhibit991q32025earningsre.htm)[30, 2025 and 2024.](exhibit991q32025earningsre.htm)</u> |
|  |  | <u>[99.2](a3q2025tplinvestorpresen.htm)</u> | <u>[Investor Presentation](a3q2025tplinvestorpresen.htm)[November](a3q2025tplinvestorpresen.htm)[2025.](a3q2025tplinvestorpresen.htm)</u> |
|  |  | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | TEXAS PACIFIC LAND CORPORATION | TEXAS PACIFIC LAND CORPORATION |
| Date: | November 5, 2025 | By: | /s/ Chris Steddum |
|  |  |  | Chris Steddum |
|  |  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![logo_texas2.jpg](logo_texas2.jpg)

**TEXAS PACIFIC LAND CORPORATION ANNOUNCES THIRD QUARTER RESULTS**

**–Achieved Record Quarterly Revenues and Net Income from Water Segment**

**–Earnings Call to be Held Thursday, November 6, 2025 at 9:30 am CT**

DALLAS, TX (November 5, 2025) – Texas Pacific Land Corporation (NYSE: TPL) (the "Company," "TPL," "we," "our" or "us"), one of the largest landowners in the State of Texas with surface and royalty ownership that provides revenue opportunities through the support of energy production, today announced its financial and operating results for the third quarter of 2025.

***Third Quarter 2025 Highlights***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed purchase agreement on approximately 17,306 net royalty acres (standardized to 1/8th) primarily located in the Midland Basin<sup>(1)</sup> (which subsequently closed November 3, 2025) and acquired approximately 8,147 surface acres in Martin County, Texas in September 2025 for a combined aggregate purchase price of $505 million. Both acquisitions were all cash transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed a new $500 million revolving credit facility on October 23, 2025<sup>(2)</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Three-for-one stock split of TPL's common stock was approved by TPL's Board of Directors (the "Board") on November 3, 2025, subject to finalization of the effective date as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record results, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Oil and gas royalty production of 36.3 thousand barrels of oil equivalent ("Boe") per day

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Water sales revenue of $44.6 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Produced water royalties revenue of $32.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In July 2025, TPL began construction of a 10,000 barrel per day produced water desalination facility in in Orla, Texas with estimated service date by the end of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of September 30, 2025, TPL's royalty acreage had an estimated 6.1 net well permits, 9.9 net drilled but uncompleted wells ("DUCs"), and 3.1 net completed but not producing wells ("CUPs"). Net well permits, DUCs, and CUPs total 19.0 net wells<sup>(3)</sup>. TPL had 100.5 net producing wells as of September 30, 2025, and net producing wells added during the quarter had an average lateral length of approximately 10,619 feet.<sup>(4)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Land and Resource Management segment revenues of $122.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Water Services and Operations segment revenues of $80.8 million, a Company record

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated net income of $121.2 million, or $5.27 per share (diluted)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA<sup>(5)</sup> of $173.6 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow<sup>(5)</sup> of $122.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly cash dividend of $1.60 per share was paid on September 16, 2025

***Nine Months Ended September 30, 2025 Highlights***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oil and gas royalty production of 33.6 thousand Boe per day

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Produced water royalties revenue of $90.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Land and Resource Management segment revenues of $377.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Water Services and Operations segment revenues of $209.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated net income of $358.0 million, or $15.56 per share (diluted)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA<sup>(5)</sup> of $509.2 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow<sup>(5)</sup> of $379.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $111.0 million of total cash dividends paid through September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** $8.4 million of common stock repurchases through September 30, 2025

<sup>(1)</sup> *The purchase and sale agreement for the royalty acquisition was executed in September 2025 and the transaction closed in early November 2025, as discussed below. Final purchase price and acreage interests subject to customary closing conditions and adjustments.*

<sup>(2)</sup> *The credit facility closed on October 23, 2025, as discussed below.*

<sup>(3)</sup> *Total may not foot due to rounding.*

<sup>(4)</sup> *Numbers reflected exclude recent royalty acquisition.*

<sup>(5)</sup> *Reconciliations of non-GAAP performance measures are provided in the tables below.*

"This quarter's results demonstrate the power of TPL's unique business model and active management," said Tyler Glover, Chief Executive Officer of the Company. "Record quarterly revenues and net income for our Water Services and Operations segment are the product of our past investments, ongoing commercial efforts, and strategic acquisitions since its inception in 2017. Oil and gas royalty production also reached a quarterly record. Despite the ongoing weakness with broader commodity prices, we have leveraged our considerable competitive advantages to achieve record performance across nearly every major key performance indicator. Furthermore, we are opportunistically harnessing our resilient business, high cash flow margins, and fortress balance sheet to consolidate high-quality Permian royalties, surface, and water assets. The acquired assets announced today fit seamlessly into the broader TPL portfolio. Our business model is designed to succeed throughout the commodity cycle without the need for hedging, thus preserving considerable incremental upside for TPL when the industry macro environment eventually improves."

***Financial Results for the Third Quarter of 2025 - Sequential***

The Company reported net income of $121.2 million for the third quarter of 2025 compared to net income of $116.1 million for the second quarter of 2025.

Total revenues for the third quarter of 2025 were $203.1 million compared to $187.5 million for the second quarter of 2025. The increase in total revenues was primarily due to a $19.0 million increase in water sales and a $13.7 million increase in oil and gas royalty revenue, partially offset by a $19.5 million decrease in easements and other surface-related income compared to the second quarter of 2025. The Company's share of production was 36.3 thousand Boe per day for the third quarter of 2025 compared to 33.2 thousand Boe per day for the second quarter of 2025, and the Company's average realized price was $34.10 per Boe in the third quarter of 2025 compared to $32.94 per Boe in the second quarter of 2025. TPL's revenue streams are directly impacted by commodity prices and development and operating decisions made by its customers.

Total operating expenses were $54.0 million for the third quarter of 2025 compared to $43.8 million for the second quarter of 2025. The increase in operating expenses was principally related to an $8.0 million increase in water service-related expenses during the third quarter of 2025 compared to the second quarter of 2025.

***Financial Results for the Nine Months Ended September 30, 2025 - Year Over Year***

The Company reported net income of $358.0 million for the nine months ended September 30, 2025 compared to net income of $335.6 million for the nine months ended September 30, 2024.

Total revenues for the nine months ended September 30, 2025 were $586.6 million compared to $520.0 million for the nine months ended September 30, 2024. The increase in total revenues was primarily due to a $38.6 million increase in oil and gas royalty revenue, a $19.7 million increase in easements and other surface-related income, and a $14.7 million increase in produced water royalties. The Company's share of production was 33.6 thousand Boe per day for the nine months ended September 30, 2025

------

compared to 26.0 thousand Boe per day for the same period of 2024, and the average realized price was $36.01 per Boe for the nine months ended September 30, 2025 compared to $40.60 per Boe for the same period of 2024. Easements and other surface-related income increased principally due to an increase of $12.1 million in pipeline easements, $3.0 million in wellbore easements and $2.0 million in commercial leases. Produced water royalties increased principally due to increased produced water volumes. TPL's revenue streams are directly impacted by commodity prices and development and operating decisions made by its customers.

Total operating expenses were $143.7 million for the nine months ended September 30, 2025 compared to $123.4 million for the same period of 2024. The increase in operating expenses was principally related to a $23.2 million increase in depletion expense associated with oil and gas royalty interests acquired during the second half of 2024.

***Credit Facility***

On October 23, 2025, the Company entered into a credit agreement that provides for a new $500 million revolving credit facility (the "Credit Facility"). The Credit Facility bears interest at a per annum rate equal to the Secured Overnight Financing Rate ("SOFR") plus 2.25% to 2.50% based on TPL's debt-to-EBITDA leverage ratio. The Credit Facility has a $250 million accordion exercisable if new or existing lenders agree to provide or increase their commitments. The Credit Facility is initially unsecured with a springing security interest if the total debt-to-EBITDA leverage ratio exceeds 2.50 to 1.0. The Credit Facility matures on October 23, 2029, and contains customary financial and other affirmative covenants, negative covenants, and events of default. The Credit Facility remains undrawn as of November 5, 2025.

***Royalty Interest Acquisition***

On November 3, 2025, the Company acquired approximately 17,306 net royalty acres (standardized to 1/8th) located primarily in the Midland basin in Martin, Howard, Midland, and other counties, for an aggregate purchase price of $474.1 million ("the Royalty Interests Acquisition") in an all-cash transaction. Approximately 70% of the acquired acreage interest are adjacent to or overlapping drilling spacing units that the Company already owns an interest in. Approximately 61% of the royalty acreage is operated by Exxon Mobil Corporation (NYSE:XOM), Diamondback Energy, Inc. (NASDAQ: FANG), and Occidental Petroleum Corporation (NYSE: OXY). The Royalty Interests Acquisition currently produces more than 3,700 Boe per day (approximately 80% oil and natural gas liquids), and the Company expects to generate a double-digit pre-tax cash flow yield at realized oil and natural gas prices of approximately $60 per barrel and $2 per thousand cubic feet (mcf), respectively. The final purchase price and acreage interests are subject to customary closing conditions and adjustments.

***Quarterly Dividend Declared***

On November 3, 2025, the Board declared a quarterly cash dividend of $1.60 per share, payable on December 15, 2025 to stockholders of record at the close of business on December 1, 2025.

***Proposed Stock Split***

On November 3, 2025, our Board approved a three-for-one stock split of the Company's common stock. The stock split is expected to be completed in December 2025, subject to finalization of the effective date as determined by the Board.

The stock split had not yet been effected as of September 30, 2025, and accordingly, the accompanying financial statements and per-share data do not reflect the impact of the stock split. The stock split will be reflected in future financial statements following its effective date. The Board has approved the stock split, subject to there not being any material changes in the Company's financial condition or results of operations or the market price for the common stock that would cause the Board to change its view on the desirability of effecting the stock split.

***Conference Call and Webcast Information***

The Company will hold a conference call on Thursday, November 6, 2025 at 9:30 a.m. Central Time to discuss third quarter results. A live webcast of the conference call will be available on the Investors section of the Company's website at www.TexasPacific.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register and install any necessary audio software.

The conference call can also be accessed by dialing 1-877-407-4018 or 1-201-689-8471. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID# 13753282. The telephone replay will be available starting shortly after the call through November 20, 2025.

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***About Texas Pacific Land Corporation***

Texas Pacific Land Corporation is one of the largest landowners in the State of Texas with approximately 882,000 acres of land, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership provides revenue opportunities throughout the life cycle of a well. These revenue opportunities include fixed fee payments for use of the Company's land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and/or treated produced water, revenue from the Company's oil and gas royalty interests, and revenue related to saltwater disposal on the Company's land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases and temporary permits principally related to a variety of land uses including, but not limited to, midstream infrastructure projects and hydrocarbon processing facilities.

Visit TPL at www.TexasPacific.com.

***Cautionary Statement Regarding Forward-Looking Statements***

Certain statements in this news release are, and certain statements made on the related conference call may be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on TPL's beliefs, as well as assumptions made by, and information currently available to, TPL, and therefore involve risks and uncertainties that are difficult to predict. Generally, future or conditional verbs such as "will," "would," "should," "could," or "may" and the words "believe," "anticipate," "continue," "intend," "expect" and similar expressions or the negative of such terms identify forward-looking statements. Forward-looking statements include, but are not limited to, references to strategies, plans, objectives, expectations, intentions, assumptions, future operations and prospects; statements regarding anticipated benefits of recent acquisitions or the Permian Basin's future drilling inventory and energy resources; and other statements that are not historical facts. You should not place undue reliance on forward-looking statements. Although TPL believes that plans, intentions and expectations reflected in or suggested by any forward-looking statements made herein are reasonable, TPL may be unable to achieve such plans, intentions or expectations and actual results, and performance or achievements may differ materially from those set forth in the forward-looking statements due to a number of factors, including, but not limited to: the initiation or outcome of potential litigation; any changes in general economic and/or industry specific conditions; and the other risks discussed in TPL's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. You can access TPL's filings with the Securities and Exchange Commission ("SEC") through the SEC's website at www.sec.gov and TPL strongly encourages you to do so. These forward-looking statements are based only on information available to TPL and speak only as of the date hereof. Except as required by applicable law, TPL undertakes no obligation to update any forward-looking statements or other statements herein for revisions or changes after this communication is made.

**Contact:**

Investor Relations

IR@TexasPacific.com

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**FINANCIAL AND OPERATIONAL RESULTS**

(unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,<br>2025** | **June 30,<br>2025** | **September 30,<br>2025** | **September 30,<br>2024** |
| *Company's share of production volumes:* <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;Oil *(MBbls)* | 1284 | 1209 | 3616 | 3003 |
| &nbsp;&nbsp;Natural gas *(MMcf)* | 6142 | 5659 | 17031 | 12312 |
| &nbsp;&nbsp;NGL *(MBbls)* | 1031 | 868 | 2705 | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equivalents *(MBoe)* | 3338 | 3020 | 9160 | 7128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equivalents per day *(MBoe/d)* | 36.3 | 33.2 | 33.6 | 26.0 |
| *Oil and gas royalty revenue (in thousands):* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Oil royalties | $79860 | $73893 | $229932 | $222788 |
| &nbsp;&nbsp;&nbsp;Natural gas royalties | 11441 | 4574 | 33576 | 13630 |
| &nbsp;&nbsp;&nbsp;NGL royalties | 17404 | 16539 | 51448 | 39959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total oil and gas royalties | $108705 | $95006 | $314956 | $276377 |
| *Realized prices:* <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;Oil *($/Bbl)* | $65.14 | $63.99 | $66.59 | $77.68 |
| &nbsp;&nbsp;Natural gas *($/Mcf)* | $2.01 | $0.87 | $2.13 | $1.20 |
| &nbsp;&nbsp;NGL *($/Bbl)* | $18.25 | $20.60 | $20.56 | $20.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equivalents *($/Boe)* | $34.10 | $32.94 | $36.01 | $40.60 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| *(1)* | *Term* | *Definition* |
|  | *Bbl* | *One stock tank barrel of 42 U.S. gallons liquid volume used herein in reference to crude oil, condensate or NGL.* |
|  | *MBbls* | *One thousand barrels of crude oil, condensate or NGL.* |
|  | *MBoe* | *One thousand Boe.* |
|  | *MBoe/d* | *One thousand Boe per day.* |
|  | *Mcf* | *One thousand cubic feet of natural gas.* |
|  | *MMcf* | *One million cubic feet of natural gas.* |
|  | *NGL* | *Natural gas liquids. Hydrocarbons found in natural gas that may be extracted as liquefied petroleum gas and natural gasoline.* |

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**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

(in thousands, except share and per share amounts) (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,<br>2025** | **June 30,<br>2025** | **September 30,<br>2025** | **September 30,<br>2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil and gas royalties | $108705 | $95006 | $314956 | $276377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water sales | 44578 | 25577 | 108968 | 113987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Produced water royalties | 32268 | 30737 | 90705 | 76034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Easements and other surface-related income | 16715 | 36223 | 71163 | 51496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land sales | 819 |  | 819 | 2145 |
| Total revenues | 203085 | 187543 | 586611 | 520039 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries and related employee expenses | 14387 | 14072 | 43031 | 39262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water service-related expenses | 16428 | 8451 | 36005 | 36767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 5591 | 5693 | 17356 | 27731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 14963 | 13699 | 40603 | 13695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ad valorem and other taxes | 2625 | 1877 | 6701 | 5990 |
| Total operating expenses | 53994 | 43792 | 143696 | 123445 |
| Operating income | 149091 | 143751 | 442915 | 396594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 6088 | 5240 | 15649 | 31249 |
| Income before income taxes | 155179 | 148991 | 458564 | 427843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 33941 | 32851 | 100534 | 92243 |
| Net income | $121238 | $116140 | $358030 | $335600 |
| Net income per share of common stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $5.27 | $5.05 | $15.58 | $14.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $5.27 | $5.05 | $15.56 | $14.58 |
| Weighted average number of shares of common stock outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 22984883 | 22987326 | 22984317 | 22990213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 23010258 | 23013580 | 23008282 | 23016733 |

---

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**SEGMENT OPERATING RESULTS**

(dollars in thousands) (unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **September 30,<br>2025** | **September 30,<br>2025** | **September 30,<br>2025** | **June 30,<br>2025** | **June 30,<br>2025** | **June 30,<br>2025** |
| | **Land and Resource Management** | **Water Services and Operations** | **Consolidated** | **Land and Resource Management** | **Water Services and Operations** | **Consolidated** |
| Revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil and gas royalties | $108705 | $— | $108705 | $95006 | $— | $95006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water sales |  | 44578 | 44578 |  | 25577 | 25577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Produced water royalties |  | 32268 | 32268 |  | 30737 | 30737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Easements and other surface-related income | 12741 | 3974 | 16715 | 33491 | 2732 | 36223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land sales | 819 |  | 819 |  |  |  |
| Total revenues | 122265 | 80820 | 203085 | 128497 | 59046 | 187543 |
| Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries and related employee expenses | 7298 | 7089 | 14387 | 7025 | 7047 | 14072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water service-related expenses |  | 16428 | 16428 |  | 8451 | 8451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 3431 | 2160 | 5591 | 3648 | 2045 | 5693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 10453 | 4510 | 14963 | 9137 | 4562 | 13699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ad valorem and other taxes | 2614 | 11 | 2625 | 1864 | 13 | 1877 |
| Total operating expenses | 23796 | 30198 | 53994 | 21674 | 22118 | 43792 |
| Operating income | 98469 | 50622 | 149091 | 106823 | 36928 | 143751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 4827 | 1261 | 6088 | 4156 | 1084 | 5240 |
| Income before income taxes | 103296 | 51883 | 155179 | 110979 | 38012 | 148991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 22536 | 11405 | 33941 | 24410 | 8441 | 32851 |
| Net income | $80760 | $40478 | $121238 | $86569 | $29571 | $116140 |

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**SEGMENT OPERATING RESULTS (Continued)**

(dollars in thousands) (unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,<br>2025** | **September 30,<br>2025** | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2024** | **September 30,<br>2024** |
| | **Land and Resource Management** | **Water Services and Operations** | **Consolidated** | **Land and Resource Management** | **Water Services and Operations** | **Consolidated** |
| Revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil and gas royalties | $314956 | $— | $314956 | $276377 | $— | $276377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water sales |  | 108968 | 108968 |  | 113987 | 113987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Produced water royalties |  | 90705 | 90705 |  | 76034 | 76034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Easements and other surface-related income | 61568 | 9595 | 71163 | 43643 | 7853 | 51496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land sales | 819 |  | 819 | 2145 |  | 2145 |
| Total revenues | 377343 | 209268 | 586611 | 322165 | 197874 | 520039 |
| Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries and related employee expenses | 21727 | 21304 | 43031 | 20127 | 19135 | 39262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water service-related expenses |  | 36005 | 36005 |  | 36767 | 36767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 10392 | 6964 | 17356 | 21022 | 6709 | 27731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 27279 | 13324 | 40603 | 3641 | 10054 | 13695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ad valorem and other taxes | 6667 | 34 | 6701 | 5988 | 2 | 5990 |
| Total operating expenses | 66065 | 77631 | 143696 | 50778 | 72667 | 123445 |
| Operating income | 311278 | 131637 | 442915 | 271387 | 125207 | 396594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 12399 | 3250 | 15649 | 25390 | 5859 | 31249 |
| Income before income taxes | 323677 | 134887 | 458564 | 296777 | 131066 | 427843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 70804 | 29730 | 100534 | 63807 | 28436 | 92243 |
| Net income | $252873 | $105157 | $358030 | $232970 | $102630 | $335600 |

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**NON-GAAP PERFORMANCE MEASURES AND DEFINITIONS**

In addition to amounts presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), we also present certain supplemental non-GAAP performance measures. These measures are not to be considered more relevant or accurate than the measures presented in accordance with GAAP. In compliance with the requirements of the SEC, our non-GAAP measures are reconciled to net income, the most directly comparable GAAP performance measure. For all non-GAAP measures, neither the SEC nor any other regulatory body has passed judgment on these non-GAAP measures.

*EBITDA, Adjusted EBITDA and Free Cash Flow*

EBITDA is a non-GAAP financial measurement of earnings before interest expense, taxes, depreciation, depletion and amortization. The purpose of presenting EBITDA is to highlight earnings without finance, taxes, and depreciation, depletion and amortization expense, and its use is limited to specialized analysis.

The purpose of presenting Adjusted EBITDA is to highlight earnings without non-cash activity such as share-based compensation and other non-recurring or unusual items, if applicable. Additionally, adjusted EBITDA is a metric used by the compensation committee of our Board to evaluate the Company's performance in determining the short-term and long-term incentive compensation of our Named Executive Officers on an annual basis. We calculate Adjusted EBITDA as EBITDA plus employee share-based compensation.

The purpose of presenting free cash flow is to provide investors a metric to measure funds available for investing in future acquisitions and returning capital to our stockholders through dividends and share repurchases after current income tax expense and purchases of fixed assets. Additionally, free cash flow is a metric used by the compensation committee of our Board to evaluate the Company's performance in determining the short-term and long-term incentive compensation of our Named Executive Officers. To calculate free cash flow, net income is adjusted by the same items discussed above for EBITDA and Adjusted EBITDA and then further adjusted by deducting current income tax expense and purchases of fixed assets.

We have presented EBITDA, Adjusted EBITDA and free cash flow because we believe that these metrics are useful supplements to net income in analyzing the Company's operating performance, ability to fund future acquisitions, ability to return capital to our stockholders and explaining how our Named Executive Officers are compensated. Our definitions of EBITDA, Adjusted EBITDA and free cash flow may differ from computations of similarly titled measures of other companies.

The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA for the three months ended September 30, 2025 and June 30, 2025 and for the nine months ended September 30, 2025 and September 30, 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,<br>2025** | **June 30,<br>2025** | **September 30,<br>2025** | **September 30,<br>2024** |
| Net income | $121238 | $116140 | $358030 | $335600 |
| *Add:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 33941 | 32851 | 100534 | 92243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 14963 | 13699 | 40603 | 13695 |
| **EBITDA** | 170142 | 162690 | 499167 | 441538 |
| *Add:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee share-based compensation | 3493 | 3485 | 10061 | 7855 |
| **Adjusted EBITDA** | $173635 | $166175 | $509228 | $449393 |

---

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The following table presents a reconciliation of net income to free cash flow for the three months ended September 30, 2025 and June 30, 2025 and for the nine months ended September 30, 2025 and September 30, 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,<br>2025** | **June 30,<br>2025** | **September 30,<br>2025** | **September 30,<br>2024** |
| Net income | $121238 | $116140 | $358030 | $335600 |
| *Add (deduct):* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 33941 | 32851 | 100534 | 92243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 14963 | 13699 | 40603 | 13695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee share-based compensation | 3493 | 3485 | 10061 | 7855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current income tax expense | (30166) | (32310) | (95430) | (90080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of fixed assets | (18601) | (3311) | (30878) | (16451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in accounts payable related to purchases of fixed assets | (2005) | (497) | (3444) | (5543) |
| **Free cash flow** | $122863 | $130057 | $379476 | $337319 |

---

## Exhibit 99.2

![](a3q2025tplinvestorpresen001.jpg)

Investor Presentation – November 2025 NYSE: TPL Texas Pacific Land Corporation Exhibit 99.2

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![](a3q2025tplinvestorpresen002.jpg)

Disclaimers This presentation has been designed to provide general information about Texas Pacific Land Corporation and its subsidiaries ("TPL" or the "Company"). Any information contained or referenced herein is suitable only as an introduction to the Company. The recipient is strongly encouraged to refer to and supplement this presentation with information the Company has filed with the Securities and Exchange Commission ("SEC"). The Company makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this presentation, and nothing contained herein is, or shall be, relied upon as a promise or representation, whether as to the past or to the future. This presentation does not purport to include all of the information that may be required to evaluate the subject matter herein and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to herein. Unless otherwise stated, statements in this presentation are made as of the date of this presentation, and nothing shall create an implication that the information contained herein is correct as of any time after such date. TPL reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. The Company disclaims any obligations to update the data, information or opinions contained herein or to notify the market or any other party of any such changes, other than required by law. Industry and Market Data The Company has neither sought nor obtained consent from any third party for the use of previously published information. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed herein. The Company shall not be responsible or have any liability for any misinformation contained in any third party report, SEC or other regulatory filing. The industry in which the Company operates is subject to a high degree of uncertainty and risk due to a variety of factors, which could cause our results to differ materially from those expressed in these third-party publications. Some of the data included in this presentation is based on TPL's good faith estimates, which are derived from TPL's review of internal sources as well as the third party sources described above. All registered or unregistered service marks, trademarks and trade names referred to in this presentation are the property of their respective owners, and TPL's use herein does not imply an affiliation with, or endorsement by, the owners of these service marks, trademarks and trade names. Forward-looking Statements This presentation contains certain forward-looking statements within the meaning of the U.S. federal securities laws that are based on TPL's beliefs, as well as assumptions made by, and information currently available to, TPL, and therefore involve risks and uncertainties that are difficult to predict. These statements include, but are not limited to, statements about strategies, plans, objectives, expectations, intentions, expenditures and assumptions and other statements that are not historical facts. When used in this document, words such as "anticipate," "believe," "estimate," "expect," "intend," "plan" and "project" and similar expressions are intended to identify forward- looking statements. You should not place undue reliance on these forward-looking statements. Although we believe our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this presentation are reasonable, we may be unable to achieve these plans, intentions or expectations and actual results, performance or achievements may vary materially and adversely from those envisaged in this document. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see TPL's annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC. The tables, graphs, charts and other analyses provided throughout this document are provided for illustrative purposes only and there is no guarantee that the trends, outcomes or market conditions depicted on them will continue in the future. There is no assurance or guarantee with respect to the prices at which the Company's common stock will trade, and such securities may not trade at prices that may be implied herein. TPL's forecasts and expectations for future periods are dependent upon many assumptions, including the drilling and development plans of our customers, estimates of production and potential drilling locations, which may be affected by commodity price declines or other factors that are beyond TPL's control. These materials are provided merely for general informational purposes and are not intended to be, nor should they be construed as 1) investment, financial, tax or legal advice, 2) a recommendation to buy or sell any security, or 3) an offer or solicitation to subscribe for or purchase any security. These materials do not consider the investment objective, financial situation, suitability or the particular need or circumstances of any specific individual who may receive or review this presentation, and may not be taken as advice on the merits of any investment decision. Although TPL believes the information herein to be reliable, the Company and persons acting on its behalf make no representation or warranty, express or implied, as to the accuracy or completeness of those statements or any other written or oral communication it makes, safe as provided for by law, and the Company expressly disclaims any liability relating to those statements or communications (or any inaccuracies or omissions therein). These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf. Non-GAAP Financial Measures In addition to amounts presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), this presentation includes certain supplemental non-GAAP measurements. These non- GAAP measurements are not to be considered more relevant or accurate than the measurements presented in accordance with GAAP. In compliance with requirements of the SEC, our non-GAAP measurements are reconciled to net income, the most directly comparable GAAP performance measure. In this presentation, TPL utilizes earnings before interest expense, taxes, depreciation, depletion and amortization ("EBITDA"), Adjusted EBITDA and free cash flow ("FCF"). TPL believes that EBITDA, Adjusted EBITDA and FCF are useful supplements as an indicator of operating and financial performance. EBITDA, Adjusted EBITDA and FCF are not presented as an alternative to net income and they should not be considered in isolation or as a substitute for net income. See Appendix for a reconciliation of these non-GAAP measures to net income, the most directly comparable financial measure calculated in accordance with GAAP. 2

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3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Selected consolidated financials ($MM): Oil and gas royalties 94.4$97.0$111.2$95.0$108.7$ Water sales 36.2 36.7 38.8 25.6 44.6 Produced water royalties 27.7 28.1 27.7 30.7 32.3 Easements and other surface income 14.3 21.8 18.2 36.2 16.7 Land sales and other 0.9 2.2 - - 0.8 Total revenues 173.6$185.8$196.0$187.5$203.1$ Adj. EBITDA 144.1$161.3$169.4$166.2$173.6$ Adjusted EBITDA margin 83% 87% 86% 89% 85% % inc/(dec) - sequential Q/Q (6%) 12% 5% (2%) 4% Free cash flow 106.9$123.7$126.6$130.1$122.9$ FCF Margin 62% 67% 65% 69% 60% % inc/(dec) - sequential Q/Q (8%) 16% 2% 3% (6%) Selected balance sheet data ($MM): Cash and cash equivalents 533.9$369.8$460.4$543.9$531.8$ Debt - - - - - Selected segment data ($MM): Land and Resource Management Revenue 106.6$118.6$126.6$128.5$122.3$ Adj. EBITDA 95.2 110.7 119.0 122.2 115.9 Net Income 71.9 81.9 85.5 86.6 80.8 Water Service and Operations Revenue 66.9$67.2$69.4$59.0$80.8$ Adj. EBITDA 48.9 50.7 50.5 44.0 57.8 Net Income 34.7 36.4 35.1 29.6 40.5 $75.53 $70.73 $71.05 $63.99 $65.14 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 11.4 12.1 12.5 13.3 14.0 8.4 8.6 9.7 10.4 11.1 8.5 8.3 9.0 9.5 11.2 28.3 29.1 31.1 33.2 36.3 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Oil Gas NGL 720 737 792 482 775 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 3Q 2025 Summary Financial and Operating Update 3 O&G Royalty Production Total Water Sales Volumes1 Oil Realizations Produced Water Royalty Volumes (mboe/d) (mbbl/d) ($/bbl) (mbbl/d) 3,649 3,955 3,730 4,248 4,357 2,000.0 2,500.0 3,000.0 3,500.0 4,000.0 4,500.0 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Note: Adjusted EBITDA and Free Cash Flow are non-GAAP measures. See Appendix for reconciliations of these non-GAAP measures to net income. (1) Reflects sourced, treated produced, and brokered water sales volumes

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![](a3q2025tplinvestorpresen004.jpg)

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(1%) 4% 15% 18% 37% -15% -5% 5% 15% 25% 35% WTI SPY Nasdaq TPL fsfsdfsfs 5 $37 $78 $160 $258 $128 $209 $365 $307 $315 2016 2017 2018 2019 2020 2021 2022 2023 2024 $5 $19 $50 $60 $48 $61 $81 $99 $139 2016 2017 2018 2019 2020 2021 2022 2023 2024 Value Creation Culture and Proven Performance Land & Resource Management Net Income ($ millions) Average Annual Total Return Since 2017 (Compounded annual return from 1/1/2017 to 12/31/2024) (Composite) WTI Oil S&P Oil & Gas E&P Index Ctrl + click to play Water Services & Operations Net Income ($ millions) Note: Annual total return data per Factset. Video can be accessed at https://texaspacific.com/tpl-intro

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![](a3q2025tplinvestorpresen006.jpg)

Unique Permian Basin Pure-Play $$ Positioned to capture upside $611 Million 2024 Adjusted EBITDA Balance Sheet Strength No Debt Cash Balance of $532 Million ~28, 0001 Core Permian Net Royalty Acres ~882,000 Surface Acres Diversified Revenue Streams: Royalties, Water, and Surface 100% Permian Exposure Efficient conversion of revenues to cash $461 Million 2024 Free Cash Flow Robust Inventory of 888 DUCs and 444 Permits Decades of Cash Flow Runway Across Multiple Businesses ~300% Production growth since 2018 $$6Note: Operating data as of 12/31/2024. Balance sheet and well inventory data as of 9/30/2025. (1) Net royalty acres pro forma for October 2025 royalty interests acquisition; figures as of 11/3/2025

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![](a3q2025tplinvestorpresen007.jpg)

Texas Pacific Land Corporation (NYSE: TPL) TPL by the Numbers1 Market Value ($MM) $21,339 Cash & Equivalents ($MM) $532 Debt ($MM) $0 Net Royalty Acres2 (100% net basis) ~28,000 Normalized to 1/8th ~224,000 Surface Acres ~882,000 2024 Adj. EBITDA Margin 87% 2024 FCF Margin 65% Average daily trading volume (1-yr avg) ~161,000 Free Cash Flow ($MM)FY 2024 Revenues ($MM)  One of the largest landowners in Texas with approximately 882,000 acres located in the Permian Basin  TPL was originally organized in 1888 as a business trust to manage the property of the Texas and Pacific Railway Company; for nearly 130 years, this management was mostly passive  In 2016, the Company embarked on a new strategy to maximize the value of its footprint through active management of surface and royalty interests  Today, the business consists of numerous high-margin, capital-light revenue streams linked to Permian oil and gas development – Oil and Gas Royalties: high-margin royalty revenue derived from oil and gas production with no capital and minimal operating expense burden – Surface Leases, Easements and Material ("SLEM"): monetizes 3rd party development activities occurring on surface and royalty acreage – Texas Pacific Water Resources ("TPWR"): supplies brackish and treated produced water for oil and gas activities and facilitates produced water disposal solutions Adjusted EBITDA ($MM) 63% 37% Land & Resource Management Water Service & Operations $706M $63 $145 $245 $302 $239 $388 $592 $541 $611 2016 2017 2018 2019 2020 2021 2022 2023 2024 $40 $80 $160 $234 $188 $278 $452 $415 $461 2016 2017 2018 2019 2020 2021 2022 2023 2024 7 Note: Adjusted EBITDA and Free Cash Flow are non-GAAP measures. See Appendix for reconciliations of these non-GAAP measures to net income. (1) Balance sheet data as of 9/30/2025. Market value and average daily trading volume as of 10/24/2025. Market value calculated using basic shares outstanding. Royalty acreage figures excludes out of basin assets. (2) Net royalty acres pro forma for October 2025 royalty interests acquisition; figures as of 11/3/2025

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![](a3q2025tplinvestorpresen008.jpg)

TPL History and Evolution Bankrupt Railroad to Liquidating Trust (1871-2009) Modern Enterprise Texas & Pacific Railway bankruptcy leads to the formation of Texas Pacific Land Trust, where land grant assets were placed. Trust certificates are listed on NYSE 1888 Texas and Pacific Abrams #1 becomes the first well to produce oil from the Permian Basin, and a few years later, the first oil pipeline is built in the basin 1920's Mineral estate was spun-off to shareholders (TXL Oil). TPL reserved royalty interests on tracts under lease at the time. Texaco purchases TXL Oil in 1962 (Texaco acquired by Chevron in 2001) 1954 Texas & Pacific Railway is created and was granted ~3.5 million acres of land from the State of Texas 1871 The Permian Basin begins to grow production as unconventional development unlocks tremendous shale reserves 2010's TPL forms Texas Pacific Water Resources LLC ("TPWR") 2017 TPL sub-share certificates listed on NYSE. TPL is among the few Depression Era companies that continue trading today, almost a century later 1927 $ TPL's reorganization to a C-Corp is completed 2021 New management team hired to focus on modernizing operations to actively drive value 2016 Shale Revolution (2010s) Professionalize corporate and operating functions; employ talented industry personnel Execute on a capital allocation approach predicated on maximizing shareholder value Actively pursue "next-gen" opportunities Deploy technology, software, and automation tools to create efficiencies, scale, and opportunities Expand on TPL's unique position to consolidate high quality surface, water, and royalties/minerals in a value enhancing manner Ensure shareholders own among the best oil and gas assets anywhere in the world Strengthening TPL for Durable Success Over the Long Term 8

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![](a3q2025tplinvestorpresen009.jpg)

Unmatched Permian Footprint Combined With Premier Operators Royalty Acreage Combined Royalty & Surface Surface and Easement Acreage 38% 36% 26% Revenue Contribution1 (FY 2024) Super- majors Large-cap independents Other (1) Permian supermajors include Chevron, Exxon, ConocoPhillips, BP and their respective subsidiaries. Large-cap independents include independent energy companies in the S&P 500. Other includes all companies that do not fall under the other two criteria, primarily made up of publicly traded mid-cap, small-cap, and privately held companies. 9

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![](a3q2025tplinvestorpresen010.jpg)

~60,000 ~42,000 ~20,000 ~8,000 ~7,000 ~4,000 Permian Motney Eagle Ford Bakken DJ SCOOP \| Stack Permian Basin is a World-Class Resource Source: US EIA, OPEC, Baker Hughes, Enverus and Company data. Production figures represent 4Q 2024 averages. Estimated Remaining Well Locations with <$55/bbl Breakeven Economics Permian dominates US shale activity due to attractive drilling economics combined with massive undeveloped well inventory Permian is a top-tier focus area for many energy super-major and large-caps with multi- basin portfolios Permian is a major contributor to global oil, natural gas, and NGL markets – Permian production would rank as one of the largest oil producing nations globally 3.0 4.0 5.5 1.5 2.4 2.9 3.3 4.0 6.5 7.0 9.0 9.0 Permian US ex- Permian OPEC Nigeria Kuwait UAE Iran Iraq Permian US ex- Permian Saudia Arabia Russia C R U D E (M M b b l/d) N G Ls (M M b b l/d) Permian vs Major Oil Producer Nations US Rig Counts by Oil Basin Delaware Midland 10 0 50 100 150 200 250 300 350 400 Permian Williston DJ-Niobrara Eagle Ford Cana Woodford

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![](a3q2025tplinvestorpresen011.jpg)

$13 $18 $24 $25 $25 $31 $36 $45 $70 $51 $202 $105 $335 $143 $376 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dividends Share repurchases Capital Allocation Framework Focused on Maximizing Shareholder Value RETURN CAPITAL Return substantial amounts of capital through dividends and repurchases PROTECT CAPITAL Maintain strong balance sheet to preserve financial flexibility INVEST CAPITAL Balance capital returns with attractive, high-return opportunities $0 Debt $532MM Cash $1 9 $5 0 $6 0 $4 8 $6 1 $8 1 $9 9 $1 39 2017 2018 2019 2020 2021 2022 2023 2024 $557 MM of cumulative net income since inception Surface and easement acquisitions Capital expenditures$174 million $176 million Water Services & Operations capex and related surface investments from 2017-2024 ($ in millions) Also generates significant SLEM cash flow Water Services & Operations Net Income ($ in millions) 11Note: Debt and cash balance as of 09/30/2025.

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![](a3q2025tplinvestorpresen012.jpg)

Focused on Allocating Capital Towards Highest Returns Growing Free Cash Flow per Share is the Key to Generating Value Growing free cash flow per share would further expand TPL's capacity to return more capital to shareholders via buybacks and dividends 16% 71% 6% 6% Other Dividends Share Repurchases Investing Activities Capital Expenditures We believe the key to maximizing shareholder value is to maximize intrinsic value per share, which can also be expressed by long-term free cash flow per share Extract maximum value from legacy assets TPL FY 2024 Allocation of Operating Cash Flow Share repurchases Organic opportunities M&A Employ highly-capable personnel, cultivate value-add culture, and deploy technology to maximize commercial potential and operating efficiency Buyback shares of TPL when intrinsic value is not being fully recognized in the market Buy 3rd party-owned surface, water, and/or royalty/mineral assets of similar or better quality to TPL's legacy base at valuations that generate attractive returns Utilize our expertise, personnel, and legacy asset base to make strategic, high-return investments $40 $80 $160 $234 $188 $278 $452 $415 $461 2016 2017 2018 2019 2020 2021 2022 2023 2024 TPL Free Cash Flow ($ in millions) 12Note: Free Cash Flow is a non-GAAP measure. See Appendix for reconciliation of this non-GAAP measure to net income.

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![](a3q2025tplinvestorpresen013.jpg)

52% 44% 78% (19%) (66%) SLEM Produced Water Water Sales WTI Oil Henry Hub Natural Gas TPL's Unique Combination of Surface and Royalties SURFACE WATER ROYALTIES Performance – FY 2024 versus FY 2022 TPL Revenue Spot Prices 13 ― ― ― Comparison of Significant Revenue Generation by Asset Type Effective commercialization of surface ownership provides (i) incremental enterprise cash flow and (ii) built-in hedges to oil and gas royalties' direct exposure to commodity price volatility minimal (<1 mbo/d1) (1) mbo/d: thousands of barrels of oil per day Substantial surface and water related revenue growth despite O&G price declines since FY 2022 ― ― ― ― ―

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TPL Maintains Top Tier Profitability Margins 10% 18% 14% 15% 52% 64% Oilfield Services (OIH) Midstream (ENFR) S&P O&G (XOP) S&P 500 TPL Water Services & Operations TPL consolidated Net Income Margin Comparison Source: Bloomberg and Company data. Note: OIH, ENFR, XOP, and S&P 500 data reflects last-twelve-months actuals as of April 2025. Figures for OIH, ENFR, XOP, and S&P 500 represent constituent equal-weighted averages; excludes constituents with negative net income margins. Histogram excludes S&P 500 constituents with negative net income margins. Consolidated TPL TPL Water Services & Operations Net Income Margin N u m b er o f C on st it u en ts 0 20 40 60 80 100 120 Net Income Margin Distribution for S&P 500 Constituents Consolidated TPL 64% FY 2024 net income margin TPL Land & Resource Management 71% FY 2024 net income margin TPL Water Services & Operations 52% FY 2024 net income margin TPL Water Services & Operations 14

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Permian Activity Overview 15 3,060 295 306 3,517 275 252 3,511 253 355 ≤ 1 year 1 year < x ≤ 2 years 2 year < x ≤ 4 years 2025 2024 2023 - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 1,531 1,450 1,531 1,428 1,568 1,530 1,479 1,635 1,547 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 <1 year 1 year < x ≤ 2 years > 2 years 1,638 1,526 1,727 2,040 1,995 1,906 1,848 1,771 1,766 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Delaware Midland Permian Other Permian Well PermitsPermian Horizontal Rig CountsPermian Oil Production Permian Completion Counts (Grouped by DUC age at completion date) (mmbbl/d) 314 301 301 302 294 289 289 273 238 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 DUCs as of June 30, Permian DUC Counts (Historical counts and grouped by age) Source: US EIA, OPEC, Baker Hughes, Enverus and Company data Notes: DUC = Drilled-but-Uncompleted Well. DUC counts based on well activity date stamps. DUC Counts and Completion Counts for 3Q 2025 not shown due to incomplete industry data.

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Investment Highlights 16 Permian Basin is a world class resource – Midland and Delaware Basins each possess tens of thousands of future undrilled well inventory Unique combination of surface and royalty ownership generates revenue throughout the entire lifecycle of a well Disciplined, value-creation approach to capital allocation: focus on maximizing both intrinsic value and free cash flow per share Talented, experienced team of domain experts: land asset managers, water business development and operations, reservoir engineers, GIS, information technology, and corporate personnel critical to extract maximum value Efficient conversion of revenues to cash flow – FY 2024 EBITDA and FCF margin of 86% and 65%, respectively Significant investments into technology enhance productivity and provide platform to scale efficiently Attractive opportunities to extract additional value from legacy asset base and from strategic investments in growth Dedication to optimizing capital allocation towards highest-returns, with a commitment to growing capital returns through dividends and buybacks

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18 Jay Gould Founder - Texas and Pacific Railway

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19 Orla Field Camp for survey team (June 1930) Survey team (June 1930) El Capitan peak – Culberson County Survey marker (northwest corner of Section 39, Block 62, Township 2) Survey team in sand dunes near Guadalupe Mountains "Old Red" Camp Delaware

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TPL Currently Has Four Primary Revenue Streams O&G Royalties Revenue  Primarily own Non-Participating Royalty Interests (NPRI), which represents a real property right and is entitled to a fixed percentage of oil and gas production on a property  Royalties are not burdened by capital expenditures (e.g., drilling and completions costs), or most operating expense (e.g., lease operating expense)  Revenue stream contained in Land & Resource Management segment  Surface acreage provides multiple income streams from leases, easements, and caliche/materials, among others  Opportunity for new revenue streams from emerging technologies (e.g., solar, wind, and carbon capture)  Majority of SLEM revenues flow into Land & Resource Management segment, with a relatively smaller amount in Water Services & Operations  Facilitates disposal of water produced from oil and gas wells  By allowing use of its surface acreage for produced water disposal infrastructure, TPL generates a volumetric royalty fee on produced water barrels  TPL does not own or operate produced water disposal wells  Revenue stream contained in Water Services & Operations $28 $58 $124 $155 $138 $286 $452 $357 $373 O&G ROYALTIES SURFACE LEASES, EASEMENTS AND MATERIAL ("SLEM") WATER SALES PRODUCED WATER ROYALTIES  Surface acreage provides ownership of water rights and opportunities to supply brackish and treated produced water for use in oil and gas well development  TPL owns and operates a network of water wells, storage/frac ponds and pipelines that can source and deliver water to customers  Revenue stream contained in Water Services & Operations $26 $42 $71 $76 $41 $38 $48 $71 $73 SLEM Revenue $8 $26 $64 $85 $55 $68 $85 $112 $151 Water Sales $0 $6 $17 $39 $51 $58 $72 $84 $104 Produced Water Royalties Revenue of Consolidated Revenues (FY 2024) 53% Note: Revenue percentages do not sum to 100% due to other ancillary revenue items. of Consolidated Revenues (FY 2024) 10% of Consolidated Revenues (FY 2024) 21% of Consolidated Revenues (FY 2024) 15% 20 ($ in millions) ($ in millions) ($ in millions) ($ in millions)

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Oil and Gas Royalties Overview and Management 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 Producing Horizontal Wells (Gross) on TPL Oil and Gas Royalty Acreage Revenue Mechanics and Management By interfacing directly with operators across SLEM and Water, TPL incentivizes operators to accelerate development on TPL's royalty acreage Advocate for royalty ownership during disputes (e.g., revenue deductions, pricing realization, ad valorem payments, etc) Experienced reservoir engineers leverage TPL's proprietary data for internal initiatives and evaluation of external opportunities Actively monitor check stub accuracy and compliance Internally developed software applications that integrate proprietary and third-party data and software, GIS systems and capabilities, and other tools to help drive further automation, efficiency, and effectiveness Continuously screening for operator well activity updates and utilizing that data to cross-sell TPL services How TPL is Delivering Value Oil and gas royalties represent real property interests entitling the owner to a portion of the proceeds derived from the production of oil and gas TPL receives a percentage of gross revenues from oil and gas wells drilled on TPL royalty acreage Royalties are not burdened by capital costs or most operating expenses (although natural gas and NGLs may have a small set of allowable deductions) associated with well development Mineral and royalty interests exist into perpetuity Overriding royalty interests ("ORRIs") can be an exception as they are generally tied to leases and may not exist into perpetuity (TPL owns de minimis amount of ORRIs) Responsibility of royalty owner to (i) verify "decimals" (i.e., revenue interest); (ii) ensure timely pay; (iii) inspect check stubs for production, pricing, and deductions accuracy, (iv) track development status of pre-production wells, (v) extract and analyze well reservoir performance 21 Note: Company data as of 12/31/2024.

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45.0 47.1 47.8 50.1 52.4 54.5 59.3 62.3 64.3 68.4 71.1 13.4 14.5 14.0 16.2 16.8 17.7 18.8 23.4 24.7 25.7 27.4 59.4 62.6 62.8 67.2 70.2 73.3 79.2 86.8 90.2 95.4 100.5 10.00 30.00 50.00 70.00 90.00 110.00 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Delaware Midland Permian Other TPL Royalty Production and Inventory Detail 0% 20% 40% 60% 80% 100% 120% 140% 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Oil as % of WTI Gas as % of Henry Hub NGLs as % of WTI 5.0 4.9 6.7 4.5 5.1 6.3 6.9 6.4 5.9 6.0 6.1 7.8 8.2 7.9 9.7 10.3 9.5 11.8 13.2 12.9 11.1 9.9 3.3 2.3 5.2 2.8 2.2 4.0 3.4 3.0 5.4 5.1 3.1 16.1 15.4 19.8 17.0 17.6 19.8 22.1 22.6 24.3 22.2 19.0 0.0 5.0 10.0 15.0 20.0 25.0 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Permits DUCs Completed 1.7 2.7 3.3 5.1 8.8 13.7 16.2 18.6 21.3 23.5 26.8 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TPL Net Royalty Production (mboe/d) TPL Average Lateral Lengths (feet) – New Spuds1 TPL Commodity Price Realizations vs Benchmarks 9,696 10,030 10,212 10,990 10,707 11,096 11,894 2019 2020 2021 2022 2023 2024 2025 22 TPL Producing Wells (net)TPL Inventory (net) Note: Totals may not foot due to immaterial rounding (1) Enverus well data as of 09/30/2025.

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23 TPL source water infrastructure

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24 TPL source water pond

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RAW LAND DOES NOT MONETIZE ITSELF (i) Operational and legal expertise of surface estate ownership within the oil and gas industry and (ii) proactive execution are requisite towards extracting substantial cash flow from raw land Surface Estate Ownership Leveraging Ownership of Raw Surface into Cash Flow  Unlike O&G royalties, there is no statutory revenue / lease / royalty rate for activities that occur within a surface estate  Revenue opportunities require continual pursuit, negotiation, and commercialization $328MM FY 2024 Revenue 46% of TPL consolidated revenue Surface estate ownership allows for control over surface access, aquifers, and sub-surface pore space TPL derives three major revenue streams from its surface estate ownership SLEM Water Sales Produced Water  Revenue derived by providing customers access-to or use-of TPL surface  Revenue sources include pipeline easements, wellbore easements, commercial leases, and caliche/sand/materials sales  Renewables and various "next generation" opportunities, including grid-connected batteries and carbon capture, provide additional potential for revenue growth  TPL owns and operates infrastructure to provide water for use in oil and gas development activities  TPL provides both brackish groundwater and recycled/treated water for customers both on and off TPL surface  Operated model allows for sustainable management of aquifer resource  TPL provides surface access to operators and midstream companies for necessary infrastructure  TPL receives a volumetric royalty payment for produced water barrels that move across or are injected into TPL surface and has offtake rights to treat and resell produced water  TPL does not own or operate produced water disposal wells 1 2 3 Aggregate Contribution From Surface Estate + Active Management 25

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36% 6% 22% 11% 25% $100,000 $115,000 $132,250 Year 0 Year 10 Year 20 Surface, Leases, Easements and Materials (SLEM) Overview and Management $73MM Pipeline easements Caliche / materials Commercial leases Wellbore easements Other Provide operators/customers access-to or use- of TPL surface for infrastructure and materials TPL utilizes standardized forms and payment structures and delivers quick turnaround to operator customers TPL easements typically have initial 10-year term with additional 10-year renewal options for the life of the infrastructure Easement renewal payments generally the greater of 115% or CPI-escalation from the previous easement payment Installed infrastructure tends to be long-lived and/or permanent Amount of revenue opportunities generally correlates to development activity in the Permian Leveraging technology such as advanced GIS, satellite imaging, and automation tools to monitor surface activity Experienced, specialized land asset managers dedicated to all aspects of surface commercialization provide consistent operator interaction, contract execution, and trespass monitoring New activity developments on TPL land is shared across business groups for lead generation and revenue opportunities Employs numerous personnel focused on identifying and developing opportunities for new revenue streams Before active management, operators often trespassed and/or underpaid for activities on TPL land How TPL is Delivering ValueTPL SLEM Revenue Breakdown (FY 2024) Illustrative Easement Renewal Payment Revenue Mechanics and Management Easement contracts generally have two 10-year renewal payments at greater of 115% or CPI-escalation amount 26 Potential for subsequent renewal payments

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TPL has developed the largest source water infrastructure network in the northern Delaware Basin TPL deploys professional hydrologists, advanced sensors, and monitoring systems to ensure aquifers are managed sustainably Sales team competes actively throughout the basin to leverage TPL water capabilities, while dedicated operations team ensures delivered water assurance and performance Provides water for development of oil and gas wells on TPL royalty acreage, while also securing significant water sales outside of TPL acreage Ability to provide both brackish and treated/recycled water solutions Water Sales provides substantial incremental cash flow to the overall enterprise Water Sales Overview and Management 44 258 371 369 414 462 563 736 2017 2018 2019 2020 2021 2022 2023 2024 Surface estate ownership includes access to water aquifers O&G upstream/E&P operators use water to complete (i.e., "frac") wells TPL develops, owns and operates infrastructure to extract, store, and transport brackish and treated produced water for oil and gas activities TPL provides recycled/treated produced water for reuse in completion activities Sales price per barrel generally ranges from $0.50 - $1.00 versus a direct operating expense per barrel of $0.10 - $0.20; pricing and expenses dependent on services provided, location, transportation costs, and other factors Annual maintenance capital of ~$10 – $20 million How TPL is Delivering ValueTPL Water Sales Volumes1Revenue Mechanics and Management (mbbl/d) 27(1) Reflects sourced, treated produced, and brokered sales volumes

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Water Sales Asset Map storage capacity 800+ mbbl/d 34.2 mmbbl source water pipelines445 miles 332 357 393 411 424 455 486 490 - 100 200 300 400 500 2017 2018 2019 2020 2021 2022 2023 2024 Average Fluid Used per Delaware Well Completion Average O&G well in the Delaware requires an increasing volume of water (~500k bbl water per well) TPL has developed and currently operates the largest source water infrastructure network in the northern Delaware TPL sells substantial water both on and off of TPL acreage TPL Source Water Network 28 Note: Enverus and Company data as of 12/31/2024. (mbbls) sourced & produced water treatment capacity

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Intentionally commercialized to generate high- quality, high-margin cash flow stream Facilitating produced water solutions allows operators to execute on upstream O&G development plans TPL undertakes conservative approach to siting produced water infrastructure on TPL land; focus on sustainable management of pore space resource and other environmental and geologic factors Negotiated agreements with operators covering ~450,000-acre dedication allow TPL to capture significant produced water volumes Contracts provide TPL with optionality and upside to pursue produced water recycling/treatment and beneficial reuse opportunities Long runway of volumes and cash flow growth, with minimal capex contributions from TPL Produced Water Royalties Overview and Management 88 433 922 1,206 1,595 1,957 2,510 3,435 2017 2018 2019 2020 2021 2022 2023 2024 "Produced water" refers to water that flows from a producing O&G well; given solids content and salinity, produced water generally must either be injected or treated/recycled The Delaware Basin is characterized by a high water- oil-ratio: for every crude oil barrel produced from a well, approximately 4 produced water barrels will also flow out TPL receives a volumetric royalty payment on produced water via negotiated commercial agreements with upstream and midstream operators and has off take rights to treat and resell produced water Average royalty fee of ~$0.08 - $0.10 per barrel TPL does not operate saltwater disposal ("SWD") wells TPL's produced water royalties are a commercially unique cash flow stream – high-margin, capex-free cash flow stream derived from an oil and gas by- product TPL retains flexibility to provide treatment / recycling and beneficial reuse of produced water How TPL is Delivering ValueRevenue Mechanics and Management TPL Produced Water Royalty Volumes (mbbl/d) 29

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~680 ~1,210 ~180 ~305 First 12 months production First 36 months production 11.2 14.6 17.8 17.7 18.2 20.9 22.9 23.9 (3.0) 2.0 7.0 12.0 17.0 22.0 27.0 2017 2018 2019 2020 2021 2022 2023 2024 Produced Water Royalties Delaware Upstream Activity + High Water-Cuts to Drive Produced Water Volume Growth Water vs Oil Production – Average Well in Delaware Basin1 Permian Produced Water ~70% of overall Permian produced water comes from the Delaware Continued O&G development and growth in Delaware will drive produced water volume growth Produced Water Oil Produced Water Oil (mbbl) Delaware O&G wells have relatively high water-cuts, ~4 barrels of produced water per barrel of oil on average (mmbbl/d) Drilling Rig TPL Produced Water AMI 30 TPL has executed numerous AMI (Area of Mutual Interest) agreements with operators – produced water volumes within the AMI are subject to a royalty fee TPL also generates significant revenue from water that originates from wells located off TPL acreage, including from New Mexico Source: Enverus and Company Data. Most recent data as of August 2025 (1) Delaware oil and water volumes based on horizontal wells completed since 1/1/2018

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TPL Captures Revenue Over the Well Lifecycle 31 Permit Development Production E&P/upstream operators procure regulatory permits; prepare future well site and develop infrastructure ■ Fixed fees for use of TPL's surface for the construction and operation of infrastructure (e.g., well sites, wellbores, pipelines) ■ Sale of materials (caliche) used in the construction of infrastructure ■ Price per barrel for providing brackish groundwater and / or treated produced water ■ Royalty per barrel for allowing produced water disposal related infrastructure on TPL surface ■ TPL royalty interests generate a fixed percentage of the oil & gas produced 1 2 3 SLEM Water Sales Produced Water O&G Royalties Operators spud/drills new wells. After drilling concludes, next step is to frac/complete Once completed, a well will be placed-on-production ("POP") and begin generating production and revenue SLEM ■ Contracted payments to TPL as infrastructure on TPL land continues to be utilized

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Permian's Massive Resource Potential Enormous Acreage Extent and Stacked Pay Potential 32 ~26,000 square miles ~17,000,000 acres 10+ geologic formations for each Midland and Delaware Enormous Acreage Extent Stacked Pay Reserves Midland and Delaware Basins Greater Permian Basin Extent Combined Midland and Delaware Footprint

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TPL Innovation \| Produced Water Desalination and Beneficial Reuse 33  Oil and gas development activity in the Permian Basin requires increasing demand for produced water solutions  Due to its quality, produced water has limited uses outside of the oil and gas industry  Produced water is typically either injected subsurface into saltwater disposal wells ("SWDs") or lightly-treated / recycled for reuse in oil and gas completion activities  Produced water is injected into deep zones, confined below the oil producing areas, or shallow zones, above the oil producing areas but below fresh and brackish aquifers  Due to the large volumes requiring injection, both the shallow and deep zones show concern for long term viability  Clean and sustainable alternatives to traditional produced water disposal are needed at scale Produced Water Desalination Commercial Purpose Reduces produced water subsurface injection Long-term, sustainable produced water solution Beneficial reuse applications Produced Water Desalination Benefits TPL has developed a process for produced water desalination that leverages the differing water freeze points across salinity levels Close collaboration with top-tier technology partner in the industrial freezing industry Fractional freezing more energy efficient than alternative desalination techniques Continue to make equipment and process optimizations Successful R&D trial at TPL facility in Midland; constructing larger test facility with capacity of ~10,000 barrels of water per day (Phase 2B) TPL Desalination Project Overview Proof of concept: freeze produced water desalination works and pathway to affordable cost Collaborating with a top-tier technology and manufacturing partner in the industrial refrigeration and freezing industry Secured exclusive use-rights for equipment towards produced water applications Filed a process patent utilizing fractional freeze desalination to treat produced water and surface discharge Granted Land Application Pilot Permit by RRC to grow alfalfa from treated water in Midland Research partnership with New Mexico State University & Texas Tech to analyze water quality & process improvement Receive 2nd Land Application Permit from RRC for Orla Native grassland restoration & quail habitat enhancement with TX PW Consortium & Quail Safe Commission Phase 2 facility (~10k bbl/d capacity) Receive Texas Pollutant Discharge Elimination System ("TPDES") permit through Texas Commission on Environmental Quality ("TCEQ") to discharge treated desalinated produced water into the upper region of the Pecos River Evaluate synergies with behind-the-grid gas to electric generation for use in microgrids and/or data centers Equipment procurement of commercial-scale facility ~100k bbl/d facility (Phase 3) Advance full scale commercial operations throughout the Permian Key Milestones 2026+ 2027+ 2026 2025 2026

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Appendix

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Summary of Highest-Visibility Inventory Notes: Per Company data. Permian Basin horizontal locations as of 09/30/25. Permitted well conversion rate based on wells permitted from 10/1/23 through 09/30/24 and then drilled through 09/30/25. DUC well conversion rate based on wells drilled from 10/1/23 through 09/30/24 and then drilled through 09/30/25. Completed well conversion rates based on wells completed between 10/1/23 through 09/30/24. DUCs considered to be all wells awaiting completion. 100% NRI Permitted Wells 100% NRI DUC Wells 100% NRI Completed Wells 8% 33% 3%6%8% 5% 6% 30% 76% 22% 2% 4% 5% 22% 5% 16% 11% 7% 29% 80% 18% 2% 71% 28% 1% 10% 19% 15% 6% 2% 47% N R I b y R eg io n N R I b y O p er at or ~82% of Permits are drilled within 6 months ~90% of Permits are drilled within 12 months ~22% of DUCs are completed within 6 months ~86% of DUCs are completed within 12 months ~94% of Completed Wells are listed as producing within ~1 month Midland Delaware Other Permitted Wells: 6.1 DUC Wells: 9.9 Completed Wells: 3.1 Permitted Wells: 6.1 Completed Wells: 3.1 DUC Wells: 9.9 Other 36

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The Basics of Royalties Ownership 100% Lease Operator (i.e., E&P) Mineral/Royalties Capital Costs and Most Operating Expenses Revenue / Production Illustrative Economic Model – Minerals/Royalties vs Lease Interest 37 Key Terms and Comparison: Royalties/Minerals vs Lease Interest PARTICIPANTS NOMENCLATURE OWNERSHIP Real property interest/ownership of minerals Can develop minerals itself or lease the right to extract minerals to an external party Leases acreage from mineral estate for the right to extract subsurface minerals (e.g., oil and gas) CAPITAL COSTS Simply and generally just referred to as royalty/mineral owners Companies that own lease interests are also generally referred to as E&P (exploration & production), upstream and/or working interest companies (e.g., Occidental, EOG) Generally not responsible for capital costs to drill a well Generally responsible for 100% of the capital costs to drill and complete a well ("D&C") OPERATING EXPENSES For oil production, generally no operating expense deductions For gas and NGL production, may have limited expense deductions Responsible for operating expenses such as gathering, transportation, processing, and marketing OTHER Generally incur severance and ad valorem taxes Mineral/royalty estate can be severed from surface estate OWNERSHIP DURATION Perpetual (though certain exclusions) Expiration subject to lease terms ROYALTIES / MINERALS LEASE INTEREST REVENUE INTEREST In Texas, mineral/royalty estate in aggregate generally receives 25% of gross production; minerals leased by federal government generally receive 12.5% - 18.5% Working interest percentages are expressed before mineral/royalty-take (i.e., 100% working interest owner would only net 75% of total well production/revenue) 75% 25%

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Why doesn't TPL have a non- operated Water Sales commercial model where it extracts a royalty from allowing 3rd parties access to TPL's water aquifers? Why does TPL need to spend capital and employ personnel? Water Sales – Operated vs Royalty/Non-Operated Business Model Sustainable Extraction Economic development Control Shareholder Interests Royalty / Non-Operated Source Water Model (i.e., pre-TPWR) Professional hydrologists, advanced sensors, and active monitoring to ensure aquifers are sustainably managed History TPL formed TPWR in July 2017 Pre-TPWR development, TPL had negotiated various royalty agreements with 3rd party operators Operators often extracted water resource at unsustainably high rates; primary concern was water for their own development/commercial needs rather than TPL's long-term interests Efficiently developed infrastructure that could serve vast upstream development areas for virtually every nearby upstream operator Operator(s) would build relatively narrow water systems to serve only their own interests, rather than for broader commercial utilization for peer operators TPL could sell water at competitive prices, have control over expansion and market capture, and leverage its SLEM and produced water offerings to expand sales and incentivize development of royalty acreage Operators could leverage TPL's royalty rates to negotiate better pricing for water off TPL acreage, thereby undercutting TPL sales/royalties ■ TPL manages Water Sales for the benefit and in the best interests of TPL shareholders ■ Water Sales has provided TPL shareholders with significant incremental earnings and free cash flow Operators utilizing TPL source water resource have their own stakeholders, whose interests may not align with TPL shareholder interests 38 FAQ

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Compensation Incentives Aligned With Shareholder Value Creation 39 Mix (% of Total)1 Intent Key Performance Dimensions Base Salary  Deliver competitive fixed cash compensation for day-to-day job performance  Based on individual role, level of experience and performance Annual Incentive Plan  Incentivize executives to achieve important near-term financial and operational goals  Reward individual and Company performance  Adjusted EBITDA margin (25% weight)  Free cash flow per share (50% weight)  Strategic objectives (25% weight) Long-Term Incentive Plan Performance- Based Restricted Stock Units (PSUs)  Reward performance that drives long-term value creation  Align interests of executives with shareholders  Three-year cumulative free cash flow per share  Relative TSR vs. SPDR S&P Oil & Gas Exploration & Production ETF Time-Based Restricted Stock Units (RSUs)  Incentivize long-term value creation  Align interests of executives with shareholders  Retention  Long-term stock price appreciation Fi xe d (1 6%)1 V ar ia b le (8 4 %)1 16% 17% 33% 33% (1) Reflects target CEO compensation for 2024 as disclosed in the 2024 10-K. Percentages do not total 100% due to immaterial rounding.

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Our Environmental Management Initiatives 41 Incidents and Spill Prevention Control  Implementation of Spill Prevention, Control, and Countermeasure plan and protocol for water assets, which are equipped with tech / containment protections  Thorough tracking and monitoring of all spills; information is entered into centralized database to allow easy tracking and data management  Prioritization of continued education and engagement of employees and contractors Environmental Impact Assessments  Prior to acquiring additional surface acreage, on-site Phase 1 Environmental Site Assessments are regularly conducted by environmental consultants to gauge property condition  Regularly scheduled pipeline maintenance checkups of existing pipeline assets; Health, Safety and Environment team closely monitors assets for spills, leaks or any other release Ecological and Biodiversity Partnerships  Partnership with New Mexico Bureau of Land Management to obtain biodiversity impact guidance  Contractual requirement for grazing tenants to use proper grazing and stockman standards and participate in conservation, range and wildlife improvement programs Operator and Lessee Requirements  Prioritization of consistent engagement and communications with operators and lessees on TPL's land to ensure maintenance of environmental due diligence  Requirement of reclamation process to verify land has been restored to environmental condition stipulated by contractual agreement

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ESG Update Category 2020 2021 2022 2023 2024 Emissions Scope 1 CO2 Emissions 18,987 16,159 10,590 13,819 14,945 Scope 2 CO2 Emissions 5,110 6,596 11,492 10,572 14,663 Total Scope 1 + Scope 2 24,097 22,755 22,082 24,391 29,608 Methane Emissions 0 0 0 0 0 $303 $451 $667 $632 $706 24.1 22.8 22.1 24.4 29.6 0 10 20 30 40 50 60 70 80 $0 $100 $200 $300 $400 $500 $600 $700 $800 2020 2021 2022 2023 2024 TPL Revenue ($ million) Total Scope 1 + Scope 2 Emissions (metrics tons of CO2 equivalents) Emissions vs RevenueKey Statistics Spills Produced water spills (bbls) 0 0 0 0 0 Other spills (bbls) 0 45 0 0 0 Please visit the TPL Website for our full ESG Disclosures Energy Management – TPWR Operations Total energy consumed (Gigajoules) 317,912 287,140 263,289 304,622 362,562 Percentage grid – electricity 12% 16% 29% 24% 27% Percentage grid – renewables 3% 6% 13% 11% 14% Percentage grid – fuel 85% 78% 58% 65% 59% (1) (2) (1) These 45 bbls underwent full and successful remediation efforts (2) Calculated based on 2023 ERCOT data Safety Incidents Employee and Contractor Total Recordable Incident Rate –TRIR 0 1.59 0 0 0 Employee lost time incident rate 0 0.79 0 0 0 42

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Royalty Key Terms 43 Gross Royalty Acres Net Royalty Acres (Normalized to 1/8) Net Royalty Acres Drilling Spacing Units ("DSUs") Implied Average Net Revenue Interest per Well ■ An undivided ownership of the oil, gas, and minerals underneath one acre of land ■ Total Texas Pacific Land Corporation acreage 1,136,500 ■ 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 ■ Gross Royalty Acres \* Avg. royalty / (1/8) 224,000 = 1,136,500 \* 2.5% / (1/8) ■ Gross Royalty Acres \* Avg. royalty 28,000 = 1,136,500 \* 2.5% ■ Total number of gross DSU acres 2,840,300 ■ Net Royalty Acres / Gross DSU Acres 1.0% = 28,000 / 2,840,300 Description How's It Calculated Note: Gross DSU acres based on current and projected DSU shapes. Net royalty acres pro forma for October 2025 royalty interests acquisition; figures as of 11/3/2025 Numbers may not foot due to immaterial rounding. Focus Area Gross Royalty Acres Net Royalty Acres (8/8th) Average Royalty Gross DSU Acres Implied Avg Net Revenue Interest per well Delaware Basin 396,200 19,700 5.0% 1,066,800 1.9% Midland Basin 706,000 6,600 0.9% 1,707,600 0.4% Other 34,300 1,700 5.0% 65,900 2.6% Total 1,136,500 28,000 2.5% 2,840,300 1.0%

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Non-GAAP Reconciliations - Consolidated Source: Company data. Note: Numbers may not foot due to immaterial rounding. 1. Land swap of ~$22 million in 4Q19, and sale to WPX in 1Q19 of ~$100 million. 2. Sale of nonparticipating perpetual oil and gas royalty interest in approximately 812 net royalty acres (1/8th interest) of ~$19 million. 3. Costs related to proxy contest to elect a new Trustee, settlement agreement and corporate reorganization. 4. Excludes land sales deemed significant and sales of oil and gas royalty interests. 44

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Non-GAAP Reconciliations - Segment Source: Company data. Note: Numbers may not foot due to immaterial rounding. 45

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Historical Financial Summary 46 Source: Company data. Note: Numbers may not foot due to immaterial rounding.

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2699 Howell Street, Suite 800 Dallas, Texas 75204 Texas Pacific Land Corporation

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