LandBridge, an oil property acquirer in the Delaware Basin formed by Five Point Energy and WaterBridge, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
LandBridge was formed by Five Point Energy and its portfolio company WaterBridge to acquire, manage, and expand a strategic land position in the heart of the Delaware Basin to support the development of WaterBridge's large-scale produced water handling infrastructure and encourage broader industrial and commercial development. LandBridge owns approximately 220,000 surface acres in and around the Delaware Basin. The company generates multiple revenue streams, including from the use of its surface acreage, the sale of resources from its land, and oil and gas royalties.
The Houston, TX-based company booked $102 million in revenue for the 12 months ended March 31, 2024, and plans to list on the NYSE under the symbol LB. LandBridge filed confidentially on October 11, 2023. Goldman Sachs, Barclays, Wells Fargo Securities, Citi, Piper Sandler, and Raymond James are the joint bookrunners on the deal. No pricing terms were disclosed.
