LandBridge 2026年季度报告

For the quarterly period ended March 31, 2026 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐Emerging growth company☐ 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.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒As of May 6, 2026, the registrant had 27,839,229 Class A shares and 49,177,775 Class B shares representing limited liability company interests(“Class B shares”) outstanding. TABLE OF CONTENTS PART I — FINANCIAL INFORMATION Glossary3Cautionary Note Regarding Forward-Looking Statements4Item 1.Financial Statements (Unaudited)6Condensed Consolidated Balance Sheets6Condensed Consolidated Statements of Operations7Condensed Consolidated Statements of Shareholders’ Equity8Condensed Consolidated Statements of Cash Flows9Notes to the Condensed Consolidated Financial Statements10Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations19Item 3.Quantitative and Qualitative Disclosures About Market Risk26Item 4.Controls and Procedures26 PART II — OTHER INFORMATIONItem 1.Legal Proceedings27Item 1A.Risk Factors27Item 2.Unregistered Sales of Equity Securities and Use of Proceeds27Item 3.Defaults Upon Senior Securities27Item 4.Mine Safety Disclosures27Item 5.Other Information27Item 6.Exhibits28Signatures29 GLOSSARY The following are abbreviations and definitions of certain terms used in this document, many of which are commonly used in theindustry: 1918 Acquisition. The acquisition of approximately 37,500 total acres across Reeves, Loving, Winkler and Ward counties, Texas,and certain related assets from 1918 Ranch & Royalty, LLC. Bbl. One barrel of volume used for measuring oil. Brackish water. Water with salinity levels between seawater and freshwater. Completion. The process of preparing a well for the production of oil and gas by injecting high-pressure fluids mixed withproppants to create fractures in reservoir rock to enhance permeability. 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 southeastern New Mexico, which is a part of thePermian Basin. E&P companies. Oil and natural gas exploration and production companies, including producers and/or operators. Five Point. Five Point Infrastructure LLC, a Delaware limited liability company and our legacy financial sponsor. GAAP. Accounting principles generally accepted in the United States of America. 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 (NYSE: LB; NYSE TX: LB), and its subsidiaries. LandBridge Holdings. LandBridge Holdings LLC, a Delaware limited liability company and portfolio company of funds affiliatedwith Five Point. MBbls.One thousand barrels. MBbl/d. One thousand barrels per day. 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. NM. Not meaningful. 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 West Texas and s