Company: WBI
Filing Date: 2025-08-04
Form Type: DRS/A
Source: 0000950123-25-006924
Chunk: 182

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-04
Form: DRS/A
Chunk 182
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2025. Source: B3 Insights and Pickering Energy Partners analysis.

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Sources: Enverus, data and analytics derived from Enverus PRISM® June 2025; Center for Injection and Seismicity Research.

Our existing and planned water infrastructure buildout is designed to facilitate the movement of produced water volumes from New Mexico to Texas, where our water handling facilities can sequester produced water volumes more readily, and from areas of high pore pressure within Texas to areas with underutilized pore space.

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Further supporting the long-term increase in produced water in the basin, producing wells generally yield increasing WORs over their lifespan. At the beginning of a well’s producing life, the proportion of hydrocarbons is typically at its highest. As the well matures, the hydrocarbon production declines at a faster rate than the production of water, leading to an increasing WOR over time. This phenomenon has been observed across the majority of basins in the United States, including the Delaware Basin. The below chart shows WORs by producing formation within the Delaware Basin on a 12- and 36-month basis. In all cases, the WOR increases as the well matures.

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Delaware Water-Oil Ratio by Bench</div>

Note: As of June 30, 2025. Source: Enverus, data and analytics derived from Enverus PRISM® June 2025.

It is also generally true that wells targeting deeper formations within a given basin produce higher WORs due to a combination of increased pressure and initial water in place. The below chart shows WORs for the average well drilled by formation in the Delaware Basin. The bars are ordered from the deepest bench (Woodford) to the shallowest bench (Avalon).

Note: As of June 30, 2025. Source: Enverus, data and analytics derived from Enverus PRISM® June 2025.

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Producer activity in the Delaware Basin over time has been focused on the core formations such as the 2nd and 3rd Bone Spring and the Wolfcamp A/XY which tend to be shallower and have lower WORs. This focus has led to a decline in core inventory remaining in these prolific formations and has forced upstream producers to test deeper formations like the Wolfcamp B/C/D and the Woodford to replenish their drilling inventory