LandBridge Corp. LB

What this company does

LandBridge generates revenue from the use of its surface acreage, the sale of resources from its land, and oil and gas royalties. As of December 31, 2025, LandBridge owned or managed more than 315,000 surface acres in and around the Delaware Basin sub-region of the Permian Basin. Through resource sales and royalties, it also receives fees from the sale of brackish water and caliche used in connection with oil and natural gas well development, and royalties from sand and brackish water extracted from its land and used for oil and natural gas well completions. Through oil and gas royalties, LandBridge receives a share of recurring revenues from the production of oil and natural gas on its approximately 4,400 gross mineral acres through its ownership of mineral interests, of which approximately 96% underlie its surface acreage. For the year ended December 31, 2025, its five largest customers, consisting of WaterBridge, VTX Energy, ConocoPhillips, EOG Resources and Occidental Petroleum, comprised 59% of total revenue. LandBridge was formed on September 27, 2023 as a Delaware limited liability company to serve as the issuer in an initial public offering of equity, which closed on July 1, 2024.

Written from the business description in LandBridge Company LLC's annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.