LandBridge Co LLC

LandBridge Co LLC owns and manages a large surface-acreage position in and around the Delaware Basin in the Permian Basin, monetizing land access and related resources rather than drilling for hydrocarbons itself. The company earns revenue from surface use fees, produced water handling royalties, resource sales, and oil and gas/mineral royalties tied to customer activity on its acreage.

65,3 %

15,1 %

+81,1 %

4.87

4.87

— LandBridge Co LLC
%
Surface use and access rights45% Fees and royalties for customers using LandBridge acreage for drilling pads, roads, pipelines, and related infrastructure.
Produced water and water-related royalties25% Royalties and fees tied to produced water handling and related water infrastructure on company land.
Oil and gas/mineral royalties15% Royalty income from hydrocarbon production and related extraction activity on or around the acreage.
Resource sales10% Sales of land-based resources, including materials extracted or otherwise monetized from the acreage.
Other land-use revenues5% Fees from commercial and industrial uses such as digital infrastructure, fuel distribution, and reclamation sites.

LandBridge sells primarily to oil and natural gas producers, water midstream operators, and infrastructure users that...

  • Oil and gas E&P companiesprimary

    They use the acreage for drilling pads, production operations, and related surface access because the land sits in the active Delaware Basin.

  • Water midstream operatorsprimary

    They pay for produced water handling and infrastructure access, including WaterBridge, which is a major customer and strategic partner.

  • Infrastructure developerssecondary

    They buy rights-of-way and surface access for pipelines, roads, electrical infrastructure, and other long-lived assets.

  • Industrial and commercial land userssecondary

    They use the land for fuel distribution, reclamation, solid waste, and other non-hazardous industrial activities.

  • Digital infrastructure developersemerging

    They seek large, contiguous acreage for data center or related infrastructure projects with long-duration land control.

LandBridge’s business is overwhelmingly concentrated in the Delaware Basin sub-region of the Permian Basin in Texas and...

  • •Core operations are in the Delaware Basin within the Permian Basin
  • •Primary exposure is Texas and New Mexico land and infrastructure activity
  • •Customer demand depends on local drilling and produced-water volumes
  • •Geographic concentration creates strong local positioning but limited diversification
  • •Permian Basin activity drives pricing, utilization and expansion opportunities

LandBridge’s strategy is to actively manage its acreage to attract energy, water, and infrastructure development while...

01
Increase monetization of existing acreageshort-term

The business earns more by attracting additional customer activity without needing to fund most development itself.

02
Grow third-party revenuesmedium-term

Reducing dependence on WaterBridge improves resilience and broadens the customer base.

03
Expand into adjacent land-use verticalsmedium-term

Renewables, data centers, and industrial uses can extend the value of the acreage beyond oil and gas cycles.

04
Preserve free cash flow and balance sheet flexibilityshort-term

The company uses free cash flow to support debt service, acquisitions, and potential shareholder returns.

LandBridge is highly exposed to drilling and production activity in the Delaware Basin, so weaker oil and gas markets...

high

Dependence on oil and gas development activity

If E&P companies slow drilling, completion, or production, demand for surface access and royalties falls.

Scope
Delaware Basin customer activity and commodity cycles
Materiality
high
high

Customer concentration

A small number of customers account for a large share of revenue, so the loss or slowdown of one can materially affect results.

Scope
WaterBridge represented 25% of 2025 revenue; top five customers were 59%
Materiality
high
medium

Single-basin geographic concentration

Operations are concentrated in one active but cyclical basin, limiting diversification if local activity weakens.

Scope
Permian Basin / Delaware Basin
Materiality
high
medium

Infrastructure dependency on WaterBridge and third parties

If key water or transport infrastructure loses rights-of-way or is relocated, LandBridge’s revenue stream can be disrupted.

Scope
Produced water delivery and related surface use
Materiality
medium
medium

Cybersecurity and operational disruption

Energy-related assets and supporting systems are attractive targets and outages could interrupt customer operations.

Scope
IT systems, customer/vendor interfaces, infrastructure operations
Materiality
medium
Revenue timing and contract mix
Quarterly revenue can be volatile as projects move from construction to operations
Acquisition accounting and fair value estimates
Affects depreciation, amortization, and future impairment risk
Share-based compensation
Can materially affect reported net income and comparability
Debt and financing costs
Interest expense and covenant considerations affect earnings and liquidity

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: 28.4.2026