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LandBridge Company LLC (LB-8.65%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $28.5 million from $17.8 million in the same quarter the previous year. This increase is primarily due to higher surface use royalties and easements and other surface-related revenues.
Surface use royalties increased to $9.9 million, up from $3.2 million in the same quarter the previous year, driven by increased produced water handling and associated skim oil royalties.
Easements and other surface-related revenues rose to $6.6 million from $2.3 million, attributed to oil and gas transportation and gathering pipelines and produced water handling infrastructure.
Resource sales increased slightly to $4.9 million from $4.3 million, while oil and gas royalties decreased to $2.9 million from $6.3 million, mainly due to lower royalty income and reduced mineral lease income.
Resource royalties increased to $4.2 million from $1.6 million, primarily due to brackish water royalties related to the East Stateline Ranch acquisition.
General and administrative expenses increased to $22.1 million from an income of $5.6 million, mainly due to Offering-related employee bonuses and higher professional services fees.
Interest expense rose to $7.1 million from $2.9 million, due to additional borrowings under the company's Credit Facilities.
Net loss for the quarter was $2.8 million, compared to net income of $16.6 million in the previous year, primarily due to increased general and administrative expenses and interest expenses.
Cash flow from operating activities was $7.5 million, down from $16.2 million in the previous year, while Free Cash Flow was $7.1 million, compared to $16.0 million in the previous year.
LandBridge completed its initial public offering on July 1, 2024, raising approximately $270.9 million in net proceeds, which were used to repay outstanding borrowings and make a distribution to LandBridge Holdings.
The company continues to focus on managing its surface acreage and resources to support energy development and production, with a strategy to maximize long-term revenue and Free Cash Flow.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LandBridge Company LLC Class A Shares Representing Limited Liability Company Interests quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.