LandBridge Co LLC Files Q2 2024 10-Q

TL;DR

LandBridge Q2 10-Q is in, shows asset acquisition activity.

AI Summary

LandBridge Co LLC filed a 10-Q for the period ending June 30, 2024. The company reported on its financial performance, including details on resource royalties and land acquisitions. A significant event was the Loving Winkler and Lea County Asset Acquisition on May 10, 2024.

Why It Matters

This filing provides insight into LandBridge's financial health and strategic moves, such as asset acquisitions, which can impact its future revenue and operational capacity.

Risk Assessment

Risk Level: medium — The filing details asset acquisitions and financial performance, which can carry inherent risks related to market conditions and integration.

Key Numbers

• Q2 2024 — Reporting Period (Covers the second quarter of 2024)
• 2024-06-30 — Fiscal Period End (The end date for the financial reporting)

Key Players & Entities

• LandBridge Co LLC (company) — Filer of the 10-Q
• Loving Winkler and Lea County Asset Acquisition (company) — Significant acquisition event
• 2024-06-30 (date) — End of reporting period
• 2024-05-10 (date) — Date of asset acquisition

FAQ

Key Financial Figures

• $1.235 billion — ing growth company if we have more than $1.235 billion in annual revenues, or more than $700.0
• $700.0 million — illion in annual revenues, or more than $700.0 million in market value of our common shares he
• $1.0 billion — ld by non-affiliates or issue more than $1.0 billion of non-convertible debt securities over

Filing Documents

• lb-20240630.htm (10-Q) — 1538KB
• lb-ex31_1.htm (EX-31.1) — 9KB
• lb-ex31_2.htm (EX-31.2) — 9KB
• lb-ex32_1.htm (EX-32.1) — 5KB
• lb-ex32_2.htm (EX-32.2) — 5KB
• img34329178_0.jpg (GRAPHIC) — 8KB
• 0000950170-24-093065.txt ( ) — 5750KB
• lb-20240630.xsd (EX-101.SCH) — 940KB
• lb-20240630_htm.xml (XML) — 738KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Glossary 3 Cautionary Note Regarding Forward Looking Statements 5 Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 8 LandBridge Company LLC 8 Balance Sheet 8 Notes to Balance Sheet 9 DBR Land Holdings LLC and Subsidiaries 11 Condensed Consolidated Balance Sheets 11 Condensed Consolidated Statements of Operations 12 Condensed Consolidated Statements of Member's Equity 13 Condensed Consolidated Statements of Cash Flows 14 Notes to the Unaudited Condensed Consolidated Financial Statements 15 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 44

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 46

Signatures

Signatures 48 2 GLOSSARY The following are abbreviations and definitions of certain terms used in this document, which are commonly used in the industry: Acquired Lands . The Lea County Ranches, East Stateline Ranch and the Speed Ranch. Acquisitions . The East Stateline Acquisition, the Speed Acquisition and the Lea County Acquisition. Bbl . One barrel of volume used for measuring oil. Boe . A barrel of oil equivalent, which is used to express crude oil, NGL and natural gas volumes on a comparable crude oil equivalent basis. Gas equivalents are determined under the relative energy content method by using the ratio of 6.0 Mcf of natural gas to 1.0 Bbl of crude oil or NGL. Bpd . Barrels per calendar day. Brackish Water . Water with salinity levels between seawater and freshwater. CAGR . Compound annual growth. Caliche . A crust of coarse sediment or weathered soil in calcium carbonate. It forms when lime-rich groundwater rises to the surface by capillary action and evaporates into a crumbly-like powder, forming a tough, indurated sheet called calcrete. Completion . Installation of permanent equipment for production of natural gas, NGLs or oil or, in the case of a dry well, to reporting to the appropriate authority that the well has been abandoned. Crude Oil . A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. Delaware Basin . A geological depositional and structural basin in West Texas and southern New Mexico, which is a part of the Permian Basin. Desert Environmental . Desert Environmental LLC, a Delaware limited liability company, a portfolio company of funds affiliated with Five Point and an affiliate of the Company. East Stateline Ranch . Approximately 103,000 surface acres in Loving and Winkler Counties, Texas and Lea County, New Mexico. East Stateline Acquisition . The acquisition of the East Sta

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements LandBridge Company LLC Balance Sheets (in dollars) (unaudited) June 30, 2024 December 31, 2023 Assets: Total assets $ - $ - Liabilities and member's equity Total liabilities $ - $ - Commitments and contingencies - - Member's equity: Deemed non-cash parent contribution $ ( 1,000 ) $ ( 1,000 ) Member's interest 1,000 1,000 Total member's equity - - Total liabilities and member's equity $ - $ - See accompanying notes to the unaudited balance sheets 8 LandBridge Company LLC Notes to the Balance Sheets (Unaudited) 1. Organization LandBridge Company LLC (the "Company," "LandBridge," "we," "our" and "us") was formed on September 27, 2023 as a Delaware limited liability company. WaterBridge NDB LLC ("NDB LLC") is the sole member of the Company. The Company is governed by a Limited Liability Company Agreement, dated September 27, 2023 (the "LLC Agreement"). On July 1, 2024, immediately prior to the Offering (as defined below), NDB LLC was divided into two Delaware limited liabilities in accordance with a plan of division: (i) NDB LLC and (ii) LandBridge Holdings LLC ("LandBridge Holdings"), a new Delaware limited liability company created by, and resulting from, the division (collectively, the "Division"). As a result of the Division, LandBridge Holdings became the sole member of the Company and entered into an Amended & Restated Limited Liability Company Agreement, dated July 1, 2024 (the "A&R LLC Agreement") in connection with the Offering. On July 1, 2024, immediately following the Division, the Company closed the offering of 14,500,000 Class A shares representing limited liability company interests ("Class A shares") at a price to the public of $ 17.00 per share (the "Offering"). In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 2,175,000 Class A shares at the public offering price, which the underwri

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View this 10-Q filing on SEC EDGAR