Texas Pacific Land Corporation · NYSE:TPL
Texas Pacific Land — Investor Presentation (May 2026)
50 slides from Texas Pacific Land's investor presentation, May 2026
Slide 1: Texas Pacific Land Corporation Investor Presentation
Texas Pacific Land Corporation Investor Presentation | Shareholder Office and Water Field Visit in Midland May 2026 NYSE: TPL
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 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 Midland Yard Facility Lab Land apply pilot Greenhouse Phase 1 freeze desalination test unit Tent / meet Frac pond Treatment tank Water well & greet 4
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 Surface Estate Ownership estate ownership within the oil and gas industry and (ii) proactive execution are Leveraging Ownership of Raw Surface into Cash Flow requisite towards extracting substantial cash flow from raw l
Slide 9: TPL Captures Revenue Over the Well Lifecycle
TPL Captures Revenue Over the Well Lifecycle E&P/upstream operators procure regulatory permits; prepare future well site 1 Permit and develop infrastructure ■ Fixed fees for use of TPL’s surface for the construction and operation of infrastructure (e.g., well sites, pipelines) SLEM ■ Sale of materia
Slide 10: TPL Water Segment has been profitable every year since inception
TPL Water Segment has been profitable every year since inception Water Segment After-Tax Cash Flow vs Capital Expenditures ($ in millions) $177 $153 $120 $111 $94 Since inception $75 $68 $811M $61 $52 Post-tax Cash Flow1 $20 $19 ($18) ($45) ($31) ($12) ($19) ($15) ($15) ($22) ($7) ($25) Sourced & Tr
Slide 11: TPL's Standalone Water Segment Retains Excellent Margins
TPL’s Standalone Water Segment Retains Excellent Margins TPL Water TPL Land & 52% Services & 66% Resource 60% Consolidated TPL Operations Management FY 2025 net FY 2025 net FY 2025 net income margin income margin income margin Net Income Margin Comparison Net Income Margin Distribution for S&P 500 C
Slide 12: Water Sales
Water Sales
Slide 13: Water Sales Overview and Management
Water Sales Overview and Management Revenue Mechanics 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
Slide 14: Water Sales – Operated vs Royalty/Non-Operated Business Model
Water Sales – Operated vs Royalty/Non-Operated Business Model Royalty / Non-Operated Source Water Model (i.e., pre-TPWR) TPL formed TPWR in July 2017 Pre-TPWR development, TPL had negotiated History various royalty agreements with 3rd party operators Professional hydrologists, advanced sensors, and
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
inlet raw produced water (“PW”) stored in above ground storage tanks (“AST”) Hercules Treatment inlet treated water produced water treated water pond treated water pond water treatment skids recirculated water lay-flat pipe to frac site outlet suction lines outlet treated water aeration and chemical
Slide 18: Water Sales Asset Map
Water Sales Asset Map 1,000+ ~38 ~480 sourced & produced storage source water water treatment capacity pipelines mbbl/d capacity mmbbl miles Delaware Basin Midland Basin Hercules Treatment Midland Yard Field Tour 18
Slide 19: Delaware Completion Water Trends Advantageous for TPL Capture
Delaware Completion Water Trends Advantageous for TPL Capture Average Fluid Used per Delaware Well Completion Delaware Basin Completion Water Demand (mbbls) (mbbl/d) 522 481 488 455 4,000 393 413 426 Operators 331 357 continue to increase water Permian used per well completion Other Total Delaware C
Slide 20: Upstream Operator Efficiencies Creates Opportunities for TPL
Upstream Operator Efficiencies Creates Opportunities for TPL Simulfracs and Co-completions Driving Increased Water Intensity Illustrative Zipper Frac vs Simulfrac Co-Completion Example Occidental Solstice Lease Development By Interval Simulfrac: Zipper Frac: Wolfcamp XY Frac 2 Wells Frac 1 Well at a
Slide 21: Immense Permian Inventory to Sustain Completion Water Demand
Immense Permian Inventory to Sustain Completion Water Demand Well Locations With <$60/bbl breakeven Permian Stacked Pay Potential Permian’s unmatched remaining inventory provides ~97,000 TPL with extensive water sales growth runway Additional Permian viable locations with $60+/bbl break-even ~65,000
Slide 22: TPL Water Sales Generating Growth While Retaining Strong Margins
TPL Water Sales Generating Growth While Retaining Strong Margins TPL Water Sales Volumes Revenues 70 ($ in millions) (mbbl/d) $61 60 Other $45 50 763 $41 $39 Treated 736 40 $38 $37 $36 $37 30 $26 $26 $26 $22 Sourced 20 563 10 - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 462 2023 2023 2023 2023 2024 2024 20
Slide 23: Source and Treated Water Capital Intensity is Modest
Source and Treated Water Capital Intensity is Modest Historical Water Capital Outlays and Revenues ($ in millions) Capital Expenditures Overview 25% 22% 20% Maintenance Capital Expenditures 17% Roughly 10% of sales Capex % of 14% 15% – Electrification 15% Revenue 13% – Equipment upgrades 9% 10% $1
Slide 24: TPL Can Substantially Expand Water Sales with Modest Investment
TPL Can Substantially Expand Water Sales with Relatively Modest Investment Growth Opportunities Overview Leverage scale of existing network to proactively add 1 Expand Existing Brackish Capacity and/or reposition assets towards undeveloped acreage that will imminently be developed Optimize Existin
Slide 25: Produced Water Royalties
Produced Water Royalties
Slide 26: Produced Water Royalties Overview and Management
Produced Water Royalties Overview and Management Revenue Mechanics 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 hi
Slide 27: Produced Water Royalties Derived From Contracting
Operations Overview: Produced Water Royalties Derived From Contracting TPL does not own or operate produced water disposal1 No Direct Operating Expenses No Capital Expenditures Royalty revenue generated from disposal or easement Indirect Costs Related to Negotiating, Enforcing, and Monitoring Commer
Slide 28: Produced Water Royalties
Produced Water Royalties Delaware Upstream Activity + High Water-Cuts to Drive Produced Water Volume Growth 4.3M Bbl/d; FY 2025 produced water royalty volumes $124M FY 2025 revenue Zero TPL has executed numerous AMI direct operating (Area of Mutual Interest) TPL also generates significant agreements
Slide 29: Permian Produced Water Growth Driven by Multiple Factors
Permian Produced Water Growth Driven by Multiple Factors Water-to-Oil Ratio (“WOR”) by Permian Well Vintage Permian Produced Water (mmbbl/d) 5.0 4.5 25 4.0 WOR generally 3.5 increases as wells Permian 2017 2018 2019 2020 age Other 3.0 2021 2022 2023 2024 2.5 20 0 12 24 36 48 60 72 84 96 Months on pr
Slide 30: TPL Retains Substantial Disposal Capacity
TPL Retains Substantial Disposal Capacity Available Disposal Capacity on TPL Acreage (mmbbl/d) 3.2 Desalination Unpermitted available pore space 1.1 Delaware Midland Out-of-Basin Subtotal Delaware Midland Out-of-Basin Subtotal Under-utilized SWD Injection Permitted Injection Capacity Capacity Withou
Slide 31: TPL Produced Water Royalties Have Demonstrated Consistent Growth
TPL Produced Water Royalties Have Demonstrated Consistent Growth TPL Produced Water Royalty Volumes (Annual) Produced Water Royalty Revenues (Quarterly) ($ in millions) (mbbl/d) $35.0 $34 $32 $31 4,292 $28 $30.0 $28 $28 $25 $23 $25.0 $22 $21 $21 3,435 $20 $20.0 $15.0 2,510 $10.0 1,957 $5.0 1,595 $-
Slide 32: Opportunities to Expand Disposal Solutions
Opportunities to Expand Disposal Solutions Growth Opportunities Overview Consolidate additional acreage throughout Texas and 1 Pore space acquisitions New Mexico, both in-basin and out-of-basin Incorporate incremental frac pond capacity that can 2 Synthetic Disposal stage produced water for futu
Slide 33: Produced Water Desalination
Produced Water Desalination
Slide 34: Produced Water Desalination and Beneficial Reuse
Produced Water Growth Could Necessitate Solutions Beyond Traditional Disposal Delaware + Midland Produced Water vs Injection Volumes (B3 Forecast) Produced Water Desalination (mmbbl/d) 30 Current Produced Water and Beneficial Reuse 25 Growing gap between produced Reduces produced water Produced wate
Slide 35: TPL Provides Comprehensive Produced Water Disposal Solutions
TPL Provides Comprehensive Produced Water Disposal Solutions In-Basin Out-of-Basin Treated/Recycled Produced Water Injection Injection for Completions Desalination 35
Slide 36: Why Use Fractional Freeze Desalination
Why Use Fractional Freeze Desalination Freeze point of water varies based on salinity levels (i.e., sea ice in the Arctic is much less salty than the ocean water around it) Lowest chloride content (fresher water) will freeze at highest freezing point (28-32ºF) Freezing point of remaining higher chlo
Slide 37: Freeze Desalination is One Step in TPL's Desalination Process
Freeze Desalination is One Step in TPL’s Produced Water Desalination Process TPL’s Patented Freeze Desalination Process Process Purpose Removal reduces majority of O&G, all hydrogen sulfide (H2S), 1 Oxidation & physical separation of oil and solids bacteria, and chemical residues Reduces most of rem
Slide 38: Phase 1 Desalination Pilot Produced Excellent Outlet Water Quality
Phase 1 Desalination Pilot Produced Excellent Outlet Water Quality TPL Phase 1 Desalination Pilot Inlet Raw Produced Outlet Desalinated Water Produced Water Chlorides 91,700 153 Water Quality Results mg/L SVOCs & VOCs – Reduced to the TCEQ Maximum Contaminant Level Sulfates 701 <0.5 mg/L PFAS le
Slide 39: Empirical Studies Validate High-Spec Desalinated Produced Water
Empirical Studies Validate High-Spec Desalinated Produced Water Treated desalinated produced water TWS successfully grew alfalfa & natives Passed three rounds of Whole demonstrates improved longevity in crop during piloting Effluent Toxicity (“WET”) testing quality in comparison to Midland ground wa
Slide 40: TPL Freeze Desalination Facility Progression
TPL Freeze Desalination Facility Progression Phase 2: Phase 1: Phase 3 Potential for Freeze Desalination at Freeze Desalination Proof of Concept Commercial Scale Desalination Scale Produced Water Inlet ~20 bbl/d ~10,000 bbl/d ~100,000 bbl/d Capacity Status Successful pilot completed Construction com
Slide 41: Phase 2B Facility Update
Phase 2B Facility Update Pre-Commissioning Checklist Post-Commissioning Priorities 1 Validation/Controls 1 Unit cost economic analysis at scale 2 Pressure/Leak Detect 2 Water quality check for various uses (e.g., land, water, cooling) 3 Waste-heat capture 3 Pre-Treatment – RSL Treatment 4 Reminerali
Slide 42: Potential Desalination Commercialization Strategy
Potential Desalination Commercialization Strategy TPL could deploy multiple funding and commercialization strategies towards deploying multiple industrial scale desalination facilities in the Permian and elsewhere License + Royalty Cost-Plus Joint Venture SpinCo Generates recurring revenue via TPL s
Slide 43: Desalination Could Provide Multiple Ancillary Revenue Opportunities
Desalination Could Provide Multiple Ancillary Revenue Opportunities Water for Native Grass Ice / Cold Air Concentrated Brine Datacenter and Restoration / Water Credits Colocation Valorization Power Gen Cooling Carbon Credits 43
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 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 11+
Slide 46: Data Centers Planning to Set Major Footholds in Texas
Data Centers Planning to Set Major Footholds in Texas, Especially West Texas ERCOT Large Load Submissions by Load Type (GW) 1Q 2026 Interconnect Requests (GW) ERCOT: West 250 242 O&G 225 Industrial Crypto mining Salt River Project 200 200 Data center ERCOT: South 161 ERCOT: North 150 Florida Power &
Slide 47: TPL Land Possess Critical Infrastructure Elements For Data Centers
TPL Land Possess Critical Infrastructure Elements For Large-Scale Data Centers 47
Slide 48: Bolt Update
BACKGROUND: In December 2025, TPL invested $50 million into Bolt Data & Energy, Inc. (“Bolt”) to develop and enable large-scale data center campuses and supporting infrastructure. Bolt is co-founded by Eric Schmidt, former CEO and Chairman of Google, who also serves as Bolt’s Bolt Update Chairman. B
Slide 49: Q&A
Q&A
Slide 50: Texas Pacific Land Corporation
Texas Pacific Land Corporation 2699 Howell Street, Suite 800 Dallas, Texas 75204
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