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Sep 30, 2024
LandBridge Company LLC Q3 2024 Earnings Report
Announced third quarter results with revenue growth and declared initial quarterly cash dividend.
Key Takeaways
LandBridge Company LLC reported a strong third quarter in 2024, marked by a 60% year-over-year increase in revenue, reaching $28.5 million. The company also declared an initial quarterly cash dividend of $0.10 per share and initiated its FY24 and FY25 outlook. Adjusted EBITDA stood at $25.0 million, up 62% year-over-year, with a margin of 88%.
Revenues increased to $28.5 million, a 60% increase year-over-year.
Adjusted EBITDA reached $25.0 million, a 62% increase year-over-year, with an 88% margin.
The company acquired 1,280 surface acres in Winkler County, Texas, and signed a purchase agreement for an additional 5,800 acres in Lea County, New Mexico.
An initial cash dividend of $0.10 per share was announced.
LandBridge Company LLC
LandBridge Company LLC
LandBridge Company LLC Revenue by Segment
Revenue by Segment
Oil and gas royalties Revenue
CapyFin.com Forward Guidance
The Company initiated its outlook for full-year 2024 and full-year 2025, expecting Adjusted EBITDA to be between $95 million and $100 million for 2024, and between $140 million and $160 million for 2025.
Positive Outlook
- Higher than expected surface use royalties and revenues subsequent to increased development and higher than anticipated produced water volumes on our surface
- Addition of a lease development agreement payment for the development of a data center on approximately 2,000 acres of our land in the southern Delaware Basin
- Incremental contribution of our recent acquisitions
- Initial solar facility contributions to surface use revenues
- Growth of our surface use royalties through higher produced water volumes on our surface
Challenges Ahead
- Deferral of marketing a 250MW solar project into 2025 to better align with the execution of the lease development agreement in connection with the data center
- Lower than anticipated resource sales and royalties
- Impact of realized commodity prices on our oil and gas royalties
- Updates to resources sales and royalties based on current timing and volume expectations
- Updates to anticipated commodity pricing based on current regional pricing dynamics