LandBridge Co LLC Files S-1 for Public Offering
Ticker: LB · Form: S-1 · Filed: May 31, 2024 · CIK: 1995807
Sentiment: neutral
Topics: ipo, oil-and-gas, sec-filing
TL;DR
LandBridge Co LLC just filed its S-1, gearing up for an IPO. Oil royalty play.
AI Summary
LandBridge Co LLC, an oil royalty trader based in Houston, Texas, filed an S-1 registration statement with the SEC on May 31, 2024. The filing, under registration number 333-279893, indicates the company's intent to offer securities to the public. LandBridge Co LLC is incorporated in Delaware and its principal executive offices are located at 5555 San Felipe Street, Suite 1200, Houston, Texas.
Why It Matters
This S-1 filing marks a significant step for LandBridge Co LLC as it prepares to become a publicly traded company, potentially impacting the oil and gas royalty market.
Risk Assessment
Risk Level: medium — As a company in the oil royalty sector, LandBridge Co LLC is subject to the inherent volatility and risks associated with commodity prices and the energy industry.
Key Numbers
- 1231 — Fiscal Year End (Indicates the company's annual reporting cycle.)
- 77056 — ZIP Code (Primary business and mailing address ZIP code in Houston, Texas.)
Key Players & Entities
- LandBridge Co LLC (company) — Registrant
- Jason Long (person) — Chief Executive Officer
- David P. Oelman (person) — Legal Counsel (Vinson & Elkins L.L.P.)
- Michael S. Telle (person) — Legal Counsel (Vinson & Elkins L.L.P.)
- Hillary H. Holmes (person) — Legal Counsel (Gibson, Dunn &)
- Harrison Tucker (person) — Legal Counsel (Gibson, Dunn &)
- Cynthia M. Mabry (person) — Legal Counsel (Gibson, Dunn &)
- 333-279893 (dollar_amount) — SEC Registration Number
FAQ
What is the primary business of LandBridge Co LLC?
LandBridge Co LLC is primarily involved in oil royalty trading, as indicated by its Standard Industrial Classification code [6792].
When was this S-1 filing submitted to the SEC?
The S-1 filing was submitted to the U.S. Securities and Exchange Commission on May 31, 2024.
Where is LandBridge Co LLC headquartered?
LandBridge Co LLC's principal executive offices are located at 5555 San Felipe Street, Suite 1200, Houston, Texas 77056.
What is the SEC registration number for this filing?
The SEC registration number for this filing is 333-279893.
In which state is LandBridge Co LLC incorporated?
LandBridge Co LLC is incorporated in Delaware.
Filing Stats: 4,519 words · 18 min read · ~15 pages · Grade level 16.9 · Accepted 2024-05-31 17:14:43
Filing Documents
- d752700ds1.htm (S-1) — 2864KB
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- d752700dex108.htm (EX-10.8) — 1063KB
- d752700dex109.htm (EX-10.9) — 175KB
- d752700dex211.htm (EX-21.1) — 4KB
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- d752700dexfilingfees.htm (EX-FILING FEES) — 16KB
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- 0001193125-24-151957.txt ( ) — 10641KB
Risk Factors
Risk Factors 45 Cautionary Note Regarding Forward-Looking Statements 86
Use of Proceeds
Use of Proceeds 89 Dividend Policy 91 Capitalization 92
Managements Discussion and Analysis of Financial Condition and Results of Operations
Managements Discussion and Analysis of Financial Condition and Results of Operations 96 Industry 120
Business
Business 131 Management 174
Executive Compensation
Executive Compensation 181 Corporate Reorganization 188
Security Ownership of Certain Beneficial Owners and Management
Security Ownership of Certain Beneficial Owners and Management 191 Certain Relationships and Related Party Transactions 193 Description of Shares 200 Our Operating Agreement 203 Shares Eligible for Future Sale 213 Material U.S. Federal Income Tax Considerations for Non-U.S. Holders 216 Certain ERISA Considerations 221
Underwriting
Underwriting 224 Legal Matters 232 Experts 232 Where You Can Find More Information 232 Glossary of Certain Industry Terms A-1 Index to Financial Statements F-1 Neither we nor the underwriters have authorized anyone to provide you with information different from that contained in this prospectus and any free writing prospectus we have prepared. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We and the underwriters are offering to sell Class A shares and seeking offers to buy Class A shares only under circumstances and in jurisdictions where such offers and sales are lawful. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the Class A shares. Our business, liquidity position, financial condition, prospects or results of operations may have changed since the date of this prospectus. This prospectus contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control. See the sections titled Risk Factors and Cautionary Note Regarding Forward-Looking Statements. i Table of Contents BASIS OF PRESENTATION This is the initial public offering of Class A shares of LandBridge. We were formed on September 27, 2023 by WaterBridge NDB LLC (NDB LLC) and have not conducted and will not conduct any material business operations prior to the completion of the transactions described under Corporate Reorganization (such transactions, the Corporate Reorganization) other than certain activities related to this offering. Following the Corporate Reorganization, LandBridge will be a holding company, the sole material asset of which will consist of membership interests (OpCo Units) in DBR Land Holdings LLC, a Delaware limited liability company (OpCo). LandBridge will also be the sole managing member of OpC