Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 361

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 361
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 |     | $                       |   13,284 |   |     | $ |   12,869 |   |

See accompanying notes to the consolidated financial statements

<div align='center'>F-23

WaterBridge NDB Operating LLC and Subsidiaries

Notes to the Consolidated Financial Statements</div>

WaterBridge NDB Operating LLC (together with its subsidiaries, the “Company”, “we”, “our”, or “us”) is a Delaware limited liability company headquartered in Houston, Texas that was formed in February 2020 by WaterBridge NDB LLC (“WB NDB”), a Delaware limited liability company. WB NDB was capitalized in June 2020 by funds affiliated with Five Point Energy Fund II LP and Five Point Energy Fund III LP and certain members of management.

On June 8, 2022, WB NDB, EVX Midstream Partners LLC, a Delaware limited liability company (“EVX I”), and EVX Eagle Ford Holdings LLC, a Delaware limited liability company (“EEF”), completed a combination transaction, pursuant to which each of WB NDB, EVX I and EEF contributed all of their equity interests in their respective wholly owned operating subsidiaries to NDB Holdings LLC, a Delaware limited liability company (“Holdings”), in exchange for membership interests in Holdings. Following such merger, funds affiliated with Five Point Energy Fund I LP, Five Point Energy Fund II LP and Five Point Energy Fund III LP collectively hold a 65.8% indirect ownership in the Company.

On March 28, 2023, Holdings contributed all of its equity interests in the Company to NDB Intermediate Holdings LLC, a Delaware limited liability company (“Intermediate Holdings”).

Effective as of May 1, 2023, Holdings and WPX Energy Permian, LLC, a Delaware limited liability company (“Devon”), entered into a Contribution Agreement, whereby (a) Holdings contributed all of its equity interests in its wholly owned subsidiaries, including Intermediate Holdings, and (b) Devon contributed all of its equity interests in Stateline Water, LLC, an Oklahoma limited liability company (“Stateline Water”), to a newly formed entity, NDB Midstream LLC, a Delaware limited liability company (“NDB Midstream”). NDB Midstream subsequently contributed all of its equity interest in Stateline Water to the Company. Following these contributions, Holdings and Devon owned 70% and 30%, respectively, in NDB Midstream. The Company is a wholly owned subsidiary of NDB Midstream.

The Company provides water management solutions through