Texas Pacific Land Corporation Enters into $500 Million Credit Agreement

Texas Pacific Land Corporation (the 'Company') has entered into a credit agreement (the 'Credit Agreement') with Wells Fargo Bank, National Association, as administrative agent and an L/C issuer, and other lenders. The Credit Agreement provides for a revolving credit facility in the aggregate principal amount of up to $500 million, with the ability to request potential increases in the commitments of the lenders of up to an additional $250 million. The Credit Agreement and all borrowings thereunder will mature on October 23, 2029. The borrowings will bear interest at a rate per annum based on the Company's consolidated total leverage ratio. The Company is required to maintain certain financial covenants, including a consolidated interest coverage ratio of not less than 3.0 to 1.0 and a consolidated total leverage ratio of not greater than 3.50 to 1.0. The proceeds from future borrowings under the Revolving Credit Facility are to be used for capital expenditures, ongoing working capital, acquisitions, and other general business purposes. The Revolving Credit Facility remains undrawn as of the date of the agreement.