EagleRock Land首季收入增226% 完成IPO集資3.285億美元

10-Q
 
 
 
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

  
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
 
(Mark One)

 
 
 
 
 

 
 ☒

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the quarterly period ended March 31, 2026
OR

 
 
 
 
 

 
 ☐

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the transition period from to 
Commission File Number: 001-43288
 

EagleRock Land, LLC
(Exact Name of Registrant as Specified in its Charter)
 
 

 
 
 
 
 

 
 Texas

 41-3142321

 

 
 ( State or other jurisdiction of
incorporation or organization)

 (I.R.S. Employer
Identification No.)

 

 
 9655 Katy Freeway, Suite 375
Houston, Texas

 77024

 

 
 (Address of principal executive offices)

 (Zip Code)

 

 Registrant’s telephone number, including area code: (713) 280-7002
 
Securities registered pursuant to Section 12(b) of the Act: 
 

 
 
 
 
 
 
 
 

 
 Title of each class

  

 Trading
Symbol(s)

  

 Name of each exchange on which registered

 

 
 Class A shares representing limited liability company interests

  

  
EROK

  

 New York Stock Exchange
NYSE Texas, Inc.

 

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒ *
* The registrant has not been subject to the filing requirements under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the past 90 days, as it became subject to such requirements on May 13, 2026 in connection with its initial public offering. The registrant has filed all such required reports since such time. 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 
 
 
 

 
 Large accelerated filer

 

 ☐

 

 Accelerated filer

 

 ☐

 

 
 Non-accelerated filer

 

 ☒

 

 Smaller reporting company

 

 ☒

 

 
 Emerging growth company

  

 ☒

  

  

  

  

 

  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of June 23, 2026, the registrant had 24,455,688 Class A shares and 105,164,311 Class B shares outstanding, each representing limited liability company interests
 
 

  

 
  

 Table of Contents
 

 
 
 
 
 
 

 
  

  

 Page

 

 
  

  

  

 

 
 Explanatory Note

 3

 

 
 Glossary of Certain Industry Terms

 4

 

 
 Cautionary Note Regarding Forward-Looking Statements

 5

 

 
  

  

  

 

 
 PART I.

 FINANCIAL INFORMATION

 7

 

 
  

  

  

 

 
 Item 1.

 Financial Statements (Unaudited)

 7

 

 
  

 EagleRock Land, LLC

  

 

 
  

 Unaudited Balance Sheets

 7

 

 
  

 Unaudited Notes to Balance Sheets

 8

 

 
  

 Lea & Eddy Holdings, LLC and Subsidiaries

  

 

 
  

 Unaudited Consolidated Balance Sheets

 12

 

 
  

 Unaudited Consolidated Statements of Operations

 13

 

 
  

 Unaudited Consolidated Statements of Members' Deficit

 14

 

 
  

 Unaudited Consolidated Statements of Cash Flows

 15

 

 
  

 Notes to Unaudited Condensed Consolidated Financial Statements

 17

 

 
 Item 2.

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

 35

 

 
 Item 3.

 Quantitative and Qualitative Disclosures About Market Risk

 51

 

 
 Item 4.

 Controls and Procedures

 52

 

 
  

  

  

 

 
 PART II.

 OTHER INFORMATION

 53

 

 
  

  

  

 

 
 Item 1.

 Legal Proceedings

 53

 

 
 Item 1A.

 Risk Factors

 53

 

 
 Item 2.

 Unregistered Sales of Equity Securities and Use of Proceeds

 53

 

 
 Item 3.

 Defaults Upon Senior Securities

 53

 

 
 Item 4.

 Mine Safety Disclosures

 53

 

 
 Item 5.

 Other Information

 53

 

 
 Item 6.

 Exhibits

 54

 

 
 Signatures

 56

 

  
 

 2

 
  

 Explanatory Note
This Quarterly Report on Form 10-Q (this “Quarterly Report”) is being filed by EagleRock Land, LLC (“EagleRock” or the “Company”), which completed the initial public offering (the “IPO”) of its Class A shares representing limited liability company interests (the “Class A shares”) on May 15, 2026. This Quarterly Report presents the financial statements and related results of the Company and its accounting predecessor, Lea & Eddy Holdings, LLC (the “Predecessor”), as of and for the three months ended March 31, 2026, a financial period preceding the closing of the IPO. Accordingly, this Quarterly Report does not include financial statements as of such date and for such period of the entities acquired by the Company concurrently with the closing of the IPO. As a result, this Quarterly Report does not contain information comparable to that contained in the Unaudited Pro Forma Condensed Consolidated Financial Statements included in the Company’s final prospectus, dated May 13, 2026, filed with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on May 14, 2026, in connection with the IPO (the “Prospectus”). As disclosed in its Current Report on Form 8-K filed on May 19, 2026, the Company will file, as promptly as practicable once available and in any event no later than July 31, 2026, Unaudited Pro Forma Condensed Consolidated Financial Statements as of and for the three months ended March 31, 2026 reflecting the consummation of the IPO and the contribution and reorganization transactions that occurred in connection therewith.

  
 
3

 
  

 GLOSSARY OF CERTAIN INDUSTRY TERMS
Bbl. One barrel of volume used for measuring oil.
Brackish Water. Water with salinity levels between seawater and freshwater.
Caliche. A crust of coarse sediment or weathered soil in calcium carbonate. It forms when lime-rich groundwater rises to the surface by capillary action and evaporates into a crumbly-like powder, forming a tough, indurated sheet called calcrete.
Completion. Installation of permanent equipment for production of natural gas, NGLs or oil or, in the case of a dry well, to reporting to the appropriate authority that the well has been abandoned.
Delaware Basin. A geological depositional and structural basin in West Texas and southern New Mexico, which is a part of the Permian Basin.
E&P. Exploration and production.
E&P companies. Oil and natural gas exploration and production companies, including producers and/or operators.
GAAP. Accounting principles generally accepted in the United States of America.
Henry Hub. A natural gas pipeline located in Erath, Louisiana that serves as the official delivery location for futures contracts on the New York Mercantile Exchange. The settlement prices at the Henry Hub are used as benchmarks for the entire North American natural gas market.
MBbls. One thousand barrels of crude oil, condensate, NGLs or water.
MBbls/d. One MBbl per day.
MMBbls. One million barrels of crude oil, condensate, NGLs or water.
MMBtu. One million British thermal units.
Midland Basin. A geological depositional and structural basin in West Texas, which is a part of the Permian Basin.
NGL. Natural gas liquid.
Operator. The individual or company responsible for the development and/or production of an oil or natural gas well.
Permian Basin. A large sedimentary basin located in West Texas and Southeastern New Mexico.
Produced Water. Water that comes out of an oil and natural gas well with the crude oil during crude oil production.
Produced Water Handling Facilities. Facilities employed for the treatment, handling and disposal of salt water produced with oil and natural gas into an underground formation.
Royalty. An interest in an oil and natural gas lease that gives the owner the right to receive a portion of the production from the leased acreage (or of the proceeds from the sale thereof), but does not require the owner to pay any portion of the production or development costs on the leased acreage. Royalties may be either landowner’s royalties, which are reserved by the owner of the leased acreage at the time the lease is granted, or overriding royalties, which are usually reserved by an owner of the leasehold in connection with a transfer to a subsequent owner.
WTI. West Texas Intermediate.
 

  
 
4

 
  

 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
 
The information in this Quarterly Report includes “forward-looking statements.” All statements, other than statements of historical fact, included in this Quarterly Report regarding our strategy, future operations, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Quarterly Report, words such as “may,” “assume,” “forecast,” “could,” “would,” “should,” “will,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “budget” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events at the time such statements were made. These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. The forward looking statements are contained principally in the section captioned "Management's Discussion and Analysis of Financial Condition and Results of Operations." When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the section entitled “Risk Factors” included elsewhere in this Quarterly Report and under the heading “Risk Factors” in our Prospectus. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we believe that the forward-looking statements contained in this Quarterly Report are based on reasonable assumptions, you should be aware that many factors could affect our actual results of operations, cash flows and financial position and could cause actual results to differ materially from those in such forward-looking statements, including, but not limited to, the following:
 
•our customers’ demand for and use of our surface, resources and water infrastructure assets;

•our ability to enforce our surface use agreements (“SUAs”) and other agreements with our customers;

•the success of our operating partners in executing their business strategies, including their ability to construct and operate water infrastructure, attract customers and operate successfully on our land;

•our customers’ ability to develop our land or potential changes to our customers’ development plans, or any potential acquired acreage to accommodate any future surface use developments;

•the domestic and foreign supply of, and demand for, energy sources, including the impact of actions relating to oil price and production controls by the members of the Organization of Petroleum Exporting Countries, Russia and other allied producing countries (“OPEC+”) with respect to oil production levels and announcements of potential changes to such levels;

•our reliance on a limited number of customers and a particular region for substantially all of our revenues, including the potential conditions of such customers within such region;

•our ability to enter into favorable contracts regarding surface uses, access agreements and fee arrangements, including the prices we are able to charge and the margins we are able to realize;

•our ability to maintain leases and permits, including our ability to renew leases on state and federal leased land;

•changes in state and federal land use policies that change or restrict our right to use state and federal leased land or increase the cost of such leases;

•our business strategies and our ability to execute thereon, including our ability to attract customers to use our land and resources;

•commodity price volatility and trends related to changes in commodity prices, and our customers’ ability to manage through such volatility;

•the level of competition from other companies, including those offering resources that compete with the resources from our land;

•changes in the price charged to our customers and availability of services necessary for our customers to conduct their businesses, as a result of oversupply, government regulations or other factors;

•any planned or future expansion projects by us or our customers;

•the development of advances or changes in energy technologies or practices;

•our ability to successfully implement our growth plans, including through future acquisitions of acreage and/or introduction of new revenue streams;

•the potential deterioration of our customers’ financial condition and their ability to access capital to fund their development programs;

•the degree to which consolidation among our customers may affect spending on U.S. drilling and completions in the near term;

•our customers’ ability to obtain necessary supplies, raw materials and other critical components on a timely basis, or at all;

•our and our customers’ ability to obtain government approvals or acquire or maintain necessary permits, including those related to the development and operation of produced water handling facilities, mines and water wells;

•operational disruptions and liability related thereto associated with our customers, including those due to environmental hazards, fires, explosions, chemical mishandling or other industrial accidents;

•our liquidity and our ability to access the capital markets on favorable terms, or at all, which depends on general market conditions, including the impact of inflation, elevated interest rates and Federal Reserve policies and potential economic recession;

  
 
5

 
  

 •uncertainty of estimates of resources and minerals, such as oil, natural gas and NGL reserves and production, including those of our customers;

•the effects of changes in general economic, business or industry conditions, market volatility, including as a result of slowing growth and a potential economic recession, an elevated inflation rate, high interest rates, changes in U.S. and international trade policies and relations, central bank policy and associated liquidity risks;

•the effects of political instability or armed conflict in oil and natural gas producing regions, which may decrease demand for oil and natural gas or contribute to volatility in the prices for oil and natural gas, which could decrease demand for the use of our land and resources;

•our level of indebtedness and our ability to service our indebtedness;

•title defects in the acreage that we acquire;

•the markets for surface acreage in the areas in which we operate and own or plan to own surface acreage, including pricing estimates, availability of land and our ability to acquire such land on favorable terms, or at all;

•our ability to integrate acquired acreage, and any future acquisitions, and manage related growth;

•our ability to recruit and retain, or secure the services of, key management and other personnel and service providers;

•changes in laws and regulations (or the interpretation thereof), including those related to hydraulic fracturing, accessing water, disposing of wastewater, transferring produced water, interstate brackish water transfer, carbon pricing, pipeline construction, taxation or emissions, leasing, permitting or drilling and various other environmental matters;

•changes in effective tax rates, or adverse outcomes resulting from other tax increases or an examination of our income or other tax returns and tax inefficiencies;

•general domestic and international political and regulatory conditions, including actions taken by the federal, state or foreign governments, such as executive orders or new or expanded regulations, including U.S. and international trade policies and tax policies, the One Big Beautiful Bill Act and its impact on the Inflation Reduction Act of 2022, and any action related to surface uses and/or development of our mineral and royalty interests;

•the severity and duration of world health events, natural disasters or inclement or hazardous weather conditions, including cold weather, droughts, earthquakes, flooding and tornadoes;

•evolving cybersecurity risks, such as those involving unauthorized access, third-party provider defects and service failures, denial-of-service attacks, malicious software, data privacy breaches by employees, insider or others with authorized access, cyber or phishing-attacks, ransomware, social engineering, physical breaches or other actions; and

•other factors discussed elsewhere in this Quarterly Report, including in the section titled “Risk Factors.”

 
We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the operation of business in our industry. We disclose important factors that could cause our actual results to differ materially from our expectations under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report. Factors that could materially adversely affect our business, financial condition, operating results or liquidity and the trading price of our Class A shares are described under “Risk Factors,” included in our Prospectus. This information should be considered carefully, together with other information in this report and other reports and materials we file with the SEC. Should one or more of the risks or uncertainties described in this Quarterly Report occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.
 
All forward-looking statements, expressed or implied, included in this Quarterly Report are expressly qualified in their entirety by this cautionary note. This cautionary note should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Quarterly Report.
 

  
 
 
 
 
6

 
  

 PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
EagleRock Land, LLC
Unaudited Balance Sheets
(In thousands)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 March 31,

  

  

 December 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 ASSETS

  

  

  

  

  

  

 

 
 TOTAL ASSETS

  

 $

 —

  

  

 $

 —

  

 

 
 

  

  

  

  

  

  

 

 
 LIABILITIES AND MEMBER'S INTEREST

  

  

  

  

  

  

 

 
 Liabilities:

  

  

  

  

  

  

 

 
 Total liabilities

  

  

 —

  

  

  

 —

  

 

 
 Commitments and contingencies (See note 3)

  

  

  

  

  

  

 

 
 

  

  

  

  

  

  

 

 
 MEMBER'S INTEREST

  

  

  

  

  

  

 

 
 Member's interest

  

  

 1

  

  

  

 1

  

 

 
 Deemed non-cash parent contribution

  

  

 (1

 )

  

  

 (1

 )

 

 
 Total member's interest

  

 $

 —

  

  

 $

 —

  

 

 
 TOTAL LIABILITIES AND MEMBER'S INTEREST

  

 $

 —

  

  

 $

 —

  

 

  
 

 The accompanying notes are an integral part of the unaudited balance sheets
 
7

 
  

  
EagleRock Land, LLC
Notes to the Unaudited Balance Sheets
1.The Company

Organization
EagleRock Land, LLC ("EagleRock" or the "Company”) was formed as a Texas limited liability company on December 1, 2025. Prior to the IPO (as defined below) Lea & Eddy Holdings, LLC (the "Predecessor") was the sole member of the Company. The Company was capitalized with a deemed non-cash contribution of $1,000 by the Predecessor on December 1, 2025. 
On May 4, 2026, the Company, EagleRock Land Operating, LLC ("OpCo") and certain contributing entities (collectively, the "Contributors") entered into a Contribution and Assignment Agreement pursuant to which certain contributions and corporate reorganization steps were effected on May 15, 2026 in connection with the closing of EagleRock's proposed initial public offering (the “IPO”).
In the IPO, the Company issued 17,300,000 Class A shares representing limited liability company interests ("Class A shares") at a price to the public of $18.50 per share. In addition, EagleRock granted the underwriters a 30-day option to purchase up to an additional 2,595,000 Class A shares at the public offering price, less underwriting discounts and commissions, which the underwriters exercised in f