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LandBridge Company LLC (LB) is a diversified land management company that owns and manages approximately 227,000 surface acres in the Permian Basin, spanning Texas and New Mexico. The company focuses on maximizing the commercial potential of its land through activities such as energy production, industrial development, and resource sales. LB generates revenue through royalties, fees, and sales related to surface use, resource extraction, and oil and gas production.
- Oil and Gas Royalties - Earns royalties from oil and natural gas production on its land, including bonus fees at the inception and extension of royalty lease agreements, based on a per-unit-produced basis at market rates.
- Surface Use Royalties and Revenues - Collects fees from produced water transportation, handling operations, skim oil recovery, and waste reclamation, calculated as a percentage of gross revenues or volumetric use of infrastructure.
- Easements and Other Surface-Related Revenues - Charges fees for the development and use of drilling sites, roads, pipeline easements, and electric transmission easements, received at contract execution, monthly, annually, or at renewal.
- Resource Sales - Sells brackish water for well completions and caliche for construction purposes, with fees negotiated per barrel or cubic yard.
- Resource Royalties - Receives royalties for sand extraction and water usage in sand mining operations, based on fixed rates per ton of sand or barrel of water.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jason Long ExecutiveBoard | Chief Executive Officer | Member of the board of directors of NDB LLC ; Member of the board of directors of WaterBridge Holdings LLC | Jason Long is the Chief Executive Officer of LandBridge Company LLC (LB) since January 2024. He previously served as Co-Chief Executive Officer and Chief Operating Officer from September 2021 to December 2023. | View Report → |
Jason Williams Executive | Executive Vice President, Chief Administrative Officer | Jason Williams is the Executive Vice President, Chief Administrative Officer at LB since January 2024. Previously, he served as Executive Vice President, Chief Accounting Officer and Head of Supply Chain at LB from January 2023 to December 2023. | ||
Scott L. McNeely Executive | Executive Vice President and Chief Financial Officer | Scott L. McNeely has served as the Executive Vice President and Chief Financial Officer at LB since January 2024. Previously, he joined LB's predecessor, DBR Land, as Vice President, Finance in September 2021. | ||
Andrea Nicolás Board | Director | Board of Directors at Ohmium International Inc. | Andrea Nicolás is a Director at LB since September 12, 2024, with extensive expertise in law, corporate governance, and capital markets. She has over 20 years of legal experience, including serving as a partner at Skadden, Arps, Slate, Meagher & Flom LLP, and currently serves on the board of Ohmium International Inc. | |
Ben Moore Board | Director | Executive Vice President of Subsurface and Sequestration at Northwind Midstream Partners | Ben Moore is a Director on the board of LandBridge Company LLC since July 1, 2024. He brings over 35 years of energy industry expertise with previous leadership roles at Northwind Midstream Partners and others. | |
Charles Watson Board | Director | Twin Eagle (Board Member); Baylor College of Medicine (Board Member); Caldwell Watson Real Estate Group (Co-Founder); Angeleno Group (Board Advisor); DocuSign (Advisory Council) | Charles Watson serves as a Director at LB since July 1, 2024 and brings decades of leadership in the energy industry from roles such as Chairman at Twin Eagle and Dynegy Inc. | |
David N. Capobianco Board | Director | CEO and Managing Partner of Five Point Energy ; Director of NDB LLC ; Director of WaterBridge Holdings LLC ; Director of Twin Eagle Resource Management, LLC ; Director of Deep Blue Midland Basin LLC ; Director of Northwind Midstream Holdings LLC ; Director of San Mateo Midstream, LLC | David N. Capobianco serves as Director at LB since the consummation of its IPO. He brings over 25 years of experience in energy infrastructure and private equity, while also serving as CEO and Managing Partner of Five Point Energy since 2012. | |
Frank Bayouth Board | Director | Executive Vice President and General Counsel at Five Point ; Board Member at NDB LLC ; Board Member at WaterBridge Holdings LLC | Frank Bayouth serves as a Director on the board of LandBridge Company LLC since July 1, 2024. He is also the Executive Vice President and General Counsel at Five Point since January 2022. | |
Kara Goodloe Harling Board | Director | Chief Financial Officer and Chief Compliance Officer of Five Point | Kara Goodloe Harling has served as Director at LandBridge Company LLC since July 1, 2024. She also holds the role of Chief Financial Officer and Chief Compliance Officer at Five Point since February 2024. | |
Matthew K. Morrow Board | Director | COO and Managing Partner at Five Point ; Board Member of NDB LLC ; Board Member of WaterBridge Holdings LLC ; Board Member of Twin Eagle Resource Management, LLC ; Board Member of Deep Blue Midland Basin LLC ; Board Member of Northwind Midstream Holdings LLC ; Board Member of San Mateo Midstream, LLC ; Board Member of Mission Lazarus | Matthew K. Morrow has been serving as Director at LB since July 1, 2024. He brings extensive industry experience, having served as COO and Managing Partner at Five Point since 2012 and holding multiple board memberships in several companies and a non-profit. | |
Michael Sulton Board | Director | Director at Desert Environmental | Michael Sulton has been serving as Director at LandBridge Company LLC since July 1, 2024. He brings over 25 years of investment banking and energy industry experience, having previously held roles as Executive Vice President and Partner at Five Point and Managing Director at Piper Sandler & Co.. | |
Ty Daul Board | Director | CEO of Primergy Solar | Ty Daul has served as a Director on LB’s board and an independent member of the Audit Committee since July 1, 2024. He brings over three decades of energy and renewables experience, currently serving as CEO of Primergy Solar since May 2020. | |
Valerie P. Chase Board | Director | Valerie P. Chase has served as a Director on LandBridge Company's board since July 1, 2024. She brings 19 years of finance and accounting experience, having previously held key leadership roles at Magnolia Oil & Gas Corporation and Apache Corporation, and served on board committees. |
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In light of your $2.8 billion cash position and the planned allocation of new debt between VS and BBW, can you elaborate on how you plan to balance leverage targets (historically 2.5–3x) with the need for financial flexibility post-spinoff?
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With the significant shift to digital media and a strategic commitment to investing about 5% of retail sales in marketing for Victoria’s Secret, how do you intend to measure the ROI of these initiatives, and what critical metrics will you use to justify this spend?
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Both BBW and VS have experienced impressive margin expansion, yet historical trends show a typical 400–500 basis point decline in BBW margins from Q1 to Q2; can you detail which structural factors or headwinds might limit future margin improvements across both brands?
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Given the recent turnaround in your international operations—especially in the UK and China—what specific initiatives will you undertake to ensure sustainable profitability globally, and how will you address persistent challenges in segments like travel retail?
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With the explosive growth in your online channel and the expansion of BOPUS capabilities, what operational or technological challenges do you anticipate at the new Bath & Body Works fulfillment center, and how might these impact order fulfillment efficiency and overall margins in the near term?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
LandBridge Holdings | LandBridge Holdings, along with its affiliates, is not limited in its ability to compete with the company and may benefit from opportunities that might otherwise be available to the company. |
Five Point | Five Point, as well as its affiliates, is not limited in its ability to compete with the company and may benefit from opportunities that might otherwise be available to the company. |
WaterBridge | WaterBridge, as well as its affiliates, is not limited in its ability to compete with the company and may benefit from opportunities that might otherwise be available to the company. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
WaterBridge | Water management & infrastructure | Water | Part of 48% of 2024 revenue from total $109.954M with ConocoPhillips & EOG. 15% of AR in 2024. |
ConocoPhillips | Brackish water, produced water, oil & gas royalties | All | Part of 48% of 2024 revenue from total $109.954M with WaterBridge & EOG. No AR% disclosed. |
EOG Resources | Oil & gas production and water usage | All | Part of 48% of 2024 revenue from total $109.954M with WaterBridge & ConocoPhillips. 19% of AR. |
Occidental Petroleum | Oil & gas production | All | 14% of AR in 2024. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
3,000 Surface Acres in Lea County, New Mexico | 2025 | Completed on February 25, 2025, the acquisition was executed for a total consideration of $16.7 million from a private third-party seller, enhancing LandBridge’s contiguous surface acreage to approximately 276,000 acres and strengthening its strategic land position. |
Reeves and Pecos Counties Acquisition | 2024 | Completed on December 19, 2024 for an aggregate of $245.0 million, this deal—including 46,000 acres with related surface use agreements and produced water operations—was funded by a mix of private placement proceeds and credit facility borrowings, positioning LandBridge adjacent to existing acreage with a secured minimum annual revenue commitment of $25 million. |
Lea County Acquisition (5,800 Surface Acres) | 2024 | Acquired on November 22, 2024 for $26.5 million, this deal secured 5,800 surface acres along with supply water assets and related use agreements, expanding LandBridge’s Delaware Basin footprint and adding incremental revenue potential from existing surface use royalties. |
Winkler County Acquisition | 2024 | Completed on November 1, 2024 at a purchase price of $20.0 million, this transaction secured 1,280 surface acres in Winkler County, Texas, and included supply water assets along with a long-term water supply contract that is expected to generate approximately $2.2 million annually through 2031. |
East Stateline Ranch Acquisition | 2024 | Finalized on May 10, 2024, the acquisition of the East Stateline Ranch encompassed approximately 103,000 surface acres across Texas and New Mexico for $360.0 million, including ranch equipment, permits, water handling infrastructure with a capacity of 140,000 bpd, and various service contracts. |
Speed Ranch Acquisition | 2024 | Completed on May 10, 2024, this acquisition for $41.8 million (including a non-refundable escrow deposit of $2.1 million) involved 34,000 surface acres with fee-based surface rights and associated use contracts, reinforcing the company's strategic land expansion efforts. |
Lea County Ranches Acquisition | 2024 | Closed on March 18, 2024, the purchase of 11,000 surface acres in Lea County was funded through a combination of cash and enhanced credit facility borrowings (via a Credit Facility Amendment), aligning with the broader strategy of consolidating acquired lands and supporting increased investing activity. |
Recent press releases and 8-K filings for LB.
- Revenue & EBITDA Surge: Q1 2025 revenue reached approximately $44 million, up 20% sequentially and 131% year-over-year, with Adjusted EBITDA of $38.8 million (up 129% year-over-year) at an 88% margin .
- Robust Free Cash Flow: The quarter generated free cash flow of $15.8 million .
- Diversified Revenue Base: About 92% of revenue came from non-oil and gas streams/royalties, highlighting a resilient and diversified business model .
- Strategic Acquisition Impact: The acquisition of the Wolf Bone Ranch boosted produced water royalties by over 70% quarter-over-quarter .
- Pipeline Project Outlook: The upcoming Speedway Pipeline project is expected to add incremental cash flow of $30+ million annually .
- Shareholder Return: A $0.10 per share quarterly dividend was declared .
- Q4 revenue reached $36.5 million with strong growth and adjusted EBITDA at $31.7 million, reflecting significant year-over-year improvements.
- Strategic acquisitions expanded surface acreage by approximately 53,080 acres in Q4 2024, contributing to a total position of about 273,000 acres as of December 31, 2024.
- The company enhanced liquidity with a $100 MM revolver and $355 MM term loan, and declared a quarterly dividend of $0.10 per share.
- Q4 2024 performance: Revenue reached $36.5 million with a 109% YoY increase and net income of $8.2 million, supported by strong operating cash flows.
- Fiscal Year 2024 summary: Total revenues grew to $110.0 million (up 51% YoY) while the company reported a net loss of $41.5 million due to significant non-cash share-based compensation charges.
- Outlook update: The company reaffirmed its FY25 EBITDA guidance of $170 million to $190 million, reflecting confidence in continued growth and acquisition benefits.