LandBridge Co LLC (LB) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Tina and I will be your conference operator today. At this time, I would like to welcome everyone to the Land Bridge third quarter 2025 results call. (Operator Instructions)

感謝您的耐心等待。我叫蒂娜，今天將由我擔任你們的會議接線生。在此，我謹代表陸橋集團歡迎各位參加2025年第三季業績電話會議。（操作說明）

Thank you. It is now my pleasure to turn the call over to Mae Harrington, director of investor relations. Ma'am, the floor is yours.

謝謝。現在我很高興將電話轉交給投資者關係總監梅·哈靈頓。女士，請您發言。

Good morning and thank you for joining Landbridge's third quarter 2025 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 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.

早安，感謝各位參加陸橋集團2025年第三季財報電話會議。今天與我一同出席的有我們的執行長傑森·朗和財務長史考特·麥克尼利。在開始之前，我想提醒各位，在本次電話會議及相關演示中，我們將就我們目前的信念、計劃和預期做出前瞻性陳述，這些陳述並非對未來業績的保證，並且受到許多已知和未知風險及不確定性的影響，這些風險和不確定性可能導致實際結果與此類前瞻性陳述所設想的結果和事件存在重大差異。

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.

請注意，不要過度依賴前瞻性陳述。請參閱我們向美國證券交易委員會提交的文件中包含的風險因素和其他警示性聲明。

I would also like to point out that our investor presentation in today's conference call will contain discussions of non-GAAP financial measures which we believe are useful in evaluating our performance.

我還想指出，我們在今天的電話會議投資者簡報中將包含對非GAAP財務指標的討論，我們認為這些指標有助於評估我們的績效。

These supplemental measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.

這些補充措施不應被孤立地看待，也不應被視為按照公認會計原則編制的財務指標的替代品。

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.

與最直接可比較的 GAAP 指標的調整表已包含在我們的獲利報告和今天隨附簡報的附錄中。現在我將把電話交給我們的執行長傑森朗。

Thanks, Mae. We're pleased to report another strong quarter marking our 6th consecutive quarter of revenue and even outgrowth since going public. In Q3, revenue increased 7% sequentially, adjusted EBITDA rose 6% with contributions from all of our key revenue streams.

謝謝你，梅。我們很高興地宣布又一個強勁的季度業績，這是我們自上市以來連續第六個季度實現營收年增。第三季度，營收季增7%，調整後EBITDA成長6%，所有主要營收來源均有貢獻。

Our growth strategy remains focused on maximizing the economic output of our surface position. In the near term, we continue to focus on delivering a differentiated value proposition through our force space offering. To summarize three core advantages of our approach, first, we control over 300,000 highly contiguous acres largely insulated from the elevated pore pressure challenges impacting other areas of the statewide region. Second, our partnerships, particularly with Water Bridge, enable critical transportation and produced water to underutilize pore space across our acreage.

我們的成長策略仍然專注於最大限度地提高我們地面資產的經濟產出。短期內，我們將繼續專注於透過我們的兵力空間產品提供差異化的價值主張。總結我們方法的三個核心優勢，首先，我們控制著超過 30 萬英畝高度連片的土地，這些土地在很大程度上免受影響全州其他地區的高孔隙壓力挑戰的影響。其次，我們的合作關係，特別是與 Water Bridge 的合作關係，使得關鍵的運輸和生產用水能夠充分利用我們土地上的孔隙空間。

Water Bridge, one of the largest produced water infrastructure operators in the US, continues to expand its footprint on our land, reinforcing mutual growth.

Water Bridge 是美國最大的產水基礎設施營運商之一，它不斷擴大在我們土地上的業務範圍，從而加強了雙方的共同發展。

Third, our development strategy aligns with recent guidance from Texas Railroad Commission, which emphasizes responsible force-based management. We actively avoid overconcentration of produced water handling assets by our customers to preserve force-based integrity.

第三，我們的發展策略與德州鐵路委員會最近的指導方針相一致，該方針強調負責任的以力量為基礎的管理。我們積極避免客戶過度集中處理採出水的資產，以維護基於力量的完整性。

Further, this quarter demonstrated the value of our active land management strategy beyond the oil and gas industry. We continue to unlock new opportunities with leading developers across energy, infrastructure, and environmental sectors, creating diverse and resilient cash flow streams that we believe will continue to compound over the long-term.

此外，本季也證明了我們積極的土地管理策略在石油和天然氣產業之外的價值。我們不斷與能源、基礎設施和環境領域的領先開發商合作，開拓新的機遇，創造多元化且具韌性的現金流，我們相信這些現金流將在長期內持續成長。

Let me highlight a few of our recent and ongoing commercial developments.

讓我重點介紹一下我們近期和正在進行的一些商業發展項目。

First, we finalized the sale of a 3,000 acre solar energy project in Reeves County with the proposed generation capacity of up to 250 megawatts. The transaction includes an upfront payment and contingent milestone-based payments.

首先，我們完成了里夫斯縣一個佔地 3000 英畝的太陽能專案的出售，該專案擬建發電容量高達 250 兆瓦。該交易包括一筆預付款和根據里程碑節點支付的款項。

We also entered into a new long-term lease with a subsidiary of One Oak for a natural gas processing facility in Loving County, Texas.

我們還與 One Oak 的子公司簽訂了新的長期租賃協議，租賃位於德克薩斯州洛文縣的天然氣加工廠。

Further, we continue to execute our strategy of creative land acquisitions as demonstrated in a recent acquisition of approximately 37,500 acres from 1,918 ranch and Malton. This acquisition brings immediate cash flows and long-term growth potential. The Loving County acreage enhances our force base offering while the Reeves County position is well suited for future alternative energy development. We expect this acquisition to contribute approximately $20 million in EBITDA beginning in 2026.

此外，我們繼續執行我們的創新土地收購策略，正如最近從 1,918 牧場和 Malton 收購的約 37,500 英畝土地所證明的那樣。此次收購將帶來即時現金流和長期成長潛力。洛文縣的土地增強了我們的兵力基地實力，而里夫斯縣的地理位置非常適合未來開發替代能源。我們預計此次收購將從 2026 年開始貢獻約 2,000 萬美元的 EBITDA。

And finally, our progress on power infrastructure and data center initiatives is accelerating. And we're eager to keep you informed there's new milestones were used.

最後，我們在電力基礎設施和資料中心專案方面的進展正在加速。我們非常樂意讓您了解我們使用了哪些新的里程碑。

Before I turn it over to Scott, I want to briefly address our approach to transparency. We remain committed to keeping investors informed and we'll continue to share meaningful updates on our commercial progress. At times, the level of detail we could provide may be limited due to commercial sensitivities, contractual obligations, or legal constraints. We appreciate your understanding and continued engagement as we balance transparency with these considerations. With that, I'll turn the call over to Scott to talk to the financial results.

在將發言權交給史考特之前，我想先簡單談談我們對透明度的態度。我們將繼續致力於讓投資者了解最新情況，並將繼續分享我們商業進展的重要資訊。有時，由於商業敏感度、合約義務或法律限制，我們能夠提供的細節程度可能有限。感謝您的理解和持續參與，我們將努力在保持透明度的同時兼顧這些因素。接下來，我將把電話交給史考特，讓他談談財務表現。

Thank you, Jason. We delivered another quarter of strong financial performance with total revenue reaching $50.8 million up 7% sequentially and 78% year over year.

謝謝你，傑森。我們又一個季度實現了強勁的財務業績，總收入達到 5,080 萬美元，環比成長 7%，年增 78%。

Quarterly growth was broad-based across all three revenue streams. Surface use royalties and revenue increased 2%, driven by higher commercial activity, new project easements, and increased royalties from WaterBridge's BPX cracking development, which commenced operations early in the quarter. Resource sales and royalties also rose 2%, supported by a rebound in water sales from Q2 levels.

季度成長在所有三個收入來源方面均實現了全面成長。地面使用權益和收入增加了 2%，這主要得益於商業活動的增加、新項目的地役權以及 WaterBridge 的 BPX 裂解開發項目（該項目於本季度初開始運營）帶來的特許權使用費增加。資源銷售額和特許權使用費也成長了 2%，這得益於水銷售從第二季水準反彈。

Oil and gas royalties posted a 22% sequential increase, with net royalty production rising from 814 barrels of oil equivalent per day in Q2 to 912 in Q3. Importantly, our direct exposure to commodity prices remains limited, with oil and gas royalties representing approximately 7% of year-to-date revenue.

石油和天然氣特許權使用費季增 22%，淨特許權使用費產量從第二季的每天 814 桶油當量增加至第三季的每天 912 桶。重要的是，我們對大宗商品價格的直接風險敞口仍然有限，石油和天然氣特許權使用費約佔今年迄今收入的 7%。

Adjusted EBITDA for the quarter was $44.9 million, up 6% sequentially and 79% year over year, with a margin of 88%. The strong margin performance underscores the efficiency and scalability of our operating model.

本季調整後 EBITDA 為 4,490 萬美元，季增 6%，年增 79%，利潤率為 88%。強勁的利潤率表現凸顯了我們營運模式的效率和可擴展性。

Cash flow from operations totalled $34.9 million and free cash flow was $33.7 million. Capital expenditures were $1.2 million and net cash used in investing activities was $1.1 million.

經營活動產生的現金流量總計 3,490 萬美元，自由現金流量為 3,370 萬美元。資本支出為 120 萬美元，投資活動使用的淨現金為 110 萬美元。

At quarter end, total liquidity stood at $108.3 million, including $28.3 million in cash and $80 million in available borrowing capacity.

截至季末，總流動資金為 1.083 億美元，其中包括 2,830 萬美元現金和 8,000 萬美元可用借款額度。

Total borrowings outstanding under our term loan and credit facility were $369.3 million, down from $374.3 million at the end of Q2. Our net leverage ratio was 2.1 times at the end of the third quarter compared to 2.4 times last quarter.

根據我們的定期貸款和信貸安排，未償還借款總額為 3.693 億美元，低於第二季末的 3.743 億美元。第三季末，我們的淨槓桿率為 2.1 倍，而上一季為 2.4 倍。

We continue to deploy free cash flow in a disciplined and balanced manner focused on 3 priorities.

我們繼續以嚴謹的平衡方式運用自由現金流，並專注於以下三個面向。

First, pursuing a creative M&A opportunities, particularly in acquiring underutilized and under commercialized land where we remain committed to rigorous underwriting criteria. Second, maintaining a strong balance sheet with an optimal capital structure, targeting a net leverage ratio of 2 to 2.5 times.

首先，我們將尋求創新的併購機會，尤其是在收購未充分利用和未充分商業化的土地方面，我們始終堅持嚴格的承銷標準。其次，維持穩健的資產負債表和最佳的資本結構，目標是將淨槓桿比率控制在 2 到 2.5 倍之間。

And finally, returning capital to shareholders through dividends and opportunistic share repurchases. This quarter we've declared a quarterly dividend of $0.10 per share payable on December 18, 2025 to shareholders of record as of December 4th.

最後，透過分紅和擇機回購股票的方式將資本返還給股東。本季我們宣布派發每股 0.10 美元的季度股息，將於 2025 年 12 月 18 日支付給截至 12 月 4 日登記在冊的股東。

Finally, we are reaffirming the midpoint of our full year 2025 guidance with a jets at EBITDA expected between $165 million and $175 million.

最後，我們重申 2025 年全年業績指引的中點，預計噴射機業務的 EBITDA 將在 1.65 億美元至 1.75 億美元之間。

We're proud of our consistent performance and remain focused on executing our growth strategy, expanding our asset portfolio, and delivering long-term value to our shareholders.

我們為自身持續穩定的業績感到自豪，並將繼續專注於執行成長策略、擴大資產組合，並為股東創造長期價值。

Thank you for your continued support. With that, we'll now open the line for questions, operator.

感謝您一直以來的支持。接下來，我們將開通問答熱線，接線員。

As a reminder to ask a question, press star one on your telephone keypad. Our first question comes from the line of John McKay with Goldman Sachs. Your line is open.

如需提問，請按電話鍵盤上的星號鍵 1。我們的第一個問題來自高盛的約翰麥凱。您的線路已開通。

Hey guys, thank you for the time. Can we talk about the new acquisition a little bit? You framed up some related to EBITDA for 26. Maybe you can kind of talk about your visibility on that visibility of growth on the footprint. And maybe more broadly as part of that, how do you think right now about kind of what's the right kind of price to pay for some of these acreage packages out there? Is it multiple? Is it $1 per barrel per space available? Maybe just walk us through the framework as well.

各位，謝謝你們抽出時間。我們可以稍微談談這次新收購嗎？你為 26 號制定了一些與 EBITDA 相關的方案。或許您可以談談您對業務成長的可見性，以及這種可見性如何影響業務規模。更廣泛地說，作為其中的一部分，您現在認為這些土地交易套餐的合理價格是多少？是多個嗎？每桶每個可用空間收費 1 美元嗎？或許您也可以為我們介紹一下這個框架。

Hey, good morning, John. Thanks for the thoughtful question so, really excited about 1,918 as we kind of think through it here, kind of conservatively expecting $20 million of EBITDA being contributed from that acquisition to next year.

嘿，早上好，約翰。感謝您提出的寶貴問題。我們對 1,918 號股票感到非常興奮，我們正在仔細考慮，保守估計明年該收購將貢獻 2000 萬美元的 EBITDA。

That's not really predicated on any growth relative to the run rate when we bought it. And so kind of conservatively forecasting that flat, but that said, the economic profile of this acquisition is very similar to what we've seen previously, when we acquired Hanging Edge Ranch, we acquired E State Line Ranch, as two good examples, kind of stepping in at a 12-ish times investment multiple, and then through driving growth, getting that down to more of a 3 to 4 times investment multiple over several years.

這並非基於相對於我們買入時的年增長率的任何增長。因此，我們保守地預測這一數字將持平，但即便如此，此次收購的經濟狀況與我們先前收購 Hanging Edge Ranch 和 E State Line Ranch 時的情況非常相似，這兩個例子都表明，我們最初以大約 12 倍的投資倍數入場，然後透過推動成長，在幾年內將投資倍數降至 3 到 4 倍。

When you think through what is, you know. What is driving the potential there? I'd really categorize it into two buckets, the first on the eastern portion of the footprint, there's roughly 900,000 barrels a day of incremental pore space capacity that not just adds to the depth of our pore space inventory, but also gives us additional reach into the southern Loving County which really unlocks some new commercial opportunities.

當你仔細思考什麼是真理時，你就會明白。是什麼因素驅動著那裡的發展潛力？我會把它分成兩類，第一類是位於地塊東部的區域，那裡每天大約有 90 萬桶新增孔隙空間容量，這不僅增加了我們孔隙空間庫存的深度，而且還讓我們能夠進一步拓展到洛文縣南部，這確實釋放了一些新的商業機會。

So that space just at today's prevailing market rate for royalties could generate mid-50s of EBITDA. And then on the western side of the footprint there's already a very impressive bed down of transmission and power infrastructure that makes it a very attractive location for clean energy and energy transition projects and then incremental to those two, I've just summarized by also saying.

因此，僅以目前市場普遍的特許權使用費價格計算，該空間就能產生 50% 以上的 EBITDA。此外，在計畫西側，已經建造了非常完善的輸電和電力基礎設施，使其成為清潔能源和能源轉型計畫極具吸引力的地點。除此之外，正如我剛才總結的那樣，還有更多值得關注的地方。

This is fantastic surface as you think through potential for digital infrastructure, so all of that would be obviously very additive incremental growth and so as we see kind of the investment here again, it's very similar to the underwriting, thought process that went into those prior investments that have worked out well for us and we're excited to get this one done now to the second part of your question, how do we think through acquisitions? There's no magic formula.

當你思考數位基礎設施的潛力時，你會發現這是一個絕佳的前景，所有這些顯然都會帶來非常可觀的增量成長。因此，當我們再次看到這項投資時，它與我們之前那些成功的投資的承銷和思考過程非常相似，我們很高興能夠完成這項投資。現在回到你問題的第二部分，我們該如何考慮收購？沒有萬能公式。

Ultimately we look through underwriting, each acquisition a bit differently and it's really a function of ensuring the land we're buying has, both an attractive entry point as well as a lot of upside that we can capture through our active land management strategy, 1,918 is a great example of that where, the sellers, very sharp group of folks, but not necessarily folks that look to monetize it in the same way and same fashion that that we did.

最終，我們會仔細審查承銷情況，每次收購都會有所不同，這實際上是確保我們購買的土地既具有有吸引力的切入點，又具有我們可以透過積極的土地管理策略獲得的大量增值潛力。 1,918 就是一個很好的例子，賣方是一群非常精明的人，但他們不一定像我們一樣，希望以同樣的方式將其變現。

And so we think there's a lot of upside there. So when we think through, kind of stepping into new M&A deals, very similar we're going to look for the right land in the right locations that have just been under commercialized historically, relative to our expectations, and as long as the math works and we feel good about that option value, the M&A opportunities can make sense in that context.

所以我們認為這方面有很大的發展空間。所以，當我們考慮進行新的併購交易時，情況非常相似，我們會尋找合適的地段和合適的土地，這些地段在歷史上商業化程度低於我們的預期，只要計算結果合理，我們對期權價值感到滿意，那麼在這種情況下，併購機會就是有意義的。

Thanks, Scott. I appreciate those comments. Maybe just a second one from me. Understand you guys aren't really ready on this call to talk about anything kind of formal on the power side. But if we look more broadly, compared to a year ago, we are starting to see a bunch of kind of power and data center projects pop up kind of more formally across the Permian.

謝謝你，斯科特。感謝您的評論。或許我還會再要一個。我知道你們這次通話還沒準備好討論任何關於權力方面的正式問題。但如果我們更廣泛地來看，與一年前相比，我們開始看到二疊紀盆地各地湧現出許多電力和資料中心項目，而這些項目似乎更加正式。

Can you just walk us through one more time when you guys are having these conversations, what are you saying you're bringing to the table relative to some of those other kind of, locations or partners out there?

您能否再為我們詳細說明一下，當你們進行這些對話時，你們認為相對於其他地區的合作夥伴而言，你們能帶來什麼？

The announcements have come out recently are no surprise. I mean, the economic fundamentals of West Texas just made that inevitable and as I've said before, it was always a when, not if discussion, and we're starting to see those come to fruition here from our seat, we are further along into existing conversations and also engaged with a number of new blue chip counterparties in these discussions and so we're very excited and very optimistic about the progress we're making and we look forward to sharing new milestones.

最近發布的這些公告並不令人意外。我的意思是，西德克薩斯州的經濟基本面決定了這一切是不可避免的，正如我之前所說，這始終是一個「何時」的問題，而不是「是否」的問題。我們現在開始看到這些目標逐步實現，我們在現有對話中取得了進一步進展，並且與許多新的藍籌合作夥伴進行了交流。因此，我們對所取得的進展感到非常興奮和樂觀，並期待分享新的里程碑。

When the time is right, ultimately being able to deliver, what is the package solution of land, power partnerships, and water, as well as, in locations that are very conducive to put power in data centers, particularly as you think of things like fiber availability, it really just allows us to deliver this call it de-risk package that, that's just challenging for others to match and that's something that's been very well received by counterparties, again, several processes kind of fairly far along and we're really excited about what's to come.

時機成熟後，我們最終能夠交付土地、電力合作和水資源等一攬子解決方案，尤其是在非常適合數據中心供電的地點，考慮到光纖的可用性，這實際上使我們能夠提供所謂的“降低風險的一攬子方案”，這是其他公司難以匹敵的，而且也受到了交易對手的熱烈歡迎。目前，多個流程已經進展到相當深入的階段，我們對未來充滿期待。

Stay tuned.

敬請關注。

Thank you for the time.

感謝您抽出時間。

Thanks John.

謝謝你，約翰。

The next question comes from the line of Teresa Chen with Barclays. Your line is open.

下一個問題來自巴克萊銀行的陳特蕾莎。您的線路已開通。

Good morning. I have a follow-up to the 1,918 transaction.

早安.我還有關於 1,918 筆交易的後續問題。

Scott, specifically to your comments about the southern portion of Loving County unlocking new opportunities and reaching potentially that incremental mid $50 million of EBITDA. What kind of time frame? Or cadence are you expecting for that? How much commercial visibility do you have on inking those agreements?

Scott，特別是關於 Loving County 南部地區釋放新機會並有可能實現 5000 萬美元 EBITDA 增量的評論。具體時間範圍是多少？或者，你期望的節奏是什麼？簽署這些協議能帶來多大的商業曝光？

And then on the western side, as far as the opportunities for incremental transmission and power, it sounds like these could come as more discrete events, if you will. How much visibility do you have there as well, please?

至於西部地區，就逐步增加輸電和電力供應的機會而言，這些似乎會以更獨立的事件形式出現。請問您在那裡的可見度如何？

Good morning, Teresa. The on the western side of the poor space, we're already actively engaged with discussions on, they call it opportunities for folks to unlock that poor space. And so while we're not baking that into the $20 million dollar figure, we've included for next year, I certainly think, we could start seeing, call it incremental EBITDA or outperformance, particularly on the back half of the year, just given the pace of those conversations at this point.

早安，特蕾莎。在貧困地區的西側，我們已經積極參與討論，他們稱之為讓人們有機會擺脫貧困的機會。因此，雖然我們還沒有把這部分因素納入明年2000萬美元的預算中，但我認為，鑑於目前這些討論的進展速度，我們肯定會在下半年開始看到，我們稱之為增量EBITDA或超額收益。

When you think through growing to kind of the levels you alluded to we think that's called a 3 to 4 year timeline in terms of our ability to go out and action that on the western side on those energy transition and clean energy projects, those are just inherently longer runway projects, but ones we're actively engaged on now and so when you think through, the ability for us to get those, commercialized here over the next 6 to 12 months.

當你思考發展到你提到的那種層次時，我們認為這需要 3 到 4 年的時間，才能讓我們有能力在西方國家進行能源轉型和清潔能源計畫。這些項目本身就是週期較長的項目，但我們現在正積極參與其中。所以當你思考時，我們有能力在未來 6 到 12 個月內將這些項目商業化。

We'll certainly kind of make those announcements, let the public know the progress we're making, although the material even the contribution on those types of projects are typically 3 to 4 years out just given the development runway.

我們當然會發布這些公告，讓公眾了解我們正在取得的進展，儘管考慮到開發週期，這類專案的材料甚至貢獻通常還需要 3 到 4 年的時間。

Thank you. And on your solar project transaction, understanding that there are many commercial sensitivities here, but if you can help us frame up even qualitatively what this economically means for your company or what are the next steps or milestones, that'd be really helpful.

謝謝。關於您的太陽能專案交易，我們理解其中涉及許多商業敏感性，但如果您能幫助我們定性地闡明這對貴公司在經濟上意味著什麼，或者下一步的步驟或里程碑是什麼，那將非常有幫助。

This is one that we're excited to get done. We've voiced over, both with y'all on the analyst side as well as the public, effectively since our IPO that we've been working towards this. Towards getting this opportunity across the finish line, we're excited about the counterparty.

我們很期待完成這項工作。自從我們上市以來，我們已經多次向分析師和公眾表明，我們一直在朝著這個目標努力。為了最終促成這項合作，我們對合作方感到興奮。

It's a large, very reputable public clean energy developer and operator, out of respect to their, ask for confidentiality here, we can't share their name or too much about the details on the project, but that said. I'll just say we're excited to get it done.

這是一家規模龐大、信譽卓著的公共清潔能源開發商和營運商，出於對他們的尊重，以及對他們保密要求的尊重，我們不能透露他們的名字或太多關於該項目的細節，但即便如此。我只想說，我們非常期待完成這項工作。

It's a great win for the company, as we kind of see the project come online here get developed out over the next several years, we would expect to see those milestone payments hit and then once the project is online and running we would expect to see more recurring revenue, as a result of that.

這對公司來說是一次巨大的勝利，因為我們看到這個項目將在未來幾年內逐步上線並發展壯大，我們預計這些里程碑付款將會實現，然後一旦項目上線運行，我們預計將因此獲得更多經常性收入。

Thank you.

謝謝。

Thank you, Teresa.

謝謝你，特蕾莎。

Next question is from Alexander Goldfarb with Piper Sandler. Your line is open.

下一個問題來自 Alexander Goldfarb 和 Piper Sandler。您的線路已開通。

Hey, good morning down there just two questions. First, just going back to the amount of, that are, number of people talking about building power data centers in West Texas, is this one of these things like sort of. Field of Dreams, if it's built, the hyper scalers will come, or are the hyper scalers, already like committing that they want to access West Texas and therefore it's just a matter of people coming online and building the facilities and then the hyper scalers will be there.

嘿，樓下的朋友們早上好，我有兩個問題。首先，讓我們回到關於在西德州建造電力資料中心的人數，這是否屬於某種類似的事情。如果「夢幻之地」建成，超大規模資料中心營運商就會進駐；或者說，超大規模資料中心營運商已經承諾要進駐西德州，因此現在的問題只是人們上線建設設施，然後超大規模資料中心營運商就會進駐。

I'm just trying to figure out, if it's sort of field of dreams or the hyper scalers are already, out there and they want to be and they're just waiting for someone to build.

我只是想弄清楚，這究竟是夢想成真，還是超大規模資料中心已經存在，他們想要進入這個領域，只是在等待有人來建造。

The kind of chicken and egg dynamic you're speaking to was more prevalent last year when West Texas really kind of got on the map, so to speak, when it relates to data centers the engagement we've seen, over the last 6 to 12 months has shifted a bit, where typically these hyper scalers or the data center developers and operators are partnering directly.

你所說的這種先有雞還是先有蛋的問題，在去年西德克薩斯州真正開始在數據中心領域嶄露頭角的時候更為普遍。在過去的 6 到 12 個月裡，我們看到的這種合作模式發生了一些變化，以前通常是這些超大規模資料中心開發商和營運商直接合作。

With power providers and so it's more of a package negotiation not necessarily waiting for the power to be committed to in the hopes that the data center comes and so I would say it's a much more sophisticated call it packaged approach now and as a result of that I think you're seeing just a lot more willingness for folks to kind of move quickly and get these projects across the finish line.

因此，與電力供應商的談判更像是打包談判，而不是等待電力供應商承諾後再去建造資料中心。所以我認為，現在採取的是一種更成熟的打包方式。正因如此，我認為人們更願意快速行動，完成這些項目。

Okay, and then can we get an update on the existing data center deal that you did? It's been a few quarters since you received the initial deposit, and 5 Point is still sort of that option window, but they, you think they're close to getting everything signed and fully committed and rolling out, or, just what's the update on the, on their process?

好的，那麼能否介紹一下您先前達成的資料中心交易的最新進展？距離您收到首筆定金已經過去幾個季度了，5 Point 目前仍處於選擇期，但您認為他們是否即將完成所有簽約、全面落實並開始實施？或者，他們的流程目前有什麼最新進展？

Just to kind of remind the group it's a 2 year option period, that partnership between 5 Point and Commonwealth Asset Management which, also works in partnership with Silver Lake, still active. I can't provide any specifics on where they're at in their process though.

提醒一下大家，這是為期 2 年的選擇期，5 Point 和 Commonwealth Asset Management 之間的合作關係（也與 Silver Lake 合作）仍然有效。但我無法提供他們目前進展到什麼具體階段的資訊。

Okay.

好的。

Thank you.

謝謝。

Thanks.

謝謝。

Your next question comes from Charles Meade with Johnson Rice. Your line is open.

下一個問題來自約翰遜·賴斯公司的查爾斯·米德。您的線路已開通。

Yes, good morning, Jason, Scott, and the rest of the Landbridge team there. Jason, I want to ask a question about, the natural gas processing lease with one oak and I'm respecting your prepared comments, you have to balance transparency with commercially sensitive terms, but can you give us some detail on how those sorts of deals are typically structured.

是的，早上好，Jason、Scott以及Landbridge團隊的其他成員。傑森，我想問一個關於與 One Oak 簽訂的天然氣加工租賃協議的問題。我尊重你事先準備好的答复，你必須在透明度和商業敏感條款之間取得平衡，但你能否詳細介紹一下這類交易通常是如何構建的？

Whether it's a upfront payment, an annual payment, duration, just anything you could add to just kind of, help us size that, at least in our mind.

無論是預付款、年付款、期限，還是其他任何可以補充的信息，都能幫助我們更好地理解和估算這筆費用。

No problem, these are all usually, upfront payments for long-term lease, when you have additional, payments per year. The other thing that opens up a big opportunity here is just the amount of infrastructure associated with these plants, the pipelines, the electrical, etc. So there's recurring revenue, associated with this.

沒問題，這些通常都是長期租賃的預付款，如果您還有額外的年度付款，則另需支付。另一個帶來巨大機會的因素是這些工廠相關的龐大基礎設施，例如管道、電力設施等等。因此，這會帶來持續的收入。

Got it. So it's not just if I understand you correctly, it's not just this processing plant, but it's all the infrastructure and pipelines and electrical transmission that needs to get there that's all other revenue opportunities for whatever damages easements okay, great.

知道了。所以，如果我理解正確的話，不僅僅是這個加工廠，而是所有通往那裡的基礎設施、管道和電力傳輸，以及所有其他收入機會，無論造成什麼損害，地役權，好的，很好。

And then, I want to ask you a question about this new slide or it's at least new to me on page 15 where you guys are putting out the long-term shortfall of disposal capacity, in the Delaware Basin, and I get the main point of the slide which is, access support space is going to be going to become more valuable over time, not less, but I wonder if you could just give your interpretation of what, why you guys put the slide together and also maybe talk through what some of the, some of the important assumptions are like I know it looks like this is specific to the Delaware Basin, so this is kind of does that shortfall exclude the possibility of moving say Delaware basin produce water up to the central basin platform, that things like that.

然後，我想問您一個關於第15頁這張新投影片的問題，至少對我來說是新的。你們在投影片中列出了特拉華盆地長期處置能力的不足。我理解這張投影片的主要觀點，即隨著時間的推移，通道支援空間將變得越來越有價值，而不是越來越少。但我很想知道你們能否解釋一下你們製作這張投影片的原因，以及其中一些重要的假設是什麼。我知道這張幻燈片似乎是專門針對特拉華盆地的，那麼這種能力不足是否排除了將特拉華盆地的產出水輸送到中央盆地平台的可能性呢？諸如此類的問題。

Good morning, Charles. I'll take this one. Jason is struggling with his voice, from a cold if you couldn't pick up on that. So we take a continue to take a close look at poor space in the Delaware Basin, and the punchline on this slide is that that poor space is not a commodity.

早上好，查爾斯。我選這個。傑森喉嚨有點啞，可能是感冒了，如果你沒聽出來的話。因此，我們繼續密切關注特拉華盆地的貧瘠土地，而這張投影片的重點是，這些貧瘠土地不是一種商品。

There truly is a differentiation as it relates to the poor space, and the approach with managing that poor space and. We've spoken in the past about the overconcentration of assets along the state line, and just the negative core space of the negative geology reaction as a result of that, and as a reminder, the recognition of that is ultimately what drove us to start Landbridge initially in 2021 is we wanted to ensure that we did have.

對於貧窮空間及其管理方法而言，確實存在差異。我們過去曾談到資產過度集中於州界線附近，以及由此產生的負面地質反應的核心區域。需要提醒的是，正是對這一點的認識最終促使我們在 2021 年創立了 Landbridge，因為我們想確保我們確實擁有。

A very different differentiated force based solution. We wanted to have large amounts of contiguous acres. We wanted to have geographic proximity to operations, and we wanted to have. Not just a clean slate from a force space perspective to ensure it's unencumbered by historical mismanagement, but control of that force space to ensure that going forward we weren't going to be burdened with the mismanagement of other landowners or other operators and so what we're really showing on this slide is the byproduct of some of that overconcentration again, particularly along the state line and what it's doing to poor space capacity and operating capacity of existing produced water infrastructure assets and so on the bottom left we're showing a chart of just produced water growth that's expected in the Delaware Basin through 2035, after 2026 this is effectively assuming a 1% growth rate on oil.

一種截然不同的基於差異化力的解決方案。我們想要大片連片的土地。我們希望地理位置靠近營運地點，而且我們希望擁有。從資源空間的角度來看，這不僅意味著要從零開始，確保不受歷史管理不善的影響，還要控制資源空間，以確保我們未來不會再受到其他土地所有者或其他業者管理不善的拖累。因此，我們在這張投影片上真正展示的是過度集中帶來的副產品，尤其是在州界線附近，以及它對現有採出水基礎設施資產的空間容量和營運能力造成的損害。因此，在左下角，我們展示了一張圖表，顯示了特拉華盆地到 2035 年的預期採出水成長。 2026 年之後，這實際上是假設石油成長率為 1%。

And this was a forecast that was put out by a combined effort between the Pickering Energy consulting arm as well as B3 Insights, which is a great consulting firm that's very sharp on this type of stuff and the as you can see there's a healthy amount of produced water growth, but the unfortunate byproduct of these poor space issues is the existing produced water infrastructure today represented by that yellow line is going to be losing operating capacity going forward, and you see that delta continue to grow over time, and by the time you're at you're in 2035, there's going to be a $9 million barrel a day shortfall between the produced water that's expected in the Delaware Basin. And the infrastructure based on what's currently in place today and so.

這是 Pickering Energy 諮詢部門和 B3 Insights 聯合發布的預測報告。 B3 Insights 是一家非常擅長此類議題的優秀顧問公司。正如你所看到的，採出水量有健康的成長，但這些空間不足問題帶來的不幸後果是，目前以黃線表示的現有採出水基礎設施的運作能力將在未來下降。你可以看到，隨著時間的推移，缺口會繼續擴大。到 2035 年，特拉華盆地預計的採出水量將出現每天 900 萬美元的缺口。以及基於目前已存在的基礎設施等等。

It really drives two very real needs. The first is just the need for more produced water handling infrastructure, but the second, more importantly in this context, is the need for access to the kind of poor space that Landbridge offers to serve as an outlet. And so we really like this slide because it really does highlight not just the fact that poor space isn't a commodity and a differentiated approach matters, but also that the macro tailwinds are really going to drive the need for further poor space access, and we're in pole position to capture a lot of that.

它確實滿足了兩個非常現實的需求。首先，我們需要更多的污水處理基礎設施；但其次，更重要的是，我們需要像 Landbridge 那樣的貧瘠空間作為污水排放口。因此，我們非常喜歡這張投影片，因為它不僅強調了貧窮空間不是一種商品，差異化方法很重要，而且還強調了宏觀利好因素確實會推動對更多貧窮空間的需求，而我們處於領先地位，可以抓住很多這樣的需求。

Thank you for that elaboration, Scott.

謝謝你的詳細解釋，斯科特。

Thanks.

謝謝。

The next question is from Derek Whitfield with Texas Capital. Your line is open.

下一個問題來自德州資本公司的德里克·惠特菲爾德。您的線路已開通。

Good morning all and congrats on all of your operational accomplishments over the last quarter.

各位早安，祝賀你們在過去一個季度取得的所有營運成就。

With my first question, I wanted to focus on your outlook. While I realize you're not offering 2026 guidance today, how would you frame the step up in EBITDA in next year, over the next year, kind of based on the line of sight growth you have from WaterBridge, the acquisition you've recently closed, and the other surface agreements you've recently announced?

我的第一個問題，我想重點了解你的看法。雖然我知道您今天沒有提供 2026 年的業績指引，但您會如何根據 WaterBridge 帶來的成長前景、您最近完成的收購以及您最近宣布的其他地面協議，來展望明年 EBITDA 的成長呢？

Great question. When we look through next year and kind of the primary growth drivers, obviously the 1,918 acquisition is going to be an immediate step change, but in addition to that just given the line of sight on produced water volumes we have from WaterBridge, we would expect to see pretty healthy growth to the rest of the year and I want to we're going to wait to provide full year 2026 guidance, and when we do that we'll break down kind of more of the more quantitative specifics, but I do think the surface use expect to see, pretty healthy growth through the course of the year on the surface use royalty side. royalties piece is worth calling out because we have line of sight there and that is going to be a meaningful driver.

問得好。展望明年，主要的成長驅動因素顯而易見。收購1918號油田無疑將帶來立竿見影的變革，除此之外，鑑於我們從WaterBridge獲得的產水量數據，我們預計今年剩餘時間將維持相當健康的成長。我們將暫不提供2026年全年業績指引，屆時我們將提供更具體的量化數據。但我認為，就地表水利用而言，我們預計全年地表水利用特許權使用費收入將保持穩健成長。特許權使用費收入值得特別關注，因為我們掌握了這方面的數據，它將成為重要的成長驅動因素。

But incremental to that we've got a great backlog right now of commercial opportunities on the other surface use revenues piece so we continue to see both the surface use royalties as well as the other revenues be. The primary growth driver for our business stepping into 2026, it continues to exceed, our expectations that generally speaking, not just the oil and gas industry, but more broadly, the economic industries out in West Texas are eager to partner with landowners like ourselves who have the right surface in the right areas and are very eager to do commercial deals.

但除此之外，我們目前在其他地面使用收入方面還有大量的商業機會，因此我們將繼續看到地面使用特許權使用費和其他收入。進入 2026 年，我們業務的主要成長動力持續超出預期，總的來說，不僅是石油和天然氣行業，更廣泛地說，西德克薩斯州的經濟產業都渴望與像我們這樣在合適地區擁有合適地表並非常渴望進行商業交易的土地所有者合作。

And so I would expect the surface use side both on royalties as well as the rents and other revenues to be the main growth driver stepping into next year. But as it sits today, I would say our 2026 expectations are certainly exceeding what they were a year ago.

因此，我預計明年地面使用權收入（包括特許權使用費、租金和其他收入）將成為主要的成長動力。但就目前情況來看，我認為我們對 2026 年的預期肯定比一年前還要高。

Terrific. And as my follow-up, I wanted to take a slightly different approach on the power and data center discussion.

了不起。作為後續，我想就電力和資料中心問題採取一種略有不同的討論方式。

As you guys kind of think about the sheer magnitude of power and AI developments that have recently been announced across West Texas and the implication it has for the opportunity set for Lambridge, how do you, I guess, how do you see that? while we've clearly seen the size of data center development double since we first started talking about it, do you still see a pathway to 2 to 44 to 6 developments? Just how do you think about it?

當你們思考最近西德州宣布的電力和人工智慧發展的巨大規模，以及這對蘭布里奇帶來的機會的影響時，你們是如何看待的呢？雖然我們已經清楚地看到，自從我們開始討論資料中心發展以來，其規模已經翻了一番，但您是否仍然認為會有從 2 個發展到 44 個再到 6 個發展的道路？你是怎麼看待這件事的？

It's a great question. I would say we've got a number in the pipeline right now, and I don't want to give what that specific number is, but.

這是一個很好的問題。我想說我們目前正在籌備一個項目，但我不想透露具體數字是多少，但是…

It is an opportunity set that has only expanded I would say relative to what we thought when we, initially started exploring this opportunity initially.

我認為，與我們最初開始探索這個機會時所設想的相比，現在的機會範圍已經擴大了很多。

I would add outside of just those primary opportunities there are just so many secondary opportunities that exist because of the compounding ecosystem that's kind of growing in West Texas as a result of all this activity and when you think through just what's going to be needed to support these data centers outside of just the direct power but just.

除了這些主要機會之外，我還想補充一點，由於所有這些活動，西德克薩斯州正在形成一個不斷發展的複合生態系統，因此也存在著許多次要機會。當你仔細想想除了直接電力之外，還需要什麼來支援這些資料中心時，你會發現…

The broader commercial ecosystem, the broader industrial ecosystem, all of that is going to necessitate land access, and again we're in the best position to be the providers of that. So, we obviously will continue to pursue and we're very excited about our direct opportunities as it relates to power and data centers, but we're also going to catch the broader macro tailwinds that are benefiting West Texas, as we continue to see the ecosystem out there compound.

更廣泛的商業生態系統、更廣泛的工業生態系統，所有這些都需要土地，而我們再次處於最有利的位置，可以成為土地的提供者。因此，我們顯然會繼續追求，我們對與電力和數據中心相關的直接機會感到非常興奮，但我們也將抓住惠及西德克薩斯州的更廣泛的宏觀順風，因為我們看到那裡的生態系統不斷壯大。

Great, and thanks for the call and I'll turn it back to the operator.

好的，謝謝你的來電，我這就把電話轉接給接線生。

Your final question comes from Kevin McCarty with Pickering Energy Partners.

最後一個問題來自 Pickering Energy Partners 的 Kevin McCarty。

Hey, thanks for taking my question. I wanted to dig in a little bit into the segment results. We see easement and other surface-related revenues is kind of outpacing our expectations pretty handily this year. And I wonder if you could talk a little bit about the drivers of growth in that segment over the last several quarters and was there anything that kind of surprised you guys to the upside there?

嘿，謝謝你回答我的問題。我想更深入地了解一下細分市場的結果。今年，地役權和其他地面相關收入的成長速度遠遠超過了我們的預期。我想請您談談過去幾季該領域成長的驅動因素，以及是否有任何令您感到意外的正面變化？

It's a great question, Kevin. Appreciate you hopping on. I would say when we put out, expectations at the beginning of the year, coming off of the back of both the Wolbone acquisition as well as the larger series of acquisitions earlier.

凱文，你問得好。感謝您的光臨。我想說，年初我們公佈預期時，正值沃爾伯恩收購案以及之前一系列更大規模收購案之後。

We took a conservative stance on expectations they're obviously relative to what's come to fruition, very much by design, and kind of with where we sit today, we've got a really healthy view of that commercial backlog stepping into next year, but ultimately that outperformance we saw this year is going to be driven by, called intentional conservatism coming off of acquisitions, but as we've said many times over, there is a very high demand for access to our surface by a number of different counterparties. And you know what you're really seeing is the financial impact of that reality coming to fruition here.

我們對預期採取了保守的態度，這些預期顯然是相對於實際取得的成果而言的，這很大程度上是有意為之。就我們目前的情況而言，我們對明年的商業積壓訂單持非常樂觀的態度。但最終，我們今年看到的超額收益將是由收購後採取的有意保守策略所驅動的。但正如我們多次說過的那樣，許多不同的交易對手對我們地面的使用權有著非常高的需求。而你現在真正看到的，是這個現實在這裡變成現實所帶來的經濟影響。

I appreciate that, Scott. And then maybe on the produced water side, going back to the forecasted shortfall in disposal capacity is there anything that you can share like high level on what you're seeing on royalty rates on new contracts versus legacy contracts, and do you think that the market is kind of beginning to forecast and realize there's constraints in poor spaces?

謝謝你，斯科特。那麼，關於採出水方面，回到預測的處理能力缺口問題，您能否分享一下您在新合約與舊合約的特許權使用費率方面看到的總體情況？您認為市場是否開始預測並意識到貧窮地區有限制？

As it sits today, we haven't seen call it any meaningful shift in the prevailing market rate for royalties relative to within the last one or two quarters call it, obviously supply and demand economics continue to play out. That is certainly subject to change and, just based on the dynamics we spoke to, just, a few minutes ago with Charles, that's certainly, very real potential for us to capture additional econs going forward now.

就目前情況來看，在過去一兩個季度裡，我們還沒有看到特許權使用費的現行市場價格出現任何實質性的變化，顯然，供需關係仍在繼續發揮作用。這當然可能會有所改變，而且，就我們幾分鐘前與查爾斯交談的情況來看，這確實為我們未來抓住更多經濟機會提供了非常現實的可能性。

Does the market generally call it recognized force space constraints, going forward? I would say the prudent operators out there are the ones that are getting ahead of it, like we announced last quarter, Devin is a fantastic example of a forward thinking Operator in our area who is very intentional about securing the force base that they need access to over the long-term and that led to the minimum volume commitment and force base access agreement directly with LandBridge rather than with, WaterBridge or another water infrastructure company and so you know there's absolutely an acknowledgment of the criticality of what it is we bring to the table. It's already been validated commercially again by Devin and others, and we expect that trend to continue.

未來，市場是否普遍稱之為公認的實力空間限制？我認為，那些謹慎的業者都是那些走在前面的人。就像我們上個季度宣布的那樣，Devin 是我們地區一位極具前瞻性的運營商的絕佳例子，他非常注重確保長期所需的部隊基地准入。這促成了與 LandBridge 直接簽訂最低用水量承諾和部隊基地准入協議，而不是與 WaterBridge 或其他水利基礎設施公司簽訂協議。因此，你知道，他們絕對認識到我們所提供價值的重要性。Devin 和其他人已經再次從商業角度驗證了這一點，我們預計這種趨勢將會繼續下去。

Thanks, appreciate it.

謝謝，感激不盡。

And with no further questions, thank you. I will hand the call back to Scott McNeely for closing remarks.

我沒有其他問題了，謝謝。我將把電話交還給斯科特·麥克尼利，讓他做總結發言。

Thanks again for joining us today. Again, we're very excited about the quarter. We're very excited about what we're working through commercially at the moment across multiple opportunity sets, and we look forward to circling back and sharing more news with you here in the future. But again, I appreciate you all effort on learning more a bit about us and look forward to staying in touch. Thanks.

再次感謝您今天收看我們的節目。再次強調，我們對本季充滿信心。我們目前在多個商業機會領域的工作讓我們感到非常興奮，我們期待未來能再次與大家分享更多消息。再次感謝大家努力了解我們，期待與大家保持聯繫。謝謝。

And this concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。