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FY25_Annual Report 4-6-26 DIGITAL

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GAINES

DAWSON

Apache Black Swan Civitas ConocoPhillips Continental Double Eagle Diamondback Exxon Oxy Riverbend Rockport Sabalo Sequitur Triple Crown Crescent

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ANDREWS

MARTIN

ACTIVITY

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ACfD Drilled

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Permitted Producing

Northern Midland Basin & Central Basin Platform

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ECTOR

MIDLAND

WARD

CRANE

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LOVING

UPTON

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WINKLER

ECTOR

REAGAN

IRION

MIDLAND

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SCHLEICHER

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PECOS

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CROCKETT

CRANE

UPTON

Et parisciis aut faccusa

REEVES

SUTTON

TERRELL

Delaware Basin & Central Basin Platform

Southern Midland Basin, Pecos Basin & Val Verde Basin

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PECOS

BREWSTER

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Key Oil & Gas Development Activity Miles

The PUF Lands span the Delaware Basin, Northern Midland Basin, Southern Midland Basin, and the Central Basin Platform with more than 200 companies operating ≈10,300 producing wells. New development in FY25 saw a total of 307 wells come online, of which 304 were horizontal wells with a cumulative ≈3.3 million lateral feet. Production from PUF Lands hit 450,250 barrels of oil equivalent per day, and UL’s cumulative net royalty production for the fiscal year was 34.9 million barrels of oil equivalent. To ensure continued development and value creation, UL negotiated 66 development agreements on approximately 72k acres, adding approximately 3MM lateral feet obligation of drilling commitment over the next nine years.

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