Jason Long - Chief Executive Officer & Director

Scott McNeely - Chief Financial Officer

Ladies and gentlemen, thank you for standing by. My name is Desiree and I will be your conference operator today. At this time, I would like to welcome everyone to the LandBridge Third Quarter 2024 Results. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to Jason Long our CEO. You may begin.

Jason Long

Good morning, everyone, and thank you for joining our third quarter earnings call. Our results demonstrate the strength and momentum of our business as we continue to benefit from a sustained level of activity in the Delaware Basin.

During the quarter, we delivered 60% year-over-year revenue growth, 62% year-over-year adjusted EBITDA growth, and 88% adjusted EBITDA margins. Notably, we continue to grow the percentage of revenues derived from fee-based arrangements versus oil and gas royalties to further mitigate our direct exposure to commodity price fluctuations.

In the third quarter, non-oil and gas royalty revenue streams, which include surface use royalties and revenues and resource sales and royalties accounted for 90% of overall revenues, up from 83% last quarter and 65% in the same quarter last year.

And by actively managing our land and resources, we continue to position ourselves to capitalize on a broad array of commercial opportunities at the Texas, New Mexico Stateline.

As mentioned last quarter, West Texas is an increasingly popular area for renewable energy and digital infrastructure