LandBridge’s business map keeps circling back to WaterBridge

LandBridge Company LLC (LB) has a business map with one name written in several different boxes: WaterBridge Infrastructure LLC (WBI). WaterBridge is LandBridge’s named supplier, customer, partner, and infrastructure operator. That is not an inference from the org chart. It is how the filings describe the relationship.

The supplier connection is the most basic one. LandBridge says WaterBridge’s corporate platform shows up in its own expense line.

"General and administrative expenses include a corporate shared services allocation from WaterBridge, directly incurred corporate costs and share-based compensation expense."

LandBridge / SEC filing / 2025-08-05

In plain English, some LandBridge corporate costs are allocated through WaterBridge, alongside LandBridge’s directly incurred costs and compensation.

WaterBridge also appears on the customer side. LandBridge says WaterBridge has built or acquired substantial water-handling capacity on LandBridge’s acreage.

"Since we acquired our initial acreage, WaterBridge has constructed or acquired, as of December 31, 2025, approximately 1.5 million bpd of water handling capacity on our land, with approximately 3.2 million bpd of permitted capacity available for future…"

LandBridge / SEC filing / 2026-02-26

LandBridge receives royalties for each barrel of produced water handled on its land, plus surface-use payments tied to infrastructure there. WaterBridge is therefore not merely a shared-services provider in the disclosure. It is also the counterparty whose water-handling activity and infrastructure are associated with those stated payments.

The relationship has a formation story, too. LandBridge says Five Point (FPH) and its management team formed the company to acquire and expand acreage supporting WaterBridge’s produced-water infrastructure. WaterBridge’s own filing, LandBridge says, calls LB both a partner and a supplier. The labels point in both directions, depending on which filing you are reading.

LandBridge’s customer map extends beyond WaterBridge to producers around its Stateline Position. The company names Devon Energy (DVN), EOG Resources (EOG), and ConocoPhillips (COP) among the producers attracted by nearby hydrocarbon resources.

"There are substantial hydrocarbon resources under and in close proximity to our Stateline Position, which attracts high-quality, well-capitalized producers, including Devon Energy, EOG Resources, ConocoPhillips"

LandBridge / SEC filing / 2026-02-26

The filing also says WaterBridge’s key customers include Devon Energy and Permian Resources (PR), tying at least part of that producer network to WaterBridge’s own customer base.

"WaterBridge’s key customers include Devon Energy, Permian Resources"

LandBridge / SEC filing / 2026-02-26

That makes Devon a particularly visible name in the map: LandBridge identifies it as a producer near the acreage and a WaterBridge customer, while WaterBridge’s strategic relationship with Devon is described as supporting additional infrastructure. LandBridge does not disclose a revenue percentage for any of these customers in the supplied filings, so the supplied disclosures show names and roles, not revenue percentages.

There is one more landowner relationship. LandBridge and WaterBridge entered agreements with Texas Pacific Land Corporation (TPL) covering reciprocal crossing rights and produced-water royalty and revenue sharing across part of the area.

"In furtherance of our strategy, we and WaterBridge entered into agreements with Texas Pacific Land Corporation (“TPL”), one of the largest landowners in Texas, to provide reciprocal crossing rights and produced water royalty and revenue sharing across an area…"

LandBridge / SEC filing / 2026-02-26

The result is a compact disclosed web: WaterBridge supplies corporate services, operates infrastructure on LandBridge’s land, is associated with royalties and surface-use fees, serves as a customer, and is described as a partner. Five Point helped create the platform. Devon, EOG, and ConocoPhillips sit among the named producers around it, while Texas Pacific Land adds a land-and-rights relationship. WaterBridge is the recurring counterparty across the largest number of the disclosed roles.

These are relationships disclosed in SEC filings, mapped by jodie’s analytics. This is not investment advice.