LandBridge Company LLC(LB) - 2025 Q1 - Earnings Call Presentation

Financial Performance - LandBridge's Q1 2025 revenue increased by 131% year-over-year[10] - Adjusted EBITDA for Q1 2025 increased by 129% year-over-year[10] - Non-oil and gas royalty revenue reached approximately 92% of total revenue in Q1 2025[10] - Adjusted EBITDA margin was 88% in Q1 2025[11] - Free Cash Flow Margin was 36% in Q1 2025[11] Operational Highlights - Surface use royalty volumes increased by approximately 72% to approximately 14 million barrels per day (MMBPD) in Q1 2025[10] - LandBridge acquired approximately 3000 surface acres in Lea County, NM and approximately 800 surface acres in Reeves County, Texas, bringing total surface acreage owned to approximately 277000 acres[10] Capital Allocation - A quarterly cash dividend of $010 per share was announced[10] - The company targets a net leverage ratio of 20-25x by mid-year 2025[28] Revenue Streams - Surface Use Royalties and Revenues accounted for 59% of YTD diversified streams[23] - Resource Sales and Royalties accounted for 33% of YTD diversified streams[23] - Oil & Gas Royalties accounted for 8% of YTD diversified streams[23]