EagleRock is a Permian Basin surface land management company that owns or controls approximately 236,000 surface acres across the Delaware Basin in New Mexico and the Midland Basin in Texas. EagleRock does not drill for oil and gas — it holds surface rights, not mineral rights — and instead charges oil and gas operators fees and royalties to use its land for drilling pads, roads, pipelines, and water infrastructure. Customers include Chevron, ConocoPhillips, Devon Energy, Diamondback, ExxonMobil, Matador, and Occidental. EagleRock's most economically significant resource is water: it sells freshwater to operators for hydraulic fracturing and earns royalties on produced water handling, recycling, and disposal on and near its acreage. EagleRock also mines and sells caliche, a crushed aggregate operators use to build well pads and roads, from 29 mining sites on its land. Revenue falls into three buckets: resource sales (water and caliche), surface use royalties (produced water handling and recycling), and surface access fees and easements. Most of EagleRock's costs are borne by customers and operating partners — DEF Operating and Hydrosource run the water infrastructure and pay EagleRock royalties — making the model capital-light and high-margin. Surface use agreements typically run 5–10 years with CPI escalators and renewal incentives. EagleRock's earnings are driven by operator drilling activity, water volumes, and acreage under active agreements, giving it some insulation from commodity prices but not from sustained downturns in operator activity.