Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 213

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 213
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 common in oil and natural gas midstream contracts.

Our customer contract profile is differentiated because of the length of our contracts. Approximately 69% of our long-term, fixed-fee customer contracts by revenue have an initial term of at least 15 years and approximately 92% of our long-term, fixed-fee customer contracts by revenue have an initial term of at least 10 years.

Diversified Customer Base Comprised of Large, Well-Capitalized Producers . As a result of our strategically located water infrastructure network and commitment to operational excellence, we have entered into long-term agreements with numerous customers that are among the largest and most active producers in the Delaware Basin, including Permian Resources Corporation, Devon, Chevron Corporation, APA Corporation and Vital Energy, Inc. As of June 30, 2025, on a pro forma basis, we generated approximately 73% of our water-related revenues from well-capitalized, creditworthy customers rated BB- or higher. Our collaborative relationships with these producers underscore our commitment to fostering mutually beneficial relationships that drive growth, operational excellence and innovation in water management practices. For example, we have recently entered into commercial agreements with bpx energy, designed to support its Delaware Basin development, that include 10-year MVCs and provide us with a stable, long-term revenue stream. Moreover, our strategic partnership with Devon further enhanced our capabilities in the Delaware Basin by integrating Devon’s extensive water infrastructure assets into our network and establishing a long-term commercial relationship with one of the most active and premier E&P companies in the region.

We also have a diversified customer base. Our top five customers represented approximately 51% of our pro forma water-related revenues for the six months ended June 30, 2025, with our largest customer representing only approximately 18% of our pro forma water-related revenues for the six months ended June 30, 2025. Our diversified customer base helps to insulate our business from volatility in the drilling programs of individual customers and also provides us with visibility into multiple customers’ future drilling operations, which allows us to plan and forecast our business with a higher degree of confidence.

High Quality, Built-for-Purpose Network with Exceptional Operational Track Record . We designed and constructed our water infrastructure network to leading industry standards, focusing on achieving exceptional asset quality and reliability. By employing comprehensive testing and management programs, we seek to enhance the safety, efficiency and performance of our assets. Our strategic investment in maintenance and asset integrity reduces ongoing capital requirements and increases long-term cash flow generation potential. Additionally,