Eaglerock Land, Llc · NYSE:EROK
Eaglerock Land — Q2 2026 Earnings Presentation
22 slides from Eaglerock Land's earnings presentation, August 2026
Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation August 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements The information in this presentation relates to EagleRock Land, LLC (the “Company,” “EROK,” “we,” “us” or “our”) and contains information that includes or is based upon “forward-looking statements.” All statements other than historical facts are forward-looking
Slide 3: 2Q 2026 Company Updates
2Q 2026 Company Updates 2Q 2026 and Other Recent Highlights ⚫ Completed initial public offering on May 15, 2026 IPO ⚫ $18.50 offering price and $368MM in gross proceeds ⚫ Synergy capture through the integration of Shallow Valley Ranch / Double Eagle in Southern Midland Basin ahead of schedule, expec
Slide 4: Strong 2Q 2026 Financial Performance
Strong 2Q 2026 Financial Performance Improved Full-Year $129MM – $133MM 2026 Outlook: ADJUSTED EBITDA 2Q 2026 Financial Summary $47MM $36MM 77% Note on Normalized Metrics: REVENUE 1 ADJ. EBITDA 1,2 ADJ. EBITDA MARGIN 1,2 ⚫ EagleRock's reorganization and IPO closed May 15, 2026; financials for the No
Slide 5: EagleRock Land Company Overview
EagleRock Land Company Overview EagleRock Overview EagleRock Surface Acreage Footprint Delaware Basin Midland Basin ⚫ Proactive land management platform promoting the ~244k Acres 2 ~42k Acres + ~70k Dedicated Acres highest and best uses of land ⚫ Strategically constructed Permian-wide surface NM TX
Slide 6: 2Q 2026 Financial Results
2Q 2026 Financial Results 2Q 2026 Financial Summary ($MM) Revenue ($MM) 2 Water Volumes (MMBbls) Surface Use Revenues % Growth: 32% Brackish Water 27 Surface Use Royalties Resource Sales Recycled Water 25 $47 Produced Water 12 $35 $7 Total Water Volumes 1 65 $4 $15 Revenue Streams $15 Resource Sales
Slide 7: Diversified Revenue Mix
Diversified Revenue Mix 2Q 2026 Revenue Mix 1 Revenue by Quarter ($MM) 1 Resource Sales $24 ⚫ Brackish water supplied for industrial uses including oil and $16 gas operations ⚫ Caliche and other surface materials used in the construction of access roads, well pads and other industrial activity 15% ⚫
Slide 8: Intrepid Ranch Acquisition Overview
Intrepid Ranch Acquisition Overview Transaction Summary NM TX ⚫ EagleRock acquired the Intrepid Ranch, a ~50k-acre surface position located in Lea County, New Mexico, from Hydrosource Logistics for a total purchase price of $77MM 1 ⚫ Acreage is directly adjacent to EagleRock’s existing surface posit
Slide 9: Intrepid Ranch Acquisition Overview (cont’d)
Intrepid Ranch Acquisition Overview (cont’d) Key Investment Rationale Key Operators Meaningfully ⚫ Increase of >20% to EagleRock’s total acreage Expands Scale ⚫ Increase of ~60% to EagleRock’s fee acreage in New Mexico ⚫ Creates contiguous corridor from the state line through the heart of Lea County
Slide 10: A Differentiated, High-Growth, Capital-Light Business Model
A Differentiated, High-Growth, Capital-Light Business Model EagleRock Business Model Highlights Revenue Growth vs. FCF Conversion 1,2 1 High-margin, capital-light business model 100% 2 Diversified, stable revenue streams Oil & Gas Royalties Gold Streamers 3 No minerals or direct commodity volatility
Slide 11: Strong Balance Sheet Supports Disciplined Growth
Strong Balance Sheet Supports Disciplined Growth $0 $62MM $262MM $36MM Total Debt Cash & Equivalents Total Liquidity 2Q 2026 Adjusted EBITDA 1 As of 6/30/2026 As of 6/30/26 As of 6/30/26 1H 2026 Adjusted EBITDA: $64MM 1 Capital Allocation Framework Targeted Growth Strategy A B M&A pipeline enhanced
Slide 12: The Permian Basin is an Integral Component of Global Energy Supply
The Permian Basin is an Integral Component of Global Energy Supply The Permian Alone Rivals the …is the Engine of U.S. …and Boasts the Lowest Breakevens World’s Top Producers… Production Growth… and Longest Runway Crude Oil Production 1 Share of L48 Daily Crude Oil Production by Region (%) North Ame
Slide 13: SUAs and Proactive Land Management Promote Highest and Best Uses of Land
SUAs and Proactive Land Management Promote Highest and Best Uses of Land Typical Surface Use Agreement Agriculture & EROK Revenue Streams Grazing LAND Surface Use Surface Use ⚫ Governs how upstream, midstream and other Caliche & Sand Resource Sales Royalties Revenues industrial partners utilize the
Slide 14: Unique Potential Growth Drivers to Enhance the Value of Our Platform
Unique Potential Growth Drivers to Enhance the Value of Our Platform Near-Term Drivers Incremental Growth Produced Water Handling & Acreage Optimization & Pore Space Commercial Pore Space Densification ⚫ Large-scale CCUS storage and ⚫ Strategic sites for non-energy ⚫ Saltwater disposal wells ⚫ Modul
Slide 15: The Permian is Ideal for Siting New Data Centers
The Permian is Ideal for Siting New Data Centers Power Projects in the Permian Basin Power Infrastructure Backdrop ⚫ The Permian’s large, contiguous land and co-located power attract hyperscalers, with data center demand across ERCOT expected to continue to increase exponentially in future years ERO
Slide 16: EagleRock Key Investment Highlights
EagleRock Key Investment Highlights Diversified Permian Land Management Platform Active Land Utilization Strategy to Optimize Surface Acreage Positioned to Enable the Permian to Meet Its Operating Needs Premier, High-Margin and Capital-Light Business Model Experienced, Commercially-Oriented Leadersh
Slide 17: Appendix
(@ EAGLEROCK Appendix
Slide 18: Resilient Operator Focus on Our Delaware Basin Acreage Regardless of Oil Prices
Resilient Operator Focus on Our Delaware Basin Acreage Regardless of Oil Prices Continuous Drilling Activity Through the Commodity Cycle Avg. Rig Count 17 16 12 17 11 13 17 20 15 14 on EROK Acreage: $95.73 $81.71 Avg. WTI $77.56 $76.24 Price ($ / Bbl): $71.84 $71.98 $70.69 $64.63 $65.74 $60.65 22% %
Slide 19: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended March 31, Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2026 2026 Net income (loss) $ 3,363 $ (37,536) $ (34,173) Adjustments: — Depreciation and amortization 4,591 10,275 14,866 Interest expense 5,834 4,812 10,646 Income
Slide 20: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation Three Months Ended March 31, Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2026 2026 Net income (loss) $ 3,363 $ (37,536) $ (34,173) Adjustments: — — — Depreciation and amortization 4,591 10,275 14,866 Non Cash Interest (2,454) (1,564) (4,018
Slide 21: Normalized Revenue and Adjusted EBITDA Reconciliation
Normalized Revenue and Adjusted EBITDA Reconciliation (Thousands) Three Months Ended Six Months Ended (Thousands) Three Months Ended Six Months Ended June 30, 2026 June 30, 2026 June 30, 2026 June 30, 2026 Revenue $41,526 $64,581 Adjusted EBITDA $29,833 $43,655 Total Revenue Adjustments $5,264 $17,5
Slide 22: (2 EAGLERO
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