EagleRock Land, LLC Class A shares representing limited liability company interests

Hello, everyone. Thank you for joining us and welcome to the Eagle Rock Q2 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Chris Cossie, Vice President of Finance. Chris, please go ahead.

Thank you, operator. Good morning, and thank you for joining Eagle Rock's second quarter 2026 earnings conference call. With me today are Greg Pipkin, chief executive officer, and Neal Shah, president and chief financial officer of Eagle Rock. Shortly, Greg and Neal will deliver their prepared comments before going into a question and answer session. Yesterday, we posted an updated investor presentation on our investor relations website. We may reference certain slides during today's discussion. A replay of today's call will be available on our website after the call. Before we begin, I'd like to remind you that in this call and the related presentation, we will make forward-looking statements, current beliefs, plans, and expectations which are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from results and events contemplated by such forward-looking statements. are cautioned not to place undue reliance on forward-looking statements. Please refer to the risk factors and other cautionary statements included in our filings with the SEC. I would also like to point out that our investor presentation and today's conference call will contain discussions of non-GAAP financial measures, which we believe are useful in evaluating our performance. These supplemental measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Reconciliations to the most directly comparable gap measures are included in our earnings release and the appendix of today's accompanying presentation. Now, I'm pleased to turn the call over to Greg.

Thank you, Chris, and good morning, everyone. We appreciate you joining us for Eagle Rock's second quarter 2026 earnings call. After our successful IPO in May, we moved quickly to build on that momentum. And what amounts to less than a full quarter as a public company We are already beginning to demonstrate the potential that is inherent to Eagle Rock's unique platform. Through the execution of our densification strategy, we delivered strong results for the quarter with revenue growth of 32.3% and EBITDA growth of 31.7% versus Q1. We also took further steps this quarter to deepen our relationship with Double Eagle, which I'll expand on shortly. and subsequent to quarter end, we announced the acquisition of Intrepid Ranch, which is comprised of surface acres that is directly contiguous to our existing footprint in New Mexico, sharpening an already strategic position in the region. Before we dive deeper into Q2, I would like to take a moment to explain Eagle Rock's differentiated surface utilization strategy and go forward value proposition. Eagle Rock owns or controls approximately 286,000 surface acres, both the Delaware sub basin in New Mexico and the Midland sub basin in Texas within the heart of the Permian Basin. We maintain a stronghold position in both major sub basins with our acreage co-located or adjacent to deep economic drilling inventory within one of the premier regions for oil and natural gas development in the world. Importantly, the activity on our land, which directly drives revenue, requires little to no capital or operating expenses on our part. By spanning the basin, we benefit from the complementary nature of our position and at the same time have a broader base from which to grow both organically and through acquisition. Double Eagle is one of our key strategic relationships and a meaningful component of our growth story. They are our largest shareholder and continue to be one of the most active private operators in the Midland Basin. This quarter we took several steps to further expand our Double Eagle relationship. Our DE flow water infrastructure system has begun to sell water into Double Eagle's acreage ahead of schedule. This relationship is backed by a long-term agreement with minimum annual royalty commitments that provide predictable, largely commodity-price insulated cash flow. Beyond the water business, we see real synergies across the asset Double Eagle contributed to us, and we continue to see a pipeline of additional drop-down opportunities over time. DE flow isn't just an infrastructure asset. It's a strategic advantage that strengthens our position in the Midland Basin. While the Permian is a prolific oil and gas play, it is evolving and diversifying into a full-scale energy ecosystem. Commercial development, power generation and transmission, renewables and data centers are broadening the potential uses for our land and resources beyond traditional EMP activity. We're continually evaluating a number of ways to participate in that broader value chain directly, including power and data center development and wind. We think about these opportunities as potential upside to the plan we've laid out as we came to market and not as something we're depending on. Our business model is also unique because of the quality and durability of the revenue it generates. Our royalty revenue and fee streams are separate from any operating business and Eagle Rock carries little to no operating or capital expenditures. Additionally, we hold no oil and gas minerals. Instead, our revenue comes 100% from land related streams. They give us significant size and scale without being directly impacted by the volatility of global commodity markets. Our land position is differentiated because of the quality and depth of the subsurface drilling inventory, which has attracted the premier North American upstream operators who are well capitalized and focused on financial discipline. This directly contributes to the durability of our revenue stream. In just the past few months, oil has traded from around $60 a barrel, where it sat when we launched our IPO process, up towards $120 and back closer to $60. Through that swing, activity on our acreage has stayed remarkably consistent, and the capital discipline across the E&P sector means our royalty and fee streams move largely independent of near-term oil price swings. Surface use agreements spell out exactly what we're paid for, which is essentially every activity that touches our land. When a developer wishes to pursue a commercial opportunity outside of an existing agreement, they have to come back to the negotiating table, which often gives us the chance to revisit other terms as well. That structural leverage, together with the minimum royalty commitments from our operating partners, is a key reason we're confident in the durability of this cash flow. Turning to growth. Organic commercialization and acquisitive growth work hand in hand on this platform and the same discipline guides both. We look for assets that are worth more inside Eagle Rock than standalone with accretion to shareholders as a standard for every deal. The clearest example in motion is Intrepid Ranch. As announced after market closed yesterday, we've acquired this approximately 50,000 acre asset in Lee County, New Mexico. The acreage is directly adjacent to our existing New Mexico footprint and includes approximately 22,000 fee acres, an increase of roughly 60% to our fee acreage in the state. It sits in a corridor developed by several of the industry's most active blue chip operators and its proximity to growing urban development in the region and opens the door to non-oil and gas commercial opportunities over time. As with the rest of our portfolio, we intend to bring an active management approach to Intrepid, renegotiating and modernizing surface use agreements, optimizing and expanding our water infrastructure and water rights, and unlocking additional royalty opportunities, including from sand development, all of which we expect to meaningfully improve the acquisition's economics over time. That's exactly the kind of accretive adjacent acquisition we described during our IPO process. and we will walk through the financial details of that deal in a moment. Every deal we do follows that same discipline. Assets that make this platform stronger and are more valuable within the Eagle Rock portfolio than they would be individually. Now our focus turns to integrating Intrepid and executing on that same strategy across that position. With that, I'll turn it over to Neal.