<SEC-DOCUMENT>0001193125-24-162007.txt : 20240726
<SEC-HEADER>0001193125-24-162007.hdr.sgml : 20240726
<ACCEPTANCE-DATETIME>20240617063857
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-162007
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240617

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LandBridge Co LLC
		CENTRAL INDEX KEY:			0001995807
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				933636146
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5555 SAN FELIPE STREET, SUITE 1200
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
		BUSINESS PHONE:		(713) 230-8864

	MAIL ADDRESS:	
		STREET 1:		5555 SAN FELIPE STREET, SUITE 1200
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>CORRESP</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LandBridge Company LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5555 San Felipe Street, Suite 1200 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Houston, TX 77056 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;17, 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Real
Estate&nbsp;&amp; Construction </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-3561 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>LandBridge Company LLC </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Filed May&nbsp;31, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;1 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Filed June&nbsp;7, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-279893</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below are the
responses of LandBridge Company LLC (the &#147;<B><I>Company,&#148; &#147;we,&#148; &#147;us&#148; or &#147;our&#148;) to comments received from the staff of the Division of Corporation Finance (the &#147;Staff&#148;) of the U.S. Securities and
Exchange Commission (the &#147;Commission&#148;) by letter dated June&nbsp;14, 2024, with respect to our Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> filed with the Commission on May&nbsp;31, 2024 and Amendment
No.&nbsp;1 to our Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> filed with the Commission on June&nbsp;7, 2024. Contemporaneously herewith, we are filing Amendment No.&nbsp;2 to such Registration Statement (the
&#147;Registration Statement&#148;). </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, each response is prefaced by the exact text of the Staff&#146;s
corresponding comment in bold, italicized text. All references to page numbers and captions correspond to the Registration Statement unless otherwise specified. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">S-1</FONT> filed on May&nbsp;31, 2024 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Summary </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Financial Performance, page 14
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>1.<B></B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please revise to balance your revised disclosure here by disclosing that as of
March</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;31, 2024, you had a deficit in working capital, defined as current assets less current liabilities, of $7.4</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;million, cash and cash equivalents of
$8.9</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;million, and $140</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;million in outstanding borrowings. Please also revise the third risk factor on page 32 to disclose your weighted average interest
rate as of March</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;31, 2024.</I></B><B> </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We
acknowledge the Staff&#146;s comment and have revised the disclosure on pages 15, 68 and 146 of the Registration Statement accordingly. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;17, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Summary Historical and Pro Forma Financial Data, page 40 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>2.<B></B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your response to our comment 6 and your use of Acquisition Adjusted Free Cash Flow as a <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measure. Please tell us how you determined adjusting for cash flows from operating and investing activities of an acquiree prior to acquisition does not substitute individually tailored recognition and
measurement methods for GAAP given the significant direct and indirect impacts associated with the acquisition. For example, given that the Company expects a material increase in its interest expense as noted in the pro forma disclosures beginning
on page <FONT STYLE="white-space:nowrap">F-8</FONT> due to the additional term loan amounts, it appears that any cash portion of such increase would materially impact future cash provided by operating activities and as such would not be reflected in
the Acquisition Adjusted Free Cash Flow measure. Refer to Question 100.04 of the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures Compliance and Disclosure Interpretations.</I></B><B> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We acknowledge the Staff&#146;s comment and have revised the Registration Statement to remove references to Acquisition
Adjusted Free Cash Flow and Acquisition Adjusted Free Cash Flow Margin. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>3.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B><B><I>We still continue to note references to pro forma operating cash flow margin in your filing. Such
measure is not considered a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure and appears to be a measure derived from pro forma operating cash flows which is not a measure that is consistent with the type of pro forma financial information
that should be provided pursuant to Article <FONT STYLE="white-space:nowrap">11-02(c)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> Please remove references to pro forma operating cash flow margin throughout your
filing.</I></B><B> </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We acknowledge the Staff&#146;s comment and have revised the Registration
Statement to remove references to pro forma operating cash flow margin. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Risk Factors </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Our Operating Agreement will designate the Court of Chancery of the State of </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Delaware.&nbsp;.&nbsp;., page 81 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>4.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B><B><I>We note that the form of Amended and Restated Limited Liability Company Agreement that is filed as
Exhibit 3.3 states that the sole and exclusive forum for claims arising under the Securities Act will be the United States District Court for the District of Delaware. Please revise your disclosure here, and elsewhere as appropriate, to be
consistent with this provision.</I></B><B> </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We acknowledge the Staff&#146;s comment and have
revised the disclosure on pages&nbsp;83 and 215 of the Registration Statement accordingly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Use of Proceeds, page 89 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>5.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B><B><I>We refer to your revised disclosure on page 225 disclosing that affiliates of certain of your
underwriters, including Wells Fargo, Goldman, and Texas Capital Bank, are lenders under your credit facility. You state that you will be using the proceeds to repay</I></B><B> </B></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;17, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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</B><B><I></I></B><B></B><B><I>your credit facility borrowings. Please tell us whether you are required to have a qualified independent underwriter in accordance with FINRA Rule 5121.</I></B><B>
</B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We respectfully advise the Staff that, at this time, no underwriter is expected to receive more than
5% of the offering proceeds, and therefore, no underwriter is expected to have a &#147;conflict of interest&#148; under FINRA Rule 5121. As a result, no qualified independent underwriter will be required in the offering in accordance with FINRA Rule
5121. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Business </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Customers; Material
Contracts and Marketing, page 153 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>6.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B><B><I>We refer to your revised disclosure stating that as of
December</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;31, 2023, after taking into account your East Stateline Acquisition, your three significant customers represented 45% of your total revenues. Please expand your discussion of the agreements
with ConocoPhillips, EOG Resources, and WaterBridge to provide investors with additional context regarding the material terms of these agreements.</I></B><B> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We acknowledge the Staff&#146;s comment and have revised the disclosure on page 155 of the Registration Statement
accordingly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Oil, Natural Gas and NGLs Production Prices and Costs </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Production and Price History, page 171 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>7.<B></B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>The units of measure shown for average realized prices and average costs in the table on page 171,
presented as $/MBbl, $/MMcf and $/MBoe, are incorrect. Please revise the table to use $/Bbl, $/Mcf, and $/Boe where appropriate.</I></B><B> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We acknowledge the Staff&#146;s comment and have revised the disclosure on page 173 of the Registration Statement
accordingly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Acreage, page 172 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>8.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B><B><I>We reviewed the table of developed and undeveloped acreage on page 172 and note the
following:</I></B><B> </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>The column labeled &#147;Net Mineral Acres&#148; appears to represent the gross acres in which the Company
owns an interest, or &#147;Gross Mineral Acres&#148; based on the Glossary definition on page <FONT STYLE="white-space:nowrap">A-2.</FONT> If this column presents the Company&#146;s gross mineral acres, please revise the column title and definition
to &#147;Gross Mineral Acres.&#148; If this column does not present the Company&#146;s gross mineral acres, please explain.</I></B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>The column labeled &#147;Weighted Average Royalty Interest&#148; contains an interest of 14% that is not
consistent with disclosures elsewhere in your filing (pages 12, 141, and 152) which state the Company&#146;s weighted average royalty interest is 23.9%. Please review and revise as necessary to remove any inconsistencies.</I></B>
</P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;17, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>The calculation provided in footnote (1)</I></B><B><I></I></B><B><I>&nbsp;for &#147;Net Royalty Acres
(1/8th Basis)&#148; appears to artificially inflate the Company&#146;s &#147;Gross Mineral Acres&#148; using a 12.5% royalty interest instead of calculating a Net Royalty Interest based on a standardized 1/8</I></B><B><I><SUP
STYLE="font-size:75%; vertical-align:top">th</SUP></I></B><B><I> royalty. </I></B><B><I><U>For example</U></I></B><B><I>, the Company owns a &#147;Weighted Average Royalty Interest&#148; of 23.9% in 1,775 Gross Mineral Acres; therefore, the
Company&#146;s Net Royalty Acres would equal (1,775 gross acres x .239) = 424 net acres. On a standardized 1/8</I></B><B><I><SUP STYLE="font-size:75%; vertical-align:top">th</SUP></I></B><B><I> or 12.5% royalty basis, the Company&#146;s Net Royalty
Acres would equal (1,775 gross acres x .125) = 222 net acres. In a standardized basis comparison, the actual gross mineral acres in which a Company owns an interest does not change. The acreage table on page 172 presents calculated total &#147;Net
Royalty Acres (1/8</I></B><B><I><SUP STYLE="font-size:75%; vertical-align:top">th</SUP></I></B><B><I> Basis)&#148; of (4,180 gross mineral acres x .239)/.125) = 7,987 net acres which is larger than the Company&#146;s actual gross mineral acres of
4,180 acres. For disclosure clarity, please remove the presentation of acreage on a standardized 1/8th basis from the developed and undeveloped acreage table.</I></B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>In conjunction, please remove the presentation of acreage on a standardized 1/8th basis from the acreage
table on page 152 and instead present the Company&#146;s actual gross mineral acres by location (county and position).</I></B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Also, acreage disclosures elsewhere in your filing (pages 3, 12, 127, 132, 141, and 152) state &#147;the
Company has approximately 8,000 total net mineral acres&#148; which correlate with the incorrectly calculated &#147;Net Royalty Acres (1/8</I></B><B><I><SUP STYLE="font-size:75%; vertical-align:top">th</SUP></I></B><B><I> Basis).&#148; Please revise
these acreage disclosures to instead present the Company&#146;s total actual &#147;Gross Mineral Acres.&#148;</I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We acknowledge the Staff&#146;s comment and have revised the disclosure on pages 154 and 174 of the Registration Statement
accordingly. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>9.<B></B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We reviewed the table of Leased and Unleased acreage on page 172 and note the table includes the category
of &#147;Undeveloped&#148; which should be revised to &#147;Unleased.&#148; Also, for clarity, please revise the column labeled &#147;Net Mineral Acres&#148; to &#147;Gross Mineral Acres&#148; and the table total to &#147;Total Gross Mineral
Acres.&#148;</I></B><B> </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We acknowledge the Staff&#146;s comment and have revised the disclosure on
page 174 of the Registration Statement accordingly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibits </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>10.<B></B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note that the revised exhibit index no longer refers to the purchase agreement with D.K. Boyd Oil. To
the extent applicable, please revise your disclosures as appropriate to discuss any material post-closing provisions of the agreement, and revise your disclosure as appropriate to identify the third party seller.</I></B><B>
</B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We acknowledge the Staff&#146;s comment and have revised the disclosure on page&nbsp;23 of the
Registration Statement accordingly to explain that we have no material post-closing obligations pursuant to the East Stateline Acquisition purchase agreement. The limited post-closing obligations that exist pursuant to the East Stateline Acquisition
purchase agreement are customary and non-material, such as indemnification for breaches of general and customary representations and warranties and mutual cooperation with respect to tax and regulatory filings. We choose to
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;17, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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omit the name of the seller from our disclosure in light of our and the seller&#146;s minimal post-closing obligations to each other, our lack of an ongoing relationship with the seller and in an
effort to protect the privacy of the seller who is a natural person (although an entity owned by the seller was also a party to the purchase agreement). We respectfully advise the Staff that we do not believe the identity of the third-party seller
is (i)&nbsp;required to be disclosed in the Registration Statement under Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> or (ii)&nbsp;material to an investor&#146;s investment decision. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Possible Concurrent Private Placement </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to revising the Registration Statement to address the Staff&#146;s comments set forth above, we have added disclosure on
pages&nbsp;25 and 26 of the Registration Statement describing a possible private placement transaction that we may seek to complete concurrently with the closing of the initial public offering with certain accredited investors (the
&#147;<B><I>Concurrent Private Placement</I></B>&#148;). If and to the extent such private placement transaction materializes, we would rely on the &#147;private placement&#148; exemption from the registration requirements of the U.S. Securities Act
of 1933, as amended (the &#147;<B><I>Securities Act</I></B>&#148;), provided by Section&nbsp;4(a)(2) thereof and Regulation D promulgated thereunder, and accordingly, the Class&nbsp;A shares issued to such investors would not be registered under the
Securities Act and would be restricted securities. In addition, as reflected in the Registration Statement, such investors would be expected to enter into <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements with us pursuant to which they
would be subject to certain restrictions with respect to the sale or other disposition of our Class&nbsp;A shares for a period of 180 days. Goldman Sachs&nbsp;&amp; Co. LLC would act as placement agent in connection with the Concurrent Private
Placement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to address any questions the Staff may have regarding integration of the initial public offering and the Concurrent
Private Placement, we have reviewed Rule 152 under the Securities Act as well as applicable Commission guidance as reflected in Securities Act releases Nos. <FONT STYLE="white-space:nowrap">33-10844</FONT> (November 2020) and <FONT
STYLE="white-space:nowrap">33-8828</FONT> (August 2007), as well as Securities Act CD&amp;I Q&amp;A 139.25. Under Rule 152(a), offers and sales will not be integrated if, &#147;based on the particular facts and circumstances,&#148; the issuer can
establish that &#147;each offering either complies with the registration requirements of the Securities Act or that an exemption from registration is available for the particular offering.&#148; The Company confirms to the Staff that the Concurrent
Private Placement would meet all of the requirements for an exempt offering under Rule 506 of Regulation D. The Company further confirms to the Staff that neither it, nor any person acting on its behalf, solicited any purchaser in the Concurrent
Private Placement through the use of general solicitation under Rule 152(a)(1)(i) promulgated under the Securities Act. Accordingly, we have concluded that the Concurrent Private Placement should not be integrated with the initial public offering.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8195;&#8195;&#8195;*&#8195;&#8195;&#8195;*&#8195;&#8195;&#8195;*&#8195;&#8195;&#8195;* </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;17, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please direct any questions that you have with respect to the foregoing or if any additional
supplemental information is required by the Staff, please contact David P. Oelman of Vinson&nbsp;&amp; Elkins L.L.P. at (713) <FONT STYLE="white-space:nowrap">758-3708</FONT> or Michael S. Telle of Vinson&nbsp;&amp; Elkins L.L.P. at (713) <FONT
STYLE="white-space:nowrap">758-2350.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">LANDBRIDGE COMPANY LLC</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jason Long</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Jason Long</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">David P. Oelman, Vinson&nbsp;&amp; Elkins L.L.P. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Michael S. Telle, Vinson&nbsp;&amp; Elkins L.L.P. </P>
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