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

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 15
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 agreements, we agreed to construct large-diameter transportation pipelines and additional handling facilities, which we refer to as the “bpx energy Project,” in order to transport and handle produced water from bpx energy’s development locations in Reeves County, Texas. This infrastructure was completed in July 2025 and includes initial capacity of approximately 450,000 bpd, with the ability to increase capacity to approximately 600,000 bpd. On April 1, 2025, we announced the launch of an open season to solicit commitments from E&P companies to support our construction of a large diameter transportation pipeline, which we refer to as the “Speedway Pipeline,” that will extend across the northern Delaware Basin and connect Eddy and Lea counties to out-of-basin pore space in the Central Basin Platform owned by LandBridge. Subject to the successful completion of commercial negotiations with potential customers, we expect to commence construction of the Speedway Pipeline during the fourth quarter of 2025 and estimate that total development costs will be approximately $290.0 million, consisting of approximately $220.0 million for the Speedway Pipeline and associated produced water handling facilities and approximately $70.0 million for additional infrastructure to connect the pipeline to customer receipt points, including costs associated with the complementary New Devon Project (as defined below). We expect to incur approximately $72.0 million of capital expenditures in the fourth quarter of 2025 and approximately $162.0 million of capital expenditures in the first half of 2026, and that the Speedway Pipeline and related handling facilities will be completed and in service by mid-2026. We expect to fund construction of the project with cash on hand and borrowings under our Existing Revolving Credit Facilities or, if applicable, our New Revolving Credit Facility (as defined below). For additional information about our New Revolving Credit Facility, please see “—Expected Refinancing Transactions” below. If it is completed, we expect that the Speedway Pipeline will provide access to approximately 1.0 million bpd of approved produced water capacity in the Central Basin Platform and will enhance flow assurance and redundancy for our customers utilizing LandBridge’s significant pore space capacity. In August 2025, we entered into a 10-year commercial agreement with Devon Energy Production Company, L.P. that includes a 7.5-year MVC, commencing on April 1, 2027, for the transportation and handling of Devon produced water volumes from certain development locations in Eddy and Lea counties, New Mexico, which we refer to as the “New