Texas Pacific Land Corporation (NYSE:TPL) Q4 2023 Earnings Conference Call February 22, 2024 8:30 AM ET Company Participants Shawn Amini - Finance and Investor Relations Ty Glover - Chief Executive Officer Chris Steddum - Chief Financial Officer Conference Call Participants Hamed Khorsand - BWS Financial Nate Pendleton - Stifel Operator Ladies and gentlemen, good morning, and welcome to the Texas Pacific Land Corporation Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a l ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 1-39804 Exact name of registrant as specified in its charter: Texas Pacific Land Corporation State or other jurisdiction o ...

Exhibit 99.1 TEXAS PACIFIC LAND CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 RESULTS Earnings Call to be held 7:30 am CT on Thursday, February 22, 2024 • Net income of $113.1 million, or $14.73 per share (diluted) • Revenues of $166.7 million • Adjusted EBITDA of $150.9 million (1) • Free cash flow of $116.3 million (1) • Royalty production of 26.3 thousand barrels of oil equivalent per day, the highest quarterly royalty production level in TPL history • $10.2 million of common stock repurchases ...

Financial Data and Key Metrics Changes - Total consolidated revenue for Q3 2023 was $158 million, with net income at $106 million, and adjusted EBITDA of $141 million, reflecting a 6% increase compared to the prior sequential quarter [35] - Free cash flow was approximately $106 million, and the company exited the quarter with approximately $660 million in cash on the balance sheet [20] - Royalty production decreased by 12% sequentially to approximately 21,800 barrels of oil equivalent per day, while the realized price per barrel of oil equivalent increased by 19% to approximately $45 [20] Business Line Data and Key Metrics Changes - Revenues from the produced water segment increased by 9% year-over-year, with third quarter 2023 source water sales volumes at approximately 545,000 barrels per day, indicating high utilization across the system [6][16] - The surface leases, easements, and materials segment (SLEM) benefited from robust pipeline easements driven by expanding infrastructure development in the Permian [5] - Sand royalties reached just under $1 million in the last quarter, with expanded caliche sales into New Mexico contributing positively [30] Market Data and Key Metrics Changes - Benchmark prices for oil, gas, and NGLs rose over the prior sequential quarter, leading to improved realizations relative to benchmark prices [10] - Rig counts in the overall Permian have declined by approximately 10% compared to last year, but more than 50 rigs are currently operating on TPL acreage, up from approximately 42 rigs last year [18] Company Strategy and Development Direction - The company is well-positioned to succeed through various market environments, supported by a strong backlog of completed wells and high levels of ongoing new permits [8] - The management emphasized the importance of infrastructure and logistics, which are expected to improve with additional natural gas takeaway capacity coming online [15] - The company is expanding its footprint in water sales and treatment, indicating a strategic focus on increasing water revenue as completions activity ramps up [28] Management's Comments on Operating Environment and Future Outlook - Management noted that elevated temperatures and brownouts had previously impacted production, but these issues have subsided, allowing for improved development activities [15] - The company expects production growth in the coming year, driven by a high number of permits and quicker turnaround times for permits to production [39] - Management highlighted that the timing of permit to spud and spud to completion has compressed considerably in 2023 compared to prior years, indicating operational efficiency [33] Other Important Information - The company maintained its $3.25 per share dividend and repurchased approximately 3,600 shares of common stock for about $6 million [10] - The company will host its 2023 Annual Meeting in Dallas, encouraging shareholders to review proxy materials [34] Q&A Session Summary Question: Production impact split between elevated temperatures and brownouts versus delayed TILs - Management indicated that the production was likely more heavily impacted by delays in TILs due to larger pad developments, which caused lumpier near-term production [22][23] Question: Future water sales outlook - Management stated that water sales typically parallel completions activity, and with a high number of permits and spud activity, there is an expectation for increased water sales in the coming quarters [28][45] Question: Contributors to easement revenue - The primary contributors to easement revenue have been pipeline easements and material sales, driven by significant infrastructure build-out [46]

Company Overview - Texas Pacific Land Corporation owns approximately 868,000 surface acres of land in West Texas, primarily concentrated in the Permian Basin[75]. Market Prices - Average WTI Cushing price per barrel decreased from $93.06 in Q3 2022 to $82.25 in Q3 2023, a decline of 11.7%[81]. - Average Henry Hub price per mmbtu dropped from $8.03 in Q3 2022 to $2.59 in Q3 2023, a decrease of 67.7%[81]. Financial Performance - Total revenues decreased by $33.1 million, or 17.3%, to $158.0 million for the three months ended September 30, 2023, compared to $191.1 million for the same period in 2022[98]. - Net income for the three months ended September 30, 2023, was $105.6 million, an 18.7% decrease from $129.8 million in the same period of 2022[98]. - For the nine months ended September 30, 2023, total revenues decreased by $49.8 million, or 9.7%, to $464.9 million compared to $514.7 million in the same period of 2022[105]. - Net income for the nine months ended September 30, 2023, was $292.5 million, a 15.6% decrease from $346.6 million in the same period of 2022[105]. - EBITDA for the nine months ended September 30, 2023, was $383.3 million, down from $452.9 million in the same period of 2022[145]. - Adjusted EBITDA for the nine months ended September 30, 2023, was $390.5 million, compared to $457.9 million for the same period in 2022[145]. - Free Cash Flow for the nine months ended September 30, 2023, was $299.2 million, down from $350.8 million in the same period of 2022[145]. Revenue Breakdown - Oil and gas royalty revenue decreased by $43.2 million, contributing significantly to the overall revenue decline[98]. - Land and Resource Management segment revenues decreased by $37.3 million, or 25.3%, to $109.9 million for the three months ended September 30, 2023, compared to the same period in 2022[119]. - Oil and gas royalty revenue was $87.1 million for the three months ended September 30, 2023, a decrease of 33.2% from $130.3 million for the same period in 2022, primarily due to lower average commodity prices and production volume[120]. - Water Services and Operations segment revenues increased by 9.4% to $48.0 million for the three months ended September 30, 2023, compared to $43.9 million for the same period in 2022[126]. - Water sales revenue increased by $2.0 million to $26.4 million for the three months ended September 30, 2023, driven by an increase in treated water sales volumes[127]. - Water Services and Operations segment revenues increased 23.9% to $149.7 million for the nine months ended September 30, 2023, compared to $120.8 million for the same period in 2022[138]. - Water sales revenue rose by $20.3 million to $85.8 million for the nine months ended September 30, 2023, driven by a 22.9% increase in water sales volumes[139]. - Produced water royalties increased to $20.8 million for the three months ended September 30, 2023, compared to $19.1 million for the same period in 2022[128]. - Produced water royalties increased to $61.8 million for the nine months ended September 30, 2023, up from $52.7 million in the same period of 2022, due to higher produced water volumes[140]. Expenses - Total operating expenses for the three months ended September 30, 2023, were $31.0 million, up from $29.1 million in the same period of 2022[99]. - Salaries and related employee expenses increased to $11.5 million for the three months ended September 30, 2023, from $10.7 million in 2022, due to a rise in employee numbers and market compensation adjustments[99]. - Legal and professional fees surged to $28.5 million for the nine months ended September 30, 2023, compared to $5.0 million in the same period of 2022, primarily due to legal expenses related to stockholder matters[110]. - The increase in expenses included an $11.5 million rise in water service-related expenses and a $3.8 million increase in income tax expense[141]. Cash Flow and Investments - Net cash provided by operating activities for the nine months ended September 30, 2023 was $306.9 million, down from $314.6 million in the same period of 2022[89]. - Total cash used in investing activities increased to $55.9 million for the nine months ended September 30, 2023, compared to $14.6 million in 2022[91]. - The company invested approximately $10.2 million in water sourcing assets and acquired intangible assets worth $21.4 million during the nine months ended September 30, 2023[87]. - As of September 30, 2023, Texas Pacific Land Corporation had cash and cash equivalents of $654.2 million[86]. - Common Stock repurchases amounted to $32.2 million for the nine months ended September 30, 2023, down from $58.4 million in the same period of 2022[96]. Production and Market Conditions - The Permian Basin currently produces over 5.8 million barrels of oil per day, the highest average daily production recorded prior to 2023[80]. - The average realized price for oil equivalent declined by 28.4% to $45.41 per Boe for the three months ended September 30, 2023, from $63.42 per Boe for the same period in 2022[120]. - There have been no material changes in market risk information since December 31, 2022[150].

Financial Data and Key Metrics Changes - Total revenues for Q2 2023 were $161 million, a 10% increase from Q1 2023, driven by higher royalty production and water sales despite lower oil and gas prices [45][40] - Adjusted EBITDA and free cash flow for the quarter were $134 million and $105 million, respectively, with consolidated CapEx at $1.4 million [10][40] - Royalty production averaged approximately 24,900 barrels of oil equivalent per day, representing a 19% increase on a sequential quarter basis [10] Business Line Data and Key Metrics Changes - Source water revenues increased by 69%, produced water revenues rose by 12%, and SLEM revenues were up 34% year-over-year [26] - Produced water volumes for Q2 2023 were up 15% year-over-year, contributing nearly $60 million in high-margin revenue [42][40] - Over 60% of water sales were from outside TPL acreage, indicating successful expansion efforts [14] Market Data and Key Metrics Changes - Oil and gas royalty production increased by 26% year-over-year, but revenues decreased by 32% due to a decline in WTI crude oil and Henry Hub natural gas prices [40] - Average realized oil price for Q2 2023 was $73 per barrel, representing approximately 100% realization relative to WTI Cushing price [61] Company Strategy and Development Direction - The company focuses on maintaining a capital-light, high-margin business philosophy while expanding its water and surface-related income streams [4][25] - TPL is actively seeking land acquisitions that can be commercialized, particularly in underutilized areas [57][58] - The competitive landscape for royalty opportunities is described as very competitive, with ongoing opportunities for surface-related assets [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of strong water sales, despite potential tapering off in the fourth quarter due to seasonal activity [55] - The company anticipates continued growth in production for the remainder of the year, supported by high activity levels in key areas [51][31] Other Important Information - The company announced the nomination of two independent director candidates for the upcoming annual meeting, with current directors retiring [29] - TPL's recent acquisition of 12,000 surface acres in Andrews County is expected to provide incremental opportunities for commercialization [58] Q&A Session Summary Question: What are the drivers behind the strength in water resources this quarter? - Management highlighted increased activity in contracted areas of mutual interest as a key driver for the record water sales [50] Question: How should the production trajectory be viewed given the strength of Q2? - Management indicated that the trajectory for the rest of the year should include continued growth based on current activity levels [51] Question: What are the strategic implications of the recent surface acquisition? - The acquisition is seen as a good option due to the activity crossing the state line, providing potential for future commercialization [53] Question: What could hinder further growth in water sales? - Management noted that while Q2 was strong, water sales typically taper off in the fourth quarter due to reduced activity [55] Question: Are pipeline easement revenues expected to recur? - Most pipeline easements are on term agreements that will recur, indicating a stable revenue stream [69]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 IRS Employer Identification No.: Delaware 75-0279735 Address of principal executive offices: 1700 Pacific Avenue, Suite 2900 Dallas, Texas 75201 Registrant's telephone number, including area code: (214) 969-5530 Securities registered pursuant to Section 12(b) of the Act: | Title of e ...

Financial Data and Key Metrics Changes - Total revenues for Q1 2023 were $146 million, representing a 4% decline sequentially from Q4 2022 due to lower oil and gas prices and royalty production, offset by higher sourced water sales and other income [7] - Oil and gas royalty revenues were down 14% year-over-year, while sourced water sales increased by 15%, produced water royalties rose by 35%, and easement and other surface-related income surged by 63% [4][5] - Adjusted EBITDA for the quarter was $116 million, and free cash flow was $88 million, with a cash balance of $591 million at the end of the quarter [7] Business Line Data and Key Metrics Changes - The non-oil and gas royalty businesses contributed nearly 40% of total revenues, providing a hedge against commodity price fluctuations [5] - The sourced water sales and produced water royalties showed significant growth, indicating diversification in revenue streams [4] Market Data and Key Metrics Changes - WTI Cushing Oil and Henry Hub natural gas prices decreased by 19% and 43% respectively compared to the same period last year, impacting oil and gas royalty revenues [4] - The company reported strong leading indicators such as new permitting and drilling activity, which remain at historically high levels [6] Company Strategy and Development Direction - The company maintains a debt-free balance sheet and focuses on maximizing shareholder value through capital allocation strategies, including a $250 million buyback authorization [8] - The long-term outlook remains strong, particularly in the Permian Basin, which is considered a premier resource play in North America [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism based on customer conversations and internal data, indicating a positive production outlook for the remainder of the year despite short-term volatility [6][11] - The company is positioned well with a strong inventory of permits and DUCs, suggesting potential for increased production [7][11] Other Important Information - The company is involved in a legal dispute with Horizon Kinetics regarding voting commitments, with a court decision anticipated following a trial held on April 17, 2023 [6] - A one-time revenue adjustment related to Chevron's over-deduction of expenses was disclosed, which could have impacted oil revenue by an estimated $8 million on a normalized basis [18][19] Q&A Session Summary Question: Growth outlook of oil and gas royalty segment - Management expects TPL to outperform the basin in the near and medium term, with strong near-term inventory supporting a positive production outlook [11] Question: Impact of Chevron's issues on operations - The company has limited exposure to Chevron's operations, as most of the minerals have been leased out [12] Question: Drivers behind strong SLEM business performance - Increased pipeline easements and successful rock sales have contributed to the strong performance in the SLEM business [13] Question: Legal expenses and future expectations - Legal expenses are accrued, and future spending cannot be commented on at this time [17] Question: One-time revenue from arbitration - The one-time revenue was related to past overcharges by Chevron, and it is not expected to recur [18][19] Question: Capital expenditure in Water Resource business - The capital expenditure is aligned with maintenance needs and electrification processes, with the Water Resource business generating positive free cash flow [21]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 1-39804 Exact name of registrant as specified in its charter: Texas Pacific Land Corporation State or other jurisdiction ...

Financial Data and Key Metrics Changes - Full year 2022 revenue reached $667 million, a 48% year-over-year increase, exceeding the previous record by over $170 million [4][15] - Net income for fiscal year 2022 was $446 million, representing a 65% increase compared to the prior year [15] - Consolidated adjusted EBITDA margin for the full year was 89%, indicating efficient conversion of revenue into cash flow [4] - The company returned $335 million to shareholders through dividends and buybacks, and exited the year with zero debt and over $500 million in cash [4] Business Line Data and Key Metrics Changes - Revenue from oil and gas royalties contributed to record revenues, while combined water sales, produced water royalties, and easements generated over $200 million [4] - Source water revenue increased by 25%, produced water royalties rose by 24%, and easements and other surface-related income grew by 28% year-over-year [15] - Royalty production for the full year was approximately 21,300 barrels of oil equivalent per day, with a 15% year-over-year growth [16] Market Data and Key Metrics Changes - The company observed a trend of declining well productivity among operators, with many moving towards co-development of multiple zones [8] - Natural gas pricing realizations weakened, particularly among smaller independent producers, due to tight pipeline capacity out of the Permian [10][17] - The company noted that insufficient takeaway capacity presents opportunities for pipeline easement development [10] Company Strategy and Development Direction - The company is expanding revenue opportunities beyond its legacy business, including contracts for carbon capture, battery storage, and bitcoin mining facilities [5] - The company has executed contracts for in-basin wet sand mines, which are expected to generate revenue and reduce truck congestion and emissions [6][27] - A new agreement with bpx, a subsidiary of BP, was announced to provide comprehensive source water and produced water offtake across approximately 270,000 acres [7][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining positive momentum despite commodity price volatility, emphasizing the quality of their resource base [13] - The company is focused on sustainability and safety, achieving zero spills and reportable safety incidents in 2022 [13] - Management highlighted the importance of their robust cash position, which allows for flexibility in capital allocation [20] Other Important Information - The company plans to repurchase shares under a newly expanded $250 million share repurchase plan [19] - The company has a strong focus on next-generation opportunities while maintaining its legacy business [30] Q&A Session Summary Question: Growth outlook for business segments - Management acknowledged quarterly volatility but expressed confidence in outperforming the Permian as a whole due to a strong normalized DUC count [21] Question: Details on the bpx agreement - The agreement provides both parties with rights within the AMI, facilitating bpx's operations and increasing TPL's water offtake [28] Question: Potential of wet sand opportunity - Management expects to see revenue from contracted sand mines this year, potentially adding around $20 million in revenue within a couple of years [26][27] Question: Methodology for stock buyback program - The buyback program will be opportunistic, with capital deployment based on various market factors [32] Question: Preferred cash level - Management emphasized the importance of maintaining a robust cash balance to capitalize on future opportunities [33]