EagleRock Land, LLC: J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

EagleRock Land, LLC: J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

23 June 2026

EagleRock Land, LLC Overweight

EROK, EROK US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$21.11

We hosted a fireside chat with EagleRock Land CEO Greg Pipkin and President

& CFO Neal Shah at the J.P. Morgan Natural Resources Conference. Please see

below for some quick takeaways.

North American Midstream

Net Takeaway: On the heels of a successful IPO, management conveyed strong

conviction in EROK’s capital-light Permian land management platform, Eli Jossen, CFA AC

emphasizing a differentiated royalty model, near-term integrations driving (1-212) 622-4113

eli.jossen@jpmchase.com

outsized EBITDA growth, and a debt-free balance sheet. We see an attractive

Jeremy Tonet, CFA

organic growth runway anchored by the SVR and DE Flow tie-in, Hydrosource

(1-212) 622-4915

recycled water ramp, and disciplined bolt-on M&A, collectively driving our OW jeremy.b.tonet@jpmorgan.com

thesis. Management struck a confident tone on the regulatory backdrop, noting Vrathan Reddy

EROK’s Midland Basin acreage sits in low-seismicity corridors well away from (1-212) 622-4692

the Texas-New Mexico state line, insulating the platform from SWD permitting vrathan.reddy@jpmchase.com

considerations. Overall, management projected enthusiasm around the company’s Francina Kolluri

position at the nexus of Permian water logistics, emerging beneficial reuse (1-212) 270-5796

markets, and data center infrastructure demand, framing the platform as a francina.kolluri@jpmchase.com

compounding royalty engine with multiple organic growth vectors. J.P. Morgan Securities LLC

• SVR and DE Flow integration drives near-term EBITDA inflection.