LandBridge Company LLC (LB) 2026 Q1 法說會逐字稿

Thank you for joining LandBridge's First 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 are cautioned not to place undue reliance on forward-looking statements.

感謝您參加 LandBridge 2026 年第一季財報電話會議。今天與我一同出席的有我們的執行長 Jason Long，以及財務長 Scott McNeely。在開始之前，我想提醒各位，本次電話會議及相關簡報中，我們將就目前的信念、計畫與預期發表前瞻性陳述；這些陳述並非對未來績效的保證，且受多項已知與未知的風險與不確定性影響，可能導致實際結果與此等前瞻性陳述所預期的結果與事件出現重大差異。敬請各位勿過度依賴前瞻性陳述。

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.

請參閱我們向美國證券交易委員會（SEC）提交之文件中所載的風險因素及其他警示性聲明。我也想指出，我們的投資人簡報以及今天的電話會議將包含對非 GAAP 財務衡量指標的討論，我們認為這些指標有助於評估我們的表現。

These supplemental measures should not be considered in isolation or as a substitute for financial measures presented 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.

這些補充性衡量指標不應被單獨視為依據，亦不應取代依 GAAP 呈列的財務衡量指標。與最直接可比的 GAAP 指標之調節表已包含於我們的財報新聞稿以及今日隨附簡報的附錄中。

I'll now turn the call over to our CEO, Jason Long.

接下來我把電話會議交給我們的執行長 Jason Long。

Thank you, May, and good morning, everyone. I'm pleased to report that we began 2026 consistent with our plan and our confidence in the model with strong year-over-year growth and commercial momentum heading into Q2. Our second half 2026 growth drivers are on track.

謝謝你，May，各位早安。我很高興報告，我們在 2026 年的開局與計畫一致，並且在進入第二季之際，憑藉強勁的年增成長與商業動能，進一步印證我們對此商業模式的信心。我們 2026 年下半年的成長驅動因素正按計畫推進。

And as Scott will further detail, we are also raising our full year 2026 guidance. This decision is grounded in increased visibility and conviction in our commercial pipeline for the remainder of the year, combined with a more supportive macroeconomic environment.

此外，正如 Scott 稍後將進一步說明，我們也上調了 2026 全年財測指引。此一決定係基於我們對今年剩餘期間商業管線的能見度與信心提升，並結合更有利的總體經濟環境。

In the first quarter, we grew both revenue and adjusted EBITDA by approximately 16% year-over-year, achieving an adjusted EBITDA margin of 88%. Sequentially, results were softer, and that was anticipated. Q4 was a strong quarter and Q1 is typically slower commercially as certain service-related payments, including ease of payments and new SUA execution follow the rhythm of operator activity, which is naturally weighted toward the second half of the year as E&P programs ramp.

第一季，我們的營收與調整後 EBITDA 皆較去年同期成長約 16%，調整後 EBITDA 利潤率達 88%。就季比而言，結果較為疲弱，而這在預期之內。第四季表現強勁，而第一季在商業面通常較慢，因為某些與服務相關的款項（包括 ease of payments 以及新 SUA 的簽署）會跟隨營運商活動的節奏；而隨著 E&P 計畫加速，該活動自然更偏向於下半年。

We execute commercial deals with the goal of reaching the best and most accretive terms for our business over the long term, and we remain committed to that approach. Q2 commercial activity is already tracking ahead of Q1. Our second half catalysts are developing as planned, and the macroeconomic environment has become meaningfully more supportive since we last provided guidance.

我們執行商業交易的目標，是在長期內為公司爭取最佳且最具增益（accretive）的條款，我們也將持續堅持此一作法。第二季的商業活動目前已呈現領先第一季的走勢。我們下半年的催化劑正按計畫發展，而自我們上次提供指引以來，總體經濟環境已明顯轉為更具支撐性。

That combination of accelerating internal momentum and more constructive external backdrop gives us the conviction to raise our full year outlook, not simply reaffirm it. The softer Q1 was anticipated. The confidence behind the raise is driven by what we can see in our pipeline today.

內部動能加速與外部環境更為建設性的雙重因素，使我們有信心上調全年展望，而不僅僅是重申。第一季較疲弱在預期之內。此次上調的信心，來自於我們目前在商業管線中所能看見的進展。

On the commercial front, we closed several bolt-on acquisitions that further enhance the scale of our position, which now encompasses more than 320,000 surface acres across the heart of the Delaware Basin, a portfolio we have intentionally built around fee surface ownership.

在商業面，我們完成了數筆補強型（bolt-on）收購，進一步提升我們部位的規模；目前我們在德拉瓦盆地核心區域擁有超過 320,000 英畝的地表土地組合，而這個投資組合是我們刻意以地表費簡所有權（fee surface ownership）為核心所建立。

Owning the service outright, whether than relying on leasehold or access rights that require renewal gives us permanent control, long duration optionality for every commercial use from produced water to data centers and a compounding asset base that doesn't erode over time. That is a structural advantage, not an incidental one.

直接擁有地表服務權（surface）本身，而非依賴需要續約的租賃權（leasehold）或通行權，使我們能永久掌控、為從產出水到資料中心的各種商業用途提供長期選擇權，並建立一個不會隨時間而耗損的可複利資產基礎。這是一項結構性優勢，而非偶然。

That permanence is what allows us to offer multi-decade commitments to data center developers, long-duration infrastructure rights to pipeline operators and deep commercial certainty to operators who need to plan multiyear development programs.

正因為這種永久性，我們才能向資料中心開發商提供跨數十年的承諾，向管線營運商提供長期基礎設施權利，並為需要規劃多年開發計畫的營運商提供高度的商業確定性。

Our strategy is focused on maximizing the economic output of our surface through active land management, a fundamentally different model from the traditional passive or minerals-focused landowner. We think of the surface as an active commercial platform, not a static asset.

我們的策略聚焦於透過積極的土地管理，最大化地表土地的經濟產出；這與傳統被動式或以礦權為主的地主模式根本不同。我們將地表視為一個主動的商業平台，而非靜態資產。

Surface acreage is critical for oil and gas development, power generation, digital infrastructure and more. The same acre that generates produced water royalties from an oil and gas operator may also support a fiber corridor, an electrical transmission easement and eventually a data center campus.

地表面積對於油氣開發、發電、數位基礎設施等都至關重要。同一英畝土地，可能一方面向油氣營運商產生產出水權利金，同時也可支援光纖走廊、電力輸電地役權，並最終發展為資料中心園區。

Each layer of development makes next more valuable, better access, more infrastructure and greater certainty for the next user. That is the compounding dynamic at the heart of our model. In addition, our state line and southern positions are located on the Texas side of the Texas, New Mexico regulatory divide, an advantage that translates directly into commercial demand. Texas provides a more consistent and favorable permitting environment for produced water disposal, which means operators and midstream companies prioritize Texas side service acreage.

每一層開發都會讓下一層更有價值：更好的通行、更完善的基礎設施，以及為下一位使用者帶來更高的確定性。這正是我們模式核心的複利動態。此外，我們在州界線與南部的部位位於德州一側，處於德州與新墨西哥州監管分界的德州端；這項優勢會直接轉化為商業需求。德州在產出水處置的許可環境上更一致且更有利，因此營運商與中游公司會優先選擇德州一側的服務地表土地。

We are structurally positioned to benefit from this dynamic for the foreseeable future. Our relationship with WaterBridge is a genuine structural advantage. WaterBridge operates one of the largest water midstream networks in the Delaware Basin and approximately 1.5 million barrels a day of that infrastructure sits on our land today with additional permitted capacity on our land continuing to grow to enable future development.

在可預見的未來，我們在結構上具備從此一動態中受益的有利位置。我們與 WaterBridge 的合作關係是一項真正的結構性優勢。WaterBridge 在德拉瓦盆地營運著規模最大的水務中游網路之一；目前其約每日 150 萬桶的相關基礎設施位於我們的土地上，且我們土地上已獲許可的額外產能仍在持續成長，以支援未來開發。

That gives us a front-row seat to basin activity, deep operator relationships and the ability to continuously identify and convert commercial opportunities that others simply cannot see. It's a compounding dynamic as WaterBridge grows, so does our royalty base, and that growth does not require us to deploy capital.

這讓我們能第一線掌握盆地活動、建立深厚的營運商關係，並能持續辨識並轉化其他人根本看不見的商業機會。這是一種複利動態：WaterBridge 成長，我們的權利金基礎也隨之擴大，而這種成長不需要我們投入資本。

Beyond oil and gas, our active management approach continues to open new commercial opportunities. This quarter, we announced an agreement with PowerBridge for the lease and development of the Alpha Digital data center campus in Reeves County, Texas. PowerBridge has the option to lease up to 3,400 acres for a gigascale campus, a category of hyperscale digital infrastructure that requires hundreds to thousands of acres of contiguous land, co-located power and long duration site control.

除了油氣之外，我們的積極管理方式也持續開啟新的商業機會。本季，我們宣布與 PowerBridge 達成協議，將位於德州里夫斯郡（Reeves County）的 Alpha Digital 資料中心園區進行租賃與開發。PowerBridge 可選擇租用最多 3,400 英畝用於 gigascale 園區；此類超大規模（hyperscale）數位基礎設施需要數百至數千英畝的連續土地、就地配置的電力，以及長期的場址控制權。

Initial power delivery is expected next year with large-scale generation coming online in 2028. We aren't disclosing specific economic terms at this stage, but the structure is consistent with our model, a long-duration lease with royalty economics that scale with development with no capital outlay required from LandBridge.

預計明年開始初期供電，大規模發電將於 2028 年上線。現階段我們不揭露具體經濟條款，但其結構與我們的模式一致：長期租約搭配隨開發規模擴大而成長的權利金經濟，且 LandBridge 無需任何資本支出。

This is an important milestone and a clear validation of our thesis. West Texas is an ideal location for data centers, low-cost power, abundant water, fiber connectivity and a favorable permitting environment. And critically, data center developers require certainty, certainty of long-term land control, utility corridor access and the ability to expand the footprint as their needs grow. Our fee-service ownership model provides exactly that. Leasehold positions are acreage held on shorter term or renewable tenants cannot offer a multi-decade campus commitment.

這是一個重要的里程碑，也清楚驗證了我們的投資論點。西德州是資料中心的理想地點：低成本電力、充足水源、光纖連結性以及有利的許可環境。更關鍵的是，資料中心開發商需要確定性——長期土地控制的確定性、公用事業走廊通行的確定性，以及能隨需求成長而擴大用地範圍的能力。我們的地表費簡所有權模式正好提供上述條件。租賃權部位屬於較短期或需續約的承租型土地，無法提供跨數十年的園區承諾。

We can. Approximately 10 gigawatts of capacity has been announced in the region over the past 2 years, including the Alpha Digital campus. We have higher conviction than ever that West Texas is on its way to becoming the next major data center hub in the United States.

我們可以。過去兩年，該地區已宣布約 10 吉瓦的產能，包括 Alpha Digital 園區。我們比以往任何時候都更有信心，西德州正走在成為美國下一個主要資料中心樞紐的道路上。

The PowerBridge agreement demonstrates the value of our acreage and commercial relationships and reflects our capital-efficient asset-light model. We retain ownership of the surface and monetize it through long duration lease economics that scale with development.

PowerBridge 協議展現了我們土地資產與商業關係的價值，並反映我們資本效率高、輕資產的模式。我們保留地表權的所有權，並透過可隨開發規模擴張的長期租賃經濟來變現。

By layering multiple commercial uses on the same acreage, we grow revenue without additional capital investment. Alpha Digital is one of several advanced commercial opportunities in our pipeline and the state of the pipeline today is the primary basis for our guidance raise.

透過在同一塊土地上疊加多種商業用途，我們在不增加資本投入的情況下提升營收。Alpha Digital 是我們管線中數個先進商業機會之一，而目前管線的狀態是我們上調指引的主要依據。

Our model is designed for exactly this moment, the convergence of energy infrastructure demand, digital growth and land-constrained development in the Permian Basin and the macro environment is, if anything, accelerating that convergence. I look forward to sharing more as these partnerships develop.

我們的模式正是為此刻而設計：在二疊紀盆地，能源基礎設施需求、數位成長與土地受限的開發正加速匯聚；而宏觀環境若有影響，也是在加速這種匯聚。隨著這些合作夥伴關係發展，我期待分享更多進展。

Now let me hand it over to Scott, who will walk through the numbers behind our updated outlook.

現在我把時間交給 Scott，他將帶大家了解我們更新後展望背後的數字。

Thank you, Jason, and good morning, everyone. As Jason discussed, we delivered strong year-over-year growth in Q1 and are building momentum as we move through 2026. That momentum, combined with the state of our commercial pipeline and an improved macroeconomic backdrop gives us the confidence to raise our full year 2026 adjusted EBITDA guidance to $210 million to $230 million, an increase of $5 million at both the low and high end of the range. This reflects two key considerations.

謝謝你，Jason，各位早安。如 Jason 所述，我們在第一季（Q1）實現了強勁的年增成長，並在邁向 2026 年的過程中持續累積動能。這股動能，加上我們商業管線的狀況以及改善的宏觀經濟背景，使我們有信心將 2026 全年調整後 EBITDA 指引上調至 2.10 億至 2.30 億美元，區間低端與高端各上調 500 萬美元。這反映兩項關鍵考量。

First, increased visibility and conviction in our commercial pipeline for the remainder of the year as we have better line of sight into committed and near committed activity in Q2 through Q4 than we did when we initially set guidance.

第一，對於今年剩餘期間的商業管線，我們的能見度與確信度提高；相較於最初設定指引時，我們對 Q2 至 Q4 的已承諾與接近承諾的活動有更清晰的掌握。

And second, a macroeconomic environment that has become more supportive of basin activity levels since our last communication. The structural resilience of our fee-based model provides the floor and our commercial pipeline provides the upside that justifies taking the range higher.

第二，自上次溝通以來，宏觀經濟環境對盆地活動水準的支持度提高。我們以費用為基礎的模式具備結構性韌性，提供下檔底部；而商業管線提供上檔空間，足以支持我們上調區間。

First, the clearest demonstration of our model's quality this quarter was cash generation. Cash flow from operations was $41.1 million and free cash flow was $40.9 million, representing a 158% increase year-over-year and a free cash flow margin of 80%.

首先，本季最能清楚展現我們模式品質的是現金創造能力。營運活動現金流為 4,110 萬美元，自由現金流為 4,090 萬美元，年增 158%，自由現金流利潤率為 80%。

$0.80 of every revenue dollar converting to free cash flow, on minimal capital investment is the structural output of a business built around owning the surface and letting our customers fund the infrastructure. That dynamic does not change with commodity prices or quarterly activity patterns.

在極少的資本投入下，每 1 美元營收有 0.80 美元轉化為自由現金流，這是以持有地表權、並由客戶出資建設基礎設施為核心所打造之業務的結構性成果。這種動態不會因商品價格或季度活動型態而改變。

In the first quarter, we reported total revenue of $51 million, a 16% increase year-over-year. Net income was up $17.9 million, also up 16% year-over-year with a net income margin of 35%. The primary revenue growth driver was surface use royalties and revenues, which increased 41% year-over-year to $37 million, reflecting royalties from WaterBridge's DPX Kraken development, new easement payments and broader commercial activity across our surface. Sequentially, revenue declined approximately 11%, coming in at $51 million compared to $56.8 million in Q4.

第一季我們的總營收為 5,100 萬美元，年增 16%。淨利增加 1,790 萬美元，同樣年增 16%，淨利率為 35%。營收成長的主要驅動因素為地表使用權利金與相關收入，年增 41% 至 3,700 萬美元，反映 WaterBridge 的 DPX Kraken 開發案帶來的權利金、新的地役權（easement）付款，以及我們地表範圍內更廣泛的商業活動。按季比較，營收約下降 11%，本季為 5,100 萬美元，低於第四季（Q4）的 5,680 萬美元。

As Jason discussed, this was anticipated and reflects three factors: the strength of Q4 2025, the general quarterly lumpiness of certain service-related payments and the seasonally slower pace of commercial agreement activity in Q1. Revenue declined modestly across all three categories.

如 Jason 所述，這在預期之內，反映三項因素：2025 年第四季的強勁表現、某些服務相關款項在季度間的自然波動，以及第一季商業協議活動季節性較慢的節奏。三大類別的營收均小幅下滑。

\Surface use royalties and revenues were down 6%, resource sales and royalties declined 9% and oil and gas royalties were down approximately 5%. The operating and commercial environment in the basin has improved. And while we expect that to support activity levels over the mid- to longer term, our direct commodity exposure remains limited regardless with oil and gas royalties representing approximately 6% of year-to-date revenue.

\地表使用權利金與收入下降 6%，資源銷售與權利金下降 9%，油氣權利金約下降 5%。盆地的營運與商業環境已有所改善。雖然我們預期這將在中長期支撐活動水準，但無論如何，我們對商品價格的直接曝險仍然有限；油氣權利金約占年初至今營收的 6%。

Adjusted EBITDA for the quarter was $44.9 million, up 16% year-over-year with an adjusted EBITDA margin of 88%, consistent with the prior year quarter and reflective of the durable high-margin nature of our model. On a sequential basis, adjusted EBITDA declined broadly in line with revenue. Capital expenditures were $0.2 million and net cash used in investing activities was $2.1 million.

本季調整後 EBITDA 為 4,490 萬美元，年增 16%，調整後 EBITDA 利潤率為 88%，與去年同期一致，反映我們模式具備持久的高毛利特性。按季比較，調整後 EBITDA 大致隨營收同步下降。資本支出為 20 萬美元，投資活動使用的淨現金為 210 萬美元。

On the financing side, we repaid $25.2 million of debt in the quarter, demonstrating continued balance sheet discipline. We ended the quarter with total liquidity of $259.7 million, comprising $29.7 million of cash and approximately $230 million of available borrowing capacity under our revolving credit facility.

在融資方面，我們本季償還 2,520 萬美元債務，展現持續的資產負債表紀律。本季末我們的總流動性為 2.597 億美元，包括 2,970 萬美元現金，以及循環信貸額度下約 2.30 億美元的可用借款額度。

Total borrowings outstanding were $545 million as of March 31, down from $570 million at year-end. Our net leverage ratio was 2.7x at the end of the quarter compared to 2.8x last quarter, and we have no near-term maturities. On capital allocation, we remain focused on three priorities. Our first priority is accretive M&A. We closed strategic bolt-on acquisitions this quarter and have added nearly 50,000 surface acres over the past year, all while maintaining disciplined underwriting criteria.

截至 3 月 31 日，未償還借款總額為 5.45 億美元，低於年末的 5.70 億美元。本季末淨槓桿比率為 2.7 倍，上一季為 2.8 倍，且我們近期沒有到期債務。在資本配置方面，我們仍聚焦三項優先事項。第一優先是具增值性的併購（M&A）。本季我們完成策略性的補強型收購，過去一年新增近 50,000 英畝地表土地，同時維持嚴謹的承作／審核標準。

Our M&A criteria are anchored on fee surface ownership. We are building a compounding permanent asset base. We are not interested in acreage that requires periodic renewal and provides only temporary commercial control.

我們的併購標準以永久地表權所有權為核心。我們正在打造可複利成長的永久性資產基礎。我們對需要定期續約、僅提供暫時性商業控制的土地不感興趣。

That discipline may mean we pass on transactions that others pursue, but it means every acre we add strengthens our long-term platform rather than simply growing our headline acreage count. Secondly, we are focused on maintaining balance sheet strength, where we continue to target a long-term net leverage ratio of 2 to 2.5x.

這樣的紀律可能意味著我們會放棄其他人追逐的交易，但也確保我們新增的每一英畝都能強化長期平台，而不只是增加表面上的土地英畝數。第二，我們專注於維持資產負債表的強健，並持續以長期淨槓桿比率 2 至 2.5 倍為目標。

Third and finally, we are committed to shareholder returns. This quarter, we declared a $0.12 per share dividend, continuing our track record of quarterly distributions since our IPO. As a reminder, we previously announced that our Board authorized a $50 million share repurchase program, which we were able to deploy opportunistically through December 2027.

第三也是最後，我們致力於股東報酬。本季我們宣告每股 0.12 美元股利，延續自 IPO 以來按季配息的紀錄。提醒各位，我們先前宣布董事會已核准 5,000 萬美元的庫藏股回購計畫，我們可在 2027 年 12 月前視情況機動執行。

In closing, LandBridge delivered strong year-over-year growth across revenue, net income and adjusted EBITDA in Q1, consistent with our internal plan. We are raising full year guidance to $210 million to $230 million, reflecting increased confidence in our commercial pipeline and a more supportive macroeconomic backdrop. The foundation we have built, fee and surface, durable contracted cash flows, a model that requires minimal capital to grow is what makes that confidence sustainable.

最後，LandBridge 在第一季於營收、淨利與調整後 EBITDA 方面皆實現強勁的年增成長，符合我們的內部計畫。我們將全年財測上調至 2.10 億至 2.30 億美元，反映我們對商業管線更有信心，以及更有利的總體經濟環境。我們所建立的基礎——費用與地表（surface）業務、具韌性的合約現金流，以及一個以極少資本即可成長的模式——正是讓這份信心得以持續的原因。

Thank you. Operator, please open the line for questions.

謝謝。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Derrick Whitfield, Texas Capital.

Derrick Whitfield，Texas Capital。

With your increased 2026 guidance and the updates coming out of WaterBridge today, it's clear you guys are very excited about the opportunity you have ahead of you this year. As we think about really Project Speedway Phase 1 and the timing for which you guys would reach functional peak utilization, could you offer some color around that? And then also just when you think about Project Speedway Phase 2, when could that really start to contribute into your outlook?

隨著你們上調 2026 年指引，以及 WaterBridge 今天釋出的更新，很明顯你們對今年眼前的機會感到非常振奮。當我們思考 Project Speedway 第一階段，以及你們達到功能性峰值利用率的時間點時，能否提供一些說明？另外，談到 Project Speedway 第二階段，何時才會真正開始對你們的展望帶來貢獻？

Yes. Derrick, good to hear from you. So Speedway Phase 1 comes online this summer, certainly far from being 100% utilized at that point in time. We expect volumes on Speedway to ramp effectively from this summer through 2028.

是的。Derrick，很高興聽到你的聲音。Speedway 第一階段將在今年夏天上線，當然在那個時間點距離 100% 利用率還很遠。我們預期 Speedway 的輸送量將自今年夏天起一路有效爬升至 2028 年。

And so as we sit today, back half of the year, obviously excited about the traction we have with Speedway Phase 1, and we see continued demand for that pipeline, including new interruptible, call it, volumes that we could potentially capture on the WaterBridge side increased royalties over to LandBridge. But there's a lot of room to grow beyond the back half of this year.

因此以目前來看，在今年下半年，我們對 Speedway 第一階段所取得的進展感到非常興奮，也看到該管線持續的需求，包括新的可中斷（interruptible）——姑且稱之為——輸送量，我們可能在 WaterBridge 端承接，並以提高權利金的方式回饋到 LandBridge。但在今年下半年之後，仍有很大的成長空間。

For Speedway Phase 2, really looking to bring that online to solve for back half of 2027 operational needs. Clearly, nothing has been kind of voiced over or contemplated as we think through the guidance or the messaging of the Street on that just yet. But obviously, as we're forming up our expectations for 2027 and it's time to deliver guidance, we'll certainly speak to the contribution from that project and the expectations.

至於 Speedway 第二階段，我們的目標是讓它上線以滿足 2027 年下半年的營運需求。很明顯地，在我們目前思考指引或對華爾街的溝通訊息時，尚未對此做出任何正式表述或納入考量。但當我們形成對 2027 年的預期並到了提供指引的時點，我們一定會談到該專案的貢獻與相關預期。

Great. And then maybe shifting over to the power gen and data center macro environment for the Permian. You guys have been very intentional with your releases to date. Given the recent Alpha Digital announcement and some of your peers messaging heightened urgency year-over-year among the hyperscalers, could you help frame how that opportunity has changed for you guys over the last 6 months, last year?

很好。接著也許把焦點轉到二疊紀盆地（Permian）的發電與資料中心的總體環境。你們迄今的對外發布一直很有節制、很有策略。鑑於近期 Alpha Digital 的公告，以及一些同業提到超大規模業者（hyperscalers）相較去年緊迫性提高，你能否協助說明過去 6 個月、過去一年，這個機會對你們而言有何變化？

Yes, absolutely. We sat down and started speaking to the benefits of West Texas as it relates to data centers late '23, early '24 working through the IPO process. We were engaged in outreach with all the major players, hyperscalers and data center developers kind of coming off of our efforts there. And it was a bit of an education effort. But if you look at the last 6 to 12 months, we've seen sentiment just grow so meaningfully where we sit today, we're engaged with discussions and negotiations and documentations with virtually every hyperscaler that's out there in some capacity.

是的，當然。我們在 2023 年底、2024 年初、推進 IPO 流程期間，就開始討論西德州在資料中心方面的優勢。在那之後，我們與所有主要參與者——超大規模業者與資料中心開發商——進行接觸與外展。當時有一部分是教育市場的工作。但若看過去 6 到 12 個月，我們看到市場情緒顯著升溫；以目前而言，我們幾乎與所有超大規模業者在某種程度上都在進行討論、談判與文件作業。

And so West Texas has certainly been validated as the place to go for these large-scale data center projects, and we're very happy with where we are in the mix. As you put it, we're being very thoughtful about making sure that we get to those right milestones before we step out and speak publicly, particularly as it relates to engagements with some of these larger counterparties, but we're excited to do that when we get to that point.

因此，西德州已明確被驗證為這些大型資料中心專案的首選地點，而我們也很高興自己在這個生態系中的位置。如你所說，我們會非常審慎，確保在達到正確的里程碑之前不會對外公開發言，特別是涉及與部分大型交易對手的合作進展；但當我們走到那一步時，我們也很期待能對外分享。

John MacKay, Goldman Sachs.

John MacKay，Goldman Sachs。

I wanted to start on the acreage acquisitions, maybe two parts to this one. First, we've seen the larger deals from you guys, but these are kind of newer, smaller bolt-on. Is there a right cadence to think about for what you guys can do on this smaller deal size? And on a related note, you paid something around $1,000 an acre, let's say, on average for this. Just any commentary on what that looks like against the broader market would be helpful.

我想先從土地（acreage）收購談起，這題可能分兩部分。首先，我們看過你們做過較大型的交易，但這些比較像是較新的、小型補強（bolt-on）案。對於這種較小規模交易，你們認為合理的節奏應該怎麼看？另外相關的一點，你們這次平均每英畝大概付了 1,000 美元左右。能否評論一下，這樣的價格相較於整體市場大概是什麼水準？

John, good to hear from you. We have been and will continue to be focused on these smaller tuck-in acquisitions. We think through coring up critical areas of our footprint when there's opportunities to fill in the gaps or expand the contiguous nature of certain positions we have, we're absolutely going to execute on that, and we'll continue to do so.

John，很高興聽到你的聲音。我們一直、也將持續專注於這些小型的補入式（tuck-in）收購。當有機會補齊缺口或擴大我們某些持有部位的連續性（contiguous）時，我們會在關鍵區域強化（coring up）我們的版圖，我們絕對會執行，並且會持續這麼做。

As you mentioned, the price per acre here kind of remains competitive and in line with what we paid historically for similar surface positions. And as it sits today, we have no reason to believe that's going to change.

如你所提到，這次每英畝的價格仍具競爭力，且與我們過去為類似地表（surface）部位所支付的價格一致。以目前情況來看，我們沒有理由認為這會改變。

All right. That's clear. I appreciate that one. Second for me is just going back to kind of the quarter versus the full year guide. I understand there's some timing dynamics here. It does still imply a kind of decently higher, let's say, 2Q through 4Q run rate versus first quarter.

好。很清楚。謝謝你說明這點。我第二個問題是回到本季相對於全年指引。我理解這裡有一些時點上的因素。但這仍意味著第二季到第四季的運行率（run rate）相較第一季會明顯更高。

Are there any kind of bigger chunkier pieces you want us to have an eye on? And then more broadly as part of that, if you think about the run rate for the balance of the year, how much of that is actually kind of ratable quarter in, quarter out revenues that you get from your contracts versus, let's say, cycling on new commercial deals each quarter?

有沒有什麼比較大的、較為集中的項目希望我們特別留意？更廣泛地說，若看今年剩餘期間的運行率，其中有多少其實是來自合約所帶來、每季相對可均勻認列（ratable）的收入；又有多少是每季透過新的商業交易輪動帶來的？

Yes, John, you cut off there for a second, but I think you were implying -- effectively you're asking what is driving Q2 through Q4 expectations. We've got -- we've got three primary tailwinds. The first, obviously, just better visibility and conviction on the opportunity set, particularly on surface revenues relative to where we're at the beginning of the year. And then coupled with that is just growth in that opportunity set.

是的，John，你剛剛有一小段斷線，但我想你的意思——基本上是在問，是什麼在驅動我們對第二季到第四季的預期。我們有——我們有三個主要順風因素。第一個，當然是對機會集合的能見度與信心提升，特別是地表（surface）收入相較於年初的情況。同時，該機會集合本身也在成長。

And so there's no discrete, call it, chunky or lumpy projects that I would call out just yet to the extent or would we get those across the finish line, we'll obviously be eager to share that with the market. But it is a pretty, call it, mixed and diverse group of opportunities and customers there that we're working through. Now the second piece is just better visibility on produced water volumes and the read-through on royalties there for LandBridge.

因此，目前我不會特別點名任何單一、所謂較大或較不均勻（chunky or lumpy）的專案；若我們把那些案子推進到終點，我們當然也會很樂於與市場分享。但整體而言，我們正在推進的是一組相當混合且多元的機會與客戶。第二個部分則是對產出水（produced water）輸送量的能見度更佳，以及由此對 LandBridge 權利金的推估更清楚。

Now we've seen just greater demand, both on the WaterBridge side as it relates to produced water handling volume needs for the back half of the year, but also with our third-party partners. And so again, that's just more read-through on the royalty piece that will provide some upside for LandBridge.

我們現在看到需求確實更強，不僅是在 WaterBridge 端（就今年下半年已產出水處理量需求而言），也包括我們的第三方合作夥伴。因此再說一次，這也讓權利金那一塊有更多的傳導效應，將為 LandBridge 帶來一些上行空間。

And then finally, obviously, it's a very different macro backdrop today relative to where we were at, at the beginning of the year during budgeting and that more constructive E&P environment over the near to medium term is just driving an increased demand on the resource side, both on sand and supply water.

最後，顯然，相較於我們在年初編列預算時的情況，當前的總體環境背景已大不相同；而在短至中期更具建設性的 E&P 環境，正推動資源端需求增加，包含砂以及供水。

So there are a number of different items feeding call it, our increased enthusiasm for the year, and we would expect that to continue. Now as you kind of think through the cadence or kind of the regular way or repeatability of these revenue streams, the vast majority of the revenue we get is going to be recurring in some fashion.

因此，有許多不同的因素共同推動了我們對今年更為樂觀的看法，我們也預期這種趨勢會持續。至於你在思考這些收入來源的節奏、或其規律性／可重複性時，我們取得的絕大多數收入都會以某種形式反覆發生。

We obviously do get the surface damage payments that sometimes can be these onetime payments. But the point we've made in the past, and it certainly still holds true today is you really need to think of that as a great, call it, forward-looking indicator of repeatable revenue to come. And a good example of that is going to be improved water handling infrastructure is installed on our surface, whether it's by WaterBridge or others.

我們當然也會收到地表損害賠償金，有時可能是一次性的付款。但我們過去一直強調的一點——而且今天仍然成立——是你真的應該把它視為一個很好的、可說是前瞻性的指標，預示未來將出現可重複的收入。一個很好的例子是：在我們地表上安裝了更完善的水處理基礎設施，不論是由 WaterBridge 或其他方建置。

There will be those onetime upfront damage payments, but that's going to translate into recurring revenue and royalty streams, hopefully, perpetually over time. The same holds true for a lot of other types of infrastructure on our land. So again, while a lot of this is going to be repeatable kind of recurring revenue, to the extent we do get those onetime payments, I would be -- I would encourage you to remember that, that is typically just one piece of what is going to be a very recurring revenue stream thereafter.

會有那些一次性的前期損害賠償金，但隨後將轉化為經常性收入與權利金收入流，希望能隨時間推移而長期、甚至永久地持續。我們土地上許多其他類型的基礎設施也是同樣道理。所以再說一次，雖然其中很大一部分會是可重複的經常性收入，但在我們確實收到一次性付款的情況下，我會——我會建議你記得，這通常只是之後高度經常性收入流中的一個部分。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Jason, just a question on your production down there in the Delaware and Permian or I guess I should say Midland. Clearly, there's a demand for US production with what's going on in -- over in Iran. But as people ramp up production, how quickly does it flow through to you guys as far as revenue? Meaning like if there's suddenly a lot more drilling, a lot more use of sand and [frac] and all the fun stuff, how quickly does that translate to revenue for you?

Jason，我想問一下你們在特拉華盆地與二疊紀盆地（或我應該說 Midland）那邊的產量。很明顯，考量到伊朗那邊正在發生的事情，美國產量是有需求的。但當大家開始拉升產量時，就收入而言，會多快傳導到你們這邊？也就是說，如果突然有更多鑽井、更多用砂、[frac] 以及所有那些有趣的東西，這會多快轉化為你們的收入？

And then the second part of that question is how much of your -- when you look at your different revenue businesses, how many of them do you think are directly related to increased energy production versus other uses that happen longer over a longer period of time versus instantly like, hey, we need more oil to ship overseas, what have you?

然後這個問題的第二部分是：當你看你們不同的收入業務時，你認為其中有多少是與能源產量增加直接相關的，相較於其他用途——那些可能在更長時間內發生——而不是像「嘿，我們需要更多石油運往海外」這種即時性的需求？

Yes. I'll take -- I appreciate it, Alex. I'll take the first one. So if you think about just the payments associated with increased oil and gas activity, you've got damages right off the bat. So when they're moving a rig on location, they're paying damages.

是的。我來回答——謝謝你，Alex。我先回答第一個。如果你只看與油氣活動增加相關的付款，一開始就會有損害賠償。所以當他們把鑽機移到現場時，就會支付損害賠償。

You've got fees for pipelines, right of ways, et cetera. And then that obviously gets accelerated into the produced water once the wells are completed. So we start to see that revenue trickle in over time and then a large portion of it on the latter part of the well's life.

你也會有管線費用、通行權（right of ways）等等。而且一旦井完井後，這些活動也會很明顯地加速反映到產出水上。因此我們會隨時間逐步看到那部分收入流入，並且其中很大一部分會出現在油井生命週期的後段。

Yes. I would just add, when you look at our revenue mix today, roughly 22% of our revenue is going to be on that resource side, and that is going to be the piece that's most meaningfully kind of tied to that new development on the upstream side. But that's somewhat by design because the remainder of our business or rather on the surface side in particular, which is 72% of our revenue, that is going to be the more recurring rent lease production type exposed royalty and revenue streams that just have much more longevity to it.

是的。我再補充一下，當你看我們目前的收入組合時，大約 22% 的收入來自資源端，而這一塊與上游新開發活動的連動性最為顯著。但這在某種程度上是刻意的設計，因為我們其餘的業務——更確切地說是地表端，約占我們收入的 72%——將是更具經常性的租金、租賃、產量相關曝險的權利金與收入流，壽命也更長。

So as we've said from the beginning, we've always been very, very focused on maximizing those surface use revenues and royalties just given the stickiness and the longevity. And while we certainly like that 22% we get on the resource side, at the end of the day, that has always been secondary to the surface given we like having that long-term production exposure, not that short-term development exposure.

因此，如同我們從一開始就說的，我們一直非常、非常專注於最大化這些地表使用收入與權利金，因為它們具有黏著性與長期性。雖然我們當然也喜歡資源端那 22% 的收入，但歸根結底，相較於地表端，那一直是次要的，因為我們偏好擁有長期的產量曝險，而不是短期的開發曝險。

Okay. So if I understand you correctly, basically round numbers, 20% of your revenue could see an impact of increased production in terms of what's going on over in Iran, where 70% is more stable and less likely to be near-term impacted by that. Is that correct?

好的。所以如果我理解正確，概略來說，你們大約 20% 的收入可能會因伊朗那邊的情況導致產量增加而受到影響，而 70% 則更穩定、較不可能在短期內受到那件事的影響。是這樣嗎？

I would frame it more as about 20% of our revenue is going to see an immediate impact due to an increase in development activity. The remaining 70% could see some uptick, but the benefit of that uptick is it is more prolonged because it is production driven. So even if development starts to taper back a bit, you still get the benefit of that long-term kind of rent royalty stream that comes from the production exposure versus that drill bit exposure.

我會更這樣表述：我們大約 20% 的收入會因開發活動增加而立即受到影響。其餘 70% 可能也會有一些上升，但那個上升的好處在於它更持久，因為它是由產量驅動的。所以即使開發活動之後開始稍微降溫，你仍然能受惠於那種由產量曝險帶來的長期租金／權利金收入流，而不是由鑽頭（drill bit）曝險帶來的短期效應。

Okay. The next question is on PowerBridge. I don't think you guys disclosed any economics or what the -- if there was an upfront, I guess, what the upfront deposit was. But can you just give a little bit more color on some of the terms and what the upfront payment is and how long they have to engage and such?

好的。下一個問題是關於 PowerBridge。我不認為你們披露了任何經濟條件，或是——如果有前期款的話——我想問前期訂金是多少。但你能否再多提供一些條款細節，例如前期付款是多少、他們需要在多長時間內啟動／落地等等？

Yes, happy to. So it is a one year option. They paid $2.6 million for that option. It is for 3,400 acres in Reeves County and one of our positions there. They are planning to bring on up to 2 gigawatts of initial power generation capacity with the ability to scale beyond that.

可以，很樂意。這是一個為期一年的選擇權。他們為這個選擇權支付了 260 萬美元。標的為 Reeves County 的 3,400 英畝，位於我們在那裡的一個地塊／持有部位。他們計畫先導入最高達 2 吉瓦的初始發電容量，並具備進一步擴充的能力。

So it's something we're very happy about. They're targeting bringing first power online late next year. And so it is quite quick to move. But again, I think this is a real reflection of the benefit of the ecosystem. It's a real reflection, I think, of PowerBridge's kind of capabilities, obviously, led by Alex Hernandez. He's an incredibly well-known capable leader in the space, and we're really happy to partner with them on this.

所以這件事讓我們非常高興。他們的目標是在明年年底讓第一批電力上線。因此推進速度相當快。但再說一次，我認為這真實反映了這個生態系的優勢。我也認為這真實反映了 PowerBridge 的能力——顯然由 Alex Hernandez 領導。他在這個領域是非常知名且能力出眾的領導者，我們也非常高興能在這件事上與他們合作。

Okay. So the $2.6 million that was recognized in the first quarter?

好的。所以第一季認列的 260 萬美元？

That's right.

沒錯。

Okay. And then are there any lease payments from now until late '27 or there's no payments until late '27?

好的。那麼從現在到 27 年底之前會有任何租賃付款嗎？還是要到 27 年底才會有付款？

The payment structure will pivot should they execute on the option and converts to a lease. And so when that time comes, we will obviously circle back to the market and speak to the terms there.

如果他們執行該選擇權並轉為租賃，付款結構就會轉變。因此等到那個時間點，我們當然會再回到市場，並就相關條款進行說明。

Charles Meade, Johnson Rice.

Charles Meade，Johnson Rice。

I'm wondering, Scott, you approached this question in an earlier answer. But on the subject of acquisition, so you guys have attracted a lot of, I guess, copycat or competitors with the success you've had in the Delaware Basin.

Scott，我想問的是，你在先前的回答中有提到這個問題。但就併購這個主題而言，我想你們在德拉瓦盆地的成功，吸引了很多我想算是模仿者或競爭對手。

So I'm wondering if you could talk about how the complexion maybe has or hasn't changed on the acquisition front and whether -- I think you said that the price hasn't really gone up, but maybe are there more people in the room? Or just what's changing on your -- what are you seeing change on the acquisition front?

所以我想請你談談，在併購方面的態勢是否、以及如何有所改變——我想你說過價格其實沒有真的上升，但也許房間裡的人更多了？或者你們那邊有什麼變化——你們在併購面向看到哪些改變？

Yes. Charles, good to hear from you. We haven't seen much in the way of impact just yet. I mean just as a reminder, and we alluded to this in the prepared remarks, we've been very focused from day one on acquiring that key surface acreage. It's very important to us to get that title rather than like BLM or state leases as an alternative.

是的。Charles，很高興聽到你的聲音。我們目前還沒有看到太多影響。我的意思是提醒一下——我們在事先準備的發言中也提到——從第一天起，我們就非常專注於收購那些關鍵的地表土地（surface acreage）。對我們而言，取得該產權（title）非常重要，而不是以 BLM 或州政府租約作為替代方案。

And so when you think of just the focus that we've had on that, there really just hasn't been, call it, many counterparties that have stepped in and really look to compete in that regard. It put us in a good spot today, though. We think that there's just much -- the economics of that position is just going to be much better than the alternative, and we've been able to build that position, obviously, to over 300,000 acres.

因此，當你想到我們在這方面的專注，其實並沒有——可以說——很多交易對手方會介入並在這方面與我們競爭。不過這也讓我們今天處於有利位置。我們認為，相較於替代方案，這個部位的經濟性會好得多，而我們也已經把這個部位建立起來，顯然已超過 30 萬英畝。

I think if we were to step into a situation where we were looking to acquire BLM or state leases, there are others kind of looking to grow that a bit. But for all the reasons we've discussed over the last several years, that's not a focus of ours.

我想如果我們要進入一種情境，也就是我們在尋求收購 BLM 或州政府租約，確實還有其他人也在尋求擴大那一塊。但基於過去幾年我們討論過的所有原因，那並不是我們的重點。

Got it. Got it. That makes sense. And then, Scott, you also alluded -- I believe you alluded earlier in your prepared comments about the normal seasonality in commercial agreements. Can you talk about what -- can you kind of decompose what's going on there? Is this just companies that maybe it takes a while to organize their priorities with the new capital budget? Or is this -- or what's the seasonality there? And is that something we should expect going forward?

了解。了解。這很合理。另外，Scott，你也提到——我相信你在事先準備的評論中較早時提到——商業協議的正常季節性。你能談談那裡到底發生了什麼——能否拆解一下？這只是因為公司可能需要一些時間，配合新的資本預算來整理優先順序嗎？還是——那裡的季節性是什麼？而且這是我們未來也應該預期會持續的嗎？

Yes. We often see seasonality kind of exiting the year stepping into a new year as our customers kind of wrap up their capital cycles for the year and start working through the budgeting process. And so it's not atypical to see slower starts to the year. And that's what we saw this year. And to some extent, that obviously influenced kind of Q1 results.

是的。我們常常會看到季節性：在年底結束、進入新的一年時，客戶會把當年度的資本週期收尾，並開始進行預算編列流程。因此，年初出現較慢的起步並不罕見。今年我們就是看到這種情況。而且在某種程度上，這顯然也影響了第一季的結果。

The second piece I kind of flagged there, and I do think this is important is at the end of the day, when we work through really driving and creating value for this company, particularly on the surface side, ultimately, we're not focused on what quarter a particular agreement gets signed.

我在那裡也提到第二點，我確實認為這很重要：歸根結底，當我們推動並為公司創造價值——特別是在地表業務這一端——我們最終並不會把重點放在某一份特定協議是在哪一季簽署。

And that's going to lead to a little bit of ebb and flow in terms of when that revenue is recognized. And there's going to be times where that very clearly works to our advantage. We saw a fantastic fourth quarter exiting the year.

這會導致在收入認列時間點上出現一些起伏。而且有些時候，這會非常明顯地對我們有利。我們在年底的第四季表現非常出色。

There's going to be time just depending on when contracts are signed, if it's the next quarter that it just ends up having a little bit of lumpiness to it. But I think what's important to keep in mind and something that we've said from the get-go is the wins and losses of this company are not measured quarter-over-quarter.

也會有一些時候，取決於合約簽署的時間點，如果是在下一季才簽，結果就會呈現一些不均勻（lumpiness）。但我認為需要記住、也是我們從一開始就說過的重點是：這家公司的成敗不是用季度對季度來衡量。

This is about generating year-over-year compounding growth. I think we continue to do that. We'll continue to do that going forward regardless of the seasonality and other kind of shorter-term nuances that we just talked through.

這是關於創造逐年複利式的成長。我認為我們持續在做到這點。不論季節性或我們剛剛談到的其他較短期細節如何，我們未來也會持續做到。

There are no further questions at this time. I will now turn the call back to Scott McNeely for closing remarks.

目前沒有其他問題。我現在把電話會議交回給 Scott McNeely 作結語。

Yes. Thanks again for everyone's participation this morning. We, as always, appreciate your thoughtful questions and your support. Look forward to staying synced us, and please feel free to reach out if we can be helpful.

是的。再次感謝各位今天早上的參與。我們一如既往，感謝各位深思熟慮的提問與支持。期待持續與各位保持同步；若我們能提供協助，請隨時與我們聯繫。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。