Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 159

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 159
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 revisions in estimated useful life for plugged and abandoned wells during the year ended December 31, 2024.

<div align='center'>102</div>

|                                                                        |     | Year Ended December 31, |   2024 |     |     |    2023 |   |     | Amount of 
 Increase  | (Decrease) |     | Percentage | Change |    |
|:-----------------------------------------------------------------------|:----|:------------------------|-------:|:----|:----|--------:|:--|:----|:----------|-----------:|:----|:-----------|-------:|:---|
| General and administrative expense, excluding share-based compensation |     |                         | 27,744 |     |     |  23,932 |   |     |           |      3,812 |     |            |     16 | %  |
| Share-based compensation                                               |     |                         |  6,801 |     |     | (12,010 | ) |     |           |     18,811 |     |            |   (157 | )% |
| Total general and administrative expense                               |     |                         | 34,545 |     |     |  11,922 |   |     |           |     22,623 |     |            |    190 | %  |

General and administrative expense. General and administrative expense, excluding share-based compensation expense, increased by $3.8 million for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase was primarily attributable to higher professional fees of $3.3 million related to modifications of our credit agreements and non-recurring litigation and $1.2 million in bad debt reserve related to an uncollectible customer account, partially offset by an increase in net corporate shared service costs of $0.7 million charged to affiliates. Share-based compensation expense. Share-based compensation expense increased $18.8 million for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase is attributable to the change in the fair value of the WaterBridge Resources and WaterBridge II incentive units accounted for as liability awards. Share-based compensation consists of the WaterBridge Resources and WaterBridge II incentive units. Such incentive units are classified as liability awards and shared-based compensation expense reflects the impacts of change in the liability remeasurement allocated to us. Any distributions associated with such incentive