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 September 30, 2021 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 juris ...

Financial Data and Key Metrics Changes - For Q2 2021, the company reported net income of $57 million or $7.36 per share, compared to $27.6 million or $3.56 per share in Q2 2020, primarily due to increased oil and gas royalty revenue [16][17] - Total revenue for Q2 2021 was $95.9 million, up from $57.3 million in the same quarter last year, with oil and gas royalty revenue increasing 184% to $58.2 million [17][18] - Average realized oil price was approximately $65 per barrel in Q2 2021, compared to approximately $25 per barrel during the same period last year [17] Business Line Data and Key Metrics Changes - Production during Q2 2021 averaged approximately 16,400 barrels of oil equivalent per day, roughly flat sequentially from Q1 2021 [7] - Produced water royalty revenues increased over 20% sequentially from Q1 2021, benefiting from a one-time catch-up payment [10] - Water revenue was $27.9 million in Q2 2021, up from $21.5 million in the prior year, driven by increases in both source water and produced water royalty volumes [18] Market Data and Key Metrics Changes - The company had 565 gross drilled but uncompleted wells (DUCs) and 474 gross permits as of June 30, indicating ongoing activity in the Permian Basin [8] - The company noted that producers remain disciplined, with activity levels not yet at pre-COVID levels but still active in developing leaseholds [8] Company Strategy and Development Direction - The company positions itself as an "ETF for the Permian Basin," benefiting from multiple cash flow streams throughout the life cycle of a well [12][13] - The management expressed confidence in the asset quality underlying royalties and extensive surface acreage, believing it will create long-term value despite uncertainties related to COVID-19 and commodity prices [14] Management's Comments on Operating Environment and Future Outlook - Management indicated that they expect production in the second half of 2021 to be at least on par with the first half, supported by a robust level of current inventory [9][30] - The management emphasized the importance of maintaining a low leverage profile and expressed a preference for capitalizing with cash rather than debt, although they would consider debt for excellent opportunities [34] Other Important Information - The company declared a cash dividend of $2.75 per share, payable on September 15, with year-to-date dividends totaling $5.50 per share [21] - The company joined the Russell 1000 Index, marking a significant milestone [22] Q&A Session Summary Question: Capital allocation approach and attractive opportunities - Management stated they are always looking for deals but are very selective, benefiting from a strong cash position that allows for optionality in capital allocation [25][26] Question: Maintenance scenario for net wells - Management indicated that approximately seven net wells would be needed to maintain production levels, with a robust inventory supporting this [27][30] Question: Willingness to go into debt for valuable assets - Management expressed a preference for maintaining a low leverage profile but would consider debt for excellent opportunities [34] Question: Changes in activity or new production customers - Management noted that consolidation in the industry has led to new relationships with operators, enhancing their exposure [35] Question: Expectations for activity based on permit scrapes - Management reported robust permitting activity, particularly from major operators, supporting ongoing development [42] Question: Trajectory of capture rates for water businesses - Management highlighted strong capture rates for both source water and produced water, with growth expected to continue [44][45] Question: Appetite to hedge production profile - Management stated they have historically managed the business without hedges, allowing them to fully benefit from favorable commodity prices [46][48]

Land Ownership and Resources - Texas Pacific Land Corporation owns approximately 880,000 acres of land in Texas, primarily concentrated in the Permian Basin[58]. - The Permian Basin remains a key area for the company's revenue generation, with significant fluctuations in revenue due to oil and gas pricing and drilling activity[60]. Financial Performance - Revenues increased by $38.6 million, or 67.5%, to $95.9 million for the three months ended June 30, 2021, compared to $57.3 million for the same period in 2020[80]. - Net income more than doubled to $57.0 million for the three months ended June 30, 2021, compared to $27.6 million for the same period in 2020[80]. - Total consolidated revenues for the six months ended June 30, 2021 increased by $26.2 million, or 17.0%, to $180.1 million compared to $153.9 million for the same period in 2020[97]. - Net income for the six months ended June 30, 2021 increased by $22.1 million, or 26.0%, to $107.1 million compared to $85.0 million for the same period in 2020[97]. Oil and Gas Revenue - Oil and gas royalty revenue was $58.2 million for the three months ended June 30, 2021, compared to $20.5 million for the same period in 2020, reflecting a significant increase[84]. - Total oil and gas royalties increased to $107.737 million for the six months ended June 30, 2021, up from $62.873 million in the same period of 2020, representing a 71.4% increase[102]. - Average realized prices for oil rose to $60.55 per barrel, a 56.4% increase from $38.78 per barrel in the same period of 2020[102]. Water Services and Operations - Water services and operations segment revenues increased by 32.3% to $28.7 million for the three months ended June 30, 2021, compared to $21.7 million for the same period in 2020[89]. - Water sales revenue was $12.5 million for the three months ended June 30, 2021, an increase of 48.2% compared to $8.4 million for the same period in 2020[91]. - Water Services and Operations segment revenues decreased by 10.7% to $55.1 million for the six months ended June 30, 2021, down from $61.6 million in the same period of 2020[105]. Production Volumes - Oil production volumes decreased to 1,328 MBbls for the six months ended June 30, 2021, down from 1,423 MBbls in the same period of 2020[102]. - Natural gas production increased to 5,516 MMcf for the six months ended June 30, 2021, compared to 4,506 MMcf for the same period in 2020[102]. Cash Flow and Investments - Cash flows provided by operating activities decreased to $96.5 million for the six months ended June 30, 2021, down from $104.1 million in the same period of 2020[113]. - Cash flows used in investing activities significantly decreased to $4.5 million for the six months ended June 30, 2021, compared to $25.3 million in the same period of 2020[114]. - The company invested approximately $4.9 million in Texas Pacific Water Resources LLC (TPWR) projects during the six months ended June 30, 2021[66]. Stock and Dividends - The company has approved repurchases of up to $20.0 million of its Common Stock, with $2.5 million repurchased through June 30, 2021[76]. - Total dividends paid during the six months ended June 30, 2021 were $42.7 million, down from $124.1 million in the same period of 2020[115]. Operational Efficiency - The company continues to prioritize cost reduction measures and has invested in electrifying its water sourcing infrastructure to reduce operational costs[69]. - The average monthly horizontal permits in the Permian Basin increased to 665 in June 2021 from 402 in June 2020, reflecting a recovery in drilling activity[73]. - The average monthly horizontal wells drilled in the Permian Basin rose to 386 in June 2021 from 171 in June 2020, indicating increased drilling activity[73].

Financial Data and Key Metrics Changes - For Q1 2021, net income was $50.1 million or $6.45 per common share, down from $57.4 million or $7.40 per sub-share certificate in the same quarter of the prior year, a decrease of $7.3 million or $0.95 per share [35] - Total revenue for Q1 2021 was $84.2 million, compared to $96.6 million for the same quarter last year, reflecting a decline [37] - Oil and gas royalty revenue increased by 16.9% to $49.5 million compared to the prior year, driven by an $8.8 million increase in gas royalty revenue due to a 121% increase in average realized price [37][38] Business Line Data and Key Metrics Changes - Oil and gas royalties accounted for 59% of revenues in Q1 2021, with an average royalty per acre of 4.4% [10] - SLEM (surface leases, easements, and material sales) accounted for 10% of revenues in Q1 2021, with renewable energy revenue increasing by $2 million from Q4 2020 due to higher pricing [18] - Water solutions business represented 31% of first-quarter revenues, with contracts structured to capture a large market share in Permian water solutions [19][21] Market Data and Key Metrics Changes - As of March 31, 2021, 17% of all Permian rigs were located on TPL drilling spacing units, up from 11% as of December 31 [12] - TPL DSUs accounted for 18% of total spuds across the Permian during Q1, with 14% of all permits approved by the Texas Railroad Commission intersecting TPL DSUs [13] Company Strategy and Development Direction - The company aims to increase efficiencies in existing business lines and grow market share, with potential bolt-on acquisitions aligned with core revenue streams [32] - The reorganization from a trust to a corporation enhances corporate governance and aligns management, Board, and shareholder interests [31] Management's Comments on Operating Environment and Future Outlook - The oil and gas markets have normalized post-COVID-19, with Q1 2021 oil prices returning to $60 per barrel, positioning the company to capitalize on the recovery [24][26] - The impact of the February winter storm resulted in an estimated five to six days of production loss, approximately 6% of the quarter [28] Other Important Information - The company declared a cash dividend of $2.75 per common share for Q1, payable on June 15 [45] - A stock repurchase program was approved to buy up to $20 million of outstanding stock through December 31, 2021 [46] Q&A Session Summary Question: Return of capital strategy and balance between stock repurchases and dividends - Management emphasized a consistent increase in dividends over the past 17 years and a focus on making the best capital allocation decisions for shareholders [54] Question: Appetite for acquisitions and parameters for assessing opportunities - The company is focused on evaluating assets across all revenue streams and remains opportunistic without needing to chase acquisitions for growth [55] Question: Production visibility and impact of permits on rig activity - Current DUC inventory and permit count provide good visibility for continued production pace through the end of the year [56] Question: Production split by product and winter storm impact on royalty production - Oil production was approximately 43% to 44% of total production, with a five to seven-day downtime expected due to the winter storm [57][58] Question: Performance of different portfolio pieces in 2020 - The produced water royalty side of the business saw a 30% increase, serving as a hedge for other businesses that did not perform as well [61] Question: ESG considerations and opportunities - The company views ESG as a significant opportunity, particularly in reducing flaring and enhancing relationships with operators [63]

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, 2021 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 jurisdict ...

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, 2020 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 ...