Company: WBI
Filing Date: 2025-04-18
Form Type: DRS
Source: 0000950123-25-003575
Chunk: 162

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-04-18
Form: DRS
Chunk 162
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 excess of that amount. We believe that our relationship with LandBridge and access to largely underutilized pore space, when combined with our management team’s extensive experience in the produced water industry, are competitive strengths.

#### Our Relationship with Five Point
Five Point is a private equity firm focused on building businesses within the environmental water management, surface management and sustainable infrastructure sectors. The firm was founded by industry veterans who have had successful careers investing in, building, and running midstream infrastructure companies. Five Point’s strategy is to buy and build assets, create companies, and grow them into sustainable enterprises with premier management teams and industry-leading E&P partners. Based in Houston, Five Point targets equity investments up to $1 billion and, as of December 31, 2024, had approximately $8 billion of assets under management across multiple investment funds. Immediately following this offering, investment funds managed by Five Point will indirectly own a majority of our common shares and will continue to own a majority of the common shares of LandBridge.

#### Our Relationship with Devon
We entered into a long-term, strategic partnership with Devon in the Delaware Basin in 2023. In connection with that transaction, we and Devon entered into a long-term agreement pursuant to which Devon committed to us all of its produced water within a large AMI, including an initial dedication of approximately 52,000 acres, and contributed 18 produced water handling facilities with approximately 375,000 bpd of permitted capacity and approximately 210 miles of produced water pipelines for gathering, transportation, disposal and reuse in exchange for an equity interest in our predecessor. For the year ended December 31, 2024, Devon was one of our largest customers by volume and accounted for approximately $87.5 million of our pro forma water-related revenues, which represented approximately 15% of our total pro forma water-related revenues for the year.

Following the WaterBridge Combination and our Corporate Reorganization, Devon will own Class B shares, representing % of our common shares, and an approximate % interest in OpCo.

#### Competitive Strengths
Our business has a number of competitive strengths, including the following:

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Extensive, Difficult-to-Replicate, Strategically Located Water Infrastructure Network . We believe that our water infrastructure network is the largest in the United States, with a network of pipelines, produced water handling facilities and other infrastructure assets predominantly located in the prolific Delaware Basin. Our extensive asset base, consisting of, as of March 31, 2025 (on a pro