Texas Pacific Land Corporation · NYSE:TPL
Texas Pacific Land — Q2 2026 Earnings Presentation
47 slides from Texas Pacific Land's earnings presentation, Aug 6, 2026
Slide 1: Texas Pacific Land Corporation
Texas Pacific Land Corporation NYSE: TPL Investor Presentation – August 2026
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: 2Q 2026 Summary Financial and Operating Update
2Q 2026 Summary Financial and Operating Update 2025 2026 O&G Royalty Production Total Water Sales Volumes1 (mboe/d) (mbbl/d) 2Q 3Q 4Q 1Q 2Q 1,001 45.0 39.7 37.5 37.1 1,000.0 Selected consolidated financials ($MM): 40.0 36.3 33.2 819 35.0 775 Oil and gas royalties $ 95.0 $ 108.7 $ 96.7 $ 118.2 $ 145.
Slide 4: Value Creation Culture and Proven Performance
Value Creation Culture and Proven Performance Average Annual Total Return Since 2017 (Compounded annual return from 1/1/2017 to 12/31/2025) TPL 29% Nasdaq 19% (Composite) SPY 15% WTI WTI Oil 1% fsfsdfsfs S&P Oil & Gas E&P Index (1%) -12% -2% 8% 18% 28% Land & Resource Management Water Services & Ope
Slide 5: Unique Permian Basin Pure-Play
Unique Permian Basin Pure-Play Positioned to capture Efficient conversion of Balance Sheet Strength $ upside revenues to cash No Debt $687 Million $ $498 Million Cash Balance of 2025 Adjusted EBITDA 2025 Free Cash Flow $249 Million Diversified Revenue ~28,000 Streams: 100% Permian Core Permian Net R
Slide 6: Texas Pacific Land Corporation
Texas Pacific Land Corporation (NYSE: TPL) One of the largest landowners in Texas with approximately 894,000 acres located in the Permian Basin TPL by the Numbers1 TPL was originally organized in 1888 as a business trust to manage the property of the Texas and Market Value ($MM) $28,931 Pacific
Slide 7: TPL History and Evolution
TPL History and Evolution 1871 1888 1927 2010’s 2016 2017 2021 Texas & Pacific Texas & Pacific Railway TPL sub-share certificates $ bankruptcy leads to the listed on NYSE. TPL is The Permian Basin begins New management Railway is created and TPL forms Texas formation of Texas among the few to grow p
Slide 8: Unmatched Permian Footprint Combined With Premier Operators
Unmatched Permian Footprint Combined With Premier Operators Royalty Acreage Surface and Easement Acreage Combined Royalty & Surface Revenue Contribution1 (FY 2025) 28% Other 37% Super- majors 35% Large-cap independents (1) Permian supermajors include Chevron, Exxon, ConocoPhillips, BP and their resp
Slide 9: Permian Basin is a World-Class Resource
Permian Basin is a World-Class Resource Permian vs Major Oil Producer Nations Estimated Remaining Well Locations with US Rig Counts by Oil Basin <$60/bbl Breakeven Economics Saudia 400 Permian Williston 10.0 Arabia 70,000 DJ-Niobrara Eagle Ford Russia 9.3 ~65,000 Cana Woodford 350 US ex- 7.2 Permian
Slide 10: Capital Allocation Framework Focused on Maximizing Shareholder Value
Capital Allocation Framework Focused on Maximizing Shareholder Value RETURN CAPITAL PROTECT CAPITAL INVEST CAPITAL Return substantial amounts of capital Maintain strong balance sheet to Balance capital returns with through dividends and repurchases preserve financial flexibility attractive, high-ret
Slide 11: Focused on Allocating Capital Towards Highest Returns
Focused on Allocating Capital Towards Highest Returns Growing Free Cash Flow per Share is the Key to Generating Value We believe the key to maximizing shareholder value is to TPL FY 2025 Capital Allocation maximize intrinsic value per share, which can also be expressed by long-term free cash flow pe
Slide 12: TPL's Unique Combination of Surface and Royalties
TPL’s Unique Combination of Surface and Royalties Comparison of Significant Revenue Generation by Asset Type Performance – FY 2025 versus FY 2022 100% 100% Substantial surface and water related revenue 72% 80% growth despite O&G price 63% declines since FY 2022 60% SURFACE ― ― ― ― 40% 20% WATER ― ―
Slide 13: TPL Maintains Top Tier Profitability Margins
TPL Maintains Top Tier Profitability Margins TPL Land & TPL Water 60% Consolidated TPL 66% Resource 52% Services & Management Operations 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 Constituents
Slide 14: Capital Efficient Growth Through the Commodity Cycle
Capital Efficient Growth Through the Commodity Cyle Oil Prices (WTI Cushing Spot, $/bbl) +29% 2025 YOY Growth +4% 2025 YOY Growth +25% 2025 YOY Growth (15%) (12%) +17% +18% +30% 40.0 5,000 900 2025 YOY Growth $100 3-yr CAGR 4,500 35.0 3-yr CAGR 800 3-yr CAGR 3-yr CAGR $90 $95 34.6 4,000 4,292 763 73
Slide 15: Permian Activity Overview
Permian Activity Overview Permian Oil Production Permian Horizontal Rig Counts Permian Well Permits (mmbbl/d) 301 302 294 7.0 289 289 1,916 1,924 273 1,822 1,828 1,799 1,834 1,750 1,765 238 230 1,528 222 224 1,459 6.0 5.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2024 2024 2024 202
Slide 16: Investment Highlights
Investment Highlights 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 Efficient conversion of revenu
Slide 17: Jay Gould, Founder - Texas and Pacific Railway
Jay Gould Founder - Texas and Pacific Railway 17
Slide 18: Survey team (June 1930)
Survey team (June 1930) Survey marker (northwest corner of Section 39, Block 62, Township 2) El Capitan peak – Culberson County Orla Field Camp for survey team (June 1930) Camp Delaware Survey team in sand dunes near Guadalupe Mountains “Old Red” 18
Slide 19: TPL Currently Has Four Primary Revenue Streams
TPL Currently Has Four Primary Revenue Streams SURFACE LEASES, EASEMENTS AND O&G ROYALTIES WATER SALES PRODUCED WATER ROYALTIES MATERIAL (“SLEM”) Primarily own Non-Participating Royalty Interests Surface acreage provides multiple income Surface acreage provides ownership of water Facilitates
Slide 20: Oil and Gas Royalties
Oil and Gas Royalties Overview and Management Revenue Mechanics and Management TPL Producing Horizontal Wells (Net) by Operator How TPL is Delivering Value Oil and gas royalties represent real property By interfacing directly with operators across interests entitling the owner to a portion of the SL
Slide 21: TPL Royalty Production and Inventory Detail
TPL Royalty Production and Inventory Detail TPL Inventory (net) TPL Producing Wells (net) TPL Net Royalty Production 24.3 150.0 25.0 131.9 22.1 22.6 22.2 124.4 (mboe/d) 20.7 130.0 116.1 19.8 3.0 5.4 19.0 19.5 20.0 3.4 18.4 17.6 5.1 100.5 34.6 95.4 110.0 4.0 3.1 5.2 48.0 4.0 3.4 86.8 90.2 45.1 2.2 38
Slide 22: TPL source water infrastructure
TPL source water infrastructure 22
Slide 23: TPL source water pond
TPL source water pond 23
Slide 24: 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 25: Surface, Leases, Easements and Materials (SLEM)
Surface, Leases, Easements and Materials (SLEM) Overview and Management Revenue Mechanics and Management TPL SLEM Revenue Breakdown (FY 2025) How TPL is Delivering Value Pipeline easements 12% Leveraging technology such as advanced Provide operators/customers access-to or use- GIS, satellite imaging
Slide 26: Water Sales
Water Sales Overview and Management Revenue Mechanics and Management TPL Water Sales Volumes1 How TPL is Delivering Value (mbbl/d) Surface estate ownership includes access to TPL has developed the largest source water water aquifers infrastructure network in the northern 763 Delaware Basin 736 O&G u
Slide 27: Water Sales Asset Map
Water Sales Asset Map TPL Source Water Network 1,000+ sourced & produced water treatment capacity mbbl/d ~38 storage capacity mmbbl ~480 source water pipelines miles Average Fluid Used per Delaware Well Completion (mbbls) 600 522 481 488 455 500 413 426 393 400 357 331 300 200 TPL has developed and
Slide 28: Produced Water Royalties
Produced Water Royalties Overview and Management Revenue Mechanics and Management TPL Produced Water Royalty Volumes How TPL is Delivering Value “Produced water” refers to water that flows from a (mbbl/d) Intentionally commercialized to generate high- producing O&G well; given solids content and 4,5
Slide 29: Produced Water Royalties
Produced Water Royalties Delaware Upstream Activity + High Water-Cuts to Drive Produced Water Volume Growth Water vs Oil Production – Average Well in Delaware Basin1 (mbbl) First 12 months production First 36 months production ~1,220 ~690 ~310 ~180 TPL has executed numerous AMI TPL also generates si
Slide 30: 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, wellbores, pipelines) SLEM ■ Sale
Slide 31: Permian's Massive Resource Potential
Permian’s Massive Resource Potential Enormous Acreage Extent and Stacked Pay Potential Enormous Acreage Extent Midland and Delaware Basins Greater Permian Basin Extent ~26,000 ~17,000,000 square miles acres Combined Midland and Delaware Footprint Stacked Pay Reserves 10+ for each Midland and Delawar
Slide 32: 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 33: TPL Innovation | Produced Water Desalination and Beneficial Reuse
TPL Innovation | Produced Water Desalination and Beneficial Reuse Key Milestones TPL Desalination Project Overview Proof of concept: freeze produced water desalination works and pathway to affordable cost TPL has developed a process for produced water Collaborating with a top-tier technology and des
Slide 34: 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 22+ 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+
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Slide 36: Appendix
Appendix
Slide 37: NRI by Operator
Summary of Highest-Visibility Inventory 100% NRI Permitted Wells 100% NRI DUC Wells 100% NRI Completed Wells ~84% of Permits are drilled within 6 months ~45% of DUCs are completed within 6 months ~67% of Completed Wells are listed as producing ~91% of Permits are drilled within 12 months ~89% of DUC
Slide 38: The Basics of Royalties Ownership
The Basics of Royalties Ownership Key Terms and Comparison: Royalties/Minerals vs Lease Interest Illustrative Economic Model – Minerals/Royalties vs Lease Interest ROYALTIES / MINERALS LEASE INTEREST Capital Costs and Revenue / Companies that own lease interests are also generally PARTICIPANTS Simpl
Slide 39: Compensation Incentives Aligned With Shareholder Value Creation
Compensation Incentives Aligned With Shareholder Value Creation Mix (% of Total)1 Intent Key Performance Dimensions Fixed (16%)1 13% Deliver competitive fixed cash Based on individual role, level of Base Salary compensation for day-to-day job experience and performance performance Incentivize
Slide 40: Sustainability is Embedded in Our Strategy
Sustainability is Embedded in Our Strategy Key Opportunities Government policies incentivize sustainable energy projects (e.g., carbon capture, utilization and storage) Carbon Management and TPL can reposition its business to take advantage of the opportunities created by these policies Produced
Slide 41: Our Environmental Management Initiatives
Our Environmental Management Initiatives Implementation of Spill Prevention, Control, and Countermeasure plan and protocol for water assets, which are equipped with tech / containment protections Incidents and Spill Thorough tracking and monitoring of all spills; information is entered into cent
Slide 42: ESG Update
ESG Update Key Statistics Emissions vs Revenue $900 80 Category 2021 2022 2023 2024 2025 Emissions $798 Scope 1 CO2 Emissions 16,159 10,590 13,819 14,945 13,361 $800 70 Scope 2 CO2 Emissions 6,596 11,492 10,572 14,663 17,314 $706 Total Scope 1 + Scope 2 22,755 22,082 24,391 29,608 30,675 $700 $667 $
Slide 43: Royalty Key Terms
Royalty Key Terms Gross Royalty Net Royalty Acres Implied Avg Net Revenue Focus Area Average Royalty Gross DSU Acres Acres (8/8th) 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 2
Slide 44: Non-GAAP Reconciliations - Consolidated
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. Costs related to proxy contest to elect a new Trustee, settlement agreement and corporate reorganiza
Slide 45: Non-GAAP Reconciliations - Segment
Non-GAAP Reconciliations - Segment Source: Company data. Note: Numbers may not foot due to immaterial rounding. 45
Slide 46: Historical Financial Summary
Historical Financial Summary Source: Company data. Note: Numbers may not foot due to immaterial rounding. 46
Slide 47: Texas Pacific Land Corporation
Texas Pacific Land Corporation 2699 Howell Street, Suite 800 Dallas, Texas 75204