LandBridge Co LLC-A 2025年季度报告

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ PART I — FINANCIAL INFORMATIONCautionary Note Regarding Forward Looking StatementsFinancial Statements (Unaudited)Condensed Consolidated Balance SheetsCondensed Consolidated Statements of OperationsCondensed Consolidated Statements of Shareholders’ and Member’s EquityCondensed Consolidated Statements of Cash FlowsNotes to the Unaudited Condensed Consolidated Financial Statements1. Organization and Nature of Operations 10. Related Party TransactionsManagement’s Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures About Market RiskControls and Procedures Legal ProceedingsRisk Factors Defaults upon Senior Securities Mine Safety Disclosures ExhibitsSignatures The following are abbreviations and definitions of certain terms used in this document, many of which are commonly used in the 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 oilequivalent 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. Brackish water. Water with salinity levels between seawater and freshwater.Completion. Installation of permanent equipment for production of natural gas, NGLs or oil or, in the case of a dry well, reporting to the appropriate authority that a well has been abandoned.Crude oil. A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid atatmospheric 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 Division. The plan of division dividing NDB LLC into two Delaware limited liability companies pursuant to which the holders of East Stateline Ranch. Approximately 103,000 surface acres in Loving and Winkler Counties, Texas and Lea County, New E&P. Exploration and production. E&P companies. Oil and natural gas exploration and production companies, including producers and/or operators. Five Point. Five Point Infrastructure LLC, formerly known as Five Point Energy LLC, a Delaware limited liability company and our financial sponsor. GAAP. Accounting principles generally accepted in the United States of America. Lea County Acquisition.The acquisition of the Lea County Ranches from a private, third-party seller.Lea County Ranches. Approximately 11,000 surface acres in Lea County, New Mexico. MBbls.One thousand barrels of crude oil, condensate or NGLs. Mboe. One thousand BOE.Mboe/d. One thousand BOE per day. Mineral interest. Real-property interests that grant ownership of oil and natural gas under a tract of land and the rights to explore MMBtu. One million British thermal units. MMcf. One million cubic feet of natural gas. NDB Incentive Units. Incentive units consisting of time-based awards of profits interests in NDB LLC granted to certainindividuals awarded prior to the Division. NDB LLC. WaterBridge NDB LLC, a Delaware limited liability company. NGL. Natural gas liquid. NYMEX. The New York Mercantile Exchange. OpCo. DBR Land Holdings LLC, a Delaware limited liability company. Produced water. Water produced from an oil and natural gas well alongside crude oil and natural gas. Produced water handling facilities. Facilities employed for the treatment, handling and disposal of produced water. Royalty. A real property interest that entitles the owner the right to receive a portion of the production (or the proceeds therefrom)produced from the underlying real property or a payment for the use of such underlying real property, and does not require the owner to pay any portion of the production or development costs. Speed Acquisition. The acquisition of the Speed Ranch from the same private, third-party seller from which we acquired the East Stateline Ranch. Spot market price. The cash market price without reduction for expected quality, transportation and demand adjustments. Stateline Position. Approximately 137,000 surface acres located primarily in Loving, Reeves and Winkler Counties, Texas andLea County, New Mexico, near and along the Texas-New Mexico state border. WaterBridge. Collectively, WaterBridge NDB and WaterBridge Operating and their respective subsidiaries. WaterBridge NDB. WaterBridge NDB Operati