Texas Pacific Land Corp

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Benchmarking Process

Determining the 2024 Compensation Program

As described below, the Compensation Committee asked Meridian to review market data as part of the process of establishing 2024 compensation for our Named Executive Officers. As part of this process, the Compensation Committee noted that TPL is a unique organization in a number of ways:

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It is the largest publicly-traded mineral royalty focused organization, with a market capitalization much larger than the next largest publicly-traded mineral royalty focused organization. The closing price of TPL’s Common Stock increased 111% from December 31, 2023 to December 31, 2024;

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Unlike most mineral royalty focused organizations, TPL also owns and manages a large amount of surface rights;

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These surface rights allow the creation of additional business lines, such as our water business and surface leases, easements and material (referred to as “SLEM”);

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TPL’s legacy assets carry zero basis on the balance sheet; and

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TPL’s financial profile is unusual with no debt, limited book assets, and high margins. TPL also has a history of returning a significant portion of its cash flow to stockholders through dividends and share repurchases.

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As a result of these unique characteristics, TPL does not have any direct peers. Instead of reviewing peer group market data, the Compensation Committee asked Meridian to review compensation for a group of comparable reference companies (the “Reference Group”) that may represent our competition for executive talent. The Reference Group (listed below) represents companies which operate in ancillary businesses, such as royalty/non-operating companies (“Royalty/​Non-Op”), midstream companies/​water companies and exploration and production (“E&P”) companies that have business lines similar to TPL and are similar in market capitalization, enterprise value, and/or Adjusted EBITDA. The table below summarizes the changes to our Reference Group for 2025.