LandBridge Company LLC

Ladies and gentlemen, thank you for joining us and welcome to the LandBridge second quarter 2026 results 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 May Harrington, Director of Investor Relations. May, please go ahead.

Good morning and thank you for joining LandBridge's second quarter 2026 earnings call. I'm joined today by our Chief Executive Officer, Jason Long, and our Chief Financial Officer, Scott McNeely. 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 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're 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 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 CEO, Jason Long.

Thanks, May, and good morning, everyone. We are pleased to have delivered another strong quarter of operational and fiscal performance, featuring record-setting revenues and growth across key business categories. Our results reinforce the durability of our business model and the commercial execution we bring to bear across over 325,000 service acres, strategically located in the heart of the Delaware Basin. Our differentiated strategy remains centered on maximizing the economic output of our surface position through active lane management with a diversified revenue stream that drives long-term value and substantial free cash flow. We actively seek and capitalize on opportunities to collaborate with companies across oil and gas development, produce water handling and disposal, and a host of other critical industrial uses, including the long-term digital infrastructure opportunity where momentum is building quickly. Since well before our initial public offering in 2024, we've been focused on West Texas as a future hub of digital infrastructure in the U.S. LandBridge uniquely aggregates the critical elements of data center development that hyperscalers need. Namely, large contiguous sites with favorable permitting, proximity to power including high voltage transmission infrastructure and reliable low cost natural gas, access to current and planned fiber connectivity, and reliable long duration and diversified water supply scale. To put an even finer point on the importance of water, LandBridge has unparalleled access to both brackish and tree-to-produce water, as well as ample pore space for responsible disposal, which provides economic upside for data center projects, both on and off our footprint. Due to our vast surface portfolio, we have access to approximately 13.4 million acre feet of brackish groundwater today, which is more than sufficient to meet long-term water needs for multi-gigawatt data center projects. Our forward-looking approach to digital infrastructure is gaining significant commercial traction, reflecting the quality of our offering and breadth of opportunity in West Texas. Since our last public update, we have continued to bring more high-quality counterparties into the diligence phase as data center momentum continues to build in the Delaware Basin specifically. While we have shared that we generally do not intend to make detailed announcements regarding non-binding agreements, we do think it's important to share with the market that LandBridge is currently under LOI option or in late-stage negotiations with seven power and digital infrastructure counterparties, representing more than 10 gigawatts of power generation and data center potential across our footprint. As we continue to work through diligence on these and other opportunities, we expect to share milestones with the market that represent firm and binding agreements as they materialize. While we look forward to capitalizing on these compelling opportunities and others, we expect to continue strategically scaling the LandBridge platform underpinned by our core business segments, which have collectively delivered significant shareholder value since our IPO. This quarter, we celebrate our second full year as a publicly traded company, and since that time, LandBridge has grown revenue, free cash flow, and adjusted EBITDA by over 150%, all while delivering a total shareholder return of approximately 360%. While that track record speaks for itself, we're more excited about the opportunities ahead of us. Digital infrastructure, expanding force-based demand, and power generation represent some of the very promising tailwinds we see in the compounding industrial ecosystem of West Texas. One final item before turning things over to Scott. Our board has announced unanimous approval for the conversion and re-domicile of LandBridge from a Delaware limited liability company to a Texas corporation based on the positive recommendation of the previously announced special committee of independent directors. Scott will discuss the rationale in greater detail as we believe the conversion has the potential to further expand our investor base and support long-term shareholder value creation. And now I'll turn the call over to Scott.