Q4 2025 LandBridge Company LLC Earnings Call

February 26, 2026

Speaker #1: After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star 1 to raise your hand.

Speaker #1: To withdraw your question, press star 1 again. I will now hand the conference over to Mae Harrington, Director of Investor Relations. Mae, please go ahead.

Speaker #2: Good morning, and thank you for joining LandBridge's fourth-quarter and fiscal year 2025 earnings call. I'm joined today by our Chief Executive Officer, Jason Long, and our Chief Financial Officer, Scott McNeely.

Speaker #2: Before we begin, I'd like to remind you that in this call and the related presentation, we will make forward-looking statements regarding our current beliefs, plans, and expectations.

Speaker #2: We are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from results and events contemplated by such forward-looking statements.

Speaker #2: You are cautioned not to place undue reliance on forward-looking statements. Please refer to the risk factors and other cautionary statements included in our filings with the SEC.

Speaker #2: I would also like to point out that our investor presentation and today's conference call will contain discussions of non-GAAP financial measures, which we believe are useful in evaluating our performance.

Speaker #2: The supplemental measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Reconciliations to the most directly comparable GAAP measures are included in our earnings release, and the appendix of today's accompanying presentation.

Speaker #2: I'll now turn the call over to our CEO, Jason Long.

Speaker #3: Thank you, Mae, and good morning, everyone. 2025 was a year of accretive expansion for LandBridge, with Q4 marking our seventh consecutive quarter of revenue growth as a public company.

Speaker #3: While Scott will delve more deeply into our operational and financial results, I'll start by highlighting the proven growth potential of our business model. In 2025, we grew revenues by 81% and adjusted EBITDA by 83% year over year.

Speaker #3: And achieved an adjusted EBITDA margin of 89%. Fourth-quarter results strongly contributed to that growth, with revenue and EBITDA increasing 12% and 14% quarter over quarter, respectively.

Speaker #3: We have many compelling organic growth opportunities before us, as well as accretive opportunities to expand our footprint, which now totals more than 315,000 mostly contiguous acres strategically located across the Delaware Basin.

Speaker #3: We often talk about LandBridge advancing the paradigm of active land management, and I want to spend a few minutes talking about what that means and how we're able to demonstrate those results.

Speaker #3: We are focused on acquiring strategic, high-quality land positions that are well-positioned for development across key industries such as energy, power, digital infrastructure, and broader industrial development.

Speaker #3: In parallel, we work to drive capital-like growth on existing acreage through commercial efforts by leveraging our deep expertise in the Delaware Basin across multiple industries to attract and advance commercial opportunities on our acreage.

Speaker #3: Maximizing each acre's revenue potential and creating compounding revenue across our position. Our active land management strategy is delivering long-term value across diversified revenue streams and driving gains in surface-use economic efficiency, our SUEE.

Speaker #3: This metric, which we disclose on an annual basis for acreage with similar acquisition vantages, represents the average revenue per acre generated by our acreage portfolio over time.

Speaker #3: For example, our legacy acreage position of approximately 72,000 acres generated less than $465 per acre when we acquired it. And last year, it averaged almost $1,160 per acre, representing nearly $150% growth since 2022.

Speaker #3: For 2024, vantage acreage, including the east state line and wolf bun ranches, we achieved year-over-year growth of 145% in 2025. Across our full acreage portfolio of more than 315,000 acres, we delivered SUEE growth of 21% year over year, representing a dollar value growth of $543 per acre to $658 per acre on average.

Speaker #3: Over the past year, this significant growth was accompanied by increased diversification of our customer base across revenue categories, accelerating commercial growth with a record of approximately $450 new easements and agreements on our acreage, including large-scale agreements with blue-chip partners.

Speaker #3: In the energy space, we executed two battery energy storage systems, or BESS, facility development agreements with Samsung CNT Renewables in December, granting exclusive rights to develop BESS facilities with an aggregate capacity of 350 megawatts.

Speaker #3: These BESS facilities, which could achieve commercial operation as soon as year-end 2028, are designed to enhance grid stability, support renewable energy integration, deliver clean power to the local grid, and unlock more potential opportunities with Samsung in the future.

Speaker #3: Additional energy developments in 2025, including finalizing the cell of a 3,000-acre solar energy project with a proposed generation capacity of up to 250 megawatts, and entering into a long-term lease with a subsidiary of One Oak for a natural gas processing facility.

Speaker #3: We also entered into strategic agreement with NRG Energy for the potential construction of a 1.1-gigawatt grid-connected natural gas power generation facility intended to power data center.

Speaker #3: Our agreements with Samsung One Oak and NRG reflect and emphasize our commitment to securing development across conventional and renewable energy. While also positioning LandBridge as a key enabler of digital infrastructure development across West Texas.

Speaker #3: A geography that has all the necessary components for such development. In particular, low-cost energy, abundant water volumes, proximity to fiber in favorable regulatory environment.

Speaker #3: These data center projects represent large, long-term capital-intensive investments and we support any potential counterparties in their due diligence on West Texas opportunities. Our team has significant experience with data center project underwriting and extensive relationships with West Texas counterparties who provide power, water, and other key infrastructure to facilitate complex multi-party agreements and shortened time to value for our customers.

Jason Long: support renewable energy integration, deliver clean power to the local grid, and unlock more potential opportunities with Samsung in the future. Additional energy developments in 2025, including finalizing the sale of a 3,000 acre solar energy project with a proposed generation capacity of up to 250 MW, and entering into a long-term lease with a subsidiary of ONEOK for a natural gas processing facility. We also entered into strategic agreement with NRG Energy for the potential construction of a 1.1 GW grid-connected natural gas power generation facility intended to power a data center. Our agreements with Samsung, ONEOK, and NRG reflect and emphasize our commitment to securing development across conventional and renewable energy, while also positioning LandBridge as a key enabler of digital infrastructure development across West Texas.

New energy integration deliver clean power to the local grid and unlock more potential opportunities with Samsung in the future.

Speaker #3: Overall, our conviction in the West Texas value proposition for data centers has never been stronger and we look forward to the ultimate broader industrial impact of such important projects on West Texas and LandBridge specifically.

Additional energy developments in 2025 include finalizing the sale of a 3,000-acre solar energy project with a proposed generation capacity of up to 250 megawatts, and entering into a long-term lease with a subsidiary of Oneok for a natural gas processing facility.

Speaker #3: Another key growth driver continues to be produced water royalties, where our ample high-quality pore space is an important differentiator. As forward-looking and capital-efficient EMPs increasingly value the flow assurance offered by large-scale out-of-basin solutions, we expect that our synergistic relationship with WaterBridge will continue to contribute to growth as WaterBridge expands its water infrastructure across our acreage through projects like their Speedway pipeline, where they recently announced an open season for its second phase.

We also entered into strategic agreement with NRG energy for the potential construction of a 1.1 gigawatt, great connected, natural gas, power generation facility intended to power Data Center.

Our agreements with Samsung 1 Oak and NRG reflect and emphasize our commitment to securing Development Across conventional and renewable energy.

Jason Long: A geography that has all the necessary components for such development, in particular, low-cost energy, abundant water volumes, proximity to fiber, and favorable regulatory environment. These data center projects represent large, long-term, capital-intensive investments, and we support any potential counterparties in their due diligence on West Texas opportunities. Our team has significant experience with data center project underwriting and extensive relationships with West Texas counterparties who provide power, water, and other key infrastructure to facilitate complex multi-party agreements and shorten time to value for our customers. Overall, our conviction in the West Texas value proposition for data centers has never been stronger, and we look forward to the ultimate broader industrial impact of such important projects on West Texas and LandBridge specifically. Another key growth driver continues to be produced water royalties, where our ample, high-quality pore space is an important differentiator.

Speaker #3: As we look ahead to 2026, we look forward to advancing our critical role in multi-industry development throughout the region. We are confident in our proven business strategy and are well-positioned to continue delivering differentiated value for our shareholders.

While also positioning LandBridge as a key enabler of digital infrastructure development across West Texas—a geography that has all the necessary components for such development, particularly in low-cost energy, abundant water volumes, proximity to fiber, and a favorable regulatory environment.

Speaker #3: And now I'll turn the call over to Scott, our Chief Financial Officer.

These data center projects represent large, long-term, capital-intensive investments, and we support any potential counterparties in their due diligence on West Texas opportunities.

Speaker #4: Thank you, Jason, and good morning to everyone joining today. As Jason noted, we entered 2026 from a position of strength with the momentum of a strong fourth quarter and a full year of growth.

Speaker #4: In the fourth quarter, we delivered total revenue of $56.8 million, up 12% sequentially in 56% year over year. And for the year, we delivered revenue of $199.1 million representing 81% year over year growth.

Our team has significant experience with data center project underwriting, and extensive relationships with less Texas counterparties who provide Power water and other key infrastructure to facilitate complex multi-party agreements. And shortened time to value for our customers.

Speaker #4: Sequential growth for the fourth quarter was driven by surface-use royalties and revenues, which increased 12%, primarily driven by increased royalties from WaterBridge's BPX Kraken development, as well as new project easement payments.

Overall our conviction in the west Texas value proposition for data centers has never been stronger and we look forward to the ultimate broader industrial impact of such important projects on West, Texas and landbridge specifically.

Jason Long: As forward-looking and capital-efficient E&Ps increasingly value the flow assurance offered by large-scale out-of-basin solutions, we expect that our synergistic relationship with WaterBridge will continue to contribute to growth as WaterBridge expands its water infrastructure across our acreage through projects like their Speedway Pipeline, where they recently announced an open season for its second phase. As we look ahead to 2026, we look forward to advancing our critical role in multi-industry development throughout the region. We are confident in our proven business strategy and are well positioned to continue delivering differentiated value for our shareholders. Now I'll turn the call over to Scott, our Chief Financial Officer.

another key growth driver continues to be produced water royalties where our ample high-quality pore space is an important differentiator,

Speaker #4: Resource sales and royalties revenues also rose 12%, attributable to water and sand sales. This growth came in spite of a 6% quarterly decline in revenue from oil and gas royalties, driven by lower activity levels on our acreage.

Speaker #4: Our direct exposure to commodity prices remains limited for the full year oil and gas royalties represented less than 10% of LandBridge's total revenues. Our advantage margins are evident in our adjusted EBITDA of 51.1 million for the quarter, up 14% sequentially in 61% year over year, representing a 90% margin.

As forward-looking and capital efficient, emps increasingly value. The flow Assurance offered by large scale out of basin Solutions. We expect that our synergistic relationship with water. Bridge will continue to contribute to growth as Waterbridge. Expands its water infrastructure across our acreage through projects, like their Speedway pipeline where they recently announced an open season for its second phase. As we look ahead the 2026. We look forward to advancing our critical role in multi-industry development throughout the region.

Scott McNeely: Thank you, Jason, and good morning to everyone joining today. As Jason noted, we entered 2026 from a position of strength, with the momentum of a strong Q4 and a full year of growth. In the Q4, we delivered total revenue of $56.8 million, up 12% sequentially and 56% year-over-year. For the year, we delivered revenue of $199.1 million, representing 81% year-over-year growth. Sequential growth for the Q4 was driven by Surface Use Royalties and revenues, which increased 12%, primarily driven by increased royalties from WaterBridge's BPX Kraken development, as well as new project easement payments. Resource sales and royalties revenues also rose 12%, attributable to water and sand sales.

Scott L. McNeely: Thank you, Jason, and good morning to everyone joining today. As Jason noted, we entered 2026 from a position of strength, with the momentum of a strong Q4 and a full year of growth. In the Q4, we delivered total revenue of $56.8 million, up 12% sequentially and 56% year-over-year. For the year, we delivered revenue of $199.1 million, representing 81% year-over-year growth. Sequential growth for the Q4 was driven by Surface Use Royalties and revenues, which increased 12%, primarily driven by increased royalties from WaterBridge's BPX Kraken development, as well as new project easement payments. Resource sales and royalties revenues also rose 12%, attributable to water and sand sales.

We are confident in our proven business strategy, and you’re well positioned to continue delivering differentiated value for our shareholders. And now, I'll turn the call over to Scott, our Chief Financial Officer.

Speaker #4: For the full year, we delivered $177 million in adjusted EBITDA, above the upper end of our guidance range, reflecting an 83% sequential increase and a margin of 89%.

Speaker #4: We generated free cash flow of $36.4 million for the quarter, representing a 64% margin. For the full year, we generated free cash flow of $122 million, representing a 61% margin.

Thank you, Jason, and good morning to everyone joining today. As Jason noted, we entered 2026 from a position of strength, with the momentum of a strong fourth quarter and a full year of growth. In the fourth quarter, we delivered total revenue of $56.8 million, up 12% sequentially and 56% year-over-year.

Speaker #4: In November, we further optimized our balance sheet through an inaugural $500 million senior notes offering, accompanied by a new $275 million revolving credit agreement.

And for the year, we delivered revenue of 199.1 million representing 81% year-over-year growth.

Speaker #4: These new agreements enhance our balance sheet strength by improving our cost of capital, increasing our liquidity, reducing our interest expense, and overall providing a more scalable and efficient financing solution to support any future accretive M&A.

Sequential growth for the fourth quarter was driven by surface use royalties and revenues which increased 12%. Primarily driven by increased royalties from water Bridges. Bpx Kraken development as well as new project easement payments.

Scott McNeely: This growth came in spite of a 6% quarterly decline in revenue from oil and gas royalties, driven by lower activity levels on our acreage. Our direct exposure to commodity prices remains limited. For the full year, oil and gas royalties represented less than 10% of LandBridge's total revenues. Our advantage margins are evident in our Adjusted EBITDA at $51.1 million for the quarter, up 14% sequentially and 61% year-over-year, representing a 90% margin. For the full year, we delivered $177 million in Adjusted EBITDA, above the upper end of our guidance range, reflecting an 83% sequential increase and a margin of 89%. We generated Free Cash Flow of $36.4 million for the quarter, representing a 64% margin.

Scott L. McNeely: This growth came in spite of a 6% quarterly decline in revenue from oil and gas royalties, driven by lower activity levels on our acreage. Our direct exposure to commodity prices remains limited. For the full year, oil and gas royalties represented less than 10% of LandBridge's total revenues. Our advantage margins are evident in our Adjusted EBITDA at $51.1 million for the quarter, up 14% sequentially and 61% year-over-year, representing a 90% margin. For the full year, we delivered $177 million in Adjusted EBITDA, above the upper end of our guidance range, reflecting an 83% sequential increase and a margin of 89%. We generated Free Cash Flow of $36.4 million for the quarter, representing a 64% margin.

Speaker #4: We ended the year with total liquidity of $236 million, including $31 million of cash and cash equivalents and $205 million undrawn under our revolving credit facility.

Resource sales and royalties revenues. Also Rose, 12% attributable to water and sand sales. This growth came in spite of a 6%, quarterly decline in revenue from oil and gas royalties driven by lower activity levels on our acreage.

Speaker #4: Our covenant net leverage ratio was 2.8 times at the end of Q4 as a result of the financing of the 1918 Ranch acquisition and our long-term net leverage ratio target remains between 2 and 2.5 times.

Our direct exposure to commodity prices remains limited for the full year oil and gas, royalties represented less than 10% of Lambert's total revenues.

Speaker #4: We will continue to deploy our free cash flow in a disciplined manner, focused on creating long-term shareholder value across three priorities. First, we continue to prioritize value-enhancing M&A as we execute on our proven active land management strategy.

Our advantage, margins are evident in our adjusted ibitta, a 51.1 million. For the quarter of 14% sequentially. And 61% year-over-year, representing a 90% margin

Speaker #4: We see significant opportunities in the market to acquire underutilized and undercommercialized land. Second, we are intent on maintaining a strong balance sheet with an appropriate capital structure.

Scott McNeely: For the full year, we generated Free Cash Flow of $122 million, representing a 61% margin. In November, we further optimized our balance sheet through an inaugural $500 million senior notes offering, accompanied by a new $275 million revolving credit agreement. These new agreements enhance our balance sheet strength by improving our cost of capital, increasing our liquidity, reducing our interest expense, and overall providing a more scalable and efficient financing solution to support any future accretive M&A. We ended the year with total liquidity of $236 million, including $31 million of cash and cash equivalents and $205 million undrawn under our revolving credit facility.

Scott L. McNeely: For the full year, we generated Free Cash Flow of $122 million, representing a 61% margin. In November, we further optimized our balance sheet through an inaugural $500 million senior notes offering, accompanied by a new $275 million revolving credit agreement. These new agreements enhance our balance sheet strength by improving our cost of capital, increasing our liquidity, reducing our interest expense, and overall providing a more scalable and efficient financing solution to support any future accretive M&A. We ended the year with total liquidity of $236 million, including $31 million of cash and cash equivalents and $205 million undrawn under our revolving credit facility.

For the full year, we delivered 177 million in adjusted ebit dub, above the upper end of our guidance range reflecting. An 83%, sequential increase in a margin of 89% we generated free cash flow of 36.4 million. For the quarter representing a 64% margin,

For the full year. We generated free cash flow of 122 million representing a 61% margin

Speaker #4: Our notes offering helped to further optimize our balance sheet and provides us with financial flexibility as we execute on our goals. And finally, we intend to return capital to shareholders over time through dividends and opportunistic share repurchases.

In November, we further optimized our balance sheet through an inaugural $500 million, senior notes offering accompanied by a new 275 million revolving credit agreement.

Speaker #4: This quarter, we declared a 20% increase to our quarterly dividend, bringing it up to $0.12 per share. Our board also authorized a share repurchase program of up to $50 million in shares through December 2027, increasing the flexibility with which we can opportunistically buy back shares.

These new agreements enhance our balance sheet strength, by improving. Our cost of capital, increasing our liquidity, reducing our interest expense and overall providing a more scalable and efficient financing solution to support any future accrete of m&a.

Speaker #4: Looking ahead for full year 2026, we are excited to announce our 2026 adjusted EBITDA guidance of $205 million, to $225 million, with represents over 20% year over year growth at the midpoint.

Scott McNeely: Our covenant net leverage ratio was 2.8x at the end of Q4 as a result of the financing of the nineteen eighteen ranch acquisition, and our long-term net leverage ratio target remains between 2 and 2.5x. We will continue to deploy our Free Cash Flow in a disciplined manner, focused on creating long-term shareholder value across three priorities. First, we continue to prioritize value-enhancing M&A as we execute on our proven active land management strategy. We see significant opportunities in the market to acquire underutilized and under-commercialized land. Second, we are intent on maintaining a strong balance sheet with an appropriate capital structure. Our notes offering helped to further optimize our balance sheet and provides us with financial flexibility as we execute on our goals. Finally, we intend to return capital to shareholders over time through dividends and opportunistic share repurchases.

Scott L. McNeely: Our covenant net leverage ratio was 2.8x at the end of Q4 as a result of the financing of the nineteen eighteen ranch acquisition, and our long-term net leverage ratio target remains between 2 and 2.5x. We will continue to deploy our Free Cash Flow in a disciplined manner, focused on creating long-term shareholder value across three priorities. First, we continue to prioritize value-enhancing M&A as we execute on our proven active land management strategy.

Speaker #4: We are proud to have delivered another strong quarter and year of growth. We are focused on continuing to advance development, expand our partnerships, and customer base, and deliver compelling value to our shareholders.

We ended the year with total liquidity of 236 million, including 31 million of cash and cash equivalents and 205 million undrawn under our revolving. Credit facility, our covenant. Net leverage ratio was 2.8 times at the end of Q4 as a result of the financing of the 1918 Ranch acquisition and our long-term. Net, leverage ratio Target remains between 2 and 2 and a half times.

Speaker #4: Finally, I would like to highlight our upcoming investor day scheduled for the afternoon of March 19th in New York City. The event will include presentations by our CEO, Jason Long, Chairman of the Board, and Five Points CEO and Managing Partner, David Capobianco, and myself, along with other members of the LandBridge team.

Scott L. McNeely: We see significant opportunities in the market to acquire underutilized and under-commercialized land. Second, we are intent on maintaining a strong balance sheet with an appropriate capital structure. Our notes offering helped to further optimize our balance sheet and provides us with financial flexibility as we execute on our goals. Finally, we intend to return capital to shareholders over time through dividends and opportunistic share repurchases.

Strategy, we see significant opportunities in the market to acquire underutilized and under-commercialized land.

Speaker #4: We expect to present an overview of West Texas macro backdrops across our key growth industries, detail how we view our surface acreage as a perpetual call option on growth opportunities, and provide insight into the value proposition of our unique business model.

Second we are intent on maintaining a strong balance sheet with an appropriate capital structure. Our notes offering help to further optimize our balance sheet and provide us with financial flexibility as we execute on our goals.

Speaker #4: In addition, the event will include a fireside chat with subject matter experts, deep diving into the nuances and implications of the data center thesis for West Texas.

Scott McNeely: This quarter, we declared a 20% increase to our quarterly dividend, bringing it up to $0.12 per share. Our board also authorized a share repurchase program of up to $50 million in shares through December 2027, increasing the flexibility with which we can opportunistically buy back shares. Looking ahead for full year 2026, we are excited to announce our 2026 Adjusted EBITDA guidance of $205 million to $225 million, which represents over 20% year-over-year growth at the midpoint. We are proud to have delivered another strong quarter and year of growth. We are focused on continuing to advance development, expand our partnerships and customer base, and deliver compelling value to our shareholders. Finally, I would like to highlight our upcoming Investor Day, scheduled for the afternoon of 19 March in New York City....

Scott L. McNeely: This quarter, we declared a 20% increase to our quarterly dividend, bringing it up to $0.12 per share. Our board also authorized a share repurchase program of up to $50 million in shares through December 2027, increasing the flexibility with which we can opportunistically buy back shares. Looking ahead for full year 2026, we are excited to announce our 2026 Adjusted EBITDA guidance of $205 million to $225 million, which represents over 20% year-over-year growth at the midpoint. We are proud to have delivered another strong quarter and year of growth. We are focused on continuing to advance development, expand our partnerships and customer base, and deliver compelling value to our shareholders. Finally, I would like to highlight our upcoming Investor Day, scheduled for the afternoon of 19 March in New York City....

And finally, we intend to return Capital to shareholders over time through dividends and opportunistic, share repurchases.

Speaker #4: As well as insights from experienced data center leaders such as PowerBridge founder and CEO, Alex Hernandez. We encourage all investors to attend. Please contact IR@LandBridgeCo.com to register, and we look forward to welcoming you.

This quarter, we declared a 20% increase to our quarterly dividend, bringing it up to 12 cents, per share our board. Also authorized a share repurchase program of up to 50 million in shares through December 2027 increasing the flexibility with which we can opportunistically buy back shares.

Speaker #4: Thank you, and we would now like to open the line for questions. Operator?

Speaker #3: We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press *1 to raise your hand.

looking ahead for full year 2026, we are excited to announce our 2026 adjusted, EBA guidance of 205 million to 225 million with represents over 20% year-over-year growth at the midpoint

We are proud to have delivered another strong quarter in a year of growth. We are focused on continuing to advance development, expand our partnerships and customer base, and deliver compelling value to our shareholders.

Speaker #3: To withdraw your question, press *1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality.

Scott McNeely: The event will include presentations by our CEO, Jason Long, Chairman of the Board and Five Point CEO and Managing Partner, David Capobianco, and myself, along with other members of the LandBridge team. We expect to present an overview of West Texas macro backdrops across our key growth industries, detail how we view our surface acreage as a perpetual call option on growth opportunities, and provide insight into the value proposition of our unique business model. In addition, the event will include a fireside chat with subject matter experts, deep diving into the nuances and implications of the data center thesis for West Texas, as well as insights from experienced data center leaders such as PowerBridge Founder and CEO, Alex Hernandez. We encourage all investors to attend. Please contact ir@LandBridgeCo.com to register, and we look forward to welcoming you. Thank you.

Scott L. McNeely: The event will include presentations by our CEO, Jason Long, Chairman of the Board and Five Point CEO and Managing Partner, David Capobianco, and myself, along with other members of the LandBridge team. We expect to present an overview of West Texas macro backdrops across our key growth industries, detail how we view our surface acreage as a perpetual call option on growth opportunities, and provide insight into the value proposition of our unique business model.

Speaker #3: If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Keith Beckman of Pickering Energy Partners.

Finally, I would like to highlight our upcoming investor day scheduled for the afternoon of March 19th in New York City. The event will include presentations by our CEO, Jason luong chairman of the board and 5 point CEO and managing partner, David kapo, Bianco and myself along with other members of the lambridge team.

Scott L. McNeely: In addition, the event will include a fireside chat with subject matter experts, deep diving into the nuances and implications of the data center thesis for West Texas, as well as insights from experienced data center leaders such as PowerBridge Founder and CEO, Alex Hernandez. We encourage all investors to attend. Please contact ir@LandBridgeCo.com to register, and we look forward to welcoming you. Thank you. We would now like to open the line for questions. Operator?

We expect to present an overview of West Texas macro backdrops across our key growth industries in detail, how we view our surface acreage as a perpetual call option on growth opportunities, and provide insight into the value proposition of our unique business model.

Speaker #3: Your line is open. Please go ahead.

Speaker #4: Hey, thanks for taking my question. I just wanted to get a sense on what the moving pieces were that drove the really strong sequential growth and produced water and maybe how you expect that the trend looking forward based on some of the projects we expect to come online here over the next year.

Scott McNeely: We would now like to open the line for questions. Operator?

In addition, the event will include a fireside chat with subject. Matter experts deep diving into the nuances and implications of the data center thesis for West Texas, as well as insights from experienced data center leaders, such as powerbridge, founder, and CEO Alex Hernandez. We encourage all investors to attend. Please contact IR lambridge code.com to register and we look forward to welcoming you.

Thank you, and we will now open the line for questions. Operator.

Operator: We will now begin the question-and-answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Keith Beckmann of Pickering Energy Partners. Your line is open. Please go ahead.

Speaker #5: Hey, good morning, Keith, and appreciate the questions. Yeah, so in the third quarter, we saw BPX crack and bring our WaterBridge bring the BPX crack and project online and continue to see volumes ramp through the end of the year.

We will now begin the question and answer session.

Please limit yourself to 1 question and 1 follow-up.

If you would like to ask a question, please press star 1 to raise your hand.

Speaker #5: So that was a major contributor as well as just increased activity on the east state line ranch. So obviously, great momentum kind of stepping into '26.

To withdraw. Your question. Press star 1 again.

Speaker #5: As we kind of look forward to 2026 and what is driving the increase in expectations for this year relative to '25, that's really going to be around both surface use royalties as well as the other surface use revenues.

We ask that you pick up your handset when asking a question to allow for Optimum sound quality.

If you are muted locally, please remember to unmute your device.

Please stand by while we compile the Q&A roster.

Speaker #5: As a reminder, WaterBridge's BPX crack and project expects increased volumes through the course of the year. And additionally, the Speedway pipeline comes online mid-year, which will add a step change in volumes over the course of the summer.

Speaker #5: So great drivers there, related to that WaterBridge activity. And then taking a step back, just kind of broader surface use expectations related primarily to oil and gas activity really kind of serving as the two drivers in 2026 uptick in expectations.

Your first question comes from the line of Keith, Beckman of Pickering Energy Partners.

Your line is open, please go ahead.

Keith Beckmann: Hey, thanks for taking my question. I just wanted to get a sense on what the moving pieces were that drove the really strong sequential growth in produced water, and maybe how you expect that to trend looking forward based on some of the projects we expect to come online here over the next year.

Hey, thanks for taking my question. Um,

Speaker #4: That's very helpful. Thank you. And then my second question, just stems around we saw the dividend increase and the buyback authorization, which were great.

Scott McNeely: Hey, good morning, Keith, and appreciate the questions. Yeah, you know, in the Q3, we saw bpx Kraken bring WaterBridge, bring the bpx Kraken project online and continue to see volumes ramp through the end of the year. That was a major contributor, as well as just increased activity on the East State Line ranch. Obviously, great momentum kind of stepping into 2026. As we kind of look forward to 2026 and what is driving the increase, increased expectations for this year relative to 2025, that's really gonna be around both Surface Use Royalties as well as the other surface use revenues. You know, as a reminder, WaterBridge's bpx Kraken project expects increased volumes through the course of the year.

Scott L. McNeely: Hey, good morning, Keith, and appreciate the questions. Yeah, you know, in the Q3, we saw bpx Kraken bring WaterBridge, bring the bpx Kraken project online and continue to see volumes ramp through the end of the year. That was a major contributor, as well as just increased activity on the East State Line ranch. Obviously, great momentum kind of stepping into 2026. As we kind of look forward to 2026 and what is driving the increase, increased expectations for this year relative to 2025, that's really gonna be around both Surface Use Royalties as well as the other surface use revenues. You know, as a reminder, WaterBridge's bpx Kraken project expects increased volumes through the course of the year.

I just wanted to get a sense on what the moving pieces were that drove the really strong sequential growth and produced water and maybe how you expect that the trend looking forward based on some of the projects, we expect to come online here over the next year.

Speaker #4: I think I noticed in the presentation, you guys are still prioritizing M&A as it comes. I just wanted to get a sense of kind of the current landscape of how deals are looking.

Speaker #4: Is it easier or harder to get things done right now? In West Texas and then maybe as sort of a follow-up to that, do you ever look at anything outside of West Texas that could potentially make sense?

Speaker #4: Thanks.

Speaker #5: Yeah, the opportunity pipeline for M&A still is incredibly robust. I mean, we're actively pursuing a number of opportunities at different sizes. So we have not really seen a slowdown in that environment whatsoever.

Scott McNeely: Additionally, the Speedway Pipeline comes online mid-year, which will add a step change in volumes over the course of over the summer. Great drivers there related to that WaterBridge activity. Taking a step back, you know, just kind of broader surface use expectations related primarily to oil and gas activity, you know, really kind of serving as the two drivers in 2026 uptake and expectations.

Scott L. McNeely: Additionally, the Speedway Pipeline comes online mid-year, which will add a step change in volumes over the course of over the summer. Great drivers there related to that WaterBridge activity. Taking a step back, you know, just kind of broader surface use expectations related primarily to oil and gas activity, you know, really kind of serving as the two drivers in 2026 uptake and expectations.

Speaker #5: I think we're incredibly well positioned to continue to grow through M&A and that remains our top capital allocation priority here for 2026. As it relates to looking outside of the Delaware Basin, we absolutely look at everything that comes across our plate.

Hey good morning Keith and I appreciate the question. Yes. So you know in the third quarter we saw bpx Kraken bring uh water ready to bring the vcx crack and project online and continue to see volumes ramp through uh, the end of the year. So that was a major contributor as well as just increased activity, uh, on the East State Line Ranch. So, obviously great momentum kind of stepping into 26. Um, as we kind of look forward to 2026 and what is driving the uh, the increase, uh, increase in expectations for this year relative to 25. That's really going to be around both surface use royalties as well as other surface use revenues. Um, you know, as a reminder, uh, Water Bridge is dpex tracking project expect increased volumes to the course of the year, uh, and additionally, the speedway pipeline comes online mid year, which will add a step change in volumes, over the course of uh, over the summer. Um, so great drivers there uh related to that Water Bridge activity.

Speaker #5: I think if we step into another region, we want to be very thoughtful about that. But we are actively looking and exploring kind of creative ways to continue to grow the platform here.

Ity and then taking a step back, you know, just kind of broader surface use expectations related primarily to oil and gas activity. Um, you know, really kind of serving as the 2 drivers in 2026, uptake and expectations.

Keith Beckmann: That's very helpful. Thank you.

Keith Beckmann: My second question just stems around, you know, we saw the dividend increase and the buyback authorization, which were great. I think I noticed in the presentation, you guys are still prioritizing M&A as it comes. I just wanted to get a sense of kind of the current landscape of how deals are looking. Is it easier or harder to get things done right now in West Texas? Maybe as sort of a follow-up to that, do you ever look at anything outside of West Texas that could potentially make sense? Thanks.

Scott McNeely: Yeah, thank you.

Speaker #5: And stepping out of the Delaware Basin is obviously one of those ways.

Speaker #4: Awesome. That's very helpful. I'll turn it back.

Speaker #5: Yeah, thank you.

Speaker #3: Your next question comes from the line of John Annis, from Texas Capital. Your line is open. Please go ahead.

Speaker #6: Hey, good morning, all. And thanks for taking my questions. For my first one, regarding 2026 EBITDA guidance, are there one or two drivers, and your assumptions, that could lead you to the high-end versus low-end of your guide?

That's very helpful. Thank you. And then my second question, just just spins around. Um, you know we saw the dividend increase in the buyback authorization, which were great. Uh, I think I noticed in the presentation. You guys are still prioritizing prioritizing m&a. Um, as it comes, I just wanted to get a sense, uh, kind of the current landscape of how deals are looking. Is it easier or harder to get things done right now, uh, and West test Texas, and then maybe is sort of a follow up to that. Um, do you ever look at anything outside of West Texas? Uh, that could potentially make sense. Uh, thanks.

Scott McNeely: Yeah, you know, the opportunity pipeline for M&A still is incredibly robust. I mean, we're actively pursuing a number of opportunities of different sizes. We have not really seen a slowdown in that environment, you know, whatsoever. I think we're incredibly well-positioned to continue to grow through M&A, and that remains our top capital allocation priority here for 2026. As it relates to looking outside of the Delaware Basin, we, you know, we absolutely look at everything that comes across our plate. I think if we step into another region, we want to be very thoughtful about that. But we are actively looking and exploring, you know, kind of creative ways to continue to grow the platform here, and stepping out of the Delaware Basin is obviously one of those ways.

Scott L. McNeely: Yeah, you know, the opportunity pipeline for M&A still is incredibly robust. I mean, we're actively pursuing a number of opportunities of different sizes. We have not really seen a slowdown in that environment, you know, whatsoever. I think we're incredibly well-positioned to continue to grow through M&A, and that remains our top capital allocation priority here for 2026. As it relates to looking outside of the Delaware Basin, we, you know, we absolutely look at everything that comes across our plate. I think if we step into another region, we want to be very thoughtful about that. But we are actively looking and exploring, you know, kind of creative ways to continue to grow the platform here, and stepping out of the Delaware Basin is obviously one of those ways.

Speaker #5: Yeah, hey, good morning, John. Appreciate the question. No, absolutely. I think when we thought through kind of putting together our guidance for the year, really wanted to be thoughtfully conservative around ultimately what was baked in there.

Speaker #5: And so I had mentioned on Keith's question, the step change really resulting from both Speedway and BPX crack and kind of growing through the course of the year.

Speaker #5: There are a number of other projects that WaterBridge has in the pipeline that continue to could continue to grow. Produce water volumes meaningfully above expectations.

Speaker #5: Or if we just stay in kind of this mid-60s and above commodity price environment, I think the activity level is driven by that. We'll easily exceed the expectations kind of baked into the forecast.

I mean we're actively pursuing a number of opportunities at different sizes. So we have not really seen a Slowdown in that environment uh you know whatsoever. I think we're incredibly well positioned uh to continue to grow through m&a and that remains our top Capital allocation priority here for 2026 um as it relates to looking outside of the Delaware Basin. Um we you know, we absolutely look at everything that comes across our plate. I think if we step into another region um we want to be very thoughtful about that but um but we are actively looking and exploring, you know, kind of creative ways to continue to, to grow the platform here, uh, and stepping out. The Delaware Basin is obviously 1 of those ways.

Keith Beckmann: Awesome. That's very helpful. I'll turn it back.

Scott McNeely: Thank you.

Scott L. McNeely: Thank you.

Speaker #5: And so wanted to be mindful of kind of the macro environment and the movement and that kind of through the course of our budgeting cycle.

Awesome. That's very helpful. I'll turn it back.

Yeah, thank you.

Operator: Your next question comes from the line of John Annis from Texas Capital. Your line is open. Please go ahead.

Speaker #5: But I would say there's substantial, call it asymmetric upside in terms of opportunities for us to outperform. Which is by design.

Your next question comes from the line of John Annis from Texas Capitol.

Your line is open, please go ahead.

John Annis: Hey, good morning, all. Thanks for taking my questions. For my first one, regarding 2026 EBITDA guidance, are there one or two drivers in your assumptions that could lead you to the high end versus low end of your guide?

Hey, good morning all and thanks for taking my questions.

Speaker #4: That makes sense. For my follow-up, the 2024 Vintage Acreage saw surface use economic efficiency grow from 204 an acre to 499 in one year, which is an impressive jump.

Or my first 1 regarding 2026 ibida guidance. Are there 1 or 2 drivers in your assumptions that could lead you to the high-end versus low end of your guide.

Scott McNeely: Yeah. Hey, good morning, John. Appreciate the question. No, absolutely. I think when we thought through kind of putting together our guidance for the year, you know, really wanted to be thoughtfully conservative around ultimately what was baked in there. I had mentioned on Keith's question, you know, the step change really resulting from both Speedway and bpx Kraken kind of growing through the course of the year. You know, there are a number of other projects that WaterBridge has in the pipeline that could continue to grow produced water volumes meaningfully above expectations. You know, or if we just stay in kind of this mid-sixties and above commodity price environment, I think the activity level is driven by that, will easily exceed the expectations kind of baked into the forecast.

Scott L. McNeely: Yeah. Hey, good morning, John. Appreciate the question. No, absolutely. I think when we thought through kind of putting together our guidance for the year, you know, really wanted to be thoughtfully conservative around ultimately what was baked in there. I had mentioned on Keith's question, you know, the step change really resulting from both Speedway and bpx Kraken kind of growing through the course of the year. You know, there are a number of other projects that WaterBridge has in the pipeline that could continue to grow produced water volumes meaningfully above expectations.

Speaker #4: While the 42,000 acres acquired in 2025 sits at 208 an acre, based on what you know about the commercial opportunities on that acreage today, do you think a similar trajectory is possible?

Speaker #5: Look, absolutely. I mean, I think this is a it's such a powerful metric because it really reflects the financial results of the active land management strategy as well as the opportunity set that exists coming off of the heavy M&A year.

Scott L. McNeely: You know, or if we just stay in kind of this mid-sixties and above commodity price environment, I think the activity level is driven by that, will easily exceed the expectations kind of baked into the forecast. You know, wanted to be mindful of kind of the macro environment, the movement, and that kind of through the course of our budgeting cycle. I would say there's substantial, call it, asymmetric upside, in terms of opportunities for us to outperform, which is by design.

Speaker #5: And so we saw obviously great growth from 2024 through 2025. I'm not vintage. As you kind of point out, when you think through the opportunity set for 2026 to outperform, I would point to 1918 Ranch that we just closed on in the fourth quarter.

Scott McNeely: You know, wanted to be mindful of kind of the macro environment, the movement, and that kind of through the course of our budgeting cycle. I would say there's substantial, call it, asymmetric upside, in terms of opportunities for us to outperform, which is by design.

Yeah. Hey, good morning, John. Appreciate the question. Um, no. Absolutely. I think when we thought that we were kind of putting together, our guidance for the year. Um, you know, really wanted to be caught thoughtfully, conservative around, ultimately, what was baked in there. And so, I had mentioned on Keith's question, you know, the the step change really resulting from both Speedway and bpx Kraken kind of growing through the course of the year. Um you know there are a number of other projects that uh that Waterbridge has in the pipeline that continue to could continue to grow uh produce water volumes meaningfully above expectations, you know, or if we just stay in kind of this mid-60s and above commodity price environment. I think the activity level is driven by that. Um, will will easily exceed the expectations kind of baked into the forecast. And so um, you know, wanted to be mindful of kind of the, the macro environment and the movement and that kind of through the course of our budgeting cycle. But I um,

Speaker #5: We have not baked in any kind of substantial uplift due to the commercialization of 1918 in that 2026 guidance. And so the opportunity set is there.

I would say there's substantial, call it asymmetric upside, in terms of opportunities for us to outperform, which is by design.

John Annis: That makes sense. For my follow-up, the 2024 vintage acreage saw surface use economic efficiency grow from $204 an acre to $499 in 1 year, which is an impressive jump, while the 42,000 acres acquired in 2025 sits at $208 an acre. Based on what you know about the commercial opportunities on that acreage today, do you think a similar trajectory is possible?

Speaker #5: We are kind of actively working through those efforts today. And that serves as a really obvious example of the potential upside driver relative to that baseline guidance that we provided.

For my follow-up.

Speaker #5: So the punchline is yes. We go out and we buy land that we think that we can commercialize quickly. And that is going to be a quick growth driver.

Speaker #5: And again, 1918 is a great example of one of those opportunities that we have in front of us for 2026.

For vintage acreage, saw surface use economic efficiency grow from 204 in acre to 499 in one year, which is an impressive jump. Um, while the 42,000 acres acquired in 2025, since that 2,208 in acre,

Based on what you know about the commercial opportunities on that acreage today, do you think a similar trajectory is possible?

Speaker #4: I appreciate it. I'll turn it back.

Scott McNeely: Look, absolutely. I mean, I think this is, it's such a powerful metric because it really reflects the financial results of the active land management strategy as well as the opportunity set that exists coming off of the heavy M&A year. You know, we saw obviously great growth from 2024 through 2025 on that vintage. You know, as you kind of point out, when you think through the opportunity set for 2026 to outperform, you know, I would point to 1918 Ranch that we just closed on in the Q4. You know, we have not baked in any kind of substantial uplift due to the commercialization of 1918 in that 2026 guidance. The opportunity set is there. We are kind of actively working through those efforts today.

Scott L. McNeely: Look, absolutely. I mean, I think this is, it's such a powerful metric because it really reflects the financial results of the active land management strategy as well as the opportunity set that exists coming off of the heavy M&A year. You know, we saw obviously great growth from 2024 through 2025 on that vintage. You know, as you kind of point out, when you think through the opportunity set for 2026 to outperform, you know, I would point to 1918 Ranch that we just closed on in the Q4. You know, we have not baked in any kind of substantial uplift due to the commercialization of 1918 in that 2026 guidance. The opportunity set is there. We are kind of actively working through those efforts today.

Speaker #5: Yeah, thanks, John.

Speaker #3: Your next question comes from the line of Alexander Goldfarb from Piper Sandler. Your line is open. Please go ahead.

Speaker #6: Sure. Hey, morning down there. Maybe just switching quickly to the data centers and power plants. When you guys IPOed versus now, it would seem like the political conversation has definitely sharpened on the power needs of data centers versus a few years a year or two ago when you IPOed.

Speaker #6: As you look at the opportunity set to expand or add data centers and all that, is your view that the political process, the approval process, and everything involved is just as you imagined at the IPO a little under two years ago, or has the process become either more difficult or require more approvals?

Scott McNeely: That serves as a really obvious example of a potential upside driver, you know, relative to that baseline and guidance that we provided. The punchline is, yes. You know, we go out and we buy land that we think that we can commercialize quickly, and that is going to be a quick growth driver. Again, 1918 is a great example of one of those opportunities that we have in front of us for 2026.

Scott L. McNeely: That serves as a really obvious example of a potential upside driver, you know, relative to that baseline and guidance that we provided. The punchline is, yes. You know, we go out and we buy land that we think that we can commercialize quickly, and that is going to be a quick growth driver. Again, 1918 is a great example of one of those opportunities that we have in front of us for 2026.

Speaker #6: Just trying to understand how this may have changed now versus what you originally planned.

Uh, look absolutely. I mean, I think this is a it's just a powerful metric because it really reflects, uh the the financial results of the active Land Management strategy, as well as the opportunity set that exists, uh, coming off of a heavy m&a year. And so, um, you know, we saw obviously great growth um, from 2024 through 2025. I'm not vintage. Um, you know, as you kind of point out, when you think through the opportunity set for 2026 to outperform, you know, I would point to 1918 Ranch that we just closed on in the fourth quarter. Um, you know, we have not baked in any kind of substantial uplift due to the commercialization of 1918 in that 2026 guidance. And so the opportunity set is there we are kind of actively working through those efforts today. Um and that serves as a really obvious example of the potential upside driver, you know, relative to that Baseline and guidance that we provided. So um, the the punch line is yes. Um, you know, we go out and we buy land that we think that we can commercialize quickly um and that is going to be a quick.

Speaker #5: Yeah, hey, good morning, Alex. And appreciate the thoughtful question. I mean, I think if you look at just the approval or the broader regulatory landscape, what we've really seen is the benefit of Texas' call it more business-friendly regulatory environment.

Growth driver. And again, 1918 is a great example of uh, of 1 of those opportunities that we have in front of us for 2026.

John Annis: I appreciate it. I'll turn it back.

Scott McNeely: Yeah, thanks, John.

Scott L. McNeely: Yeah, thanks, John.

I appreciate it. I'll turn it back to you. Yeah, thanks John.

Operator: Your next question comes from the line of Alexander Goldfarb from Piper Sandler. Your line is open. Please go ahead.

your next question comes from the

Speaker #5: I mean, as it relates to data centers, I want to say 2025, by orders of magnitude, saw more canceled data centers in other states than has ever been seen in history.

Sandler, your line is open. Please go ahead.

Alexander Goldfarb: Sure. Hey, morning down there. Maybe just switching quickly to the data centers and power plants. You know, when you guys IPO'd versus now, it would seem like the political conversation has definitely sharpened on the power needs of data centers versus, you know, a year or 2 ago when you IPO'd. As you look at the opportunity set to expand or add, you know, data centers and all that, is your view that the political process, the approval process, and everything involved is just as you imagined at the IPO, you know, a little under 2 years ago? Has the process become either more difficult or require more approvals? Just trying to understand, you know, how this may have changed now versus, you know, what you originally planned.

Speaker #5: And there's been a number of articles that have come out on challenges faced in other states and proposed legislation to make future data centers that much more challenging because of this whole not in my backyard dynamic around the impact of power consumption and water consumption and major metropolitan areas.

Sure. Hey, uh, morning down there. Um, maybe just switching quickly to, uh, the

Speaker #5: And so the more we see of that getting out there, I think the more it just kind of further reinforces just West Texas' appeal as it relates to data centers.

Alexander Goldfarb: As you look at the opportunity set to expand or add, you know, data centers and all that, is your view that the political process, the approval process, and everything involved is just as you imagined at the IPO, you know, a little under 2 years ago? Has the process become either more difficult or require more approvals? Just trying to understand, you know, how this may have changed now versus, you know, what you originally planned.

Data centers and power plants. You know, when you guys ipo'd versus now, it would seem like the political conversation has definitely sharpened on the power needs of data centers. Versus, you know, if you're, you know, a year or 2 ago when you IPOs, as you look at the opportunity set to expand or add, you know, data centers, and, and all that.

Speaker #5: I mean, it's easy to point to the fundamentals around water availability, power generation, and so on, all of those things that really make West Texas such an attractive place for these folks to operate.

Speaker #5: The regulatory side doesn't get as much credit as it should because, I mean, Texas is eager to find ways to bring data centers and I would say is just so much more receptive than what we're seeing kind of evolve in so many of these other states that have been more traditional footprints for data centers.

Scott McNeely: Yeah. Hey, good morning, Alex, and appreciate the thoughtful question. I mean, I think if you look at just the approval or the broader regulatory landscape, what we've really seen is the benefit of, you know, Texas's, call it, more business-friendly regulatory environment. I mean, as it relates to data centers, I want to say 2025, by orders of magnitude, saw more canceled data centers in other states than has ever been seen in history. There's been a number of articles that have come out on challenges faced in other states and proposed legislation to make future data centers that much more challenging because of this whole, you know, not in my backyard dynamic around the impact of power consumption and water consumption in major metropolitan areas.

Scott L. McNeely: Yeah. Hey, good morning, Alex, and appreciate the thoughtful question. I mean, I think if you look at just the approval or the broader regulatory landscape, what we've really seen is the benefit of, you know, Texas's, call it, more business-friendly regulatory environment. I mean, as it relates to data centers, I want to say 2025, by orders of magnitude, saw more canceled data centers in other states than has ever been seen in history. There's been a number of articles that have come out on challenges faced in other states and proposed legislation to make future data centers that much more challenging because of this whole, you know, not in my backyard dynamic around the impact of power consumption and water consumption in major metropolitan areas.

You know how this may have changed Now versus you know what you originally planned?

Speaker #4: Okay. And then the second question is just sort of piggybacks on the others. Who have asked about the guidance and the EBITDA for '26.

Speaker #4: You guys talked about Speedway coming online. There's the WaterBridge contributions. The 1918 Ranch. How much if we think about sort of your 4Q run rate, how much additional revenue is factored in to the EBITDA guidance, the 205 to 225 versus potentially upside to that?

Speaker #4: Just trying to because it seems like you guys have done a tremendous amount of activity and therefore would have expected more EBITDA growth, but it may just be sort of timing of when these things come online or uncertainty.

Scott McNeely: You know, the more we see of that getting out there, I think the more just kind of further reinforces West Texas appeal as it relates to data centers. I mean, it's easy to point to the fundamentals around water availability, power generation, and so on, all of those things that really make West Texas such an attractive place for these folks to operate. The regulatory side doesn't get as much credit as it should, because, I mean, Texas is eager to find ways to bring data centers. You know, and I would say is just so much more receptive than what we're seeing kind of evolve in so many of these other states that have been more traditional footprints for data centers.

Scott L. McNeely: You know, the more we see of that getting out there, I think the more just kind of further reinforces West Texas appeal as it relates to data centers. I mean, it's easy to point to the fundamentals around water availability, power generation, and so on, all of those things that really make West Texas such an attractive place for these folks to operate. The regulatory side doesn't get as much credit as it should, because, I mean, Texas is eager to find ways to bring data centers. You know, and I would say is just so much more receptive than what we're seeing kind of evolve in so many of these other states that have been more traditional footprints for data centers.

Speaker #4: So just trying to understand how much of these additional items that you outlined are in the number versus not in the number and potentially upside to the range.

Speaker #5: Yeah, it's a good question. So we've baked in, I could call it, the majority of the impact coming from Speedway and BPX Kraken and both of those either Speedway comes online over the course of the summer and BPX Kraken is expected to increase in volumes over the summer.

Yeah. Hey good morning Alex. And appreciate the thoughtful question. I mean I I think if you look at just the the approval or the broader regulatory landscape, what we've really seen is the benefit of you know Texas's it's called more business friendly regulatory environment. I mean as it relates to Data Centers, um I want to say 2025 by orders of magnitude so I'll cancel data centers and other states than has ever been seen in history. And there's been a number of articles that have come out on, uh, challenges faced in other states and proposed legislation to make future data. As soon as that much more challenging because of this whole, you know, not in my backyard, Dynamic around the impact of power consumption and water consumption and, and major metropolitan areas. And so, um, you know, the, the more we see of that getting out there, I think the more it just kind of further reinforces, uh, this West, Texas appeal as it relates to that. I mean, it's easy to point to the fundamentals around water availability, power generation and so on all of those things that really make West Texas, such an attractive place for these folks to operate

Speaker #5: And then the one other component, obviously 1918 closing in fourth quarter, we'd see the benefit of a full year of that contribution although I flagged earlier on Keith and John's questions that we're not really baking in much in the way of upside commercialization of that asset, which I think we would certainly expect in our actively actioning at the moment.

Um, the regulatory side doesn't get as much credit as it should because I mean, Texas is eager to find ways to bring data centers. Um, you know, and and I would say is just so much more receptive. Um, than what we're seeing, kind of evolved in so many of these other states that have been more traditional footprints for for decades.

Alexander Goldfarb: Okay. Then the second question just sort of piggybacks on the others who have asked about the guidance and the EBITDA for 2026. You guys talked about Speedway coming online. There's the WaterBridge contributions, the 1918 Ranch. How much, you know, if we think about sort of your Q4 run rate, how much additional revenue is factored in to the EBITDA guide, to $205 to 225 versus, you know, potentially upside to that? Because it seems like you guys have done a tremendous amount of activity and therefore would have expected more EBITDA growth, but it may just be, you know, sort of timing of when these things come online or uncertainty.

Okay. And then the second question is just sort of piggybacks on the others who have asked about the guidance and the ibida for 26. You guys talked about Speedway coming online? There's the Water Bridge contributions. Uh the 1918 Ranch

Speaker #5: And so when we think through just what else could happen, we've been conservative around call it new development expectations. We've been conservative on volumes.

Speaker #5: As I've mentioned, conservative on 1918 commercialization and have not baked in any of these other kind of in-process projects that we've kind of alluded to on this call.

Alexander Goldfarb: Because it seems like you guys have done a tremendous amount of activity and therefore would have expected more EBITDA growth, but it may just be, you know, sort of timing of when these things come online or uncertainty. Just trying to understand how much of these additional items that you outlined are in the number versus, you know, not in the number and potentially upside to the range.

Alexander Goldfarb: Just trying to understand how much of these additional items that you outlined are in the number versus, you know, not in the number and potentially upside to the range.

Speaker #5: And so there is just an ample amount of commercial opportunity and opportunity sets that we're working through at the moment. That aren't included there.

Speaker #5: And so as we continue to kind of notch those wins, we would expect to come back to the market and voice over what is driving hopefully the beat in expectations and the increased guidance.

Scott McNeely: Yeah, it's a good question. you know, we've baked in, I'd call it, the majority of the impact coming from Speedway and bpx Kraken, and both of those, either Speedway comes online over the course of the summer, and bpx Kraken is expected to increase in volumes over the summer. The one other component, obviously, 1918 closing in Q4, we'd see the benefit of a full year of that contribution. although I flagged earlier on Keith and John's questions that we're not really baking in much in the way of upside commercialization of that asset, which I think we would, you know, certainly expect and are actively actioning at the moment. when we think through just, you know, what else could happen, you know, we've been conservative around, call it, new development expectations.

Scott L. McNeely: Yeah, it's a good question. you know, we've baked in, I'd call it, the majority of the impact coming from Speedway and bpx Kraken, and both of those, either Speedway comes online over the course of the summer, and bpx Kraken is expected to increase in volumes over the summer. The one other component, obviously, 1918 closing in Q4, we'd see the benefit of a full year of that contribution. although I flagged earlier on Keith and John's questions that we're not really baking in much in the way of upside commercialization of that asset, which I think we would, you know, certainly expect and are actively actioning at the moment. when we think through just, you know, what else could happen, you know, we've been conservative around, call it, new development expectations.

How much you know, if we think about sort of your 4q run rate, how much additional Revenue uh is factored in to the ebit DA guides the 205 to 225 versus, uh, you know, potentially upside to that just trying to. It seems like you guys have done a tremendous amount of activity and therefore would have expected more Eva, dog growth but it may just be, you know, sort of timing of when these things come online or uncertainty. So just trying to understand how much of these additional items that you outlined are in the number versus, you know, not in the number and potentially upside to the range.

Yeah, it's a good question. So you know, we've we've baked in I could call it.

Speaker #5: But wanted to be mindful stepping into the year in terms of where we are setting our expectations initially. And as we continue to get those wins, we'll continue to message that to the street.

Speaker #4: Thank you.

Speaker #5: Yeah, thanks, Alex.

Speaker #3: If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality.

The majority of the impact coming from Speedway and bpx cracking and both of those either Speedway comes online over the course of the summer and bpx crack in is expected to increase in volumes over the summer and then the 1 other component obviously in 1918 closing in fourth quarter, we'd see the benefit of a full year of that contribution. Um although I flagged earlier on Keith and John's questions that were not really baking in much in the way of upside commercialization of that asset which I think we would you know certainly expect and are actively actioning at the moment.

Speaker #3: If you are muted locally, please remember to unmute your device. Your next question comes from John McKay of Goldman Sachs. Your line is.

Scott McNeely: We've been conservative on volumes, as I've mentioned, conservative on 1918 commercialization and have not baked in, you know, any of these other, you know, kind of in-process projects that we've kind of alluded to on this call. You know, there is just an ample amount of commercial opportunity and opportunity sets that we're working through at the moment that aren't included there. As we continue to kind of notch those wins, we would expect to come back to the market and voice over, you know, what is driving, hopefully the beat in expectations and the increased guidance. Wanted to be mindful stepping into the year in terms of, you know, where we are offsetting our expectations initially, and as we continue to get those wins, we'll continue to message that to the street.

Scott L. McNeely: We've been conservative on volumes, as I've mentioned, conservative on 1918 commercialization and have not baked in, you know, any of these other, you know, kind of in-process projects that we've kind of alluded to on this call. You know, there is just an ample amount of commercial opportunity and opportunity sets that we're working through at the moment that aren't included there. As we continue to kind of notch those wins, we would expect to come back to the market and voice over, you know, what is driving, hopefully the beat in expectations and the increased guidance. Wanted to be mindful stepping into the year in terms of, you know, where we are offsetting our expectations initially, and as we continue to get those wins, we'll continue to message that to the street.

Speaker #7: Hey, guys. Thank you for the time. I just want to go back to the revenue per acre metrics. Because we agree they're pretty important thing to watch.

Speaker #7: When you're talking when you're looking at the '24 and '25 acquisitions sitting at, I guess, 500 and 200 right now versus where the legacy ones are, is that $1,000 an acre kind of structurally possible for those '24 and '25 packages?

Speaker #7: And maybe not to push you on a time frame for that, but maybe, again, just walk us through kind of structurally what the overall platform could look like over time let's say precluding larger items like data centers.

So when we think they're just, you know, what else could happen. Um you know, we've been conservative around got new development expectations. We've been conservative on volumes as I've mentioned conservative uh, on 1918, commercialization and have not baked in. You know, any of these other, you know, kind of in process projects um that we kind of alluded to on this call. And so you know, there is just an ample amount of commercial opportunity and opportunity sets that we're working through at the moment. Um, that aren't included there. And so as we continue to kind of Notch those wins, we would expect to come back to the market and voice over. Uh, you know, what is driving? Uh hopefully the beat uh and expectations in the increased guidance, but wanted to be mindful of stepping into the year. Uh, in terms of, you know, where we are upsetting our expectations initially and as we continue to get those wins, we'll continue to message that to the street.

Charles Meade: Thank you.

Charles A. Meade: Thank you.

Scott McNeely: Yeah, thanks, Alex.

Scott L. McNeely: Yeah, thanks, Alex.

Thank you.

Thanks all.

Operator: If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Your next question comes from John Mackay of Goldman Sachs. Your line-

Speaker #7: Thanks.

Speaker #5: Yeah, hey, good morning, John. And appreciate the questions. Absolutely $1,000 plus is very not just achievable, but I would say actionable in the near term.

If you would like to ask a question, please press star 1 to raise your hand.

Speaker #5: I mean, as a reminder, when we bought that legacy acreage I know we speak to that 465 number being the jumping-off point in 2022.

To withdraw your question, press star 1. Again, we ask that you pick up your handset when asking a question to allow for optimum sound quality.

If you are muted locally, please remember to unmute your device.

Speaker #5: But when we actually acquired that surface in 2021, it was meaningfully below 465. And that acreage is now sitting at 1,159 over the course of what is effectively been four years.

Your next question comes from John McKay of Goldman Sachs.

Your line.

John Mackay: Hey, guys. Thank you for the time. I just want to go back to the revenue per acre metrics, 'cause we agree they're a pretty important thing to watch. When you're looking at the 24 and 25 acquisitions sitting at, I guess $500 and 200 right now, versus where the legacy ones are, is that $1,000 an acre kind of structurally possible for those 24 and 25 packages? Maybe not to push you on a timeframe for that, but maybe, again, just walk us through kind of structurally, what the overall platform could look like over time, you know, let's say precluding larger items like data centers. Thanks.

Speaker #5: We don't see any reason why that same trajectory isn't possible in the 2024 and 2025 acreage that we bought. We think the acreage itself and the opportunity set parallels that legacy acreage at a minimum.

Hey guys, thank you for the time. I just want to go back to the revenue per acre metrics uh because we agree. They're they're pretty important thing to watch when you're talking when you're looking at the 24 and 25, uh, acquisition sitting at uh, I guess 500 and 200 right now.

Speaker #5: And we think that there's kind of incremental opportunities that we can continue to pursue kind of incremental to that. So no, look, we feel great about kind of that.

Speaker #5: Now, where can this go in totality from here? We've spoken to kind of that 25 to 3,500 dollar an acre range as a good call it medium to long-term target.

Speaker #5: We still very much believe that that is attainable. And over call it a 7 to 10-year time period. There's the expectation of just the continued compounding called commercial activity that's baked into that.

Scott McNeely: Yeah. Hey, good morning, John, and appreciate the questions. Absolutely $1,000 plus is very, not just achievable, but I would say actionable in the near term. I mean, as a reminder, you know, when we bought that legacy acreage, I know we speak to that $465 number being the jumping-off point in 2022, but when we actually acquired that surface in 2021, it was meaningfully below $465. You know, that acreage is now sitting at $1,159 over the course of what has effectively been four years. You know, we don't see any reason why that same trajectory isn't possible in the 2024 and 2025 acreage that we bought.

Scott L. McNeely: Yeah. Hey, good morning, John, and appreciate the questions. Absolutely $1,000 plus is very, not just achievable, but I would say actionable in the near term. I mean, as a reminder, you know, when we bought that legacy acreage, I know we speak to that $465 number being the jumping-off point in 2022, but when we actually acquired that surface in 2021, it was meaningfully below $465. You know, that acreage is now sitting at $1,159 over the course of what has effectively been four years. You know, we don't see any reason why that same trajectory isn't possible in the 2024 and 2025 acreage that we bought.

Speaker #5: And so there are different ways we can go about achieving that 2,500 to 3,500 dollars an acre. And to plug our upcoming investor day, I'll just wrap up by saying we plan on walking through a number of different ways and a number of different permutations in terms of the commercial bed down on our acreage that can ultimately get us there.

Speaker #7: That's great. I'll leave it there. Thank you, guys.

Speaker #5: Yeah, thanks, John.

Scott McNeely: We think the acreage itself and the opportunity set parallels that legacy acreage at a minimum, and we think that there's kind of incremental opportunities that we can continue to pursue, kind of incremental to that. No, look, we feel great about kind of that. Now, you know, where can this go in totality from here? You know, we've spoken to kind of that $2,500 to 3,500 an acre range as a good call, you know, medium to long-term target. You know, we still very much believe that that is attainable, and over call it a 7 to 10-year time period. You know, there's the expectation of just the continued compounding call commercial activity that's baked into that.

Scott L. McNeely: We think the acreage itself and the opportunity set parallels that legacy acreage at a minimum, and we think that there's kind of incremental opportunities that we can continue to pursue, kind of incremental to that. No, look, we feel great about kind of that. Now, you know, where can this go in totality from here? You know, we've spoken to kind of that $2,500 to 3,500 an acre range as a good call, you know, medium to long-term target. You know, we still very much believe that that is attainable, and over call it a 7 to 10-year time period. You know, there's the expectation of just the continued compounding call commercial activity that's baked into that.

Speaker #3: Your final question comes from the line of Charles Meade of Johnson Rice. Your line is open. Please go ahead.

Speaker #4: Yes, good morning, guys. And apologies. I hopped on the call a little late. So if I asked something that has already been covered, my apologies in advance.

Platform could look like over time, you know, let's say, preluding larger items like, uh, data centers. Thanks yeah. Hey, good morning John. Um, and appreciate the questions. Um, absolutely 000 plus is very not just achieve achievable, but I would say actionable in the near term. I mean, as a reminder, you know, when we bought that that Legacy acreage, I know we speak to that 465 number, being the jumping off point in 2022, but when we actually acquired that surface in 2021, it was meaningfully below 465. Um, you know, and that acreage is now sitting at 11:59 over the course of what is effectively been 4 years. Um, you know, we don't see any reason why that same trajectory isn't possible in the 2024 and 2025 Acres that we bought, we think, uh, the acreage itself and the opportunity Set, uh, parallels that Legacy acreage, uh, at a minimum. And we think that there's kind of incremental opportunities that we can continue to pursue, uh, kind of incremental to that. So, um, know, look, we feel we feel great.

Speaker #4: But I'm curious. I really like this new SUEE metric. And I suspect it's something you guys have been talking about internally for a while.

Speaker #4: But it's great to get the view great that you're sharing that view with us. I'm curious. The how is your how is the competition change for acquiring new assets?

Scott McNeely: You know, there are different ways we can go about achieving that $2,500 to $3,500 an acre. To plug our upcoming Investor Day, I'll just wrap up by saying we plan on walking through a number of different ways and a number of different permutations in terms of the commercial bed down on our acreage that can ultimately get us there.

Scott L. McNeely: You know, there are different ways we can go about achieving that $2,500 to $3,500 an acre. To plug our upcoming Investor Day, I'll just wrap up by saying we plan on walking through a number of different ways and a number of different permutations in terms of the commercial bed down on our acreage that can ultimately get us there.

Speaker #4: And I'm particularly thinking about it. If you guys are other competitors able to drive or what differentiates you and your ability to drive more SUEE?

About kind of that now. Um, you know, where can this go in totality from from here? Um, you know, we've spoken to kind of that 25 to 3500 an acre range as a good thought, you know, medium to long-term Target. Um, you know, we still very much believe that that is attainable. Um, and overall it is a 7 to 10 year time period. Um, you know, there's there's the expectation of just the continued compounding called commercial activity that's baked into that. And so, you know, there are

Speaker #4: And is that does that make you more competitive? Or is it is this the kind of thing that's alternatively attracting a lot of other capital to the space that maybe is competing away some opportunities?

There are different ways we can go about achieving that 200 to 3500 an acre and um the plug our upcoming investor day. I'll just wrap up by saying, we've kind of walking through a number of different ways and a number of different permutations in terms of the commercial bed down on our acreage, that can ultimately get us there.

John Mackay: That's great. I'll leave it there. Thank you, guys.

Scott McNeely: Yeah. Thanks, John.

Scott L. McNeely: Yeah. Thanks, John.

That's great. I'll leave it there. Thank you guys.

Thanks John.

Operator: Your final question comes from the line of Charles Meade of Johnson Rice. Your line is open. Please go ahead.

Speaker #5: Yeah, hey, good morning, Charles. And appreciate the thoughtful questions. I'll tackle it in two different pieces. I mean, first, as we think through the competitive landscape for acquisitions, there's obviously just an element of being called a victim of our own success where you do have more folks looking to see if this is a strategy that they can replicate.

Your final question comes from the line of Charles Meade of Johnson rice.

Your line is open, please go ahead.

Charles Meade: Yes, good morning, guys, apologies, I hopped on the call a little late, so if I ask something that has already been covered, my apologies in advance. I'm curious, I really like this new SUEE metric, and I suspect it's something you guys have been talking about internally for a while, but it's great to get the view, great that you're sharing that view with us. I'm curious, how has the competition changed for acquiring new assets? I'm particularly thinking about, are other competitors able to drive, or what differentiates you and your ability to drive more SUEE?

Charles A. Meade: Yes, good morning, guys, apologies, I hopped on the call a little late, so if I ask something that has already been covered, my apologies in advance. I'm curious, I really like this new SUEE metric, and I suspect it's something you guys have been talking about internally for a while, but it's great to get the view, great that you're sharing that view with us. I'm curious, how has the competition changed for acquiring new assets? I'm particularly thinking about, are other competitors able to drive, or what differentiates you and your ability to drive more SUEE?

Speaker #5: I would just I would point out to all of the advantages of our platform and kind of as part of the answer to the second questions on why it's so tough for others to step in and be effective here.

Yes, good morning guys. And and I apologize I hopped on uh, hopped on the call a little late. So so if I ask something that uh there's already been covered. Uh my apologies in the in advance but um I'm curious I I I really like this, this new suede veteran, I suspected something you guys have been talking about uh internally for a while but it's a great uh great to get the uh,

Speaker #5: I mean, I think first, every land position is unique and irreplicable. And you think through just the land positions that we're sitting on today, particularly along the Texas side of the state line, I mean, not just gives us an enormous advantage as we think through capturing oil and gas activity, particularly water, but serves as a fantastic platform to continue to scale that is near impossible to continue to replicate.

Uh the view uh, great that you're sharing that that be with us, I'm curious. Um,

The, uh, how—how is your—how has your, uh, how is the competition?

Charles Meade: Is that, you know, does that make you more competitive, or is it, is this the kind of thing that's alternatively attracting a lot of other capital to the space that maybe is competing away some opportunities?

Charles A. Meade: Is that, you know, does that make you more competitive, or is it, is this the kind of thing that's alternatively attracting a lot of other capital to the space that maybe is competing away some opportunities?

Speaker #5: And so just a great kind of moat in and of itself in that regard. But second, the partnership we have with our sister company, Waterbridge, is incredibly valuable.

Uh, change for for acquiring new assets. And I'm I'm particularly thinking about it. Um, if you guys are, are other competitors able to drive, or what, what differentiates you and your ability to drive more suite and, uh, and is that, you know, does that make you more competitive or, or is it, uh, is, is this the kind of thing? That's, uh, alternatively, attracting a lot of our

Other.

Speaker #5: And it's not just a byproduct of call it Waterbridge bringing activity to LandBridge in exchange LandBridge serving as the force base provider to Waterbridge.

Scott McNeely: Yeah. Hey, good morning, Charles. Appreciate the thoughtful questions. You know, I'll tackle it in two different pieces. I mean, first, as we think through the competitive landscape for acquisitions, you know, there's obviously just an element of being called a victim of our own success, where you do have more folks looking to see if this is a strategy that they can replicate. You know, I would just point out to all of the advantages of our platform. Kind of as part of the answer to the second question on why it's so tough for others to step in and be effective here. I mean, I think first, you know, every land position is unique and irreplicable.

Scott L. McNeely: Yeah. Hey, good morning, Charles. Appreciate the thoughtful questions. You know, I'll tackle it in two different pieces. I mean, first, as we think through the competitive landscape for acquisitions, you know, there's obviously just an element of being called a victim of our own success, where you do have more folks looking to see if this is a strategy that they can replicate. You know, I would just point out to all of the advantages of our platform. Kind of as part of the answer to the second question on why it's so tough for others to step in and be effective here. I mean, I think first, you know, every land position is unique and irreplicable.

Uh Capital to the space. That maybe is competing to waste some opportunities.

Yeah. Hey good. Good morning, Charles and appreciate the thoughtful questions. Um,

Speaker #5: But the nature of having an operating team out there boots on the ground just provides a kind of competitive intelligence that we can get day to day macro update that we can get day to day.

Speaker #5: On a very granular level, that would be impossible for a land-only company to be able to replicate there. Yeah, I mean, the one thing I would add to that is not only everything that Scott just mentioned there on the Waterbridge side, but also being able to really leverage the technical side of it, the geological and electrical engineering, and really understanding where infrastructure is, where these opportunities exist.

You know, I'll tackle it in two different pieces. I mean, first, as we think through the competitive landscape for acquisitions, um, you know, there's obviously just an element of being called a victim of our own success, where you do have more folks looking to see if this is a strategy that they can replicate. Um,

Scott McNeely: You think through just the land positions that we're sitting on today, particularly along the Texas side of the state line, I mean, not just gives us an enormous advantage as we think through capturing oil and gas activity, particularly water, but serves as a fantastic platform to continue to scale that is, you know, near impossible to continue to replicate. Just a great kind of moat in and of itself in that regard. Second, you know, the partnership we have with our sister company, WaterBridge, is incredibly valuable. It's not just a byproduct of called WaterBridge, bringing activity to LandBridge, and in exchange, LandBridge serving as the force base provider to WaterBridge, but, you know, the nature of having an operating team out there, boots on the ground, just provides...

Scott L. McNeely: You think through just the land positions that we're sitting on today, particularly along the Texas side of the state line, I mean, not just gives us an enormous advantage as we think through capturing oil and gas activity, particularly water, but serves as a fantastic platform to continue to scale that is, you know, near impossible to continue to replicate. Just a great kind of moat in and of itself in that regard. Second, you know, the partnership we have with our sister company, WaterBridge, is incredibly valuable.

Speaker #5: A lot of that skill set is not there on a lot of these startups.

Speaker #4: Yeah, that's exactly right. And so ultimately, having a sophisticated operation of scale kind of married with an operating company with that in-house technical expertise just makes it very tough for a new entrant to come in.

Speaker #4: Even above and beyond that competitive moat we have from our existing asset base. And so look, we feel very good about continuing to affect both the commercial strategy that we have today as well as the acquisition strategy that we've effectively I think worked through to date.

Scott L. McNeely: It's not just a byproduct of called WaterBridge, bringing activity to LandBridge, and in exchange, LandBridge serving as the force base provider to WaterBridge, but, you know, the nature of having an operating team out there, boots on the ground, just provides a kind of competitive intelligence that we can get day-to-day, mapper updates that we can get day-to-day, on a very granular level that would be impossible for a land-only company to be able to replicate there.

Speaker #4: And we don't see that changing going forward.

Speaker #7: Got it. That's helpful. Thanks, guys.

Speaker #5: Yeah, thanks, Charles.

Speaker #4: Thank you.

Scott McNeely: A kind of competitive intelligence that we can get day-to-day, mapper updates that we can get day-to-day, on a very granular level that would be impossible for a land-only company to be able to replicate there.

Speaker #3: There are no further questions at this time. I will now turn the call back to Scott McNeely for closing remarks.

You know, I, I would just, I would point out to all of the advantages of our platform and kind of as part of the answer to the second question on why it's it's so tough for others to step in and be effective here. I mean, I think first, you know, every land position is unique and a, a reputable. Um, and you think through just the land positions that we're sitting on today, um, particularly along the Texas side of the state line. I mean, not just gives us an enormous Advantage as we think, through capturing oil, and gas activity, particularly water. But serves as a fantastic platform to continue to scale that is, you know, near impossible to continue to replicate. Um, and so just a great kind of moat in and of itself in that regard. But second, you know, the the partnership we have with our sister company Waterbridge is incredibly valuable, um, you know, and it's not just a byproduct of Salt, Water Bridge bringing activity to landbridge and exchange, landbridge serving as the Force Base provider to Waterbridge. But you know the the nature of having an operating team out their boots on the ground, just provides

Speaker #5: Yeah, thank you, Operator. And thanks for everyone joining us today again. Very happy with the quarter fantastic momentum stepping into 2026. We're incredibly excited about a myriad of opportunities we have to work through.

[Company Representative] (LandBridge Co): Yeah, I mean, the one thing I would add to that is not only everything that Scott just mentioned there on the WaterBridge side, but also being able to really leverage the technical side of it, the geological and electrical engineering, and really understanding where infrastructure is, where these opportunities exist. You know, a lot of that skill set is not there on a lot of these startups.

Jason Long: Yeah, I mean, the one thing I would add to that is not only everything that Scott just mentioned there on the WaterBridge side, but also being able to really leverage the technical side of it, the geological and electrical engineering, and really understanding where infrastructure is, where these opportunities exist. You know, a lot of that skill set is not there on a lot of these startups.

Speaker #5: And then my final plug again, we look forward to outlining just the broader strategy in a lot more detail in the upcoming investor day.

Speaker #5: So we hope to see you all there. Thank you again.

Scott McNeely: Yeah, that's exactly right. Ultimately, like, having a sophisticated operation of scale kind of married with an operating company with that in-house technical expertise just makes it very tough for a new entrant to come in, even above and beyond that competitive moat we have from our existing asset base. Look, we feel very good about continuing to affect both, you know, the commercial strategy that we have today as well as the acquisition strategy that we've effectively, I think, worked through to date, and we don't see that changing going forward.

Scott L. McNeely: Yeah, that's exactly right. Ultimately, like, having a sophisticated operation of scale kind of married with an operating company with that in-house technical expertise just makes it very tough for a new entrant to come in, even above and beyond that competitive moat we have from our existing asset base. Look, we feel very good about continuing to affect both, you know, the commercial strategy that we have today as well as the acquisition strategy that we've effectively, I think, worked through to date, and we don't see that changing going forward.

Where these opportunities exist. You know, a lot of that, that that skill set is not not there on a lot of these startups. Yeah, that's exactly right. And so ultimately, like having a sophisticated operation of scale,

an operating company with that in-house technical expertise, just makes it very tough for a new entrant. Come in, um, even above and beyond that competitive mode. We have from our existing asset base. And so, uh, look, we feel very good about continuing to affect both, you know, the commercial strategy that we have today, as well as the the acquisition strategy that we've effectively, I think worked through to date. Um, we don't see that changing going forward.

Charles Meade: Got it. That's helpful color. Thanks, guys.

Charles A. Meade: Got it. That's helpful color. Thanks, guys.

Scott McNeely: Yeah, thanks, Sean.

Scott L. McNeely: Yeah, thanks, Charles.

[Company Representative] (LandBridge Co): Thank you.

Scott L. McNeely: Thank you.

Got it. That's helpful caller. Thanks guys. Yeah thanks. Thank you.

Operator: There are no further questions at this time. I will now turn the call back to Scott McNeely for closing remarks.

There are no further questions at this time.

Scott McNeely: Yeah. Thank you, operator, and thanks for everyone joining us today. Again, very happy with the quarter. Fantastic momentum stepping into 2026. We're incredibly excited about a myriad of opportunities we have to work through. My final plug again, you know, we look forward to outline just the broader strategy in a lot more detail in the upcoming Investor Day. You know, we hope to see you all there. Thanks again.

Scott L. McNeely: Yeah. Thank you, operator, and thanks for everyone joining us today. Again, very happy with the quarter. Fantastic momentum stepping into 2026. We're incredibly excited about a myriad of opportunities we have to work through. My final plug again, you know, we look forward to outline just the broader strategy in a lot more detail in the upcoming Investor Day. You know, we hope to see you all there. Thanks again.

Yeah. Thank you, operator. And thanks for everyone joining us today. Again, very happy with the quarter. Fantastic momentum, stepping into 2026. Uh, we're incredibly excited about a myriad of opportunities. We have to work through, uh, and then my final plug again. Um, you know, we look forward to

To outline, just the broader strategy. Uh, and a lot more detail in the upcoming Investor Day. So, you know, we hope to see you all there. Thank you again.

Operator: This concludes today's call. Thank you for attending. You may now disconnect.

This concludes today's call, thank you for attending. You may now disconnect

Q4 2025 LandBridge Company LLC Earnings Call

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