LandBridge Co LLC
For the period ended Dec 31, 2024. Filed Mar 6, 2025.
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FY2024 · Filed Mar 6, 2025
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Item 2. Properties
As of December 31, 2024, we owned approximately 273,000 surface acres in and around the Delaware Basin sub-region of the Permian Basin in Texas and New Mexico. Substantially all of our land is encumbered by mortgages that secure our credit facility. In addition, pursuant to our SURAs and SUAs, we grant our customers rights to use our land in return for pre-determined fees and royalties. Other than such mortgages and our SURAs and SUA easements, there are no material liens or encumbrances on our title to our surface estate as of December 31, 2024.
As of December 31, 2024, we also owned 4,424 gross mineral acres in Texas with a weighted average lease royalty percentage of 23.9% and net revenue interest per well of 4.3%. Of our gross mineral acres, approximately 96% underlie our surface acreage. Other than our gross mineral acres, we do not own the mineral interests that underlie our surface acreage.
The following table shows by county our surface ownership and royalty ownership as of December 31, 2024:
| Number of Acres | ||
|---|---|---|
| Location (by county and position) | Surface | Gross Mineral Acres |
| Northern Position | ||
| Andrews County (TX) | 20,479 | - |
| Lea County (NM) | 35,041 | - |
| Eddy County (NM) | 765 | - |
| Total | 56,285 | - |
| Stateline Position | ||
| Loving County (TX) | 82,981 | 714 |
| Winkler County (TX) | 34,480 | 166 |
| Lea County (NM) | 15,669 | - |
| Reeves County (TX) | 3,663 | 686 |
| Total | 136,793 | 1,566 |
| Southern Position | ||
| Reeves County (TX) | 71,572 | 2,858 |
| Pecos County (TX) | 9,074 | - |
| Total | 80,646 | 2,858 |
| Total Acres | 273,724 | 4,424 |
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