LB

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. LandBridge stock has rallied strongly year to date, yet the valuation picture is mixed as an intrinsic value estimate based on a Discounted Cash Flow (DCF) points to a discount while broader checks do not show a clear bargain. LandBridge is up 62.4% year to date, which puts more pressure on the current price to be backed by durable cash flows rather than short term enthusiasm. Record revenue and advanced talks with power and digital infrastructure partners may support higher long term cash flow expectations, while the shift toward large scale data center and power projects also concentrates execution and capital allocation risk. The company scores 3 out of 6 on Simply Wall St's broader valuation checks, which is a mixed picture rather than a clear bargain or clear overvaluation. You can see the breakdown at 3 out of 6. The stock's next move may depend on whether investors give more weight to the DCF based intrinsic value signal that suggests LandBridge is about 33.0% undervalued or to the more neutral read from the broader valuation checks. LandBridge delivered 53.8% returns over the last year. See how this stacks up to the rest of the Real Estate industry. The Discounted Cash Flow (DCF) model estimates what LandBridge might be worth based on the cash it is expected to generate for shareholders. For LandBridge, the model uses latest twelve month free cash flow of about $152.1 million and assumes that free cash flow continues to grow rather than shrink over time. On that basis, the DCF points to an intrinsic value of about $117 per share. Compared with the current market price, this implies LandBridge trades at roughly a 33.0% discount to the DCF estimate. On this measure, the shares appear undervalued using this particular model. The recent reports of record quarterly revenue and board approval to convert to a Texas corporation, which may broaden the investor base, help explain why cash flow expectations are central to the story even if the market price has already moved up sharply. On the DCF numbers alone, LandBridge stock currently appears undervalued relative to its projected cash flows. Our Discounted Cash Flow (DCF) analysis suggests LandBridge is undervalued by 33.0%. Track this in your watchlist or portfolio, or discover 50 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for LandBridge. Earnings are the main focus for many investors in LandBridge, so the P/E ratio is a useful cross check on the DCF work above. LandBridge currently trades on a P/E of about 61.3x. That is well above the wider real estate industry average of 17.6x and slightly above the peer group average of 50.3x. On raw comparisons alone, you are paying a premium price for each dollar of current earnings. The fair P/E ratio implied by Simply Wall St’s model is about 62.1x, which is very close to where LandBridge is trading now. That fair ratio already reflects the company’s growth profile, margins, size and risk factors, so the small gap to the current 61.3x suggests the market price is broadly in line with what this framework implies. On the P/E multiple, LandBridge stock currently looks roughly fairly valued. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives aim to connect LandBridge's mixed valuation signals with explicit assumptions about future growth, margins and earnings so you can see what would need to hold true for the stock to be worth materially more or less than today’s price on the Community page. Each narrative sets out a fair value as a thesis about how LandBridge's business might play out over time, which you can then track as new information emerges. The LandBridge community is split between a bullish view that sees a resilient, fee based growth story and a bearish view that focuses on concentration and timing risks. Bull case: 6% undervalued Read the full Bull Case to see why LandBridge could be undervalued Bear case: 19% overvalued Read the full Bear Case to see why LandBridge could be overvalued Do you think there's more to the story for LandBridge? Head over to our Community to see what others are saying! For LandBridge, the Discounted Cash Flow (DCF) work points to meaningful upside based on projected cash flows, while the P/E multiple suggests the stock is now priced about right against its peers. The mixed broader valuation checks sit between those two signals, which keeps the verdict finely balanced rather than clearly cheap or clearly expensive. The key question from here is whether LandBridge can turn its large power and data center ambitions into durable, growing cash flows without letting execution and capital allocation risks erode that intrinsic value story. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include LB. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Image source: The Motley Fool. Thursday, Aug. 6, 2026, at 11 a.m. ET Director of Investor Relations - Mae Herrington Chief Executive Officer - Jason Long Chief Financial Officer - Scott McNeely Need a quote from a Motley Fool analyst? Email [email protected] Operator: Ladies and gentlemen, thank you for joining us and welcome to the LandBridge second quarter 2026 results call. [Operator Instructions] I will now hand the conference over to Mae Herrington, Director of Investor Relations. Mae, please go ahead. Mae Herrington: Good morning and thank you for joining LandBridge's second quarter 2026 earnings call. I'm joined today by our Chief Executive Officer, Jason Long, and our Chief Financial Officer, Scott McNeely. Before we begin, I'd like to remind you that in this call and the related presentation, we will make forward-looking statements, current beliefs, plans, and expectations, which 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. You're 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. 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. These 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. I'll now turn the call over to our CEO, Jason Long. Jason Long: Thanks, Mae, and good morning, everyone. We are pleased to have delivered another strong quarter of operational and fiscal performance, featuring record-setting revenues and growth across key business categories. Our results reinforce the durability of our business model and the commercial execution we bring to bear across over 325,000 surface acres, strategically located in the heart of the Delaware Basin. Our differentiated strategy remains centered on maximizing the economic output of our surface position through active land management with a diversified revenue stream that drives long-term value and substantial free cash flow. We actively seek and capitalize on opportunities to collaborate with companies across oil and gas development, produced water handling and disposal, and a host of other critical industrial uses, including the long-term digital infrastructure opportunity where momentum is building quickly. Since well before our initial public offering in 2024, we've been focused on West Texas as a future hub of digital infrastructure in the U.S. LandBridge uniquely aggregates the critical elements of data center development that hyperscalers need. Namely, large contiguous sites with favorable permitting, proximity to power, including high-voltage transmission infrastructure, and reliable low-cost natural gas, access to current and planned fiber connectivity, and reliable long duration and diversified water supply at scale. To put an even finer point on the importance of water, LandBridge has unparalleled access to both brackish and treated produced water, as well as ample pore space for responsible disposal, which provides economic upside for data center projects, both on and off our footprint. Due to our vast surface portfolio, we have access to approximately 13.4 million acre-feet of brackish groundwater today, which is more than sufficient to meet long-term water needs for multi-gigawatt data center projects. Our forward-looking approach to digital infrastructure is gaining significant commercial traction, reflecting the quality of our offering and breadth of opportunity in West Texas. Since our last public update, we have continued to bring more high-quality counterparties into the diligence phase as data center momentum continues to build in the Delaware Basin specifically. While we have shared that we generally do not intend to make detailed announcements regarding non-binding agreements, we do think it's important to share with the market that LandBridge is currently under LOI, option, or in late-stage negotiations with seven power and digital infrastructure counterparties, representing more than 10 gigawatts of power generation and data center potential across our footprint. As we continue to work through diligence on these and other opportunities, we expect to share milestones with the market that represent firm and binding agreements as they materialize. While we look forward to capitalizing on these compelling opportunities and others, we expect to continue strategically scaling the LandBridge platform underpinned by our core business segments which have collectively delivered significant shareholder value since our IPO. This quarter we celebrate our second full year as a publicly traded company. And since that time, LandBridge has grown revenue, free cash flow, and adjusted EBITDA by over 150%. All while delivering a total shareholder return of approximately 360%. While that track record speaks for itself, we're more excited about the opportunities ahead of us. Digital infrastructure, expanding pore space demand, and power generation represents some of the very promising tailwinds we see in the compounding industrial ecosystem of West Texas. One final item before turning things over to Scott. Our board has announced unanimous approval for the conversion and redomicile of LandBridge from a Delaware limited liability company to a Texas corporation based on the positive recommendation of the previously announced special committee of independent directors. Scott will discuss the rationale in greater detail, as we believe the conversion has the potential to further expand our investor base and support long-term shareholder value creation. Now I'll turn the call over to Scott. Scott McNeely: Thank you, Jason, and good morning. Our second quarter results demonstrate the continued strength and scalability of the LandBridge model. We are delivering on the growth we anticipated and expect to continue this momentum in the second half of the year. We are reaffirming our full year 2026 guidance, which we raised last quarter with expected adjusted EBITDA between $210 million and $230 million for the full fiscal year. Revenue in the second quarter was a record $66.8 million, representing growth of 41% year-over-year and 31% sequentially. This quarter's performance was underpinned by strong contributions across each of our core business segments. Surface use royalties and revenue increased 41% sequentially, driven by an increase in produced water handling volumes as well as an increase in commercial activity across our acreage. Resource sales and royalties rose 1% supported by an increase in water sales on our legacy acreage. Oil and gas royalties posted a 20% sequential increase, primarily driven by higher oil prices during the quarter. It's important to note that our direct exposure to commodity prices remains limited, with oil and gas royalties representing only approximately 5% of our Q2 revenues. Adjusted EBITDA for the quarter was $59.8 million, an increase of 33% sequentially and 41% year-over-year, with a margin of 89%. Cash flow from operations totaled $41.4 million and free cash flow was $40.2 million, an increase of 11% year-over-year with a free cash flow margin of 60%. Our reliably strong cash flow, high margins, and capital-light structure reflect the fundamental strength of our business model. The vast majority of LandBridge revenues are generated through fee-based royalties, leases, and service-related revenues that require minimal capital investment from us. As commercial activity on our acreage intensifies, we participate in that growth through long-duration revenue streams without the need to fund underlying development. To that end, our capital requirements remain modest, with capital expenditures totaling $1.1 million and net cash used in investing activities was $11.3 million, including $10.2 million for a number of bolt-on acquisitions executed in the quarter. We continue to operate with a very disciplined capital allocation strategy, underpinned by the following three elements. First, we continue pursuing accretive acquisitions that strengthen and expand our fee surface position. We continue to leverage our asset scale, identifying opportunities to acquire positions that expand our strategic pore space footprint, enable produced water infrastructure growth, and facilitate scale power and digital infrastructure projects. Our proven active land management strategy is anticipated to create value above underwriting targets over time. Second, we maintain a strong balance sheet with an optimal capital structure, targeting a net leverage ratio of 2x to 2.5x. At quarter end, total liquidity was $269.8 million, including $39.8 million in cash, and $230 million of available borrowing capacity under our revolving credit facility. Total borrowings outstanding were $545.2 million, nearly flat from the $545.5 million at the end of Q1, with no debt maturities until 2030. Our net leverage ratio was 2.5x at the end of the second quarter, compared to 2.7x last quarter. Subsequent to quarter end, we further strengthened our liquidity position increasing our revolving credit facility from $275 million to $375 million with the ability to expand to $475 million and we reduced our borrowing costs by 25 basis points across the pricing grid. That additional capacity combined with no near-term maturities gives us ample flexibility to fund growth while maintaining our target leverage range. Finally, we maintain our ability to return capital to shareholders sustainably. This quarter we declared a $0.12 per share dividend. The Board has also previously approved a $50 million share repurchase program, which we're able to deploy opportunistically through December 2027. As Jason mentioned, our board recently unanimously approved the conversion of LandBridge from a Delaware limited liability company to a Texas corporation. A key factor in this decision is potential for broader index eligibility over time, as many benchmarks, including certain S&P, Russell, and CRSP indexes, are limited to corporations. We believe inclusion in these indexes will expand our eligible investor base, improve trading liquidity, and increase visibility among investors. Collectively, we believe these benefits support our long-term growth strategy and will create value for shareholders over time. To close, this quarter demonstrates exactly what the LandBridge model is designed to do. Grow revenues across diversified recurring revenue streams, convert that growth into outsized free cash flow at an 89% adjusted EBITDA margin and 60% free cash flow margin, and reinvest that cash flow to expand our acreage position, compounding value for shareholders over time. Our core business is strong and growing. Our balance sheet is conservative and now more liquid. Our board has taken a deliberate step towards index eligibility. In our digital infrastructure pipeline, seven counterparties and more than 10 gigawatts of potential is real and progressing. We are confident in the outlook and excited about the opportunities ahead. Thank you. Operator, please open the line for questions. Operator: [Operator Instructions] Your first question comes from the line of Nicholas Armato with Texas Capital. Nicholas Armato: Regarding the Delaware landfill deal, can you provide some color on the potential economic impact you expect from the acquisition and taking a step back. How should we think about the opportunity set for similar waste management acquisitions going forward? Are those opportunities generally tied to WaterBridge? Or does LandBridge have an interest in pursuing acquisitions independently of WaterBridge as the operator? Scott McNeely: Yes, good question. So this is a fantastic opportunity for both companies. For LandBridge, the acquisition of the surface for $20 million implies a high single-digit run rate going forward with certainly room to blend that down with growth over time, in addition to the option value that exists on the surface outside of just the landfill royalties today. This is 100% a deal that we would do with any other third party. This falls right in the middle of the fairway for us. And so as... [Technical Difficulty] Operator: A reminder to mute yourselves locally as needed. Scott McNeely: Nick, did we lose you? Nicholas Armato: Yes, I did. Scott McNeely: So I'll start from the top quickly. Ultimately, this is a deal that we're excited about, one that we'd be happy to work through with any third party, whether or not it's WaterBridge. As we view the economics, high single-digit multiple on a go-forward basis, obviously the ability to blend that down as WaterBridge grows its cash flow streams on the site, as well as having some option value on the surface beyond the landfill that's in place today. So again, I think one that we would do with any third party. In this particular case, it sets the royalty rate equal to the other sites that WaterBridge operates on LandBridge, and so there's no asymmetry, which was also important to us here. Yes, yes, sorry for the technical difficulty. Nicholas Armato: Just a quick follow-up. On M&A, can you give color on the market today and compare that from an accounting today basis? Are you seeing the wait-and-see execution raise color expectations for integration that's not necessarily accretive or native to your development but would otherwise be a good strategic fit within the portfolio? Scott McNeely: The M&A pipeline remains incredibly robust, and I think that'll be evident as we work through a few opportunities that are potentially larger in the back half of this year. From our perspective, you've certainly seen probably more of a focus on it since both our success at LandBridge as well as some other activity in the market. That said, we haven't really seen meaningful movement in prices on the opportunities that -- certainly that excites us. You know, we think there's certainly an easier ability to have conviction around some opportunities today that allows us maybe to have a few more conversations that would have been tougher to do pre-IPO, but we don't see a meaningful impact on the economic potential. Operator: Your next question comes from the line of Charles Meade with Johnson Rice. Your line is open. Please go ahead. Charles Meade: I'd like to ask a question about the seven power and digital infrastructure counterparties that you're speaking to. That number is higher than I would have guessed. And so I think that's a positive. But I wonder if you could frame it up a bit more for us. How would that fit versus your expectations, say, 12 months ago for the number of different counterparties you'd be talking to? And if you'd venture, what would you consider success in a year as far as landing or finalizing some projects, some subset of those seven conversations that are currently happening? Scott McNeely: Yes, hey, good morning, Charles. Appreciate the thoughtful question. Yes, I mean, commercial momentum continues to grow quarter-over-quarter. I mean, we've added several to the list just since last quarter, but I would say the last 12 months has been incredibly constructive from a commercial standpoint here. You know, even relative to the investor day that we had back earlier this year, we've seen just substantial momentum. From our seat, we want to continue to be thoughtful in terms of what we provide the market and we don't want to lean into any particular non-binding opportunity. We look forward to obviously circling back as some of these start to firm up. But that said, we did think it was important to substantiate our confidence in where we're at today, which was what we were going for with this update. And I'd wrap up by saying we think that there's plenty of room to add to this number here even over the next few months. Now, to the second part of your question, what does success look like 12 months from now? I think having multiple of these LOIs and options flipped to firm leases with revenues kicking on by the end of next year is very realistic. You know, I think ultimately there is a lot of enthusiasm for folks getting capacity online very, very quickly. I think there's been a lot of very smart counterparties out there who have figured out ways to enable the kickoff of that ramp, that power ramp very quickly. And I think that they look to us as a counterparty that can enable that kind of rapid deployment. And so I would not be surprised if 12 months from now, we're having the discussion about several of these successes behind us with likely more in the pipeline at that point. Charles Meade: The follow-up question, more on the historical core of your business, the produced water disposal. You guys had a big uptick in 2Q versus 1Q, I think it was around 15% sequentially. We were looking for something more like 5%. And so I'm curious, I had been expecting the bigger uptick to come in 3Q, but I'm wondering if you could characterize it. Is this a big number for 2Q? Was that kind of pulling forward the 3Q number forward in time or are you still looking for another big increment up in 3Q? Scott McNeely: There was a bit of an acceleration in second quarter. I think, kudos to the WaterBridge team for being able to get some of those assets online earlier than expected. And there's ample demand both at WaterBridge and LandBridge for produced water handling infrastructure and pore space. And so we, you know, we're able to kind of see some of that generated a bit sooner than expected, which is obviously great when that happens. We still expect to see a ramp in the back half of this year. To your point, it won't be as pronounced as it was necessarily from Q1 to Q2, although we still expect to see obviously Speedway ramp up its volumes, which will obviously serve as a driver to LandBridge from a royalty perspective. Operator: Your next question comes from the line of Alexander Goldfarb with Piper Sandler. Alexander Goldfarb: So just, obviously, good to see this expansion of the data center pipeline discussions. But maybe you can provide some more, framework around these. Are these just sort of not, I don't want to say casual conversations. But are these like in final stages, like close to being signed? Are these midway? Just trying to get a sense for how intense the conversations are. And then were these being bantered about at the beginning of this year? Or have these suddenly really come about in the past few months? Just trying to get a sense of timing on these, from gestation. Scott McNeely: Yes, hey, good morning, Alex. Good question. So these projects are either already signed and being worked through from a diligence perspective or we're in the process of negotiating final docs. This is not just us exchanging emails to see if there's something there. This is us, again, having already signed docs or having docs being exchanged at the moment. Some of these recent adds were, call it at the beginning of the year conversations that were maybe happening high level, but certainly hadn't materialized to the point that they're at today. So I think, we continue to see again, kind of the momentum and the traction that we had hoped to see. And like I said, there's more conversations happening beyond these seven here. So this is a number that can continue to go up here over time, but again, I think this is all very positive. This is the incremental addition of several new opportunities relative to even where we were at one quarter ago. Alexander Goldfarb: And then are these deals, to the best that you understand, are they coming sort of, all include one stop, meaning they all come with their own power plant, their own water solution? And then second, are they, does it seem like they're all pre-leased, meaning they already have users for the data centers or some of these spec? Just trying to understand. And again, whether these are sort of one-stop shops, if you will, from a water and power perspective, and then two, if they're already pre-leased or if these would be speculative? Scott McNeely: Yes, good follow-up. So the counterparties here are a mix of the hyperscalers themselves, the EPCs, and the power generation companies. So we have agreements in place with kind of all varieties and more discussions with all varieties behind that. Similarly, the actual demand or the value prop on the LandBridge side is going to vary depending on the counterparty. There are situations where we are bringing power partners to bear for either the EPC or the hyperscaler as part of the discussion. Obviously, the land is a critical piece of the discussion, and then virtually every other discussion enabling a water solution is a pretty critical point. And again, an opportunity set that both WaterBridge and LandBridge share, depending on what the end spec looks like for the user. Operator: Your next question comes from the line of Ben Lund with Goldman Sachs. Benjamin Lund: Maybe just one on data centers to start. There's been the recent directive halting new data center approvals pending the ERCOT audit. I just wanted to get your read on it. How are you thinking about the impact on overall, commercial momentum? And does this change the pace at which you'd expect to convert the 10-plus gigawatt pipeline? Or are your conversations largely insulated, giving your behind the meter power optionality and water access? Scott McNeely: Yes, hey, good morning, Ben. Very, very smart, thoughtful question. So, I mean, ultimately, the governor's effort here is more of an audit and disclosure exercise than the outright moratorium that we've seen in other states. You know, so much of this large ERCOT queue today is speculative. And this is really just an exercise designed to separate those committed and compliant projects from all of the other noises out there. So when you look at the governor's focus, really what's the impact on the grid, what's the water sourcing plan, and what is the impact on the community? Those concerns directly line up with both our platform and what it is we bring to bear as part of these discussions. As you mentioned, first you look at just the power piece of this, all of our contemplated projects are behind the meter. They're co-located typically, and oftentimes there'll be net export to the grid. So they're actually going to reduce that ERCOT demand rather than add to it. You know, second, all the projects that we're working through right now plan on using either brackish or ultimately treated produced water for cooling. So we're not going to see the kind of competition for resources with the local municipalities that the governor is really aiming to protect against here. And then lastly, as we've spoken to previously, our sites are large blocks of contiguous acres, but in areas with massive community support. We've done all of the legwork before, both locally as well as more broadly with elected officials and the stakeholders there. So we feel really good about that. So to kind of answer the second part of your question, you know, what could this do to the timeline? I certainly think, those projects that don't have quite that same value prop that we do could be potentially extended, but projects like ours are going to continue to move through quickly here, not more slowly. Benjamin Lund: Maybe moving to the royalty rate side, in the deck you show rates have trended higher over time for customers outside of WaterBridge, with new contracts running around $0.14 to $0.15 a barrel. First, how do you see that $0.15 evolving? Is there room to keep drifting higher as pore space and disposal capacity tighten along the state line? Or is that kind of the roughly ceiling for now? And then as your non-WaterBridge volumes grow as a share of the mix, how should we think about that blended rate migrating over the next couple of years? Scott McNeely: Yes, both good questions, very connected answers. I mean, I think ultimately we're going to see royalty rates continue to increase as pore space scarcity continues to play out. You know, it's been our thesis from the get-go that the access to high-quality pore space along the state line that isn't burdened with the kind of pore pressure concerns that you're seeing in so many areas is going to be increasingly valuable. You know, we've seen an increase in those royalty rates over the last several years. $0.15 is the prevailing rate today, but we strongly believe there's going to be room for that to go up here going forward as produced water volumes, particularly in New Mexico, grow and are desperate for an outlet right there along the state line, which is where we offer so much of the solution. On the blended rate side, we'll see rates both with third parties and with WaterBridge grow above these averages over time. The prevailing rate today for new facilities is $0.15 a barrel. That is what WaterBridge is paying. That is what third parties are paying. You know, WaterBridge does have the benefit of having some legacy sites as we flag in the deck that are bringing that average, that total average down a bit. But again, that's only going to go up as royalty rates are going up. Operator: Your next question comes from the line of Michael Thurow with Pickering Energy Partners. Unknown Analyst: I'd like to follow up on the digital opportunity set. It sounds like the company is really inching closer to some meaningful announcements after outlining the seven customers and just the generic comments about payments potentially coming later next year. So what do you kind of see as the main gating items from converting these opportunities into announced projects and revenues? Is it power availability, interconnection times, financing needs, or just simply agreements upon commercial terms? Scott McNeely: Hey, good morning, Michael. Good question. So it is, it can be a mix of the above and the discussion points vary depending on the counterparty. I think I would not look at the commercial terms as being the overly contentious items. I think where it just takes time is for all sides, all of our counterparty sides with power and EPC and hyperscaler to get comfortable working through diligence. I mean, at the end of the day, this is going to be a new landscape for them, new market. And there is just a lot that everyone needs to get comfortable with before deploying the kind of capital we're talking about for these projects. And so I think we're making pretty concerted efforts to get everyone spun up very quickly. But as you would hope to see, there is certainly no, no shortage of interest here. And I think no shortage of effort on either side. Now, you know, I think there is, there is going to be a continued focus, ultimately on ensuring that the power can be delivered on the timeline that's expected. You know, that is complementary to the diligence efforts that are ongoing. But part of that is just again the discussion between the power provider, the EPC, the hyperscaler on ensuring that the power availability ramp is real and is actionable. And those are all the discussions that are happening in parallel with the rest of diligence. Unknown Analyst: As a quick follow-up, how would you describe the 10 gigawatts in terms of its concentration? Are we talking seven 1- to 1.5-gigawatt opportunities, or is it more nuanced than that with some larger size projects coupled with some smaller ones? Scott McNeely: We've intentionally risked that number to eliminate any over-concentration risk. I'll put it that way. So the actual queue today is larger than that, but we are being conservative in terms of how we're voicing that over. Operator: There are no further questions at this time. I will now turn the call back to Scott McNeely for closing remarks. Scott McNeely: Yes, thanks again for taking the time today on our earnings call. We appreciate everyone's ongoing effort and attention to LandBridge. Obviously, we're very excited coming out of such a strong quarter with so much momentum stepping into the back half of the year. As always, please feel free to reach out with any follow-up questions. We're happy to stay synced up. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in LandBridge Llc, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and LandBridge Llc wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* Now, it’s worth noting Stock Advisor’s total average return is 964% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 13, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends LandBridge Llc. The Motley Fool has a disclosure policy. LandBridge (LB) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in LandBridge Company LLC? Here are five stocks we like better. Record Q2 performance: LandBridge reported revenue of $66.8 million, up 41% year over year, while adjusted EBITDA rose 41% to $59.8 million. The company reaffirmed its 2026 adjusted EBITDA guidance of $210 million to $230 million. Digital infrastructure pipeline: The company is in advanced discussions with seven counterparties representing more than 10 gigawatts of potential power-generation and data-center capacity. LandBridge expects some projects could begin generating lease revenue by the end of 2027, subject to binding agreements. Financial flexibility and expansion: LandBridge increased its revolving credit facility to $375 million, reduced borrowing costs, and reported a lower net leverage ratio of 2.5 times. It also continues to pursue acquisitions, declared a $0.12 quarterly dividend, and approved conversion from an LLC to a Texas corporation to potentially broaden index eligibility and its investor base. AI’s Power Crunch Fuels a Pivot for These 2 Oilfield Stocks LandBridge (NYSE:LB) reported record second-quarter revenue of $66.8 million, up 41% from a year earlier and 31% sequentially, as produced-water activity and commercial development across its Delaware Basin acreage increased. The company reaffirmed its full-year 2026 adjusted EBITDA guidance of $210 million to $230 million. Chief Executive Officer Jason Long said the company’s operating model centers on generating revenue from its more than 325,000 surface acres through land management, royalties, leases and other surface-related uses. He highlighted continued activity in oil and gas development, produced-water handling and disposal, industrial uses, power generation and potential digital infrastructure projects. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling The Energy Trade Is Bigger Than Oil Prices: 3 Stocks to Buy and 2 to Sell “We are pleased to have delivered another strong quarter of operational and fiscal performance, featuring record-setting revenues and growth across key business categories,” Long said. Adjusted EBITDA was $59.8 million, rising 33% sequentially and 41% year over year, with an adjusted EBITDA margin of 89%. Cash flow from operations totaled $41.4 million, while free cash flow was $40.2 million, up 11% from the prior-year period. Free cash flow margin was 60%. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Here's What Separates Oklo From the Rest of the Nuclear Startups Chief Financial Officer Scott McNeely said the company’s capital-light business model relies primarily on fee-based royalties, leases and surface-related revenue that require limited direct investment by LandBridge. Surface-use royalties and revenue increased 41% sequentially, driven by higher produced-water handling volumes and increased commercial activity. Resource sales and royalties increased 1%, supported by higher water sales on legacy acreage. Oil and gas royalties rose 20% sequentially, primarily due to higher oil prices. The segment represented about 5% of second-quarter revenue. Capital expenditures totaled $1.1 million during the quarter. Net cash used in investing activities was $11.3 million, including $10.2 million for bolt-on acquisitions. → No Hangover: Revisiting Microsoft One Week After Earnings LandBridge ended the quarter with $269.8 million of total liquidity, including $39.8 million of cash and $230 million available under its revolving credit facility. Total borrowings were $545.2 million, nearly unchanged from the first quarter, and the company reported a net leverage ratio of 2.5 times, compared with 2.7 times in the prior quarter. After the quarter ended, LandBridge increased its revolving credit facility from $275 million to $375 million, with potential expansion to $475 million. The company also reduced borrowing costs by 25 basis points across the pricing group. McNeely said the company has no debt maturities until 2030. The company declared a quarterly dividend of $0.12 per share. Its board had previously authorized a $50 million share-repurchase program that may be used through December 2027. Long said LandBridge is pursuing data center and digital infrastructure opportunities in West Texas, where it believes its land position offers large contiguous sites, access to high-voltage transmission infrastructure, natural gas, fiber connectivity and water supplies. The company said it has access to about 13.4 million acre-feet of brackish groundwater, along with treated produced water and pore space for disposal. LandBridge said it is under letters of intent, option agreements or late-stage negotiations with seven power and digital infrastructure counterparties representing more than 10 gigawatts of potential power generation and data center capacity across its footprint. McNeely said those discussions are beyond preliminary outreach, describing them as projects with signed documents undergoing diligence or agreements being negotiated. The counterparties include a mix of hyperscalers, engineering, procurement and construction providers, and power generation companies, he said. He added that LandBridge expects “multiple” letters of intent and options could convert into firm leases with revenue beginning by the end of next year, while cautioning that the company intends to announce milestones when binding agreements are completed. Responding to questions about a Texas directive involving new data center approvals pending an ERCOT audit, McNeely characterized the effort as an audit and disclosure exercise rather than an outright moratorium. He said the company believes its contemplated projects are positioned differently because they are generally behind-the-meter and co-located with generation, potentially reducing rather than increasing grid demand. He also said the projects are expected to use brackish or treated produced water rather than compete with local municipal water supplies. McNeely said produced-water infrastructure that came online earlier than expected contributed to second-quarter growth, and LandBridge still expects further volume growth during the second half of the year. He said the company sees increasing value in pore space near the Texas-New Mexico state line as produced-water volumes grow. According to McNeely, the prevailing royalty rate for new produced-water facilities is about $0.15 per barrel for both WaterBridge and third-party operators. He said LandBridge expects rates to rise over time as disposal capacity becomes scarcer, while legacy WaterBridge sites currently reduce the company’s blended average rate. On acquisitions, McNeely said LandBridge continues to see a “robust” pipeline and could pursue larger opportunities in the second half of 2026. He said a recent $20 million surface acquisition associated with landfill operations was one the company would have completed with any third party, not solely with WaterBridge. Separately, LandBridge’s board unanimously approved a plan to convert the company from a Delaware limited liability company into a Texas corporation. McNeely said the move could broaden eligibility for certain S&P, Russell and CRSP indexes, potentially expanding the investor base, improving liquidity and increasing visibility among investors. LandBridge Company LLC owns and manages land and resources to support and enhance oil and natural gas development in the United States. It owns surface acres in and around the Delaware Basin in Texas and New Mexico. The company holds a portfolio of oil and gas royalties. It also sells brackish water and other surface composite materials. The company was founded in 2021 and is based in Houston, Texas. LandBridge Company LLC operates as a subsidiary of LandBridge Holdings LLC. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "LandBridge Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record Q2 revenue of $66.8 million, up 41% year-over-year and 31% sequentially, driven by strong performance across all core segments. Adjusted EBITDA margin of 89% and free cash flow margin of 60%, reflecting a highly capital-light and scalable business model. Digital infrastructure pipeline expanded to 7 counterparties representing over 10 gigawatts of potential, with multiple LOIs and late-stage negotiations progressing. Strategic conversion to a Texas corporation approved, potentially enabling broader index eligibility and expanding the investor base. Strong balance sheet with increased liquidity to $375 million (expandable to $475 million) and reduced borrowing costs by 25 basis points, supporting growth initiatives. Oil and gas royalties, though only 5% of Q2 revenue, are subject to commodity price volatility, as seen in the 20% sequential increase driven by higher oil prices. Digital infrastructure projects face potential delays due to the recent ERCOT audit and the need for all parties to complete extensive due diligence. The company's growth is heavily dependent on the success of WaterBridge as a key operator, with royalty rates for legacy sites potentially dragging down the blended average. M&A opportunities, while robust, may face pricing pressures and competition, though the company notes no significant movement in prices yet. The conversion to a Texas corporation and potential index inclusion may take time to materialize, with no immediate financial benefit. Warning! GuruFocus has detected 8 Warning Signs with LB. Is LB fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide color on the potential economic impact of the Delaware Landfill Bill acquisition and how we should think about similar waste management acquisitions going forward?A: Scott McNeely, CFO: The acquisition of the surface for $20 million implies a high single-digit run-rate multiple going forward, with room to blend that down with growth over time, plus option value on the surface beyond the landfill royalties. This is a deal we would do with any third-party, and it sets the royalty rate equal to other WaterBridge sites on LandBridge, ensuring no asymmetry. Q: The seven power and digital infrastructure counterparties is higher than I would have guessed. How does that fit versus expectations 12 months ago, and what would success look like in a year?A: Jason Long, CEO: Commercial momentum has grown quarter over quarter, with several added just since last quarter. We want to be thoughtful and not lean into non-binding opportunities, but we thought it was important to substantiate our confidence. Success 12 months from now would be having multiple LOIs and options flip to firm leases with revenues kicking on by the end of next year. There's a lot of enthusiasm for getting capacity online quickly, and we're seen as a counterparty that can enable rapid deployment. Q: Can you provide more framework around the data center pipeline discussions? Are these in final stages or midway? And were these being discussed at the beginning of the year?A: Jason Long, CEO: These projects are either already signed and being worked through from a diligence perspective, or we're in the process of negotiating final docs. This is not just exchanging emails. Some recent additions were high-level conversations at the beginning of the year but have materialized to where they are today. There are more conversations beyond these seven, and this number will continue to go up. Q: Regarding the recent directive halting new data center approvals pending the ERCOT audit, how are you thinking about the impact on commercial momentum and the pace of converting the 10-plus gigawatt pipeline?A: Jason Long, CEO: The governor's effort is more of an audit and disclosure exercise, not an outright moratorium. It's designed to separate committed projects from speculative noise. Our projects are behind the meter, co-located, and often net exporters to the grid, reducing grid demand. They plan to use brackish or treated produced water for cooling, avoiding competition with municipalities. Our sites have massive community support. Projects like ours will continue to move through quickly, not more slowly. Q: How do you see the $0.15 per barrel royalty rate evolving? Is there room to keep drifting higher as pore space tightens, and how should the blended rate migrate as non-WaterBridge volumes grow?A: Scott McNeely, CFO: We're going to see royalty rates continue to increase as pore space scarcity plays out. $0.15 is the prevailing rate today, but we strongly believe there's room for it to go up as produced water volumes, particularly in New Mexico, grow and need an outlet along the state line. On the blended rate side, rates with both third parties and WaterBridge will grow above these averages over time. WaterBridge has legacy sites bringing the average down, but that will only go up as royalty rates increase. Q: What are the main gating items from converting the digital opportunities into announced projects and revenues? Is it power availability, interconnection times, financing, or commercial terms?A: Jason Long, CEO: It can be a mix of the above, and discussion points vary by counterparty. Commercial terms are not the overly contentious items. It takes time for all sidespower, EPC, and hyperscalersto get comfortable working through diligence in a new landscape. There's a continued focus on ensuring power can be delivered on the expected timeline, which is complementary to ongoing diligence efforts. Q: How would you describe the 10 gigawatts in terms of concentration? Are we talking seven 1 to 1.5 gigawatt opportunities or a mix of larger and smaller projects?A: Jason Long, CEO: We've intentionally risked that number to eliminate any overconcentration risk. The actual queue today is larger than that, but we are being conservative in how we're pulling that over. Q: The produced water disposal volumes had a big uptick in 2Q versus 1Q, around 15% sequentially. Is that pulling forward the 3Q number, or are you still looking for another big increment in 3Q?A: Scott McNeely, CFO: There was an acceleration in the second quarter. Kudos to the WaterBridge team for getting assets online earlier than expected. There's ample demand for produced water handling infrastructure and pore space. We still expect a ramp in the back half of the year, though it won't be as pronounced as Q1 to Q2. Speedway will continue to ramp up volumes, serving as a driver for LandBridge from a royalty perspective. Q: Are the data center deals all one-stop shops with their own power plant and water solution? And are they pre-leased with users or speculative?A: Jason Long, CEO: The counterparties are a mix of hyperscalers, EPCs, and power generation companies. The value proposition on the LandBridge side varies by counterparty. In some situations, we bring power partners to bear for the EPC or hyperscaler. Land is a critical piece, and virtually every discussion includes enabling a water solution, which is an opportunity set shared by both WaterBridge and LandBridge. Q: Are you seeing the M&A pipeline develop in a way that would be a good strategic fit within the portfolio?A: Scott McNeely, CFO: The M&A pipeline remains incredibly robust, and that will be evident as we work through a few larger opportunities in the back half of this year. We haven't seen meaningful movement in prices on opportunities that excite us. There's an easier ability to have conviction around opportunities today, allowing for more conversations than pre-IPO, but we don't see a meaningful impact on the economic potential. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by record revenues across core segments, specifically a 41% sequential increase in surface use royalties from higher produced water volumes and commercial activity. Management attributes the company's competitive advantage to its 325,000 contiguous surface acres, which aggregate critical data center requirements: power proximity, fiber connectivity, and low-cost natural gas. The business model remains focused on high-margin, capital-light revenue streams, with the vast majority of income generated through fee-based royalties and leases requiring minimal capital investment. Strategic positioning in West Texas is being framed as a future hub for digital infrastructure, utilizing approximately 13.4 million acre-feet of brackish groundwater to meet multi-gigawatt cooling needs. The company is actively transitioning from a Delaware LLC to a Texas corporation to qualify for major indexes (S&P, Russell, CRSP), aiming to expand the investor base and improve trading liquidity. Acquisition strategy remains focused on accretive 'bolt-on' deals that expand pore space footprint and facilitate large-scale power and digital infrastructure projects. Reaffirmed full-year 2026 adjusted EBITDA guidance of $210 million to $230 million, assuming continued momentum in produced water handling and commercial land use. Management expects to convert multiple non-binding digital infrastructure agreements into firm, revenue-generating leases by the end of 2027. The 10-gigawatt digital infrastructure pipeline is described as a 'risked' figure, intentionally excluding certain concentrations to maintain a conservative outlook on potential power generation. The current prevailing rate for new facilities is $0.15 per barrel, and management expects total average royalty rates to increase as legacy sites are replaced by these higher market rates and further upward movement in the market. as pore space scarcity intensifies along the Texas-New Mexico state line. Capital allocation will prioritize maintaining a net leverage ratio between 2.0x and 2.5x while utilizing a $50 million share repurchase program opportunistically through 2027. The $20 million Delaware landfill acquisition is expected to yield a high single-digit run rate multiple, standardizing royalty rates across the company's waste management portfolio. Management addressed the Texas data center audit, clarifying that their 'behind-the-meter' co-located power strategy mitigates risks associated with ERCOT grid demand and regulatory moratoriums. Oil and gas price exposure remains a limited risk factor, representing only approximately 5% of total second-quarter revenues. Liquidity was bolstered post-quarter by increasing the revolving credit facility to $375 million and reducing borrowing costs by 25 basis points. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that the seven counterparties are either under signed Letters of Intent (LOI), options, or in late-stage negotiations involving final documentation. The pipeline includes a mix of hyperscalers, EPC firms, and power generation companies, with many projects involving 'behind-the-meter' power solutions. Management views the audit as a disclosure exercise rather than a moratorium, noting that LandBridge projects are insulated because they use brackish/treated water instead of municipal resources. The company expects its projects to move through the approval process faster than competitors due to existing community support and self-contained power/water infrastructure. The prevailing market rate for new facilities has reached $0.15 per barrel, and management believes there is room for further increases as high-quality pore space becomes scarce. Blended royalty rates are expected to migrate higher as legacy lower-rate contracts are replaced by new agreements with both WaterBridge and third-party operators.

Delivers record second quarter revenue of $66.8 million, representing growth of 41% year-over-year and 31% quarter-over-quarter Declares quarterly cash dividend of $0.12 per share HOUSTON, August 05, 2026--(BUSINESS WIRE)--LandBridge Company LLC (NYSE: LB; NYSE TX: LB) (the "Company," or "LandBridge") today announced its financial and operating results for the second quarter ended June 30, 2026. Second Quarter 2026 Financial Highlights Revenues of $66.8 million, representing an increase of 41% year-over-year and 31% quarter-over-quarter Net income(1) of $31.0 million, representing an increase of 68% year-over-year and 74% quarter-over-quarter Net income margin(1) of 46% Adjusted EBITDA(2) of $59.8 million, representing an increase of 41% year-over-year and 33% quarter-over-quarter Adjusted EBITDA Margin(2) of 89% Cash flows from operating activities of $41.4 million, representing an increase of 11% year-over-year and 1% quarter-over-quarter Free Cash Flow(2) of $40.2 million, representing an increase of 11% year-over-year Operating cash flow margin of 62% Free Cash Flow Margin(2) of 60% Announced quarterly cash dividend of $0.12 per share Recent Milestones LandBridge continues to see growing and accelerated momentum in the West Texas digital infrastructure thesis and in particular our unique offering of strategic land and water resources, regional expertise, and extensive facilitating network. LandBridge is currently under LOI, option, or engaged in late-stage negotiations with seven power and digital infrastructure counterparties, representing more than 10 GW of power generation potential across our footprint. Entered into agreement to acquire approximately 560 acres of fee surface underlying the Northern Delaware Basin Landfill in Lea County, New Mexico, for total consideration of $20 million Announced that the Board has unanimously approved the Company’s conversion and redomicile from a Delaware limited liability company to a Texas corporation following the recommendation of the previously announced special committee of independent directors of the Board Jason Long, Chief Executive Officer of LandBridge, stated, "We are proud to announce another strong quarter of growth, reinforcing the strength and durability of our business model, along with the commercial firepower we continue to bring to bear across our footprint. We remain excited about the continued growth trajectory ahead of us, both from the oil and gas and produced water industry and from the longer-term digital infrastructure opportunity, where momentum is building quickly, as evidenced by our robust and growing list of non-binding commercial agreements and incremental interest across our acreage position." Scott McNeely, Chief Financial Officer of LandBridge, said, "Our second quarter results underscore the durability of a high-margin, asset-light business model that continues to convert growth across multiple revenue streams into outsized free cash flow, a dynamic we expect to continue as the business grows in scale. Equally significant, our Board's approval to redomicile in Texas as a corporation reflects a deliberate step toward broader index eligibility and reinforces our disciplined focus on long-term shareholder value creation." Second Quarter 2026 Consolidated Financial Information Revenue for the second quarter of 2026 was $66.8 million as compared to $51.0 million in the first quarter of 2026 and $47.5 million in the second quarter of 2025. The sequential increase was attributable to growth across multiple key revenue streams, including increases of $0.1 million in resource sales and royalties, $15.2 million in surface use royalties and revenues, $0.6 million in oil and gas royalties, partially offset by a decrease of $0.1 million in other revenue. Net income for the second quarter of 2026 was $31.0 million as compared to $17.9 million in the first quarter of 2026 and a net income of $18.5 million in the second quarter of 2025.(1) Adjusted EBITDA was $59.8 million in the second quarter of 2026 as compared to $44.9 million in the first quarter of 2026 and $42.5 million in the second quarter of 2025. Net income margin was 46% in the second quarter of 2026 as compared to 35% in the first quarter of 2026 and a net income margin of 39% in the second quarter of 2025.(1) Adjusted EBITDA margin was 89% in the second quarter of 2026 as compared to 88% in the first quarter of 2026 and 89% in the second quarter of 2025.(2) Diversified Revenue Streams Surface Use Royalties and Revenue: Generated revenues of $52.2 million in the second quarter of 2026 as compared to $37.0 million in the first quarter of 2026 and $34.2 million in the second quarter of 2025. Surface Use Royalties and Revenue increased $15.2 million sequentially, primarily driven by an increase in produced water handling volumes across our acreage as well as an overall increase in commercial activity on our land. Resources Sales and Royalties: Generated revenues of $11.1 million in the second quarter of 2026 as compared to $11.0 million in the first quarter of 2026 and $10.6 million in the second quarter of 2025. Revenue from Resource Sales and Royalties increased $0.1 million sequentially, primarily driven by increases in water sales on our legacy acreage. Oil and Gas Royalties: Generated revenues of $3.6 million in the second quarter of 2026 as compared to $3.0 million in the first quarter of 2026 and $2.7 million in the second quarter of 2025. Revenue from Oil and Gas Royalties increased $0.6 million sequentially, primarily driven by higher oil prices in the quarter. Free Cash Flow Generation Cash flow from operations for the second quarter of 2026 was $41.4 million as compared to $41.1 million in the first quarter of 2026 and $37.3 million in the second quarter of 2025. Free Cash Flow for the second quarter of 2026 was $40.2 million as compared to $40.9 million in the first quarter of 2026 and $36.1 million in the second quarter of 2025.(2) Capital expenditures for the second quarter of 2026 were $1.1 million and net cash used in investing activities during the second quarter of 2026 was $11.3 million, which included approximately $10.2 million of acquisition expenditures related to bolt-on acquisitions executed in the second quarter. Net cash used in financing activities during the second quarter of 2026 was $20.0 million. Strong Balance Sheet with Ample Liquidity Total liquidity was $269.8 million as of June 30, 2026. As of June 30, 2026, the Company had approximately $230.0 million of available borrowing capacity under its revolving credit facility. Total cash and cash equivalents were $39.8 million as of June 30, 2026, as compared to $29.7 million as of March 31, 2026. The Company had $545.2 million of borrowings outstanding as of June 30, 2026, versus $545.5 million outstanding as of March 31, 2026. Subsequent to the quarter on August 4, 2026, DBR Land Holdings LLC, a subsidiary of the Company ("OpCo"), entered into an amendment (the "Amendment") to its 2025 revolving credit agreement (the "2025 Revolving Credit Facility"). Pursuant to the Amendment, lender commitments were increased by $100.0 million, from $275.0 million to $375.0 million, through the exercise in full of the incremental commitment capacity available under the 2025 Revolving Credit Facility. Concurrently, the Amendment re-established incremental commitment capacity of up to an additional $100.0 million, which may be exercised by OpCo from time to time subject to the receipt of additional lender commitments and satisfaction of the other conditions set forth in the 2025 Revolving Credit Facility. Giving effect to the foregoing, lender commitments under the 2025 Revolving Credit Facility may be increased to up to $475.0 million. In addition, the Amendment reduced the applicable margins under the 2025 Revolving Credit Facility by 0.25% (25 basis points) at each level of the pricing grid. As amended, Term SOFR Loans bear interest at Term SOFR for the applicable tenor plus a leverage-based applicable margin between 1.75% and 2.75% per annum, and Base Rate Loans bear interest at the applicable base rate plus a leverage-based applicable margin between 0.75% and 1.75% per annum. Except as described above, the other material terms of the 2025 Revolving Credit Facility, including the Maturity Date, the commitment fee and the financial and other covenants, remained unchanged. Recent Transactions Subsequent to the second quarter on August 4, 2026, LandBridge agreed to acquire approximately 560 acres of fee surface underlying the Northern Delaware Basin Landfill in Lea County, New Mexico, for total consideration of $20 million. The transaction is expected to close in the third quarter of 2026 concurrently with the acquisition of the NDB Landfill by WaterBridge, subject to customary closing conditions and receipt of all required consents and approvals. In connection with the land acquisition, WaterBridge and LandBridge will enter into a long-term surface use agreement for the NDB Landfill. The land acquisition, including the valuation and the surface use agreement, was approved by a Conflicts Committee of the LandBridge Board of Directors consisting entirely of independent directors. Second Quarter 2026 Dividend The Board declared a dividend on our Class A shares of $0.12 per share, payable on September 10, 2026 to shareholders of record as of August 27, 2026, and a corresponding required cash distribution to OpCo unitholders. 2026 Outlook The Company reaffirms its outlook for fiscal year 2026, with Adjusted EBITDA expected to be between $210 million and $230 million. Reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability of estimating certain items, particularly non-recurring gains or losses, unusual or non-recurring items, income tax benefit or expense, or one-time transaction costs and cost of revenue. We are unable to reasonably predict these because they are uncertain and depend on various factors not yet known, which could have a material impact on GAAP results for the guidance period. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures is not available without unreasonable effort. Quarterly Report on Form 10-Q Our financial statements and related footnotes are available in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which is expected to be filed with the U.S. Securities and Exchange Commission ("SEC") on August 5, 2026. Conference Call and Webcast Information The Company will hold a conference call on Thursday, August 6, 2026, at 10:00 a.m. Central Time to discuss second quarter results. A live webcast of the conference call will be available on the Events and Presentations section of the LandBridge Investor Relations website. To listen to the live broadcast, go to the site at least 10-15 minutes prior to the scheduled start time to register and install any necessary audio software. To access the live conference call, participants must pre-register online at https://events.q4inc.com/analyst/893270445?pwd=4vCD3ryz to receive unique dial-in information. Pre-registration may be completed at any time up to the call start time. About LandBridge LandBridge owns more than 325,000 surface acres across Texas and New Mexico, located primarily in the heart of the Delaware sub-region in the Permian Basin, the most active region for oil and gas exploration and development in the United States. LandBridge actively manages its land and resources to support and encourage energy and infrastructure development and other land uses, including digital infrastructure. LandBridge was formed by Five Point Infrastructure LLC, a private equity firm with a track record of investing in and developing energy, environmental water management and sustainable infrastructure companies within the Permian Basin. For more information, please visit: www.landbridgeco.com Cautionary Statement Regarding Forward-Looking Statements This news release may contain forward-looking statements that are based on LandBridge’s beliefs, as well as assumptions made by, and information currently available to, LandBridge, and therefore involve risks and uncertainties that are difficult to predict. Generally, future or conditional verbs such as "will," "would," "should," or "could," and the words "believe," "anticipate," "continue," "intend," "expect" and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, strategies, plans, objectives, expectations, intentions, assumptions, future operations and prospects and other statements that are not historical facts, including our estimated future financial performance. You should not place undue reliance on forward-looking statements. Although LandBridge believes that plans, intentions and expectations reflected in or suggested by any forward-looking statements made herein are reasonable, LandBridge may be unable to achieve such plans, intentions or expectations and actual results, and performance or achievements may vary materially and adversely from those envisaged in this news release due to a number of factors including, but not limited to: our customers’ demand for and use of our land and resources; the success of WaterBridge in executing its business strategies, including its ability to construct and operate water infrastructure assets, attract customers and operate successfully on our land; our customers’ ability to develop our land or potential changes to our customers' development plans, or any potential acquired acreage to accommodate any future surface use developments, such as data centers or other digital infrastructure; our ability to continue the payment of dividends; the domestic and foreign supply of, and demand for, energy sources, including the impact of political instability or armed conflict in oil and natural gas producing regions, including increased hostilities in the Middle East, including Iran, and other sustained military campaigns, the Russia-Ukraine war, as well as the conditions in South America, Central America, China and Russia and acts of terrorism or sabotage, actions relating to oil price and production controls by the members of the Organization of Petroleum Exporting Countries, Russia and other allied producing countries with respect to oil production levels and announcements of potential changes to such levels; our reliance on a limited number of customers and on a particular region for substantially all of our revenues, including the potential consolidation of such customers within such region and the degree to which such consolidation may affect spending on U.S. drilling and completions in the near term; our ability to enter into favorable contracts regarding surface uses, access agreements and fee arrangements, including the prices we are able to charge and the margins we are able to realize; our business strategies and our ability to execute thereon, including our ability to attract non-traditional energy customers to use our land and resources and to successfully implement our growth plans and manage any resultant growth; our ability to successfully implement our growth plans, including through future acquisitions of acreage and/or the introduction of new revenue streams, the costs associated with such acquisitions and revenue streams, and the risk that we may not be able to integrate and/or realize the anticipated benefits therefrom; our level of indebtedness and our ability to service our indebtedness; and any changes in general economic, business and/or industry conditions and market volatility, including as a result of slowing growth, a potential economic recession, an elevated inflation rate, high interest rates, changes in U.S. and international trade policies and relations, and central bank policy, as well as associated liquidity risks. These risks, as well as other risks associated with LandBridge are also more fully discussed in LandBridge's filings with the SEC, including its most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You can access LandBridge’s filings with the SEC through the SEC's website at http://www.sec.gov. Except as required by applicable law, LandBridge undertakes no obligation to update any forward-looking statements or other statements herein for revisions or changes after this communication is made. The historical financial information presented below reflects only our historical financial results and the historical financial results of our predecessor, DBR Land Holdings LLC, as applicable. Comparison of Non-GAAP Financial Measures Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Free Cash Flow Margin are supplemental non-GAAP measures that we use to evaluate current, past and expected future performance. Although these non-GAAP financial measures are important factors in assessing our operating results and cash flows, they should not be considered in isolation or as a substitute for net income, gross margin or any other measures presented under GAAP. Adjusted EBITDA and Adjusted EBITDA Margin are used to assess the financial performance of our assets over the long term to generate sufficient cash to return capital to equity holders or service indebtedness. We define Adjusted EBITDA as net income (loss) before interest; taxes; depreciation, amortization, depletion and accretion; share-based compensation; non-recurring transaction-related expenses and other non-cash or non-recurring expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenues. We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period, and against our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA and Adjusted EBITDA Margin because these amounts can vary substantially from company to company within our industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired. The following table sets forth a reconciliation of net income as determined in accordance with GAAP to Adjusted EBITDA and Adjusted EBITDA Margin for the periods indicated. Free Cash Flow and Free Cash Flow Margin are used to assess our ability to repay our indebtedness, return capital to our shareholders and fund potential acquisitions without access to external sources of financing for such purposes. We define Free Cash Flow as cash flow from operating activities less investment in capital expenditures. We define Free Cash Flow Margin as Free Cash Flow divided by total revenues. We believe Free Cash Flow and Free Cash Flow Margin are useful because they allow for an effective evaluation of both our operating and financial performance, as well as the capital intensity of our business, and subsequently the ability of our operations to generate cash flow that is available to distribute to our shareholders, reduce leverage or support acquisition activities. The following table sets forth a reconciliation of cash flows from operating activities determined in accordance with GAAP to Free Cash Flow and Free Cash Flow Margin, respectively, for the periods indicated. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805637776/en/ Contacts LandBridge Scott McNeelyChief Financial [email protected] Mae HerringtonDirector, Investor [email protected] Media Daniel Yunger / Nathaniel ShahanKekst [email protected] / [email protected]

National Fuel Gas (NFG) came out with quarterly earnings of $1.54 per share, beating the Zacks Consensus Estimate of $1.47 per share. This compares to earnings of $1.64 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +4.76%. A quarter ago, it was expected that this energy company would post earnings of $2.85 per share when it actually produced earnings of $2.71, delivering a surprise of -4.91%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. National Fuel Gas, which belongs to the Zacks Oil and Gas - Integrated - United States industry, posted revenues of $537.5 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 4.77%. This compares to year-ago revenues of $531.83 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. National Fuel Gas shares have added about 1.7% since the beginning of the year versus the S&P 500's gain of 8.5%. While National Fuel Gas has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for National Fuel Gas was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.26 on $542.42 million in revenues for the coming quarter and $7.66 on $2.59 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Integrated - United States is currently in the bottom 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, LandBridge Company LLC (LB), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This company is expected to post quarterly earnings of $0.37 per share in its upcoming report, which represents a year-over-year change of +54.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. LandBridge Company LLC's revenues are expected to be $61.35 million, up 29.1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report National Fuel Gas Company (NFG) : Free Stock Analysis Report LandBridge Company LLC (LB) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

On May 15, 2026, Horizon Kinetics Asset Management reported buying 504,627 shares of WaterBridge Infrastructure (NYSE:WBI), an estimated $12.02 million trade based on quarterly average pricing. According to a SEC filing dated May 15, 2026, Horizon Kinetics Asset Management increased its holding in WaterBridge Infrastructure by 504,627 shares. The estimated value of the shares acquired was $12.02 million, based on the average closing price during the first quarter of 2026. The quarter-end valuation of the position rose by $59.88 million, reflecting both the purchase and price appreciation. WaterBridge Infrastructure now represents 2.1% of Horizon Kinetics Asset Management’s reportable AUM. Top holdings after the filing: As of Monday, shares of WaterBridge Infrastructure were priced at $31.06, up about 55% from their September IPO price of $20. WaterBridge Infrastructure provides water management solutions, including collection, transportation, recycling, and management of produced water for oil and gas operations. The firm operates an integrated water infrastructure network in major U.S. shale basins. It serves oil exploration and production companies, primarily in the Delaware Basin with additional assets in the Eagle Ford and Arkoma basins. WaterBridge Infrastructure LLC is a specialized water management provider supporting the energy sector, with a focus on efficient handling of produced water for oil and gas producers. The company leverages its extensive infrastructure network to deliver reliable and scalable services across key U.S. shale regions. Horizon Kinetics already has exposure to real asset and energy-adjacent plays (top holdings include Texas Pacific Land and LandBridge), so adding to WaterBridge fits neatly into that broader strategy.The company’s latest results suggest demand remains strong. WaterBridge reported first-quarter revenue of $201 million and adjusted EBITDA of $102.9 million, while raising full-year guidance for both produced water volumes and adjusted EBITDA. Management now expects up to 2.725 million barrels per day of produced water handling volume and as much as $465 million in adjusted EBITDA this year.The bigger story may be the company’s Speedway pipeline expansion and growing commercial demand from both existing and new customers. WaterBridge also generated a 51% adjusted EBITDA margin in the quarter. Ultimately, it looks like the appeal here is less about oil prices themselves and more about owning the infrastructure that producers increasingly rely on, regardless of commodity swings. Before you buy stock in WaterBridge Infrastructure Llc, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and WaterBridge Infrastructure Llc wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $469,293!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,381,332!* Now, it’s worth noting Stock Advisor’s total average return is 993% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 18, 2026. Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. WaterBridge Stock Is Up 55% Since IPO. One Fund Bought Up $12 Million More Last Quarter was originally published by The Motley Fool

Even though LandBridge Company LLC's (NYSE:LB) recent earnings release was robust, the market didn't seem to notice. We think that investors have missed some encouraging factors underlying the profit figures. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. The ratio shows us how much a company's profit exceeds its FCF. That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth. For the year to March 2026, LandBridge had an accrual ratio of -0.10. Therefore, its statutory earnings were quite a lot less than its free cashflow. To wit, it produced free cash flow of US$147m during the period, dwarfing its reported profit of US$31.6m. LandBridge shareholders are no doubt pleased that free cash flow improved over the last twelve months. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. As we discussed above, LandBridge has perfectly satisfactory free cash flow relative to profit. Based on this observation, we consider it likely that LandBridge's statutory profit actually understates its earnings potential! And on top of that, its earnings per share have grown at an extremely impressive rate over the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. At Simply Wall St, we found 1 warning sign for LandBridge and we think they deserve your attention. This note has only looked at a single factor that sheds light on the nature of LandBridge's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Interested in LandBridge Company LLC? Here are five stocks we like better. LandBridge reported first-quarter revenue of $51 million and adjusted EBITDA of $44.9 million, both up 16% year over year, and generated strong free cash flow of $40.9 million. The company also raised its full-year 2026 adjusted EBITDA guidance to $210 million to $230 million. Growth was driven mainly by surface use royalties and revenues, which climbed 41% from a year ago, while the company said most of its revenue is tied to surface-related streams rather than direct commodity prices. Management emphasized its fee-based model and expanding commercial pipeline as key supports for future results. LandBridge highlighted major long-term opportunities in the Delaware Basin, including data center and power-related projects such as the PowerBridge Alpha Digital campus. The company also said it continues to expand its surface acreage through bolt-on acquisitions and has more than 320,000 acres under ownership. Here's What Separates Oklo From the Rest of the Nuclear Startups LandBridge (NYSE:LB) reported higher first-quarter revenue and adjusted EBITDA and raised its full-year 2026 outlook, citing improved visibility into commercial activity, stronger basin conditions and momentum tied to surface-use opportunities in the Delaware Basin. Chief Executive Officer Jason Long said the company began 2026 “consistent with our plan,” with revenue and adjusted EBITDA each increasing about 16% year over year. He said the first quarter was softer than the fourth quarter, but that the sequential decline was expected because certain surface-related payments tend to follow operator activity that is more heavily weighted toward the second half of the year. → Beyond NVIDIA: Picks-and-Shovels AI Plays with Strong Momentum Trump Index: 6 Companies Linked to Trump’s Cabinet Worth Watching “Q2 commercial activity is already tracking ahead of Q1,” Long said. “Our second-half catalysts are developing as planned, and the macroeconomic environment has become meaningfully more supportive since we last provided guidance.” Chief Financial Officer Scott McNeely said LandBridge increased its full-year 2026 adjusted EBITDA guidance to a range of $210 million to $230 million, up $5 million at both ends of the range. He said the higher outlook reflects better visibility into committed and near-committed commercial activity for the remainder of the year, as well as a more supportive macroeconomic backdrop for basin activity. → 3 Ways to Target the Resources Powering AI and Data Centers 3 Stocks Set to Benefit From Trump’s “Drill, Baby, Drill" Policy McNeely said the company’s “fee-based model provides the floor,” while its commercial pipeline offers the upside supporting the raised guidance. For the first quarter, LandBridge reported total revenue of $51 million, up 16% from a year earlier but down about 11% from $56.8 million in the fourth quarter. Net income was $17.9 million, up 16% year over year, with a net income margin of 35%. → Quantum Earnings Season Is Ramping Up—What to Watch From 2 Major Players Adjusted EBITDA was $44.9 million, also up 16% from the prior-year period, with an adjusted EBITDA margin of 88%. Cash flow from operations was $41.1 million, and free cash flow was $40.9 million, representing a 158% year-over-year increase and a free cash flow margin of 80%. The main driver of revenue growth was surface use royalties and revenues, which rose 41% year over year to $37 million. McNeely said that increase reflected royalties from WaterBridge’s BPX Kraken development, new easement payments and broader commercial activity across LandBridge’s surface acreage. Sequentially, revenue declined across all three major categories. Surface use royalties and revenues fell 6%, resource sales and royalties declined 9%, and oil and gas royalties were down about 5%. McNeely said oil and gas royalties represented about 6% of year-to-date revenue, limiting the company’s direct commodity exposure. In response to an analyst question, Long said roughly 72% of revenue is tied to surface-related streams, while about 22% is tied to the resource side, which is more directly linked to new upstream development activity. LandBridge ended the quarter with total liquidity of $259.7 million, including $29.7 million in cash and about $230 million of available borrowing capacity under its revolving credit facility. Borrowings outstanding were $545 million as of March 31, down from $570 million at year-end. The company’s net leverage ratio was 2.7 times, compared with 2.8 times in the prior quarter. The company also repaid $25.2 million of debt during the quarter, reported capital expenditures of $0.2 million and declared a quarterly dividend of $0.12 per share. Long said LandBridge’s position now includes more than 320,000 surface acres across the Delaware Basin after several bolt-on acquisitions. He described the company’s fee surface ownership model as a structural advantage because it provides permanent control and long-duration optionality for commercial uses including produced water, pipelines, power generation and data centers. McNeely said the company has added nearly 50,000 surface acres over the past year while maintaining disciplined underwriting standards. In response to a question from Goldman Sachs analyst John Mackay, McNeely said the smaller tuck-in acquisitions are intended to fill gaps and expand contiguous positions. He said pricing remains competitive and in line with what LandBridge has historically paid for similar surface positions. Asked by Johnson Rice analyst Charles Meade whether increased competition has affected acquisition opportunities, McNeely said LandBridge has not yet seen much impact. He said the company remains focused on fee surface acreage rather than BLM or state leases, which he said are not a focus for LandBridge. LandBridge highlighted its agreement with PowerBridge for the Alpha Digital data center campus in Reeves County, Texas. Long said PowerBridge has the option to lease up to 3,400 acres for a giga-scale campus, with initial power deliveries expected next year and large-scale generation expected in 2028. McNeely said during the question-and-answer session that PowerBridge paid $2.6 million for a one-year option, which was recognized in the first quarter. He said PowerBridge is planning to bring on up to 2 gigawatts of initial power generation capacity, with the ability to scale beyond that. If PowerBridge exercises the option, the payment structure would convert to a lease, but LandBridge did not disclose the lease economics. Long said West Texas is well suited for data centers because of low-cost power, water availability, fiber connectivity and a favorable permitting environment. He said about 10 gigawatts of capacity has been announced in the region over the past two years, including Alpha Digital. In response to Texas Capital Securities analyst Derrick Whitfield, McNeely said sentiment around West Texas data center opportunities has improved significantly over the past six to 12 months. He said LandBridge is engaged in “discussions and negotiations and documentation with virtually every hyperscaler” in some capacity, while emphasizing that the company is being deliberate about when to announce additional details. LandBridge also pointed to its relationship with WaterBridge as a key contributor to its model. Long said about 1.5 million barrels per day of WaterBridge infrastructure sits on LandBridge land, with additional permitted capacity continuing to grow. Asked about WaterBridge’s Project Speedway, McNeely said Speedway Phase I is expected to come online this summer, though it will not be fully utilized immediately. He said volumes are expected to ramp from this summer through 2028, with potential for additional interruptible volumes that could increase royalties to LandBridge. McNeely said Speedway Phase II is being considered to address operational needs in the back half of 2027, but the company has not yet detailed its expected contribution to future guidance. Management said quarterly results may remain uneven because some surface agreements and payments depend on timing. McNeely said LandBridge is not focused on which quarter a particular agreement is signed, but on generating year-over-year compounding growth. LandBridge Company LLC owns and manages land and resources to support and enhance oil and natural gas development in the United States. It owns surface acres in and around the Delaware Basin in Texas and New Mexico. The company holds a portfolio of oil and gas royalties. It also sells brackish water and other surface composite materials. The company was founded in 2021 and is based in Houston, Texas. LandBridge Company LLC operates as a subsidiary of LandBridge Holdings LLC. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "LandBridge Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.