Thu, Mar 6, 11:03 AM (11 days ago)
In its 2024 10-K filing, LandBridge Company LLC (LB) reported total revenues of $110 million, a 51% increase from $72.9 million in 2023. The significant growth was driven by a 139% rise in surface use royalties, primarily from increased produced water handling, and a 171% increase in easements and other surface-related revenues. However, the company experienced a net loss of $41.5 million, largely due to $95.3 million in non-cash share-based compensation expenses. Adjusted EBITDA rose to $97.1 million, reflecting a robust operational performance despite the net loss. LandBridge's strategy focuses on maximizing land use in the Delaware Basin, leveraging partnerships with WaterBridge and Desert Environmental for water handling and reclamation. The company faces risks, including dependency on oil and gas prices, regulatory changes, and potential environmental liabilities, which could impact future operations and cash flows. The company ended 2024 with $385.5 million in debt and a working capital of $38.9 million, indicating a challenging financial landscape. The outlook remains cautiously optimistic, with ongoing acquisitions and strategic partnerships expected to drive future growth, although market volatility poses significant risks.