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DALLAS, TX (August 5, 2026) – Texas Pacific Land Corporation (NYSE: TPL) (the “Company,” “TPL,” “we,” “our,” or “us”), one of the largest land and royalty owners in the State of Texas with surface and royalty ownership that provides revenue opportunities through the support of energy production and related industries, today announced its financial and operating results for the second quarter of 2026.

“This quarter, we delivered record results across major financial and operating metrics and achieved significant milestones within our key growth initiatives,” said Tyler Glover, Chief Executive Officer of the Company. “TPL generated record revenue, net income, and free cash flow this quarter, supported by record oil and gas royalty daily production and produced water royalty volumes. Our unhedged commodity position allowed us to capture the full upside of this quarter’s elevated oil prices. We also disclosed our involvement with Project Kilby, a multi-gigawatt power generation and data center hub located in Reeves County. As part of that development, TPL is providing land and water resources. In addition, we acquired land in Shackelford and Jones Counties, Texas as we expand our data center and power generation efforts to areas beyond the immediate Permian Basin. Furthermore, we have completed construction and begun commissioning on our 10,000 barrel per day produced water desalination test facility in Orla, Texas. Our produced water desalination efforts represent a proprietary potential sustainable solution to mitigate produced water injection demands, while also providing numerous commercial opportunities to utilize the high-spec freshwater and concentrated brine output streams.”

•Announced an agreement with a Chevron Corporation (NYSE: CVX) (“Chevron”) subsidiary to provide land and brackish water resources for Chevron’s recently announced development known as Project Kilby, involving a large-scale power generation facility Chevron is developing to support a customer data center in Reeves County, Texas.

•As of June 30, 2026, TPL’s royalty acreage had an estimated 5.6 net well permits, 9.5 net drilled but uncompleted wells (“DUCs”), and 3.4 net completed but not producing wells (“CUPs”), totaling 18.4 net wells.(2) TPL had 131.9 net producing wells as of June 30, 2026, and net producing wells added during the quarter had an average lateral length of approximately 10,438 feet.

Total revenues for the second quarter of 2026 were $246.1 million compared to $236.8 million for the first quarter of 2026. The increase in total revenues was primarily due to a $27.4 million increase in oil and gas royalty revenue, a $6.3 million increase in easements and other surface-related income, and a $3.5 million increase in produced water royalties, partially offset by a $20.9 million change in land sales revenue and a $7.1 million decrease in water sales compared to the first quarter of 2026. The Company’s average realized price was $42.17 per Boe in the second quarter of 2026 compared to $37.06 per Boe in the first quarter of 2026, and the Company’s share of production was 39.7 thousand Boe per day for the second quarter of 2026 compared to 37.1 thousand Boe per day for the first quarter of 2026. Water sales decreased in the second quarter of 2026 compared to the first quarter of 2026 due to a decrease in water sales volumes, partially offset by an increase in average realized pricing. TPL’s revenue streams are directly impacted by commodity prices and development and operating decisions made by its customers.

Total operating expenses were $54.2 million for the second quarter of 2026 compared to $54.5 million for the first quarter of 2026. The decrease in operating expenses was principally related to a $2.7 million decrease in water service-related expenses, partially offset by a $2.6 million increase in depreciation, depletion and amortization expense during the second quarter of 2026 compared to the first quarter of 2026.

Total revenues for the six months ended June 30, 2026 were $482.9 million compared to $383.5 million for the six months ended June 30, 2025. The increase in total revenues was primarily due to a $57.5 million increase in oil and gas royalty revenue, a $22.2 million increase in water sales, a $20.9 million increase in land sales, and a $12.2 million increase in produced water royalties, partially offset by a $13.5 million change in easements and other surface-related income during the six months ended June 30, 2026 compared to the same period of 2025. The Company’s share of production was 38.4 thousand Boe per day for the six months ended June 30, 2026 compared to 32.2 thousand Boe per day for the same period of 2025, and the Company’s average realized price was $39.72 per Boe for the six months ended June 30, 2026 compared to $37.10 per Boe for the same period of 2025. Water sales increased due to both increased water sales volumes and average realized pricing, and produced water royalties increased 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 $108.7 million for the six months ended June 30, 2026 compared to $89.7 million for the same period of 2025. The increase in operating expenses was principally related to an increase of $6.3 million in water service-related expenses, a $5.0 million increase in depreciation, depletion and amortization, and an increase of $4.9 million in general and administrative expenses during the six months ended June 30, 2026 compared to the same period of 2025.

The Company will hold a conference call on Thursday, August 6, 2026 at 9:30 a.m. Central Time to discuss second 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# 13759099. The telephone replay will be available starting shortly after the call through August 20, 2026.

Texas Pacific Land Corporation is one of the largest land and royalty owners in the State of Texas, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its land and royalty ownership provides revenue opportunities throughout the life cycle of a well. These revenue opportunities include providing pipeline, utility, wellbore, and commercial easements/leases; monetizing caliche and materials resources; supplying source and recycled/treated produced water for well completions; allowing access to subsurface pore space; granting produced water crossing rights; and monetizing oil and gas royalty and mineral interests.

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.


	Three Months Ended				Six Months Ended
	June 30, 2026		March 31, 2026		June 30, 2026		June 30, 2025
Company’s share of production volumes (1):
Oil (MBbls)	1,280		1,345		2,625		2,332
Natural gas (MMcf)	7,161		5,794		12,955		10,889
NGL (MBbls)	1,142		1,028		2,170		1,675
Equivalents (MBoe)	3,615		3,339		6,954		5,822
Equivalents per day (MBoe/d)	39.7		37.1		38.4		32.2

Oil and gas royalty revenue (in thousands):
Oil royalties	$	119,273	$	90,627	$	209,900	$	150,072
Natural gas royalties	2,618		9,803		12,421		22,135
NGL royalties	23,698		17,737		41,435		34,044
Total oil and gas royalties	$	145,589	$	118,167	$	263,756	$	206,251

Realized prices (1):
Oil ($/Bbl)	$	97.55	$	70.57	$	83.73	$	67.39
Natural gas ($/Mcf)	$	0.40	$	1.83	$	1.04	$	2.20
NGL ($/Bbl)	$	22.44	$	18.65	$	20.64	$	21.98
Equivalents ($/Boe)	$	42.17	$	37.06	$	39.72	$	37.10


(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.
	Boe	One barrel of oil equivalent.
	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.


	Three Months Ended				Six Months Ended
	June 30, 2026		March 31, 2026		June 30, 2026		June 30, 2025
Water volumes (in MBbls) (1):
Water sales	60,343		73,747		134,090		115,159
Produced water royalties	443,337		414,450		857,787		722,205

Water volumes in barrels per day (in MBbls/d) (2):
Water sales	663		819		741		636
Produced water royalties	4,872		4,605		4,739		3,990

Water revenue (in thousands):
Water sales	$	39,733	$	46,863	$	86,596	$	64,390
Produced water royalties	$	37,075	$	33,529	$	70,604	$	58,437


	Three Months Ended				Six Months Ended
	June 30, 2026		March 31, 2026		June 30, 2026		June 30, 2025
Revenues:
Oil and gas royalties	$	145,589	$	118,167	$	263,756	$	206,251
Water sales	39,733		46,863		86,596		64,390
Produced water royalties	37,075		33,529		70,604		58,437
Easements and other surface-related income	23,662		17,315		40,977		54,448
Land sales	—		20,944		20,944		—
Total revenues	246,059		236,818		482,877		383,526

Expenses:
Salaries and related employee expenses	15,562		14,987		30,549		28,644
Water service-related expenses	11,570		14,287		25,857		19,577
General and administrative expenses	8,004		8,631		16,635		11,765
Depreciation, depletion and amortization	16,639		14,043		30,682		25,640
Ad valorem and other taxes	2,467		2,542		5,009		4,076

Total operating expenses	54,242		54,490		108,732		89,702

Operating income	191,817		182,328		374,145		293,824

Interest expense	(973)		(992)		(1,965)		—
Other income, net	2,854		2,228		5,082		9,561
Income before income taxes	193,698		183,564		377,262		303,385


Income tax expense	39,768		40,662		80,430		66,593
Net income	$	153,930	$	142,902	$	296,832	$	236,792

Net income per share of common stock
Basic	$	2.23	$	2.07	$	4.30	$	3.43
Diluted	$	2.23	$	2.07	$	4.30	$	3.43

Weighted average number of shares of common stock outstanding
Basic	68,974,580		68,959,013		68,966,839		68,952,087
Diluted	69,034,580		69,009,942		69,019,380		69,026,862


	Three Months Ended
	June 30, 2026						March 31, 2026
	Land and Resource Management		Water Services and Operations		Consolidated		Land and Resource Management		Water Services and Operations		Consolidated
Revenues:
Oil and gas royalties	$	145,589	$	—	$	145,589	$	118,167	$	—	$	118,167
Water sales	—		39,733		39,733		—		46,863		46,863
Produced water royalties	—		37,075		37,075		—		33,529		33,529
Easements and other surface-related income	18,278		5,384		23,662		14,449		2,866		17,315
Land sales	—		—		—		20,944		—		20,944
Total revenues	163,867		82,192		246,059		153,560		83,258		236,818

Expenses:
Salaries and related employee expenses	8,347		7,215		15,562		7,558		7,429		14,987
Water service-related expenses	—		11,570		11,570		—		14,287		14,287
General and administrative expenses	5,245		2,759		8,004		5,495		3,136		8,631
Depreciation, depletion and amortization	11,695		4,944		16,639		9,194		4,849		14,043
Ad valorem and other taxes	2,279		188		2,467		2,530		12		2,542

Total operating expenses	27,566		26,676		54,242		24,777		29,713		54,490

Operating income	136,301		55,516		191,817		128,783		53,545		182,328

Interest expense	(779)		(194)		(973)		(793)		(199)		(992)
Other income, net	2,140		714		2,854		1,581		647		2,228
Income before income taxes	137,662		56,036		193,698		129,571		53,993		183,564
Income tax expense	28,230		11,538		39,768		28,648		12,014		40,662
Net income	$	109,432	$	44,498	$	153,930	$	100,923	$	41,979	$	142,902


	Six Months Ended
	June 30, 2026						June 30, 2025
	Land and Resource Management		Water Services and Operations		Consolidated		Land and Resource Management		Water Services and Operations		Consolidated
Revenues:
Oil and gas royalties	$	263,756	$	—	$	263,756	$	206,251	$	—	$	206,251
Water sales	—		86,596		86,596		—		64,390		64,390
Produced water royalties	—		70,604		70,604		—		58,437		58,437
Easements and other surface-related income	32,727		8,250		40,977		48,827		5,621		54,448
Land sales	20,944		—		20,944		—		—		—
Total revenues	317,427		165,450		482,877		255,078		128,448		383,526

Expenses:
Salaries and related employee expenses	15,905		14,644		30,549		14,429		14,215		28,644
Water service-related expenses	—		25,857		25,857		—		19,577		19,577
General and administrative expenses	10,740		5,895		16,635		6,961		4,804		11,765

Depreciation, depletion and amortization	20,889		9,793		30,682		16,826		8,814		25,640
Ad valorem and other taxes	4,809		200		5,009		4,053		23		4,076

Total operating expenses	52,343		56,389		108,732		42,269		47,433		89,702

Operating income	265,084		109,061		374,145		212,809		81,015		293,824

Interest expense	(1,572)		(393)		(1,965)		—		—		—
Other income, net	3,721		1,361		5,082		7,572		1,989		9,561
Income before income taxes	267,233		110,029		377,262		220,381		83,004		303,385
Income tax expense	56,878		23,552		80,430		48,268		18,325		66,593
Net income	$	210,355	$	86,477	$	296,832	$	172,113	$	64,679	$	236,792

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

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 executive officers on an annual basis. We calculate Adjusted EBITDA as EBITDA plus employee share-based compensation, less land sale with financing arrangement and pension curtailment and settlement gain, as applicable to the periods presented.

The purpose of presenting free cash flow is to provide investors a metric to measure the 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 executive officers. To calculate free cash flow, net income is adjusted by adding back income tax expense, depreciation, depletion and amortization and employee share-based compensation, less current income tax expenses, land sale with financing arrangement, purchases of fixed assets and pension curtailment and settlement gain, as applicable to the periods presented.

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 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.


	Three Months Ended				Six Months Ended
	June 30, 2026		March 31, 2026		June 30, 2026		June 30, 2025
Net income	$	153,930	$	142,902	$	296,832	$	236,792
Add:
Interest expense	973		992		1,965		—
Income tax expense	39,768		40,662		80,430		66,593
Depreciation, depletion and amortization	16,639		14,043		30,682		25,640
EBITDA	211,310		198,599		409,909		329,025
Add (deduct):
Employee share-based compensation	4,279		3,742		8,021		6,568


Land sale with financing arrangement	—		(20,944)		(20,944)		—


Adjusted EBITDA	$	215,589	$	181,397	$	396,986	$	335,593


	Three Months Ended				Six Months Ended
	June 30, 2026		March 31, 2026		June 30, 2026		June 30, 2025
Net income	$	153,930	$	142,902	$	296,832	$	236,792
Add (deduct):
Income tax expense	39,768		40,662		80,430		66,593
Depreciation, depletion and amortization	16,639		14,043		30,682		25,640
Employee share-based compensation	4,279		3,742		8,021		6,568

Current income tax expense	(38,161)		(37,078)		(75,239)		(65,264)
Land sale with financing arrangement	—		(20,944)		(20,944)		—
Purchases of fixed assets	(21,853)		(7,348)		(29,201)		(12,277)
Decrease (increase) in accounts payable related to purchases of fixed assets	930		430		1,360		(1,439)
Free cash flow	$	155,532	$	136,409	$	291,941	$	256,613


(1)			MBbl = 1 thousand barrels of water.
(2)			MBbl/d = 1 thousand barrels of water per day.