LandBridge
28 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Customers
ConocoPhillips
earns from · 47% of our total revenuesnamed as a riskFor the year ended December 31, 2025, revenues from WaterBridge, VTX Energy and ConocoPhillips each individually comprised more than 10% of our total revenues and collectively represented 47% of our total revenues.Risk factors (Item 1A)
WaterBridge
earns from · 25% of our revenuenamed as a riskWaterBridge has the right to construct produced water infrastructure on our Stateline and Northern Positions and is one of our largest customers, representing 25% of our revenue during the year ended December 31, 2025.Business (Item 1)
VTX Energy
earns from · minimum annual revenue commitment of $25.0 millionnamed as a riskWe also entered into a letter agreement pursuant to which VTX Energy provided a minimum annual revenue commitment of $25.0 million for each of five years beginning December 19, 2024, inclusive of revenues under the VTX Energy and SWS SUAs.Business (Item 1)
EOG Resources
earns from · 11%named as a riskWaterBridge, VTX Energy, TPL and EOG Resources each individually comprised 21%, 19%, 14% and 11%, respectively, of our total accounts receivable for the year ended December 31, 2025 and collectively represented 65% of our total accounts receivable at such date.Risk factors (Item 1A)
Occidental Petroleum
earns from · 59% of total revenuenamed as a riskour five largest customers, which consisted of WaterBridge, VTX Energy, ConocoPhillips, EOG Resources and Occidental Petroleum comprised 59% of total revenue; andBusiness (Item 1)
Suppliers
WaterBridge
depends onnamed as a riskOur reliance on WaterBridge and its personnel to manage and operate our business exposes us to certain risks.Risk factors (Item 1A)
Partners and platforms
Powered Land Partners, LLC (PowLan)
earns from · approximately 2,000 acresnamed as a riska lease development agreement for the development of a data center and related facilities on approximately 2,000 acres of our land in Reeves County, Texas with PowLan.Business (Item 1)
Texas Pacific Land Corporation (TPL)
depends on · approximate 64,000 acre area of mutual interestIn order to unlock opportunities for the checkerboarded surface acreage, we, together with WaterBridge, entered into agreements with TPL that established an approximate 64,000 acre area of mutual interest (the “Stateline AMI”) across much of the western portion of our Stateline Position and the adjacent TPL surface acreage.Business (Item 1)
Other companies
Devon Energy
Examples of the benefits of these relationships include WaterBridge’s strategic relationship with Devon Energy, which supports the development of significant additional infrastructure on and around our land.Business (Item 1)
Places
Delaware Basin
concentrated in · more than 315,000 surface acresnamed as a riskAs of December 31, 2025, we owned or managed more than 315,000 surface acres in and around the Delaware Basin sub-region in the prolific Permian Basin, which is the most active area for oil and natural gas exploration and development in the United States.Business (Item 1)
Texas
operates innamed as a riskFor example, there exists a growing concern that the injection of produced water into certain produced water handling facilities triggers seismic activity in certain areas, including Texas, where a majority of our acreage is located.Risk factors (Item 1A)
Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more
Hazards
Induced seismicity
concentrated innamed as a riskA significant portion of our acreage in our Northern Position within New Mexico is currently located within SRAs that limit produced water injection into deep formations, which currently only affects one produced water handling facility on our land.Risk factors (Item 1A)
Also named by BSM, CRGY, DMLP, DVN, FANG, PR, VNOM, WES and 1 more
Commodities and inputs
Henry Hub natural gas
exposed to its price · $4.00 per MMBtunamed as a riskAs of December 31, 2025, the Henry Hub spot market price of natural gas was $4.00 per MMBtu and the posted price for oil was $57.26 per barrel.Market risk (Item 7A)
Also named by AM, AR, ATI, BSM, BTU, CNX, CRGY, DVN and 13 more
Crude oil
exposed to its pricenamed as a riskA substantial or extended decline in oil and natural gas prices may adversely affect our results of operations, cash flows and financial position.Risk factors (Item 1A)
Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more
Frac sand
earns fromnamed as a riskThe development of additional in-basin sand mines that are closer to areas of drilling activity could reduce demand for sand produced from our acreage.Risk factors (Item 1A)
Brackish water
depends onnamed as a riskOur ability to meet the existing and future demand for brackish water depends on an adequate supply of such brackish water from our acreage.Risk factors (Item 1A)
Regulators
New Mexico Oil Conservation Division (NMOCD)
subject to · 75 pending permit applicationsnamed as a riskFurther, on July 11, 2024, the NMOCD announced the administrative cancellation of 75 pending permit applications for UIC Class II wells within the 10-mile County Line SRA, due to the potential for increased seismicity within the area.Risk factors (Item 1A)
Bureau of Land Management (BLM)
depends on · 33,000 additional surface acresOur Northern Position, which includes land positions in Eddy and Lea counties, New Mexico and Andrews County, Texas, consists of approximately 61,000 fee-owned surface acres and 33,000 additional surface acres leased from the BLM and the State of New Mexico on a year-to-year basis as of December 31, 2025.Business (Item 1)
Also named by AESI, BTU, CHRD, CRC, CRGY, DC, DMLP, DVN and 7 more
Texas Railroad Commission (TRRC)
subject tonamed as a riskThe TRRC has also suspended produced water handling permits and introduced injection volume curtailments within the boundaries of certain Seismic Response Areas (“SRAs”).Risk factors (Item 1A)
Also named by ARLP, CRGY, ET, FANG, L, VNOM, WES, WMB and 1 more
Laws and programs
2025 Revolving Credit Facility
$70.0 million of borrowingsnamed as a riskAs of December 31, 2025, we had $70.0 million of borrowings under the 2025 Revolving Credit Facility.Market risk (Item 7A)
Resource Conservation and Recovery Act (RCRA)
subject tonamed as a riskAny loss of the RCRA exclusion for drilling fluids, produced water and related wastes could result in an increase in our and our oil and natural gas producing operators’ costs to manage and dispose of generated wastes, which could have a material adverse effect on our and our customers’ results of operations, cash flows and financial position.Business (Item 1)
Also named by AN, CDE, CLH, CTAS, ESI, HL, MLM, NUE and 7 more
Endangered Species Act (ESA)
subject tonamed as a riskIn May 2024, the FWS designated the dunes sagebrush lizard under the ESA, which also lives in certain areas in southeastern New Mexico and western Texas.Risk factors (Item 1A)
Also named by CHRD, CNX, CRGY, CTVA, DC, FANG, KGS, NEE and 4 more
Underground Injection Control (UIC) program
subject tonamed as a riskA change in water handling regulations or the inability to obtain permits for new produced water handling permits in the future may affect our customers’ ability to handle produced water and other substances on our land, which could adversely affect our business, results of operations, cash flows and financial position.Business (Item 1)
New Mexico hydraulic fracturing moratorium proposals
subject tonamed as a riskFor example, in multiple annual New Mexico legislative sessions, there have been continued efforts to pause hydraulic fracturing and cease state issuance of permits for a four year time period, although none of the bills introduced on this topic have yet passed the New Mexico Legislature.Business (Item 1)
Texas Railroad Commission Orphan Well Program
depends onAdditionally, we may be able to rely on state funded programs (such as the Texas Railroad Commission’s (“TRRC”) Orphan Well Program) for coverage of certain plugging and abandonment liabilities upon declaration of bankruptcy by any of our customers.Business (Item 1)
Technology
Waterless fracturing
competes withnamed as a riskIf producers in the Permian Basin begin to shift their fracturing techniques to waterless fracturing in the development of their wells, our brackish water sales could be materially and negatively impacted.Risk factors (Item 1A)