LandBridge Company LLC

there will be a question and answer session. If you'd like to ask a question during this time, simply press star then the number one on your telephone keypad. To withdraw your question, press star one again. I would now like to turn the conference over to May Harrington, Director of Investor Relations. Please go ahead.

Good morning everyone, and thank you for joining the Land Bridge Second Quarter 2025 earnings call. I am joined today by our CEO Jason Long and our CFO Neely. Before we begin, I'd like to remind you that in this call and the related presentation, we will make forward looking statements regarding our current beliefs, plans and expectations, which are not guarantees of future performance and which 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. 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 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. Reconciliation to the most directly comparable GAAP measures are included in our earnings release and the appendix of today's accompanying presentation. I'll now turn the call over to our Chief Executive Officer, Jason Long.

Thank you, Mae. We're pleased to report strong second quarter results, which drove year over year revenue and adjusted EBITDA growth of 83% and 81% respectively. As we pass the anniversary of our listing, it's a good time to reflect on four key factors that continue to differentiate our business model and position us to create sustainable value for shareholders. First, our business is capital light, enabling us to benefit from continued growth in the Permian Basin without incurring meaningful operating and capital expenditures. This is reflected in our adjusted EBITDA margin of 89% during the second quarter. We remain excited about growth opportunities across the Permian and have increased our land holdings on more than 50,000 acres over the past 12 months to make sure we're in a position to capitalize on such opportunities. Second, owning surface acreage provides significant optionality. Over the past year, we have deepened and developed relationships with clients and blue chip operators across key industries, including renewable energy and digital infrastructure. That includes our first development agreement for our data center, which was signed in November of 2024, as well as the solar energy project development agreements with affiliates of Desri earlier this year. We look forward to continuing to explore opportunities to support the development of data centers and other digital infrastructure in the region. While digital infrastructure has not today represented a meaningful contribution to revenues or related projections, we are actively working to identify additional projects to allow incremental revenue. Third, our diversified revenue streams reduce commodity risk and provide numerous growth opportunities between surface use royalties and revenues, resource sales and royalties, and only gas royalties. And finally, our symbiotic relationship with WaterBridge as we have discussed regularly since the launch of our IPO process in 2024. We see this relationship as one of LandBridge's biggest strategic advantages, providing superior visibility into long-term trends and ultimately revenue growth. We provide WaterBridge access to underutilized pore space in exchange for market-driven surface royalties from each barrel produced water handled by WaterBridge on our land, as well as market-driven surface use payments for infrastructure constructed on our land. This relationship with the largest pure land and peer-play integrated water infrastructure company in the Delaware basin helps to drive a liable recurring revenue for our business and compelling returns for our shareholders. Each agreement with WaterBridge is vetted and approved by an established, well-tested corporate government process and fully disclosed via public filings. Turning to more recent developments, I'm pleased to share that our team has continued to make commercial progress, executing a number of new high-impact agreements this year. First, we recently executed a 10-year surface use and pore space reservation agreement with Devon Energy, securing 300,000 barrels a day of pore space capacity on our East State line and speed ranches to accommodate long-term water takeaway and disposal for developments concentrated in the core of the New Mexico Delaware basin. This agreement will begin in the second quarter of 2027 and includes an obligation to deliver at least 175,000 barrels per day. We also executed an option agreement with a large public IPP for the development and construction of a natural gas-fired CCGT plant on our Reeves County acreage to service future perspective co-located data center load demand. This project marks a pivotal step in meeting West Texas' growing power needs, driving transformative in-base and power generation investments. Finally, we're excited to announce a strategic partnership with a leading vertically integrated power generation and solutions provider to accelerate the development of scalable, resilient, and sustainable energy infrastructure in West Texas. This collaboration strengthens our platform by aligning our assets with a trusted partner capable of delivering cost-effective long-term power through power purchase agreements. This initiative is expected to support energy-intensive customers, including data centers, while significantly enhancing the value of our asset portfolio. According to recent regulatory developments in Texas, we're pleased to note that recently announced changes governing produced water hailing facilities are not only beneficial for our company, but ones we fully support. These updates shine a spotlight on our responsible poor space management strategy, underscoring that poor space is not a simple commodity. Instead, our historical and current operating approach prioritizes sustainable use, resulting in superior asset longevity and flow assurance, which in turn delivers a truly differentiated value proposition for our stakeholders. Make no mistake, we are the solution to the issue these regulations aim to address, not part of the problem. Our approach is fundamentally different and we believe essential for long-term success in this evolving landscape. We're looking forward to the second half of the year and continuing to identify new opportunities to increase revenues. I'll now turn the call over to Scott to walk through the numbers.