LandBridge owns and actively manages over 315,000 surface acres in and around the Delaware Basin, the most active oil and gas development region in the U.S. LandBridge is not an oil and gas producer — it is a landowner that monetizes access to its surface acreage and the resources on it. E&P companies, water midstream operators, and service companies pay LandBridge fees and royalties for rights-of-way, drilling sites, roads, and pipeline easements. LandBridge also earns royalties on produced water — the large volumes of water extracted alongside oil and gas — handled on its acreage, and sells or licenses brackish water and sand used in well completions and hydraulic fracturing. LandBridge's land sits along the Texas-New Mexico border, which is favorable because Texas has a more permissive regulatory environment for produced water disposal, concentrating demand for water handling infrastructure on LandBridge's acreage. Critically, LandBridge does not build or operate any infrastructure — customers construct and operate everything at their own expense, making LandBridge's model extremely capital-light. Surface use royalties and revenues account for roughly 68% of revenue, resource sales around 24%, and oil and gas royalties about 6%. Key customers include Devon Energy, ConocoPhillips, EOG, Occidental, and water midstream company WaterBridge. Beyond oil and gas, LandBridge is actively pursuing solar, data center, and power generation opportunities on its acreage. LandBridge has grown from roughly 72,000 acres in 2023 to over 315,000 today through acquisitions targeting undercommercialized land where active management can grow revenues over time.