Texas Pacific Land Corporation · NYSE:TPL
Texas Pacific Land — Q3 2026 Earnings Presentation
47 slides from Texas Pacific Land's earnings presentation, Nov 4, 2026
Slide 1: Texas Pacific Land Corporation Investor Presentation – November 2026
Texas Pacific Land Corporation NYSE: TPL Investor Presentation – November 2026 Exhibit 99.2
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: 3Q 2026 Summary Financial and Operating Update
$65.14 $59.48 $70.57 $97.55 $83.57 0.0 20.0 40.0 60.0 80.0 100.0 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 14.0 14.4 14.9 14.1 17.1 11.1 11.5 10.7 13.1 12.8 11.2 11.7 11.4 12.5 12.4 36.3 37.5 37.1 39.7 42.3 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Oil Gas
Slide 4: Value Creation Culture and Proven Performance
(1%) 1% 15% 19% 29% -12% -2% 8% 18% 28% WTI SPY Nasdaq TPL fsfsdfsfs 4 $37 $78 $160 $258 $128 $209 $365 $307 $315 $322 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $5 $19 $50 $60 $48 $61 $81 $99 $139 $159 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 2016 2017 2018 2019 2020 2021 2022 2023 2
Slide 5: Unique Permian Basin Pure-Play
Unique Permian Basin Pure-Play $ $ Positioned to capture upside $687 Million 2025 Adjusted EBITDA Balance Sheet Strength No Debt Cash Balance of $370 Million ~28,000 Core Permian Net Royalty Acres ~896,000 Surface Acres Diversified Revenue Streams: Royalties, Water, and Surface Pure Play Permian Exp
Slide 6: TPL by the Numbers
$40 $80 $160 $234 $188 $278 $452 $415 $461 $498 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Texas Pacific Land Corporation (NYSE: TPL) TPL by the Numbers1 Market Value ($MM) $23,000 Cash & Equivalents ($MM) $370 Debt ($MM) $0 Net Royalty Acres (100% net basis) ~28,000 Normalized to 1/8th ~224,
Slide 7: TPL History and Evolution
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 th
Slide 8: Unmatched Permian Footprint Combined With Premier Operators
Unmatched Permian Footprint Combined With Premier Operators Royalty Acreage Combined Royalty & Surface Surface and Easement Acreage 37% 35% 28% Revenue Contribution1 (FY 2025) Super- majors Large-cap independents Other (1) Permian supermajors include Chevron, Exxon, ConocoPhillips, BP and their resp
Slide 9: Permian Basin is a World-Class Resource
~65,000 ~34,000 ~13,000 ~5,000 ~3,000 ~3,000 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Permian Montney Eagle Ford Williston Anadarko DJ Permian Basin is a World-Class Resource Source: US EIA, OPEC, Baker Hughes, Enverus and Company data. Production figures represent 4Q 2025 averages. Note:
Slide 10: Capital Allocation Framework Focused on Maximizing Shareholder Value
$13 $18 $24 $25 $25 $31 $36 $45 $70 $51 $202 $105 $335 $143 $376 $156 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividends Share repurchases Capital Allocation Framework Focused on Maximizing Shareholder Value RETURN CAPITAL Return substantial amounts of capital
Slide 11: Focused on Allocating Capital Towards Highest Returns
$2.29 $3.34 $2.69 $3.99 $6.49 $6.01 $6.68 $7.22 $- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 2018 2019 2020 2021 2022 2023 2024 2025 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 woul
Slide 12: TPL's Unique Combination of Surface and Royalties
63% 72% 100% (31%) (45%) (60%) (40%) (20%) 0% 20% 40% 60% 80% 100% SLEM Produced Water Water Sales WTI Oil Henry Hub Natural Gas TPL’s Unique Combination of Surface and Royalties SURFACE WATER ROYALTIES Performance – FY 2025 versus FY 2022 TPL Revenue Spot Prices 12 ― ― ― Comparison of Significant R
Slide 13: TPL Maintains Top Tier Profitability Margins
TPL Maintains Top Tier Profitability Margins 8% 18% 13% 15% 52% 60% 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-tw
Slide 14: Capital Efficient Growth Through the Commodity Cycle
TPL Water Sales Volumes (mbbl/d) 21.3 23.5 26.8 34.6 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 2022 2023 2024 2025 462 563 736 763 0 100 200 300 400 500 600 700 800 900 2022 2023 2024 2025 1,957 2,510 3,435 4,292 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2022 2023 2024 2025 Capita
Slide 15: Permian Activity Overview
Permian Activity Overview 15 2,267 660 537 2,426 966 475 2,533 809 593 0 500 1000 1500 2000 2500 3000 3500 ≤ 6 months 6 months < x ≤ 1.5 years 1.5 years < x ≤ 4 years 2026 2025 2024 - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 1,522 1,491 1,493 1,452 1,478 1,563 1,474 1,488 1,390 1,273 1Q 2024 2Q 2024 3Q 2024 4Q 2
Slide 16: Investment Highlights
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
Slide 17: Jay Gould, Founder - Texas and Pacific Railway
17 Jay Gould Founder - Texas and Pacific Railway
Slide 18: Orla Field Camp for survey team (June 1930) Survey team (June 1930) El Capitan
18 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
Slide 19: TPL Currently Has Four Primary Revenue Streams
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 (
Slide 20: Oil and Gas Royalties Overview and Management
Oil and Gas Royalties Overview and Management TPL Producing Horizontal Wells (Net) by OperatorRevenue 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 du
Slide 21: TPL Royalty Production and Inventory Detail
52.4 54.5 59.3 62.3 64.3 68.4 71.1 74.7 76.6 81.0 82.3 16.8 17.7 18.8 23.4 24.7 25.7 27.4 38.9 45.1 48.0 47.4 70.2 73.3 79.2 86.8 90.2 95.4 100.5 116.1 124.4 131.9 132.5 10.0 30.0 50.0 70.0 90.0 110.0 130.0 150.0 1Q 2024 2Q 3Q 4Q 1Q 2025 2Q 3Q 4Q 1Q 2026 2Q 3Q Delaware Midland Permian Other TPL Roya
Slide 22: TPL source water infrastructure
22 TPL source water infrastructure
Slide 23: TPL source water pond
23 TPL source water pond
Slide 24: 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 25: Surface, Leases, Easements and Materials (SLEM) Overview and Management
47% 10% 19% 12% 12% Surface, Leases, Easements and Materials (SLEM) Overview and Management $78MM 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
Slide 26: Water Sales Overview and Management
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 capabili
Slide 27: Water Sales Asset Map
Water Sales Asset Map storage capacity 1,000+ mbbl/d ~38 mmbbl source water pipelines~480 miles 331 357 393 413 426 455 481 488 522 - 100 200 300 400 500 600 2017 2018 2019 2020 2021 2022 2023 2024 2025 Average Fluid Used per Delaware Well Completion Average O&G well in the Delaware requires an incr
Slide 28: Produced Water Royalties Overview and Management
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 mana
Slide 29: Delaware Upstream Activity + High Water-Cuts to Drive Produced Water Volume Growth
~690 ~1,220 ~180 ~310 First 12 months production First 36 months production 11.2 14.6 17.8 17.7 18.3 21.0 23.1 24.3 24.9 (2.0) 3.0 8 .0 13.0 18 .0 23.0 28.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 Produced Water Royalties Delaware Upstream Activity + High Water-Cuts to Drive Produced Water Volu
Slide 30: TPL Captures Revenue Over the Well Lifecycle
TPL Captures Revenue Over the Well Lifecycle 30 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
Slide 31: Permian's Massive Resource Potential
Permian’s Massive Resource Potential Enormous Acreage Extent and Stacked Pay Potential 31 ~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 Midlan
Slide 32: 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 32 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 33: TPL Innovation | Produced Water Desalination and Beneficial Reuse
TPL Innovation | Produced Water Desalination and Beneficial Reuse 33 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
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 34 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
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Slide 36: Appendix
Appendix
Slide 37: Summary of Highest-Visibility Inventory
Summary of Highest-Visibility Inventory Notes: Per Company data. Permian Basin horizontal locations as of 9/30/26. Percentages may not total to 100% due to immaterial rounding. Permitted well conversion rate based on wells permitted from 10/1/24 through 9/30/25 and then drilled through 9/30/26. DUC
Slide 38: The Basics of Royalties Ownership
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 38 Key Terms and Comparison: Royalties/Minerals vs Lease Interest PARTICIPANTS NOMENCL
Slide 39: Compensation Incentives Aligned With Shareholder Value Creation
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 Ince
Slide 40: Sustainability is Embedded in Our Strategy
Sustainability is Embedded in Our Strategy 40 Key Opportunities Carbon Management Government policies incentivize sustainable energy projects (e.g., carbon capture, utilization and storage) and TPL can reposition its business to take advantage of the opportunities created by these policies Water M
Slide 41: Our Environmental Management Initiatives
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; informatio
Slide 42: ESG Update
ESG Update Category 2021 2022 2023 2024 2025 Emissions Scope 1 CO2 Emissions 16,159 10,590 13,819 14,945 13,361 Scope 2 CO2 Emissions 6,596 11,492 10,572 14,663 17,314 Total Scope 1 + Scope 2 22,755 22,082 24,391 29,608 30,675 Methane Emissions 0 0 0 0 0 $303 $451 $667 $632 $706 $798 24.1 22.8 22.1
Slide 43: Royalty Key Terms
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 acr
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 45 Source: Company data. Note: Numbers may not foot due to immaterial rounding.
Slide 46: Historical Financial Summary
Historical Financial Summary 46 Source: Company data. Note: Numbers may not foot due to immaterial rounding.
Slide 47: Texas Pacific Land Corporation contact
2699 Howell Street, Suite 800 Dallas, Texas 75204 Texas Pacific Land Corporation