Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 192

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 192
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 expected life of the incentive units. The fair value of our equity is determined based on a weighted approach, utilizing an equal allocation between an income approach and a market approach. Key assumptions used in the income and market approaches include projections of future revenues and expenses. Additional assumptions used in the income approach include terminal value growth rates, discount rates, and other factors that management believes to be reasonable and reflective of market conditions at the valuation date.

We update our assumptions each reporting period based on new developments and adjust such amounts to fair value based on revised assumptions, if applicable, over the vesting period.

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We are not currently required to comply with the SEC’s rules implementing Section 404 of the Sarbanes‑Oxley Act and are therefore not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. Upon becoming a reporting issuer, we will be required to comply with the SEC’s rules implementing Section 302 of the Sarbanes‑Oxley Act, which will require our management to certify financial and other information in our quarterly and annual reports and provide an annual management report on the effectiveness of our internal control over financial reporting. We will not be required to make our first assessment of the effectiveness of our internal control over financial reporting under Section 404 until our second annual report on Form 10‑K after we become a public company.

Further, our independent registered public accounting firm is not yet required to formally attest to the effectiveness of our internal controls over financial reporting and will not be required to do so for as long as we are an “emerging growth company” under applicable federal securities laws. Please see “Summary—Emerging Growth Company Status” for more information.

Off Balance Sheet Arrangements

We currently have no material off‑balance sheet arrangements.

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While our business is entirely focused on water management, the underlying industry that we service is the upstream oil and natural gas industry in the United States which includes major producing regions across the country. Our water infrastructure network is predominantly focused on the Delaware Basin, which is located in Texas and New Mexico. The Delaware Basin is part of the Permian Basin, which is the most active oil and natural gas producing region in the country. With 38% of current onshore rigs, the lowest break-even operator economics and approximately 33,000 remaining economic locations (the most out of any Lower 48 basin), the Delaware Basin is the most prolific oil and natural gas basin in