Company Research Report: LandBridge Company LLC



Company Overview



Name, Mission of the Company


  • Name: LandBridge Company LLC

  • Mission: Empowering energy and industry through strategic land management. The company actively manages land and resources to support and encourage energy and industrial development, including oil and natural gas development, solar power generation, data centers, power storage, and non-hazardous oilfield reclamation and solid waste facilities.


When was the company founded and by whom


  • Founded: 2021

  • By: No information is available


Key People in the Company


  • Chief Executive Officer: Jason Long

  • Experience: Over 16 years in the oil and gas industry. Former President and founder of EnWater Solutions LLC and Pelagic Water Systems LLC.

  • Education: B.S. from Texas Christian University.

  • Chief Financial Officer: Scott L. McNeely

  • Experience: Joined LandBridge in September 2021. Former VP, Finance at WaterBridge. Experience in investment banking and as an Air Force intelligence officer.

  • Education: B.S. in Computational Mathematics from the University of California, Riverside, M.A. in International Relations from the University of Oklahoma, MBA from Kellogg School of Management at Northwestern University.

  • Executive Vice President, General Counsel: Harrison Bolling

  • Experience: Over 15 years advising energy clients. Former General Counsel at PennTex Midstream Partners LP.

  • Education: J.D. from the University of Texas, B.S. in economics and history from Vanderbilt University.

  • Chief Administrative Officer: Jason Williams

  • Experience: Over 16 years in accounting and finance in the oil & gas industry.

  • Education: B.S. in Accounting from the University of Houston.


Where is the Company Headquartered


  • Headquarters: 5555 San Felipe Suite 1200, Houston, TX 77056


Number of Employees


  • No information is available


Revenue of the Company


  • Second Quarter 2024 Revenue: $26.0 million


What is the Company Known For


  • LandBridge is known for its strategic land management aimed at supporting and encouraging energy and industrial development. The company manages over 220,000 surface acres primarily located in the Delaware sub-basin of the Permian Basin.


Products



What Products Do They Offer


  • The company manages land resources to support various industries including:

  • Oil and Natural Gas Development

  • Solar Power Generation

  • Data Centers

  • Power Storage

  • Non-hazardous Oilfield Reclamation

  • Solid Waste Facilities


High-Level Description of the Product


  • Land and Resource Management: Actively managing land to generate multiple fee- and royalty-based revenue streams including surface use and resource royalties, oil and gas royalties, and resource sales.


Key Features of Each of the Products


  • Surface Use Royalties and Revenue:

  • Generated $14.4 million in Q2 2024, a 55% increase sequentially.

  • Driven by an increase in produced water royalty volumes.


  • Resources Sales and Royalties:

  • Generated $7.0 million in Q2 2024, a 28% increase sequentially.

  • Driven by improved unit pricing on brackish water sales and royalty volumes.


  • Oil and Gas Royalties:

  • Generated $4.5 million in Q2 2024, a 7% increase sequentially.

  • Driven by net royalty production of 983 barrels of oil equivalent per day (boe/d) at an average realized price of $43.97 per boe, including one-time lease bonus payments.


Recent Developments



What are the Recent Developments in the Company



  • Financial Performance Q2 2024:

  • Revenues: $26.0 million, up 20% year-over-year.

  • Net Loss: $57.7 million.

  • Adjusted EBITDA: $23.4 million, up 24% year-over-year.

  • Free Cash Flow: $15.7 million.


  • Acquisitions:

  • East Stateline Ranch: Added 103,000 surface acres.

  • Speed Ranch: Added 34,000 surface acres.

  • Total surface acres managed by the company now approximately 220,000 acres.


What Are the New Products Launched


  • No information is available


What Are the New Features Added to the Existing Products


  • Data Center Development:

  • Entered into a non-binding letter of intent for the development of a data center on their land in Reeves County, Texas.


Any New Partnerships


  • No information is available


Contact Information


  • Corporate Headquarters: 5555 San Felipe Suite 1200, Houston, TX 77056

  • Phone: (713) 230-8864

  • Email: contact@landbridgeco.com





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