| Metric | Value ($ M) | Q2 FY25 |
|---|---|---|
| Revenue | 41.53 | 74.1% |
| Total Income | 41.53 | 74.1% |
| Expenditure | 94.68 | 409.3% |
| PBT | -37.62 | 46.9% |
| Net Profit | -7.56 | 89.3% |
| OPM | — | |
| NPM | -18.21% | |
| EPS | — |
EagleRock Announces Q2 2026 Results and Acquisition of Intrepid Ranch
11 Aug 2026 · 11 Aug, 3:42 pm
Summary
EagleRock Land, LLC announced strong second quarter 2026 results, with normalized revenue increasing by 32.3% to $46.8 million and Normalized Adjusted EBITDA growing by 31.7% to $36.2 million quarter-over-quarter. The company also reported the acquisition of the Intrepid Ranch for $78.2 million, further expanding its Delaware Basin footprint. Management expressed confidence in the company's strategic position and growth potential, initiating full-year 2026 guidance above previous forecasts.
Key Highlights
- 1
EagleRock Land, LLC reported normalized revenue of $46.8 million for the second quarter of 2026, an increase of 32.3% compared to the first quarter of 2026.
- 2
Normalized Adjusted EBITDA for Q2 2026 was $36.2 million, marking a 31.7% increase from the prior quarter.
- 3
The company's Normalized Adjusted EBITDA margin was 77.5% in Q2 2026, a slight decrease from 77.9% in Q1 2026.
- 4
EagleRock successfully completed an initial public offering on May 15, 2026, raising approximately $368 million in gross proceeds.
- 5
The company reported total liquidity of $261.8 million as of June 30, 2026.
- 6
On August 10, 2026, EagleRock acquired the Intrepid Ranch for $78.2 million, expanding its contiguous Delaware Basin position.
- 7
Full-year 2026 Normalized EBITDA is now expected to range from $129 million to $133 million, exceeding the company's original forecast.
Management Comments
Greg Pipkin
EagleRock holds a stronghold position in two of the most important sub-basins in the Permian, co-located with some of the deepest, most economic drilling inventory in the country. The pieces of this platform are worth more together than they’d be apart, reinforced by our strategic partners. Together, they deliver durable, royalty and fee driven cash flow that moves largely independent of commodity price swings, a broader base to keep growing organically and through acquisition, and meaningful upside as the Permian evolves into a full-scale energy ecosystem. We’re already delivering on that growth potential. In the second quarter, we delivered more than 30% revenue and Normalized Adjusted EBITDA growth on a quarter-over-quarter basis, consistent with the expectations we set when we went public. That same growth strategy is now showing up in our acquisition activity, and we’re pleased to announce the purchase of Intrepid Ranch, a contiguous, adjacent asset in Lea County, New Mexico. With this asset, we intend to apply the same active management playbook that’s driving our results today, renegotiating and modernizing surface use agreements, expanding our water infrastructure and water rights, and unlocking additional royalty opportunities including sand development, consistent with the disciplined M&A approach we described at our IPO. We look for assets that are worth more inside the EagleRock platform than individually, and the Intrepid Ranch clearly fits that standard. It creates a contiguous corridor from the state line through the heart of Lea County and our existing New Mexico acreage. We expect to continue to execute our strategy to grow the portfolio, organically and through disciplined, accretive M&A that strengthens the business for our shareholders.
Neal Shah
The Intrepid Ranch is EagleRock’s first major acquisition since completing its initial public offering in May and reflects the accretive, adjacent acquisition strategy that EagleRock outlined to investors at that time. We believe the Acquisition represents an attractive entry valuation with significant upside and multiple avenues to grow asset-level revenue and EBITDA, further enhancing the economics of the acquisition.
Informational and educational content only. Not investment advice.