LandBridge Company LLC has entered into an agreement to acquire approximately 37,500 acres across Loving, Reeves, Winkler, and Ward counties in Texas from 1918 Ranch & Royalty, LLC. The transaction, expected to close in the fourth quarter of 2025, includes around 22,000 fee surface acres, 3,500 surface acres under a long-term management agreement, and 12,000 leasehold surface acres. This acquisition will increase LandBridge's total surface holdings to approximately 300,000 acres and provide immediate access to high-quality pore space near the company's existing acreage in Loving County. The newly acquired land is also positioned to support water handling infrastructure and alternative energy development, expanding LandBridge's ability to serve customers in the Delaware Basin.