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LandBridge Company LLC owns or manages land in the Delaware Basin of Texas and New Mexico. Oil and gas producers and their service providers pay to build infrastructure, move and handle water brought up with oil and gas, and use resources from its acreage. Customers generally fund and operate their own projects; LandBridge pays to acquire the land rather than develop those operations itself.
Most revenue comes from land-use payments and royalties, including payments for infrastructure sites and pipeline access. WaterBridge, one of its largest customers, pays for each barrel of produced water it handles on LandBridge’s land and for the infrastructure it builds there. The companies share a financial sponsor and management team. Sales and royalties from resources such as brackish water and sand provide another substantial revenue source; oil and gas mineral royalties contribute a smaller share.
The business depends on continued drilling and production near its land and on a handful of large customers, which together supply most revenue. Customer agreements generally do not guarantee minimum activity or water purchases. Wastewater injection also faces earthquake-related regulatory limits in Texas and New Mexico, including volume restrictions and permit suspensions; seismic-response measures already affect a water-handling facility on LandBridge’s land.
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Watch VTX Energy and its water affiliate: LandBridge also depends on their activity, backed by a five-year commitment to provide at least $25 million in annual revenue.
LandBridge earns per-barrel royalties when WaterBridge Infrastructure LLC handles water from oil and gas wells on its land, plus fees for infrastructure access; this customer supplied 25% of LandBridge’s revenue in 2025. WaterBridge serves oil and gas producers, so watch the water volumes it brings onto LandBridge’s acreage and new handling facilities there.
Texas Pacific Land Corporation and LandBridge both collect payments from Permian oil and gas operators for land and water resources, but also share crossing rights, royalties and revenue in the Stateline area. Watch Texas Pacific Land’s water-sales and produced-water-royalty revenue for a read on the activity supporting both landowners.
EagleRock Land, LLC competes for the Permian producers that pay LandBridge for land access, water, materials and underground space to dispose of water from wells. EagleRock likewise earns fees and royalties from these uses, making its water-supply and water-handling business worth watching for competition over customers and sites.
ConocoPhillips’ oil and gas operations on LandBridge’s land bring LandBridge brackish-water sales, water-handling royalties, access fees and oil and gas royalties. Watch its well-completion and production activity there: the agreements have no minimum volume commitments, so LandBridge’s receipts depend on actual use.
Oil and gas producer EOG Resources pays LandBridge royalties per ton of sand mined, buys water and pays for drilling sites and access on its acreage. Watch EOG’s sand extraction and water use there: sand royalties and brackish-water sales supplied most of LandBridge’s revenue from EOG in 2025.
Occidental Petroleum’s oil and gas activity on LandBridge’s acreage brings payments for brackish water, surface access, water handling and mineral rights. Watch Occidental’s use of that land and water rather than its company-wide production alone: these agreements have no minimum volume commitments.
Permian Resources Corporation sells oil and gas from the Delaware Basin, where production and the resulting water-handling needs support demand for LandBridge’s land and resources. Watch its drilling and production activity in that basin as a gauge of local demand, not as evidence of direct payments to LandBridge.
Devon Energy’s oil and gas production connects to LandBridge through WaterBridge, which handles producers’ water and pays LandBridge royalties for handling it on its land. Watch Devon’s development in the Delaware Basin, its largest and most active program, for the activity supporting that water infrastructure.
MATADOR RESOURCES COMPANY shares LandBridge’s exposure to Delaware Basin activity: it produces oil and gas and gathers and disposes of water for its own wells and third parties, while LandBridge earns land-use and water royalties. Watch Matador’s drilling, well completions and water-handling operations there, where it directed most of its effort and capital spending in 2025.
EagleRock Land, LLC earningsEROK
EagleRock Land’s report will show how active its water-supply and water-handling business is, offering a read on how strongly it competes with LandBridge for Permian Basin customers and sites.
Read EagleRock Land’s water-supply and water-handling activity alongside revenue from related land use and fees. Growth in both would show strong producer demand for these services and sites, while also pointing to more active competition with LandBridge; a slowdown could ease that pressure, but if producer activity is weakening too, demand for LandBridge’s land may also be softer.
LandBridge Corporation earningsThis company
LandBridge collects fees when customers use its Permian Basin land and access routes, and this report will show whether that use is bringing in more revenue and cash.
Read surface-use royalties and easement and other surface-related revenue alongside operating cash flow. If both revenue lines and cash flow rise, customers are using more of LandBridge’s land and infrastructure and the fees are reaching the business as cash. If revenue rises but cash flow does not keep pace, the added revenue is not yet showing up in cash; if both weaken, customer activity and receipts are under pressure.
WaterBridge Infrastructure LLC earningsWBI
WaterBridge’s report will show how much oilfield water it handles on LandBridge’s land, activity that generates royalties and infrastructure fees for LandBridge.
Focus on the water volumes WaterBridge brings onto LandBridge’s acreage and activity at its handling facilities there. Higher volumes support per-barrel royalties and infrastructure fees; flat or lower volumes offer less support for those receipts. WaterBridge generated 25% of LandBridge’s revenue in 2025, so the report also shows how much LandBridge depends on activity from this major customer.
