Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 232

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 232
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 with such fracturing activities and the disclosure of the chemicals used in the fracturing process.

A number of states have adopted, and other states are considering adopting, regulations imposing new permitting, disclosure, disposal and well construction requirements on hydraulic fracturing operations. States could impose moratoriums or elect to prohibit high-volume hydraulic fracturing altogether. Also, local governments could seek to adopt ordinances within their jurisdictions regulating the time, place and manner of drilling activities in general or hydraulic fracturing activities in particular.

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If new or more stringent laws or regulations relating to hydraulic fracturing are adopted at the federal, state or local levels, our customers’ fracturing activities could become subject to additional permit requirements, reporting requirements, operational restrictions, permitting delays or additional costs. Any such laws or regulations could adversely affect the determination of whether a well is commercially viable and reduce the amount of oil and gas that our customers are ultimately able to produce in commercial quantities, and thus significantly affect our business. Such laws and regulations could also materially increase our cost of business by more strictly regulating how hydraulic fracturing wastes are handled or disposed.

Protected Species

The ESA restricts activities that may affect endangered or threatened species or their habitats. Similar protections are offered to migratory birds under the MBTA. Many states also have analogous laws designed to protect endangered or threatened species and migratory birds. To date, we have not experienced any material adverse impacts as a result of compliance with the ESA or the MBTA and believe we are in substantial compliance with the ESA, MBTA, and other similar statutes. However, the designation of previously unlisted species as endangered or threatened could cause us to incur additional costs or cause our or our customers’ operations to become subject to operating restrictions or bans or limit future development activity in affected areas. For instance, the dunes sagebrush lizard (“DSL”), which is found in certain areas of southeastern New Mexico and adjacent portions of Texas, was a candidate species for listing under the ESA by the FWS for many years. Our customers may be participants of the Texas Conservation Plan (“TCP”) or the Candidate Conservation Agreement with Assurances (“CCAA”) for the DSL, whereby such participants voluntarily agreed to implement mitigation measures to protect the DSL and preserve DSL habitat. In May 2024, the FWS designated the DSL as endangered under the ESA. If the TCP or CCAA are revised (including new or expanded habitat designations) and impose additional restrictions on oil and gas operations in the Permian Basin, it could cause us or