LandBridge Co LLC Business Summary

LandBridge Co LLC (LB) operates a high-margin land management business model centered on the ownership of over 315,000 surface acres in the Delaware Basin. The company generates revenue through three primary segments: Surface Rights, which provides easements and leases for oil and gas infrastructure, renewable energy, and digital infrastructure; Water Services, which earns royalties on produced water disposal and brackish water sales through its affiliate WaterBridge; and Mineral/Royalty Interests. As of early 2026, the company has successfully decoupled its performance from commodity volatility, with over 90% of revenue derived from non-oil and gas royalty sources. Its primary competitors include Texas Pacific Land Corporation (TPL), Viper Energy, and Black Stone Minerals. LandBridge distinguishes itself by acting as an "industrial landlord" that actively facilitates the industrialization of the Permian Basin, specifically targeting emerging sectors like data centers and battery energy storage systems (BESS). The leadership team is led by President and CEO Jason Long, an energy entrepreneur with over 20 years of experience in the Delaware Basin, including founding several produced water enterprises. He is supported by Executive VP and CFO Scott McNeely, who previously held senior finance roles at WaterBridge and Citigroup’s investment banking division. The company was founded and remains significantly backed by Five Point Energy, a leading private equity firm focused on environmental and midstream solutions. David Capobianco, the CEO and Managing Partner of Five Point Energy, serves as Chairman of the Board, ensuring a strategic focus on capital efficiency and infrastructure-led growth. This executive pedigree combines deep operational expertise in water midstream with institutional private equity discipline, positioning LandBridge as a critical infrastructure enabler for both traditional energy and the expanding power-intensive digital economy.