Landbridge

What Landbridge does

LandBridge Company LLC is a Houston-based surface land management and royalty company that owns and actively manages over 320,000 surface acres concentrated in the Delaware sub-region of the Permian Basin across Loving, Winkler, Reeves, Pecos, and Andrews Counties in Texas and Lea County in New Mexico. Founded in October 2021 by Five Point Infrastructure LLC and listed on the NYSE in mid-2024 (ticker: LB), the company monetizes its acreage through surface use easements, royalties, lease agreements, and pore space reservations serving oil and gas operators (notably Devon Energy), midstream companies (WaterBridge, ONEOK), power generators (NRG Energy), battery storage developers (Samsung C&T Renewables), and digital infrastructure customers (PowerBridge).

The company's revenue mix comprises four streams: surface use royalties and fees (Q1 2026: $37.0 million, up from $26.2 million in Q1 2025), resource sales and royalties including produced water handling ($11.0 million), oil and gas royalties from mineral interests ($3.0 million at 815 boe/d net royalty production), and an emerging digital infrastructure stream anchored by the PowerBridge Alpha Digital Campus. Underlying the business is a capital-light model that produced Q1 2026 Adjusted EBITDA of $44.9 million at 88% margins and free cash flow of $40.9 million at 80% conversion, with Surface Use Economic Efficiency rising from $465 per acre in 2022 to $1,159 per acre in 2025.

LandBridge distributes its services through direct enterprise sales, engaging in long-term contractual negotiations with industrial counterparties rather than selling through intermediaries. The company is controlled by Five Point Infrastructure LLC, which retained approximately 63% ownership following a November 2025 secondary offering at $71 per share. Acreage expansion has been continuous since the 2021 formative acquisition of Hanging H Ranch (~72,000 acres), growing to >320,000 acres through transactions including the 2024 East Stateline/Speed Ranch acquisitions and the November 2025 purchase of ~37,500 acres from 1918 Ranch & Royalty. Management is projecting cumulative free cash flow of $3–4 billion through 2035, supported by the Devon pore space contract and growing exposure to AI-driven data center and power demand.

Name

Landbridge

Legal name

LandBridge Company LLC

Website

https://landbridgeco.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

LandBridge owns and actively manages over 320,000 surface acres in the Permian Basin Delaware sub-region, generating high-margin revenues from surface easements, royalties, pore space leases, and data center and power siting agreements for oil and gas, midstream, and digital infrastructure customers.

Ownership category

akta.pro rank

Product category

Energy Land Management Services

NAICS

Lessors of Real Estate (5311)

SIC

Oil & Gas Field Services, Nec (1389), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Mineral Rights, Leasing & Land Management (EUALAAAB)

Keywords

• Surface land management
• Mineral royalty services
• Pore space leasing
• Produced water disposal
• Data center land leasing

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Others, Marketing or Sales

Revenue model

1. Surface Use Royalties and Revenue: LandBridge generates revenues from surface use royalties, including easements, damages, and surface-related agreements. This includes payments from oil and gas operators for access to surface acreage, pipeline ROW agreements, and fees from other industrial users. In Q1 2026, surface use royalties and revenue was $37.0 million, up from $26.2 million in Q1 2025. The stream includes both related party transactions with WaterBridge and third-party customers.
2. Resource Sales and Royalties: LandBridge generates revenues from resource sales including water supply (brackish water and produced water handling), sand sales, and resource royalties. The company earns fees for produced water disposal capacity and water supply to oil and gas operations. In Q1 2026, resource sales and royalties was $11.0 million.
3. Oil and Gas Royalties: LandBridge earns oil and gas royalties from mineral interests held on its acreage positions. These royalties provide exposure to commodity price movements and production volumes from operators developing the company's acreage. In Q1 2026, oil and gas royalties was $3.0 million from net royalty production of 815 boe/d.
4. Data Center and Digital Infrastructure: LandBridge is developing new revenue streams from digital infrastructure, including data center lease agreements with PowerBridge, battery storage projects with Samsung C&T Renewables, and power generation partnerships with NRG Energy. These agreements typically involve option fees, easements, and long-term lease payments.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

LandBridge actively manages over 320,000 surface acres in the Delaware sub-region of the Permian Basin, monetizing the acreage through surface use easements, royalties, lease agreements, and pore space reservations for oil and gas development, produced water handling, power generation, battery storage, solar, and data center development. The company generates fee-based revenues from operators, midstream companies, infrastructure developers, and hyperscalers seeking contiguous acreage and pore space capacity in West Texas and New Mexico.

Product overview

LandBridge operates as a surface land management company offering a unified platform of land and resource management services across over 320,000 surface acres in the Permian Basin. The core offering consists of surface land management and pore space/water disposal services, which generate revenues through easements, royalties, and surface use agreements. The company also offers specialized development opportunities including the Alpha Digital Campus for data center development (2 GW powered), battery energy storage projects (350 MW total), and solar energy generation facilities. These products are interconnected through LandBridge's active land management strategy that monetizes acreage for multiple industrial uses including energy production, digital infrastructure, and power storage.

Differentiator

Problem solved

Functional benefit

Products and services

• Surface Land Management Active management of surface acreage in the Permian Basin to support energy and industrial development, including oil and gas exploration, digital infrastructure, power generation, and waste management facilities across 320,000+ acres in Texas and New Mexico.
• Pore Space and Produced Water Disposal Services Reservation and licensing of subsurface pore space capacity for produced water handling and disposal, serving oil and gas operators in the Delaware Basin, anchored by a 10-year agreement with Devon Energy for 300,000 bpd of disposal capacity.
• Easement and Royalty Services Surface use easements, royalties, and lease arrangements for energy infrastructure including solar projects, natural gas processing facilities, oil and gas operations, and data center development across the Permian Basin.
• Alpha Digital Campus Data Center Development A planned giga-scale data center campus development in Reeves County, Texas with up to 2 GW of co-located power generation capacity, developed in partnership with PowerBridge LLC for hyperscale and AI infrastructure customers.
• Battery Energy Storage System (BESS) Projects Two BESS facilities totaling 350 MW capacity in Pecos and Loving counties, Texas, developed through agreements with Samsung C&T Renewables, supporting grid stability and renewable energy integration.

Quantifiable outcome

• Q1 2026 revenue of $51 million, up 16% YoY; Adjusted EBITDA margin of 88%; Free Cash Flow margin of 80%
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core, minor and major.

• PowerBridge LLCcoreStrategic or Co-development Partner · 2 April 2026LandBridge entered into a lease development agreement with PowerBridge providing the option to lease up to ~3,400 acres in Reeves County, Texas for a giga-scale data center campus (Alpha Digital Campus) with up to 2 GW of initial co-located power generation. PowerBridge is a Five Point Infrastructure portfolio company led by former Cumulus Data/Talen Energy CEO Alex Hernandez. First power delivery expected 2027, large-scale generation in 2028.
• NRG EnergycoreStrategic or Co-development Partner · 25 February 2026Lease option agreement with NRG Energy for development, construction, and operation of a grid-connected natural gas-fired combined cycle gas turbine (CCGT) plant to service future potential co-located data center load. The 1.1 GW facility is planned for LandBridge acreage in the Permian Basin.
• Samsung C&T RenewablescoreStrategic or Co-development Partner · 11 December 2025Development agreements with Samsung C&T Renewables for two battery energy storage system (BESS) facilities totaling 350 MW in Pecos and Loving counties, Texas. The projects aim to support grid stability and renewable energy integration, with expected commercial operation by end of 2028.
• 1918 Ranch & Royalty LLCminorOthers · 1 November 2025LandBridge acquired approximately 37,500 acres across Loving, Reeves, Winkler, and Ward counties, Texas from 1918 Ranch & Royalty LLC. The transaction closed in November 2025 and included high-quality pore space adjacent to LandBridge's existing acreage, expanding produced water handling capabilities.
• ONEOKmajorStrategic or Co-development Partner · 30 September 2025Long-term lease agreement with ONEOK subsidiary for a natural gas processing facility in Loving County, Texas on LandBridge acreage. ONEOK is a leading midstream operator in the Permian Basin.
• Devon EnergycoreStrategic or Co-development Partner · 30 April 202510-year surface use and pore space reservation agreement with Devon Energy covering East Stateline Ranch and Speed Ranch. Devon secured 300,000 bpd of produced water disposal capacity with minimum volume commitment of 175,000 bpd, commencing Q2 2027.
• WaterBridge InfrastructurecoreStrategic or Co-development PartnerWaterBridge is a related party affiliate of LandBridge (both Five Point Infrastructure portfolio companies). WaterBridge operates produced water infrastructure on LandBridge acreage, generating surface use royalties and resource revenues. CEO Jason Long also serves as CEO of WaterBridge. The WaterBridge partnership continues to scale midstream infrastructure royalty upside for LandBridge.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Texas Pacific Land Corporation: Closest direct peer—Texas Pacific Land owns ~880,000 surface acres and ~1.8M net mineral acres primarily in the Permian Basin, generating revenues through surface use royalties, easements, water sales, and oil and gas royalties. Same asset class and business model as LandBridge.
• Sitio Royalties Corp. Mineral and royalty rights aggregator operating primarily in the Permian and other major US basins. Combines mineral interests across operators and geographies, earning royalties and similar surface-related income—overlapping LandBridge's oil and gas royalty and acreage economics.
• Black Stone Minerals, L.P. Mineral rights owner and manager with significant acreage positions across the Permian, Eagle Ford, Bakken, and other US basins. Generates revenues through royalties, lease bonuses, and surface use—comparable asset-based royalty model.
• Kimbell Royalty Partners, LP: Royalty and mineral rights company with positions across multiple US basins including the Permian. Earns royalties and lease bonus income from operators—directly comparable in business model and asset class to LandBridge's royalty streams.
• Viper Energy, Inc. Subsidiary of Diamondback Energy focused on owning and acquiring mineral and royalty interests in the Permian Basin. Direct comparable for LandBridge's mineral interests and royalty revenue stream within the same basin.
• Dorchester Minerals, L.P. Master limited partnership owning mineral, royalty, and net profits interests primarily in Texas and the Permian Basin. Earns royalty income from oil and gas operators on owned mineral rights—comparable cash-flow royalty model.
• Sabine Royalty Trust: Royalty trust holding mineral and royalty interests across multiple US basins. Generates royalty income from oil and gas production—comparable cash-yield-based royalty model.

Emerging players

• Aris Water Solutions, Inc. Operates produced water infrastructure in the Permian Basin, providing gathering, transportation, and disposal services to E&P operators. Adjacent overlap with LandBridge's pore space and produced water disposal business via WaterBridge.
• Select Water Solutions, Inc. Provides water management and chemical solutions for oil and gas operators in the Permian and other US basins, including produced water handling. Overlaps with LandBridge's water-handling/pore space activity but operates as service provider rather than landowner.

Broad incumbents

• DigitalBridge Group, Inc. Alternative asset manager focused on digital infrastructure including data centers, towers, and fiber. Relevant comparator for LandBridge's emerging data center and power generation business (PowerBridge Alpha Campus), but at much broader portfolio scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/landbridgeco

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Landbridge