Here are 1-2 brief analogies for LandBridge (symbol: LB):

• It's the Union Pacific (UNP) of the energy sector, owning and operating the critical pipeline network for crude oil and natural gas.

• It's like Consolidated Edison (ED), but instead of providing power and gas to homes, it offers the essential pipeline and storage grid for the oil and gas industry.

• Land Development Services: Providing comprehensive planning, design, and construction for residential, commercial, and industrial properties.
• Infrastructure Project Management: Offering expertise in the planning, development, and oversight of large-scale transportation and utility infrastructure projects, such as roads and bridges.
• Logistics & Supply Chain Solutions: Delivering integrated services for the efficient movement, storage, and distribution of goods across various land-based transportation networks.

LandBridge (symbol: LB) sells primarily to other companies (B2B), specifically oil and gas exploration and production (E&P) companies that lease its mineral rights to develop and extract resources. LandBridge generates revenue from royalty payments, lease bonuses, and other fees associated with these activities.

Based on their Q1 2024 disclosures, LandBridge's major customers (operators by production) include:

• EOG Resources (NYSE: EOG)
• Permian Resources (NYSE: PR)
• ConocoPhillips (NYSE: COP)
• Devon Energy (NYSE: DVN)
• Occidental Petroleum (NYSE: OXY)
• Diamondback Energy (NASDAQ: FANG)

Other significant operators on LandBridge's acreage include Civitas Resources (NYSE: CIVI), Chevron (NYSE: CVX), and ExxonMobil (NYSE: XOM).

Jason Long Chief Executive Officer and Director

Mr. Long is an oil and gas entrepreneur with over 16 years of experience founding and operating businesses that invest in and provide services across the upstream and midstream value chains. He was most recently President and founder of EnWater Solutions LLC and Pelagic Water Systems LLC, where he led the funding, construction, and commercialization of a produced water-gathering and disposal system in the Southern Delaware Basin. Mr. Long also serves as the Chief Executive Officer of WaterBridge. LandBridge was formed by Five Point Infrastructure LLC, a private equity firm, whose CEO and Managing Partner, David Capobianco, is the Chairman of LandBridge's board. This demonstrates Mr. Long's involvement with companies backed by private equity.

Scott L. McNeely Chief Financial Officer

Mr. McNeely joined LandBridge in September 2021 as Vice President, Finance. He also currently serves as Executive Vice President, Chief Financial Officer of WaterBridge since September 2024. Previously, he served as Senior Vice President, Finance of WaterBridge from July 2019 to August 2024, and Director of Finance of WaterBridge from April 2018 to June 2019. Given the association of WaterBridge with Five Point Infrastructure LLC, a private equity firm, through shared board members with LandBridge, this indicates Mr. McNeely's involvement with companies backed by private equity.

Jason Williams Executive Vice President & Chief Administrative Officer

Mr. Williams serves as the Executive Vice President and Chief Administrative Officer for LandBridge.

Harrison Bolling Executive Vice President & General Counsel

Mr. Bolling serves as the Executive Vice President and General Counsel for LandBridge.

The key risks to LandBridge's business include significant concerns regarding its financial credibility and corporate governance, its fundamental reliance on the volatile energy sector within the Permian Basin, and the substantial execution and financing challenges tied to its diversification projects.

1. Governance Flaws, Questionable Revenue Recognition, and Related-Party Transactions: A prominent risk for LandBridge stems from allegations of governance flaws, including opaque revenue recognition practices and a lack of independent oversight from its audit committee. A report by Gotham City Research specifically questions up to 55% of LandBridge's 2024 revenue as dubious, citing practices such as recognizing a large deposit from a related party as revenue upon receipt rather than when earned. The report also highlights leadership instability, with key executives reportedly resigning post-IPO, further raising concerns about the company's credibility and long-term viability.
2. Reliance on Energy Sector Stability and Permian Basin Concentration: Despite efforts to diversify, LandBridge's cash flows and overall revenue model remain significantly tied to the stability and activity within the oil and gas sector, particularly within the Permian Basin where its land holdings are concentrated. This inherent dependency exposes the company to risks associated with fluctuating commodity prices, potential regulatory shifts concerning drilling and water disposal, and broader decarbonization trends.
3. Execution and Financing Risks of Diversification Efforts: LandBridge's growth trajectory is increasingly linked to its ability to execute strategic diversification projects, such as the agreement with NRG to explore building a natural gas power plant. However, these initiatives are subject to considerable execution and financing risks, including the possibility that the NRG agreement may not proceed, or that delays in permitting, interconnection, or securing power purchase agreements could significantly impact financial performance. The company's current valuation is also seen by some as pricing in flawless execution and successful future diversification that are not yet proven.

The global energy transition, driven by increasing policy and regulatory pressures, technological advancements in renewable energy, and growing investor and consumer demand for decarbonization, poses a clear emerging threat to LandBridge. As an operator of oil and gas pipelines, LandBridge's long-term profitability and asset utilization are fundamentally tied to the sustained demand for fossil fuels. The accelerating shift towards lower-carbon energy sources and electrification threatens to gradually erode this demand, potentially leading to reduced throughput volumes, constrained opportunities for expansion, and an increased risk of stranded assets over time, similar to how changing consumer habits and technology disrupted Blockbuster or BlackBerry.

LandBridge (LB) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Strategic Expansion and Partnerships in the Permian Basin: LandBridge's strategy includes expanding its acreage, particularly within the Permian Basin, through acquisitions and strategic partnerships. For instance, the company closed an acquisition in February 2025 for approximately 3,000 acres in Lea County, New Mexico, increasing its total acreage to around 276,000 acres. Additionally, a 10-year surface use and pore space reservation agreement with Devon Energy is expected to contribute to revenue, with an obligation for Devon to deliver at least 175,000 barrels per day of produced water starting in Q2 2027. A minimum annual revenue commitment of $25 million for five years from VTX and its affiliates, covering surface operations, brackish water, and produced water royalties, also underpins future growth.
2. Growth in Surface Use Royalties and Fee-Based Arrangements: The company has successfully shifted its revenue mix towards fee-based arrangements, which accounted for a record 94% of total revenues in Q2 2025, providing more reliable recurring revenue less exposed to commodity price fluctuations. This growth is driven by increased easements, new projects, and overall commercial activity on its acreage, including higher produced water volumes.
3. Development of Digital Infrastructure: LandBridge sees significant future growth opportunities from digital infrastructure, driven by the rapid development of AI and the need for data centers requiring cheap power and water for cooling. The company signed its first lease development agreement for a data center in November 2024 and executed an option agreement for a natural gas-fired CCGT plant on its Reeves County acreage to service future data center demand. This focus positions its West Texas acreage to support energy-intensive customers.
4. Contribution from Renewable Energy Projects: LandBridge anticipates revenue contributions from renewable energy initiatives, specifically mentioning initial solar facility contributions to surface use revenues. The company also sold a solar project to an energy infrastructure developer in Texas, indicating ongoing activity in this sector.
5. Increased Resource Sales and Royalties: While subject to some fluctuations, resource sales and royalties, including brackish water and sand volumes, are expected to contribute to revenue growth, particularly from newly acquired acreage. The company's produced water royalty volumes reached 1,380,426 barrels per day in Q2 2025, and sand royalty volumes continued to increase to 9,162 tons per day in Q2 2025.

Share Issuance

• LandBridge closed its initial public offering (IPO) on July 1, 2024, issuing 14,500,000 Class A shares at $17.00 per share.
• Underwriters fully exercised their option to purchase an additional 2,175,000 Class A shares at $17.00 per share.
• A concurrent private placement resulted in the sale of 750,000 Class A shares at $17.00 per share to an accredited investor, generating approximately $270.9 million in net proceeds from the offering and private placement.

Outbound Investments

• On October 3, 2025, LandBridge announced an agreement to acquire approximately 37,500 total acres in Texas for $250.0 million, comprising $208.3 million in cash and $41.7 million in equity. This acquisition is expected to close in the fourth quarter of 2025.

Capital Expenditures

• Capital expenditures for the second quarter of 2025 were $1.2 million.
• Capital expenditures for the first quarter of 2025 were $0.1 million.
• The company operates with a "capital-light" business model, with capital expenditures primarily focused on water wells, pipelines, and land acquisitions.