Here are 1-2 brief analogies to describe EagleRock Land (EROK):

• It's like Crown Castle or American Tower, but for critical land and water infrastructure that the energy industry in the Permian Basin uses.
• Imagine Prologis, but for strategic land and specialized water management systems in the Permian Basin, vital for oil & gas and other industrial operations.

• Resource Sales: Sells natural resources such as water from commercial wells and caliche mined from their land to customers for operational use.
• Surface Use Fees and Royalties: Generates revenue by charging customers for the use of their surface acreage for various activities including infrastructure construction, well pads, roads, and easements.
• Produced Water Management Services: Provides comprehensive services for produced water, including gathering, handling, disposal through saltwater disposal wells, and recycling for beneficial reuse.
• Acid Gas Injection (AGI) Services: Offers pore space capacity for the injection and disposal of sour gas and carbon dioxide in the Delaware Basin.

• DEF Operating, LLC, an affiliate of Double Eagle Energy Holdings IV, LLC. The company has a long-term Water System Management Agreement (DE Flow WSMA) with DEF Operating, LLC for produced water handling activities. Double Eagle Energy Holdings IV, LLC appears to be a privately held company.
• Hydrosource. EagleRock Land has a long-term produced water recycling rights agreement (Hydrosource Recycling Agreement) with Hydrosource. Hydrosource also appears to be a privately held operating partner.

Greg Pipkin Jr., Chief Executive Officer

Mr. Pipkin has served as Chief Executive Officer of EagleRock Land since November 2025. Prior to joining EagleRock, he was Senior Vice President, Corporate Development and Strategy of Infinity Natural Resources from March 2024 to November 2025, where he helped take the company public in early 2025. Before Infinity, Mr. Pipkin served as Senior Vice President, Permian Asset Team & Finance at Spur Energy Partners from September 2021 to March 2024, and Vice President, Finance & Corporate Development from June 2019 to September 2021. He previously held engineering roles at Wildhorse Resources Management Company, LLC, Memorial Resource Development Corp., and Halcon Resources Corporation. Mr. Pipkin holds a Bachelor of Science in Petroleum Engineering and a Master of Business Administration from the University of Texas at Austin.

Neal H. Shah, President and Chief Financial Officer

Mr. Shah has served as President and Chief Financial Officer of EagleRock Land since December 2025. Before joining EagleRock, he was Executive Vice President and Chief Financial Officer of Pioneer Natural Resources Company from January 2021 through June 2024. During his tenure as CFO, Pioneer's stock price significantly increased, culminating in its successful $65 billion acquisition by ExxonMobil Corporation in 2024. Mr. Shah joined Pioneer in June 2017 as Vice President, Investor Relations. His prior experience includes senior asset management roles at Thrivent Asset Management and as a Vice President at Nuveen LLC. He also held financial roles at Piper Jaffray & Company, RBC Capital Markets, and Goldman Sachs & Co. Mr. Shah earned a Bachelor of Science in Electrical Engineering from Louisiana State University and a Master of Business Administration from The University of Chicago Booth School of Business.

Robert W. Hunt Jr., General Counsel

Mr. Hunt has served as General Counsel of EagleRock Land since January 2026. Prior to EagleRock, he was Chief Legal Officer and Corporate Secretary of Aris Water Solutions, Inc. from February 2024 until Aris' merger with Western Midstream Partners, LP in October 2025. Before that, he served as Executive Vice President & General Counsel of Earthstone Energy, Inc. from April 2022 until Earthstone's merger with Permian Resources Corporation in November 2023. Mr. Hunt began his career practicing corporate and securities law at Vinson & Elkins LLP. He holds a Bachelor of Science in Business Administration and Politics from Washington and Lee University and a Juris Doctor from the University of Texas School of Law.

Key Risks for EagleRock Land (EROK)

1. Dependence on the Oil and Natural Gas Industry: A substantial portion of EagleRock Land's current and projected revenue streams are directly tied to the activity levels, development, and production of the oil and natural gas industry within the Permian Basin. Fluctuations in commodity prices, shifts in drilling and completion activity, or changes in investment by energy producers could significantly impact the demand for EagleRock's surface acreage, resource sales (such as water and caliche), and water infrastructure services, including produced water handling, disposal, and recycling.
2. Regulatory and Environmental Risks: EagleRock Land's operations and those of its customers are subject to extensive environmental regulations, particularly concerning water management, produced water disposal, seismicity, sour gas, and carbon dioxide injection within the Permian Basin. Changes in these regulations, stricter enforcement, or new environmental mandates could increase compliance costs for customers, restrict certain development activities on EagleRock's land, or reduce the demand for its specialized services, such as valuable pore space for produced water disposal or acid gas injection.
3. Reliance on Key Customer Contracts: EagleRock Land's business model relies on strategic contractual arrangements, including significant long-term agreements with key operating partners like DEF Operating (an affiliate of Double Eagle Energy Holdings IV, LLC) and Hydrosource. The DE Flow Water System Management Agreement (WSMA) and the Hydrosource Recycling Agreement are highlighted as providing durable revenue streams. The non-renewal, early termination, or breach of such material contracts could have a considerable adverse effect on EagleRock Land's financial performance and cash flow.

EagleRock Land (EROK) participates in several key markets within the Permian Basin, Texas, and New Mexico, primarily centered around land management, water infrastructure, and carbon management services.

Midstream Water Management Market (Permian Basin)

The Permian Basin is a dominant region within the broader U.S. midstream water market for oil and gas. This market encompasses the supply, transport, storage, treatment, and disposal of water for oil and gas operations.

• The overall U.S. midstream water market for oil and gas is projected to reach a total of US$156 billion between 2025 and 2030, averaging over US$26 billion per year.
• The Permian Basin is expected to account for a significant portion, driving US$101.8 billion of this market through 2030, representing nearly two-thirds of the total U.S. market value.
• The Permian Basin alone is anticipated to require an average of 46.5 billion gallons of water annually for new well completions through 2030.
• Produced water volumes in the Permian Basin were over 20 million barrels per day (BPD) in 2024 and are projected to exceed 26 million BPD by 2030. Some forecasts suggest volumes could reach between 32 and 55 million BPD by 2025. Annually, over 168 billion gallons of produced water are generated in the Permian Basin.

Produced Water Disposal Market (Permian Basin)

• Most of the produced water in the Permian Basin, approximately 85%, is currently managed through injection into disposal wells.
• In 2026, the total permitted injection capacity across the seven largest midstream operators in the Permian Basin stands at 28.3 million barrels per day.
• In 2020, about 12 billion barrels of produced water were disposed of in the Permian Basin.

Produced Water Recycling and Reuse Market (Permian Basin)

• Recycled produced water is expected to fulfill over 75% of the U.S. hydraulic fracturing demand by 2030.
• In March 2025, an estimated 50% to 60% of produced water in the Permian Basin was being recycled and reused for hydraulic fracturing. This figure is projected to rise to as much as 80% of frac water coming from recycled sources by 2030.
• The Texas Produced Water Consortium estimates that 2 to 4 billion barrels per year (84 to 168 billion gallons) of treated produced water could become available for beneficial uses outside of oil and gas operations in Texas as treatment costs decrease.

Carbon Capture, Utilization, and Storage (CCUS) and Acid Gas Injection (AGI) Market (Texas / Permian Basin)

The Permian Basin is a significant area for carbon management, including sour gas and carbon dioxide injection.

• Texas is positioned to be a leader in the carbon management industry, with industries producing over 367 million metric tons (Mt) of CO2 annually statewide.
• The state possesses substantial potential for CO2 storage, estimated at over 1.6 billion Mt, which is equivalent to 4,000 years of its current carbon output.
• For CO2 storage projects, the Permian Basin offers the potential to generate an estimated $5 billion annually, based on a $20/ton capture cost.
• The Permian Basin has a history of CO2 storage through acid-gas disposal (AGI) wells, which can qualify for federal 45Q tax credits for the CO2 portion.
• In 2022, approximately 6.75 million tonnes of CO2 were officially stored in the Western U.S., primarily in the Permian Basin through Enhanced Oil Recovery (EOR) or AGI projects, accounting for about 77% of all officially sequestered CO2 in the USA through August 2023.

Resource Sales (Caliche) and Surface Use Royalties

Specific addressable market sizes for caliche sales and general surface use royalties in the Permian Basin were not explicitly quantifiable in the provided information. These revenues are directly tied to the level of oil and gas development and infrastructure construction on EagleRock Land's acreage, which is driven by the broader oil and gas activity in the Permian Basin.

Expected Drivers of Future Revenue Growth for EagleRock Land (EROK)

Over the next 2-3 years, EagleRock Land (EROK) is expected to drive future revenue growth through several key initiatives and market trends:

1. Growth in Advanced Water Management Services: EagleRock Land anticipates increased revenue from its produced water handling, disposal, and particularly, recycling and beneficial reuse activities. The company highlights its capacity to handle significant volumes of produced water under long-term contracts and explicitly mentions the long-term Water System Management Agreement (DE Flow WSMA) with DEF Operating, LLC and the Hydrosource Recycling Agreement, both including minimum royalty commitments and multi-year terms, indicating sustained growth in this sector.
2. Monetization of Pore Space for Acid Gas Injection (AGI) and Carbon Capture, Utilization, and Storage (CCUS): A significant future revenue driver is the utilization of its abundant pore space for sour gas and carbon dioxide injection. The company has already contracted its first AGI well, which is projected to commence revenue activities within the next two years, and notes that its Midland Basin assets are well-suited for large-scale CCUS and future CO2 pipeline development.
3. Attracting and Supporting Emerging Industries on Strategic Acreage: EagleRock Land plans to attract development by emerging industries such as traditional and renewable power generation, transmission and storage, and data centers to its strategically located land within the Permian Basin. This proactive land management approach aims to create growing and enduring revenue streams beyond traditional oil and gas activities.
4. Expansion of Resource Sales and Surface Use Royalties: The company expects continued growth from its resource sales (e.g., water and caliche) and surface use royalties generated from customer activities on its land. These activities include the construction of drilling pads, roads, pipelines, and other infrastructure, underpinned by long-term surface use agreements (SUAs) with inflation-linked fee escalators and minimum payment obligations, benefiting from the sustained high activity in the Permian Basin.

Share Repurchases

• EagleRock Land (EROK) has not reported any share repurchases, with a 3-year and 5-year share buyback ratio of 0.00% as of December 2025 and May 2026, respectively.

Share Issuance

• EagleRock Land priced its initial public offering (IPO) on May 14, 2026, offering 17.3 million Class A shares at $18.50 per share.
• The company raised approximately $320 million through this offering.

Inbound Investments

• EagleRock Land received net proceeds of approximately $286.6 million from its IPO, which could increase to $331.3 million if the underwriters fully exercise their option to purchase additional shares.
• The proceeds from the IPO are intended to repay the Predecessor Credit Facility, distribute funds to existing owners, and for general corporate purposes.

Outbound Investments

• No information is available regarding significant outbound investments made by EagleRock Land in the last 3-5 years.

Capital Expenditures

• EagleRock Land reported $0.00 million in capital expenditures for the three months ended December 2025 and for the trailing twelve months ended December 2025.
• The company's business model relies on customers and operating partners bearing the primary costs of development and operations, resulting in minimal capital expenditures for EagleRock Land.