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- **Revenue Growth**: Q3 revenue up 7% sequentially to $50.8 million, with EBITDA of $44.9 million (88% margin).
- **Strategic Acquisitions**: $20 million EBITDA contribution from 1918 Ranch acquisition in 2026, plus solar and gas processing projects.
- **Pore Space Leadership**: 300,000+ contiguous acres and partnerships like WaterBridge position LandBridge to capitalize on Delaware Basin's 9 million bbl/day produced water shortfall.
- **Balance Sheet Strength**: $108.3 million liquidity, 2.1x net leverage, and $0.10 quarterly dividend.
- **2026 Outlook**: Surface use royalties and new projects poised for accelerated growth, with EBITDA expectations exceeding prior guidance.

**【CEO Summary Section】**
- **Revenue and EBITDA Growth**: Q3 revenue increased 7% sequentially to $50.8 million, with adjusted EBITDA rising 6% to $44.9 million. This marks the sixth consecutive quarter of growth since going public.
- **Strategic Acquisitions**: Finalized the 1918 Ranch & Royalty acquisition, expected to contribute $20 million in EBITDA from 2026 onward. The deal includes 37,500 acres in Loving and Reeves counties, enhancing pore space and alternative energy potential.
- **New Projects**: Signed a 250 MW solar project lease in Reeves County and a long-term lease with ONEOK for a natural gas processing facility in Loving County.
- **Pore Space Management**: Emphasized controlled, contiguous acreage (300,000+ acres) to avoid pore pressure challenges, supported by partnerships like WaterBridge and alignment with Texas Railroad Commission guidelines.
- **Diversification**: Expanded into power infrastructure and data centers, with active discussions with hyperscalers and energy transition developers.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP revenue of $50.8 million (78% YoY growth), adjusted EBITDA of $44.9 million (88% margin). Free cash flow was $33.7 million, with capital expenditures of $1.2 million.
- **Balance Sheet**: Total liquidity of $108.3 million, net borrowings of $369.3 million (down 1.6% QoQ), and net leverage ratio of 2.1x (down from 2.4x).
- **Capital Allocation**: Prioritized M&A (e.g., 1918 Ranch), balance sheet strength (targeting 2.0-2.5x leverage), and shareholder returns (Q3 dividend of $0.10 per share).
- **Guidance**: Reaffirmed full-year 2025 EBITDA guidance of $165-175 million, with confidence in 2026 growth from surface use royalties and new projects.

**【Q&A Highlights】**
- **1918 Acquisition**: EBITDA contribution of $20 million in 2026, with potential upside from 900,000 bbl/day pore space capacity and clean energy infrastructure. Expected 3-4 year timeline for full monetization.
- **Power & Data Centers**: Active discussions with hyperscalers and energy developers, leveraging land, power partnerships, and fiber access. First solar project milestone payments expected as development progresses.
- **Produced Water Shortfall**: Projected 9 million bbl/day shortfall in Delaware Basin by 2035 due to pore space constraints, highlighting demand for LandBridge's differentiated, unencumbered acreage. Devon Energy's minimum volume commitment agreement exemplifies forward-thinking operator demand.
- **Surface Use Royalties**: Strong growth driven by WaterBridge's BPX development and new easements, with 2026 expectations exceeding prior forecasts.


LandBridge Company LLC (LB) Q3 2025 Earnings Call Transcript

- **Revenue surge**: 83% YoY growth from fee-based models. 
- **Strategic agreements**: 10-year Devon deal for 300,000 bpd produced water. 
- **Financial strength**: 89% EBITDA margin, $36M free cash flow. 
- **Regulatory alignment**: Pore space management aligns with new Texas rules. 
- **Guidance update**: EBITDA $160-180M, delayed solar project.

**【CEO Summary Section】**
- Q2 revenue grew 83% YoY, driven by fee-based arrangements. 
- Signed 10-year agreement with Devon for 300,000 bpd produced water capacity starting Q2 2027. 
- 94% of revenue now from fee-based models, reducing commodity risk. 
- Expanded land holdings by 50,000 acres; 89% EBITDA margin. 

**【CFO Financial Commentary】**
- Q2 revenue $47.5M, +83% YoY. 
- Free cash flow $36.1M, 76% margin. 
- Adjusted EBITDA guidance raised to $160-180M due to delayed solar project. 
- Debt reduced to $374.3M, net leverage 2.4x. 

**【Q&A Highlights】**
- Devon deal reflects industry shift to long-term contracts. 
- Regulatory changes support responsible pore space use. 
- Solar project timeline extended due to developer delays. 
- Power generation deal for 500,000 bpd Speedway pipeline. 
- Data center demand expected to grow with cheap power access.

LandBridge (LB)-7 Aug 25-2025 Q2 Earnings call transcript

- **Triple-Digit Growth**: Q1 2025 revenue up 131% YoY, 88% from non-oil/gas streams
- **Water Infrastructure Expansion**: Speedway Pipeline to add $30M/year in cash flow
- **Resilient Model**: 92% revenue insulated from oil/gas prices; operators cover 90%+ costs
- **Dividend Growth**: $0.10/share dividend declared, maintaining financial flexibility
- **Permian Momentum**: Produced water volumes outpacing oil growth in core Delaware Basin

**【CEO Opening Remarks】**
- Q1 2025 revenue grew 131% YoY, with 88% of revenue from non-oil/gas streams (surface use royalties, resource sales). 
- Wolf Bone Ranch acquisition drove >70% QoQ increase in produced water royalty volumes.
- WaterBridge's Speedway Pipeline to add up to 500,000 bbl/day capacity, generating ~$30M/year in cash flow.
- 92% of revenue insulated from oil/gas price volatility; operators bear 90%+ of OpEx/CapEx.

**【CFO Financial Highlights】**
- Q1 2025 revenue: $44M (20% QoQ, 131% YoY)
- Adjusted EBITDA: $38.8M (22% QoQ, 129% YoY), 88% margin
- Free cash flow: $15.8M (36% margin)
- Liquidity: $84.9M (cash: $14.9M, revolver: $70M)
- Dividend declared: $0.10/share

**【Key Q&A Takeaways】**
1. **Permian Activity & Water Growth**
- Producers maintain 2025+ development plans; no change in production expectations
- Produced water growth in core Delaware Basin outpacing oil volumes
- Water oil ratios rising due to deeper bench drilling

2. **Speedway Pipeline Progress**
- Contracts being finalized; first phase online Q4 2025
- $30M+ annual cash flow once fully operational
- Surface damage payments starting H2 2025, volumes ramping in 2026

3. **Data Center & Power Opportunities**
- Data center project remains on 12-18 month timeline
- Strong demand for in-basin power generation
- Land and water infrastructure needs driving new partnerships

LandBridge Company LLC (LB) Q1 2025 Earnings Call Transcript

- **Revenue Growth**: Q4 2024 revenue up 109% YoY to $36.5M, full-year up 51% to $110M.
- **Land Expansion**: Acquired 201,000 acres in 2024, including 46,000-acre Wolf Bone Ranch with $25M/yr revenue.
- **Data Center Deal**: $8M upfront payment, potential $8M/yr lease payments post-construction.
- **Solar Projects**: 550MW project in Texas with mid-single-digit million revenue by 2025.
- **2025 Guidance**: $170-190M EBITDA driven by new acquisitions and produced water growth.
- **Financial Strength**: 88% EBITDA margin, $385M debt with $107M liquidity, 73% free cash flow margin.


**【CEO Opening Remarks】**
- Q4 2024 revenue grew 109% YoY to $36.5M, with full-year revenue up 51% to $110M.
- Acquired 201,000 acres in 2024, including 46,000-acre Wolf Bone Ranch with $25M/yr revenue commitment.
- Signed data center lease deal with $8M upfront payment and potential 1GW facility.
- Expanded into solar energy with 6,700-acre project in Texas/New Mexico.

**【CFO Financial Highlights】**
- Q4 2024 adjusted EBITDA: $31.7M (108% YoY growth), full-year EBITDA: $97.1M.
- Free cash flow: $26.7M (Q4) and $66.7M (full-year), with 73% margin in Q4.
- Surface use economic efficiency: $1,018/acre in 2024, up from $465/acre in 2022.
- 2025 guidance: $170-190M EBITDA driven by new acquisitions and solar projects.

**【Key Q&A Takeaways】**
- **Data Center Progress**: $8M upfront payment, 2-year site selection period, and potential $8M/yr lease payments post-construction.
- **Solar Projects**: 550MW project in Texas with mid-single-digit million revenue by 2025.
- **Water Infrastructure**: 1.2M bbl/day produced water capacity, growing 20-30% YoY.
- **Regulatory Tailwinds**: Texas legislature promoting water recycling, reducing seismic risks from deep injection.
- **Capital Allocation**: 85% of 2024 revenue from non-oil/gas royalties, $385M debt with $107M liquidity.

**【Strategic Priorities】**
- Acquire underutilized surface acreage (e.g., 3,000-acre New Mexico deal in Q1 2025).
- Diversify into digital infrastructure (AI/data centers) leveraging cheap power and water in West Texas.
- Maintain 88% EBITDA margin through low-cost land management model.
- Generate $170-190M EBITDA in 2025 via new acquisitions and solar/produced water growth.


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