LandBridge Company LLC

Ladies and gentlemen, thank you for standing by. My name is Desiree and I will be your conference operator today. At this time, I would like to welcome everyone to the LandBridge First Quarter 2025 results. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question again, press the star one. I would now like to turn the conference over to Jake Robitaille, Vice President of Finance. You may begin.

Good morning, everyone, and thank you for joining LandBridge First Quarter 2025 Earnings Call. I'm joined today by our CEO, Jason Long, and our CFO, Scott Menealy. Before we begin, I'd like to remind you that in this call and related presentation, we will make forward-looking statements regarding our current beliefs, plans, and expectations, which are not guarantees of future performance which are subject to a number of known and unknown risk and uncertainties that could cause actual results to differ materially from results and events contemplated by such forward looking statements. You 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 an investor presentation in today's conference call will contain discussions on 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 GAAP measures are included in our earnings release in the appendix of today's accompanying presentation. I'll now turn over the call to our Chief Executive Officer, Jason Long.

Thank you, Jake. We had a strong start to the year, delivering triple-digit revenue and adjusted EBITDA growth year over year of 131% and 129% respectively. while maintaining an adjusted EBITDA margin of 88%. Since the last reported results, the broader economy has experienced growing macroeconomic volatility. Against that backdrop, I want to begin today by reiterating the core elements of our business model that give us confidence in our ability to continue delivering strong revenue growth and profitability across economic cycles and market variability. First, we benefit from diversified revenue streams, the majority of which are not directly tied to oil and gas prices. We believe this dynamic greatly insulates our exposure to periodic market and macro volatility. In fact, non-oil and gas royalty revenue streams, including surface use royalties and revenues and resource sales and royalties, accounted for approximately 92% of overall revenue during the first quarter, up from approximately 88% last quarter. As we have highlighted before, our surface acreage is strategically located for a broad range of critical land uses. And this allows us to be somewhat agnostic to the quarter-to-quarter volatility that is common with crude and gas prices. Second, a key attribute of our business model is entering into agreements under which our customers bear responsibility for substantially all operating and capital expenditures related to their operations and development projects on our land. With limited OPEX and CAPEX, we are well-positioned to continue generating strong EBITDA margins and robust cash flow. Finally, the need for water handling infrastructure in the Delaware Basin continues to be an important driver of business for us through our affiliate company, WaterBridge. And we have seen near to medium term demand for those services to continue to grow. In April, WaterBridge announced an open season process for a new large diameter gathering and transportation pipeline, the Speedway Pipeline, which will connect Eddy and Lee counties in New Mexico to our out-of-basin pore space in the central basin platform. Speedway will provide operators in the Northern Delaware Basin access to our contiguous pore space, a key resource for the sustainable handling of produced water in the Northern Delaware Basin. Based on these factors, we are confident in the resilience of our business model, and we will continue to advance our active land management strategy in 2025. We are already seeing strong growth driven by the acquisition of the Wolfbone Ranch in late 2024. In fact, the Wolfbone Ranch contributed to a greater than 70% quarter-over-quarter increase in produced water royalty volumes Jason Schifferman, As a reminder, the wolf bone ranch is underpinned by a minimum annual revenue commitment of 25 million for each of the next five years. Jason Schifferman, In short, we are pleased with our momentum and we look forward to continuing to deliver strong results based on the success of our active land management strategy i'll now hand things over to Scott to walk through the financials in greater detail Scott.