Texas Pacific Land Corporation · NYSE:TPL
Texas Pacific Land — Investor Presentation (May 2026)
50 slides from Texas Pacific Land's investor presentation, May 18, 2026
Slide 1: Investor Presentation: Shareholder Office and Water Field Visit in Midland
Texas Pacific Land Corporation Investor Presentation | Shareholder Office and Water Field Visit in Midland May 2026 NYSE: TPL Exhibit 99.1
Slide 2: Disclaimers
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 t
Slide 3: Agenda
Agenda 3 PRESENTATION Time: 8:15 AM – 10:30 AM 1. Water History and Overview 2. Water Sales 3. Produced Water Royalties 4. Desalination & Beneficial Reuse 5. Data Centers BREAK & Lunch Time: 10:45 AM - 11:15 AM MIDLAND YARD FIELD VISIT 1. Transportation to Midland Yard | Time: 11:30-12:00 2. Midla
Slide 4: Midland Yard Field Tour Overview
Midland Yard Field Tour Overview Frac pond Land apply pilot Water well Midland Yard Facility 4 Lab Greenhouse Phase 1 freeze desalination test unit Treatment tank Tent / meet & greet
Slide 5: Presenters
Presenters Ty Glover, CEO Chris Steddum, CFO Robert Crain, EVP Water Adrianne Lopez, Technical Research & Development Peter Richards, Bolt Data & Energy 5
Slide 6: Safety Briefing
Safety Briefing
Slide 7: TPL Water Overview and History
TPL Water Overview and History
Slide 8: Raw Land Does Not Monetize Itself
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 F
Slide 9: TPL Captures Revenue Over the Well Lifecycle
TPL Captures Revenue Over the Well Lifecycle 9 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, pipelines)
Slide 10: TPL Water Segment has been profitable every year since inception
TPL Water Segment has been profitable every year since inception 10 $19 $52 $68 $61 $75 $94 $111 $153 $177 ($18) ($45) ($31) ($12) ($19) ($15) ($22) ($25) ($7) ($31) ($15) ($29) ($56) ($80) $20 $120 2017 2018 2019 2020 2021 2022 2023 2024 2025 Post-tax Cash Flow1 Sourced & Treated Capex Water Segmen
Slide 11: TPL's Standalone Water Segment Retains Excellent Margins
TPL’s Standalone Water Segment Retains Excellent Margins 8% 18% 13% 15% 52% Oilfield Services (OIH) Midstream (ENFR) S&P O&G (XOP) S&P 500 TPL Water Services & Operations Net Income Margin Comparison Source: Bloomberg and Company data. Note: OIH, ENFR, XOP, and S&P 500 data reflects last-twelve-mont
Slide 12: Water Sales
Water Sales
Slide 13: Water Sales Overview and Management
Water Sales Overview and Management 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 ac
Slide 14: Water Sales – Operated vs Royalty/Non-Operated Business Model
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 man
Slide 15: Operations Overview: Water Well, Lay-Flat, Automation Equipment
Operations Overview: Water Well, Lay-Flat, Automation Equipment 15
Slide 16: Operations Overview: Frac Pond
Operations Overview: Frac Pond 16
Slide 17: Hercules Treatment frac pond diagram
17 treated water pond water treatment skids inlet raw produced water (“PW”) stored in above ground storage tanks (“AST”) recirculated water inlet treated water treated water pond produced water outlet suction lines outlet treated water pumped to fracs lay-flat pipe to frac site aeration and chemical
Slide 18: Water Sales Asset Map
Water Sales Asset Map 18 storage capacity1,000+ mbbl/d ~38 mmbbl source water pipelines~480 miles sourced & produced water treatment capacity Delaware Basin Midland Basin Midland Yard Field Tour Hercules Treatment
Slide 19: Delaware Completion Water Trends Advantageous for TPL Capture
10% 19% 23% 31% 41% 45% 50% 57% 69% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Delaware Completion Water Trends Advantageous for TPL Capture 19 Delaware Basin Completion Water Demand Delaware Permian Other Average Fluid Used per Delaware Well Completion Percentage of Completions on Pads with 4+ Co
Slide 20: Upstream Operator Efficiencies Creates Opportunities for TPL
Upstream Operator Efficiencies Creates Opportunities for TPL Simulfracs and Co-completions Driving Increased Water Intensity 20 Zipper Frac: Frac 1 Well at a Time A B C Simulfrac: Frac 2 Wells Simultaneously Achieves ~3,500 completed lateral feet / day Water Demand: ~175k bwpd Achieve ~2,500 c
Slide 21: Immense Permian Inventory to Sustain Completion Water Demand
Permian Eagle Ford DJ Williston Anadarko ~17,000 ~5,000 ~7,000 ~6,000 Immense Permian Inventory to Sustain Completion Water Demand Delaware Midland Additional Permian viable locations with $60+/bbl break-even ~97,000 Permian’s unmatched remaining inventory provides TPL with extensive water sales gro
Slide 22: TPL Water Sales Generating Growth While Retaining Strong Margins
$22 $38 $26 $26 $37 $41 $36 $37 $39 $26 $45 $61 - 10 20 30 40 50 60 70 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 74% 73% 68% 66% 72% 64% 68% 75% 71% 67% 63% 71% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2
Slide 23: Source and Treated Water Capital Intensity is Modest
Source and Treated Water Capital Intensity is Modest 23 $55 $68 $85 $112 $151 $170 ($5) ($12) ($19) ($15) ($22) ($25) 9% 17% 22% 13% 14% 15% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 2020 2021 2022 2023 2024 2025 Water Sales Revenue Capex Capex % of Revenue ($ in millions) Historical Water Capital Ou
Slide 24: TPL Can Substantially Expand Water Sales with Relatively Modest Investment
TPL Can Substantially Expand Water Sales with Relatively Modest Investment 24 Growth Opportunities 1 Expand Existing Brackish Capacity 2 Optimize Existing Treatment Capacity and Grow Redelivery Reach 3 Additional Produced Water Ponds / Synthetic Disposal 4 Maximize Flow Assurance into Underserved, H
Slide 25: Produced Water Royalties
Produced Water Royalties
Slide 26: Produced Water Royalties Overview and Management
Produced Water Royalties Overview and Management “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 cr
Slide 27: Operations Overview: Produced Water Royalties
Operations Overview: Produced Water Royalties Derived From Contracting No Direct Operating Expenses No Capital Expenditures Indirect Costs Related to Negotiating, Enforcing, and Monitoring Commercial Contracts TPL does not own or operate produced water disposal1 1) Excludes ownership of one 8-inch p
Slide 28: Produced Water Royalties: Delaware Upstream Activity and High Water-Cuts
Produced Water Royalties Delaware Upstream Activity + High Water-Cuts to Drive Produced Water Volume Growth Drilling Rig TPL Produced Water AMI 28 TPL has executed numerous AMI (Area of Mutual Interest) agreements with operators – produced water volumes within the AMI are subject to a royalty fee TP
Slide 29: Permian Produced Water Growth Driven by Multiple Factors
0 5 10 15 20 25 2015 2017 2019 2021 2023 2025 Permian Produced Water Growth Driven by Multiple Factors 29 Water-to-Oil Ratio (“WOR”) by Permian Well Vintage 2.5 3.0 3.5 4.0 4.5 5.0 0 12 24 36 48 60 72 84 96 Months on production 2017 2018 2019 2020 2021 2022 2023 2024 Permian Produced Water (mmbbl/d)
Slide 30: TPL Retains Substantial Disposal Capacity
TPL Retains Substantial Disposal Capacity 30 Delaware Midland Out-of-Basin Subtotal Delaware Midland Out-of-Basin Subtotal 1.1 3.2 Under-utilized SWD Injection Capacity Permitted Injection Capacity Without SWD Unpermitted available pore space Desalination Available Disposal Capacity on TPL Acreage (
Slide 31: TPL Produced Water Royalties Have Demonstrated Consistent Growth
$20 $21 $21 $22 $23 $25 $28 $28 $28 $31 $32 $34 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 TPL Produced Water Royalties Have Demonstrated Consistent Growth 31 TPL Produced Water Royalty Volumes (Annual)
Slide 32: Opportunities to Expand Disposal Solutions
Opportunities to Expand Disposal Solutions 32 Growth Opportunities 1 Pore space acquisitions 2 Synthetic Disposal 3 Strategic Investments into Disposal Infrastructure 4 Expand Redelivery 5 Desalination and Beneficial Reuse Overview TPL will not allow produced water to become a constraint for Permian
Slide 33: Produced Water Desalination
Produced Water Desalination
Slide 34: Produced Water Growth Could Necessitate Solutions Beyond Traditional Disposal
Produced Water Growth Could Necessitate Solutions Beyond Traditional Disposal 34 Reduces produced water subsurface injection Long-term, sustainable produced water solution Beneficial reuse and commercial/ industrial applications Produced Water Desalination and Beneficial Reuse 0 5 10 15 20 25 30 201
Slide 35: TPL Provides Comprehensive Produced Water Disposal Solutions
TPL Provides Comprehensive Produced Water Disposal Solutions In-Basin Injection Out-of-Basin Injection Produced Water Desalination Treated/Recycled for Completions 35
Slide 36: Why Use Fractional Freeze Desalination
Why Use Fractional Freeze Desalination Lowest chloride content (fresher water) will freeze at highest freezing point (28-32ºF) Freezing point of remaining higher chloride water decreases as fresher water is removed. (20-25ºF) A 50% frozen solid mass results in a 50-60% reduction of chlorides and oth
Slide 37: Freeze Desalination is One Step in TPL's Desalination Process
Freeze Desalination is One Step in TPL’s Produced Water Desalination Process 37 Oxidation & physical separation of oil and solids1 2 3 4 5 6 Coagulation & Filtration Freeze Desalination Reverse Osmosis Granular Activated Carbon Filtration UV and chemical disinfection Depending on discharge method, a
Slide 38: Phase 1 Desalination Pilot Produced Excellent Outlet Water Quality
Phase 1 Desalination Pilot Produced Excellent Outlet Water Quality 38 SVOCs & VOCs – Reduced to the TCEQ Maximum Contaminant Level PFAS levels meet current EPA recommendation Radionuclides reduced by 99.6% Metals reduced by 95.9% Plant and soil data show minimal changes to soil and no sign
Slide 39: Empirical Studies Validate High-Spec Desalinated Produced Water
Empirical Studies Validate High-Spec Desalinated Produced Water 39 Treated desalinated produced water demonstrates improved longevity in crop quality in comparison to Midland ground water during RRC Pilot Investigation RO membrane performance study Rehabilitation plot (Reeves County) Four peer revie
Slide 40: TPL Freeze Desalination Facility Progression
TPL Freeze Desalination Facility Progression Phase 1: Freeze Desalination Proof of Concept Phase 2: Potential for Freeze Desalination at Scale Phase 3 Commercial Scale Desalination Produced Water Inlet Capacity ~20 bbl/d ~10,000 bbl/d ~100,000 bbl/d Process summary Status Successful pilot completed
Slide 41: Phase 2B Facility Update
Phase 2B Facility Update 41 Pre-Commissioning Checklist Validation/Controls Pressure/Leak Detect Pre-Treatment – RSL Treatment Ice Makers Ice/slush separation Reverse Osmosis Irrigation 1 2 3 4 5 6 7 Post-Commissioning Priorities 1 2 3 4 5 6 7 Unit cost economic analysis at scale Water quality check
Slide 42: Potential Desalination Commercialization Strategy
Potential Desalination Commercialization Strategy License + Royalty SpinCoJoint VentureCost-Plus 42 Goal is to maximize value for shareholders while maintaining capital-light, high-margin business model Generates recurring revenue via “licensing fee” paid by owner/operators in exchange for utilizing
Slide 43: Desalination Could Provide Multiple Ancillary Revenue Opportunities
Desalination Could Provide Multiple Ancillary Revenue Opportunities 43 Ice / Cold Air Colocation Water for Datacenter and Power Gen Cooling Concentrated Brine Valorization Native Grass Restoration / Carbon Credits Water Credits
Slide 44: Data Centers
Data Centers
Slide 45: West Texas Emerging as a Major Data Center and Power Infrastructure Hub
West Texas Emerging as a Major Data Center and Power Infrastructure Hub 45 Natural gas 20+ bcf/d of Permian gas production, expected to grow 8+ bcf/d over next 5-10 years; 1 bcf/d of natural gas could power ~6 GW of combined cycle gas plants Solar 11+ GW current generation in ERCOT West Texas, with
Slide 46: Data Centers Planning to Set Major Footholds in Texas
Data Centers Planning to Set Major Footholds in Texas, Especially West Texas 7 40 99 149 187 212 228 11 46 108 161 200 225 242 - 50 100 150 200 250 2026 2027 2028 2029 2030 2031 2032 46 ERCOT Large Load Submissions by Load Type (GW) 1Q 2026 Interconnect Requests (GW) Source: ERCOT and Orennia 0 2 4
Slide 47: TPL Land Possess Critical Infrastructure Elements For Large-Scale Data Centers
TPL Land Possess Critical Infrastructure Elements For Large-Scale Data Centers 47
Slide 48: Bolt Update
Bolt Update 48 Advancing LOI and RFPs with various blue-chip operators/developers/customers Progressing site diligence with key development firm (hyperscaler and AI labs often leverage approved- vendors to assist with development) Land, water, gas supply, and turbine procurement in progress Collabor
Slide 49: Q&A
Q&A
Slide 50: Texas Pacific Land Corporation address
2699 Howell Street, Suite 800 Dallas, Texas 75204 Texas Pacific Land Corporation
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