LandBridge Co LLC-2025年季度报告

PART I — FINANCIAL INFORMATION Glossary Cautionary Note Regarding Forward Looking Statements Item 1.Financial 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 Operations2. Basis of Presentation and Summary of Significant Accounting Policies3. Asset Acquisitions4. Property, Plant and Equipment5. Income Taxes6. Debt7. Shareholders’ and Member’s Equity8. Share-Based Compensation9. Earnings Per Share10. Related Party Transactions Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations Item 3.Quantitative and Qualitative Disclosures About Market Risk PART II — OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures GLOSSARY The following are abbreviations and definitions of certain terms used in this document, many of which are commonly used in theindustry: 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 oilequivalent basis. Gas equivalents are determined under the relative energy content method by using the ratio of 6.0 Mcf of natural 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, reportingto 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 thePermian Basin. Desert Environmental. Desert Environmental LLC, a Delaware limited liability company, a portfolio company of funds affiliatedwith Five Point and an affiliate of the Company. Division. The plan of division dividing NDB LLC into two Delaware limited liability companies pursuant to which the holders ofNDB Incentive Units were issued an identical number of Incentive Units at LandBridge Holdings. East Stateline Ranch. Approximately 103,000 surface acres in Loving and Winkler Counties, Texas and Lea County, NewMexico. East Stateline Acquisition. The acquisition of the East Stateline Ranch from a private third-party seller. 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 andour financial sponsor. GAAP. Accounting principles generally accepted in the United States of America. Henry Hub. A natural gas pipeline located in Erath, Louisiana that serves as the official delivery location for futures contracts onthe NYMEX. The settlement prices at the Henry Hub are used as benchmarks for the entire North American natural gas market. Incentive Units. Management incentive units consisting of time-based awards of profits interests in LandBridge Holdings. LandBridge. LandBridge Company LLC, a Delaware limited liability company. LandBridge Holdings. LandBridge Holdings LLC, a Delaware limited liability company and holding company which owns 100%of our Class B shares. Lea County Acquisition.The acquisition of the Lea County Ranches from a private, third-party seller. MBbls.One thousand barrels of crude oil, condensate or NGLs. Mboe. One thousand BOE. Mboe/d. One thousand BOE per day. Mcf. One thousand cubic feet of natural gas. Mineral interest. Real-property interests that grant ownership of oil and natural gas under a tract of land and the rights to explorefor, develop, and produce oil and natural gas on that land or to lease those exploration and development rights to a third party. 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 certain 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. Operator. The individual or company responsible for the development and/or production of an oil or natural gas well. Permian Basin. A large sedimentary basin located in W