LandBridge is like a Texas Pacific Land Company (TPL) specifically focused on owning and monetizing vast surface acreage in the high-activity Delaware Basin, earning revenue from surface leases, resource sales, and oil & gas royalties for energy and industrial development.

Alternatively, LandBridge can be compared to a cell tower REIT such as American Tower or Crown Castle, but instead of leasing out space on towers, it leases out extensive surface land in the Permian Basin for essential energy, water, and other industrial infrastructure.

LandBridge (LB) provides the following major services and products:

• Surface Land Leasing: The company generates revenue by leasing its surface acreage for a variety of industrial and commercial uses, including oil and natural gas development, midstream infrastructure, renewable energy projects, and waste management facilities.
• Resource Sales: LandBridge sells brackish water and receives royalties from sand extracted from its land, both used primarily to support oil and natural gas operations in the Delaware Basin.
• Mineral Rights Royalties: The company collects a share of revenues from the production of oil and natural gas on its owned mineral acres.

LandBridge (LB) primarily sells its services and resources to other companies. Based on the provided description, its major customers include:

• WaterBridge
• Devon Energy (Symbol: DVN)
• Desert Environmental

Jason Long - Chief Executive Officer and Director

Mr. Long has approximately 20 years of entrepreneurial and operating experience in oil and natural gas, including founding produced water businesses in the Delaware Basin such as EnWater Solutions LLC and Pelagic Water Systems LLC. He led the funding, construction, and commercialization of a produced water-gathering and disposal system. Mr. Long also serves as the Chief Executive Officer of WaterBridge.

Scott L. McNeely - Executive Vice President and Chief Financial Officer

Mr. McNeely joined LandBridge in September 2021 as Vice President, Finance. He also serves as Executive Vice President and Chief Financial Officer of WaterBridge. Prior to WaterBridge, he was an Investment Banking Senior Associate at Citigroup and previously served in various roles within the intelligence community, including for CACI International Inc.

Harrison Bolling - Executive Vice President and General Counsel

Mr. Bolling has over 15 years of experience advising energy clients, specializing in mergers and acquisitions, midstream commercial agreements, and surface land transactions. He has served as General Counsel of LandBridge since October 2021 and joined WaterBridge as General Counsel in 2018. Earlier in his career, he was assistant general counsel at PennTex Midstream Partners LP and practiced at Bracewell LLP.

Jason Williams - Executive Vice President and Chief Administrative Officer

Mr. Williams has more than 16 years of accounting and finance leadership experience in the oil and gas industry. Before LandBridge, he spent nine years at BHP in various North America and global leadership roles, focusing on asset acquisition and integration, financial and production systems, organizational transformation, and operational finance and accounting.

The key risks to LandBridge's business operations include:

1. Dependence on Oil and Natural Gas Industry Activity: A substantial portion of LandBridge's revenue streams, including surface use royalties, resource sales (like brackish water and sand), and direct oil and gas royalties, are directly tied to the level of exploration, development, and production activity in the Delaware Basin. A sustained downturn in commodity prices, reduced drilling and completion activity, or adverse regulatory changes impacting the oil and natural gas industry could significantly diminish demand for LandBridge’s services and resources, thereby materially impacting its financial performance. The company's strategy is heavily reliant on supporting and encouraging oil and natural gas development and its associated infrastructure.
2. Geographic Concentration Risk: LandBridge's entire asset base, comprising approximately 220,000 surface acres and 4,180 gross mineral acres, is concentrated within the Delaware sub-basin of the Permian Basin. While this region is highlighted as prolific and active, this geographic concentration exposes the company to specific risks associated with that area. These risks could include localized adverse weather events, region-specific regulatory changes, environmental issues unique to the Delaware Basin, or an economic downturn that disproportionately affects this particular area, all of which could have a concentrated negative impact on LandBridge's operations and revenues.
3. Reliance on Strategic Partners and Related Entities: LandBridge has significant ties to WaterBridge and Desert Environmental, both formed by its shared financial sponsor, Five Point. The background explicitly states that WaterBridge’s future growth is expected to "underpin increased revenues" for LandBridge. While these relationships offer strategic advantages and visibility into production trends, they also create a degree of reliance. Any operational, financial, or market challenges faced by WaterBridge, Desert Environmental, or other key partners could directly and negatively affect LandBridge's revenue streams, growth prospects, and overall business stability.

LandBridge (LB) participates in several significant addressable markets related to its land and resource management in the Permian Basin. These markets include:

• Produced Water Transportation and Handling: The Permian Basin midstream water market, which includes the supply, transport, storage, treatment, and disposal of water, is projected to reach a total of US$101.8 billion between 2025 and 2030. This represents nearly two-thirds of the overall U.S. midstream water market. (Region: Permian Basin, United States)
• Non-Hazardous Oilfield Reclamation and Solid Waste Facilities (Drilling Waste Management): The North America drilling waste management market was valued at approximately USD 1.9 billion in 2024 and is estimated to grow to USD 4.4 billion by 2034. This market includes the collection, treatment, and disposal of waste generated during drilling operations. (Region: North America, which includes the Permian Basin)
• Sand Sales (Frac Sand): The global frac sand market was valued at around USD 7.6 billion in 2023. The Permian Basin consistently accounts for a substantial portion of this market, representing just over half of the total U.S. proppant demand. North America dominated the global frac sand market with a revenue share exceeding 55.0% in 2024. (Region: Global, with significant demand from the Permian Basin, United States)

Expected Drivers of Future Revenue Growth for LandBridge (LB)

LandBridge (LB) is positioned for future revenue growth over the next 2-3 years, driven by its strategic land management in the Permian Basin and expansion into new commercial activities. Key drivers include:

• Expansion and Increased Utilization of Produced Water Infrastructure: LandBridge anticipates significant revenue contributions from the growth of its shared management team's water midstream company, WaterBridge. Specifically, the Speedway Pipeline is expected to come online mid-year 2026, and increased volumes from BPX Kraken will further boost produced water royalties, a key revenue stream.
• Commercialization of Expanded Land Footprint: The company's active land management strategy focuses on increasing the monetization of its extensive acreage. This includes the commercialization of recently acquired land, such as the 1918 Ranch acquisition which is projected to add approximately $20 million in yearly EBITDA in 2026. LandBridge also aims to improve its Surface Use Economic Efficiency (SUEE) across its more than 315,000 acres by securing new easements and development agreements.
• Development of Digital Infrastructure and Renewable Energy Projects: LandBridge is strategically leveraging its land for high-growth industrial developments beyond traditional energy. This includes securing agreements for battery energy storage systems, such as the 350 MW capacity projects with Samsung expected to be operational by late 2028, and exploring opportunities for natural gas processing facilities and gigawatt-scale power generation facilities for data centers.
• Increased Surface Use Royalties and Resource Sales: Ongoing growth in surface use royalties and revenues is expected from various commercial and industrial activities on LandBridge's land, including oil and natural gas development, pipeline and electrical infrastructure, and non-hazardous oilfield waste facilities. Additionally, increased sales of resources like brackish water, particularly from newly acquired acreage, and royalties from sand extraction will continue to contribute to revenue growth.

Capital Allocation Decisions for LandBridge (LB)

Share Repurchases

• LandBridge's board approved a $50.0 million share repurchase program on February 25, 2026. This authorization allows the company to buy back up to 1% of its outstanding Class A shares over a two-year period, through year-end 2027.

Share Issuance

• On July 1, 2024, LandBridge completed its initial public offering (IPO), issuing 14,500,000 Class A shares at $17.00 per share, raising approximately $246.5 million.
• The underwriters fully exercised their option to purchase an additional 2,175,000 Class A shares, contributing to a total of approximately $270.9 million raised from the IPO.
• Concurrently with the IPO on July 1, 2024, LandBridge also sold 750,000 Class A shares at $17.00 per share in a private placement to an accredited investor.

Inbound Investments

• LandBridge was formed on September 27, 2023, by WaterBridge NDB LLC, with Five Point Energy serving as a financial sponsor.

Outbound Investments

• In 2025, LandBridge's subsidiary, DBR Land Holdings LLC, agreed to acquire approximately 37,500 acres and related assets for an aggregate purchase price of $250.0 million, which included approximately $208.3 million in cash and $41.7 million in OpCo units and Class B shares.
• LandBridge made significant land acquisitions in 2024 and 2025, expanding its acreage positions in the Stateline, Northern, and Southern areas of the Delaware Basin.
• Acquisitions for the fiscal year ended December 31, 2025, amounted to $229.0 million in investing outflows.

Capital Expenditures

• Capital expenditures for the fiscal year ended December 31, 2025, were minimal, totaling $4.2 million, reflecting the company's asset-light model where customers primarily bear the cost of infrastructure development.
• In the fourth quarter of 2025, capital expenditures were $1.7 million.
• For the first quarter of 2025, capital expenditures amounted to $0.1 million.