Texas Pacific Land Corporation

Record financial performance (strong “good”): - Total revenue: ~$246M in 2Q26, an all-time quarterly high, +4% sequential and +31% YoY. - Adjusted EBITDA: $216M, +19% sequential and +30% YoY; 88% adjusted EBITDA margin. - Free cash flow: $156M, +14% sequential and +20% YoY. - Management framed results as driven by record oil & gas royalty production and produced water royalties.

Hydrocarbon royalties remain very strong, with one notable mix caveat (good + “surprising”): - Oil & gas royalty production: ~39,700 boe/d, +7% sequential and +20% YoY. - Produced water royalty volumes: 4.9M bbl/d, +6% sequential and +15% YoY (record). - Oil content “tick down”: oil % was down ~5% in 2Q26 vs expectations. Management said this is likely temporary/accounting + development mix noise from new areas/acquisitions and heavy drilling in gas-rich zones late 2025. They expect oil cut to trend back up toward a more normalized ~40%+ over time (near-term not a “trend” per CFO).

Water segment: weak water sales volumes in the quarter—watch mix + gas pricing (bad/concern): - Water sales volume: 663,000 bbl/d, -19% sequential and +38% YoY. - Management attributed sequential decline to weak in-basin natural gas prices causing operators to shift some development away from the Delaware Basin. - Offset/expectation: new gas pipeline capacity coming online over the next few quarters could improve differentials and drive a mix shift back toward the Delaware, supporting better future water sales volumes.