Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 36

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 36
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 a rigorous framework to evaluate such opportunities, and potential acquisitions will compete with alternative uses of capital such as organic growth projects, shareholder dividends, share repurchases and debt reduction. When considering whether to pursue organic projects, we evaluate a number of factors, including expected produced water volumes, the creditworthiness of the potential counterparty, the duration and terms of the potential contract (including acreage dedications or MVCs and fixed fees with fee escalators based on the CPI), a build multiple that is expected to be less than 5.0x, and an ability to fund the project while maintaining our overall balance sheet strength. We and our predecessor companies have a demonstrated track record of acquiring water infrastructure assets from both midstream competitors and E&P companies and integrating them into our broader network.

Expand Service Offerings to Facilitate Growing Water Demand from New Industries . Although our core focus is to best serve our existing customer base of E&P companies, we regularly explore opportunities to expand our operations to serve customers outside the oil and natural gas industry, including future applications for data centers, the electric power sector, cryptocurrency mining, agriculture and municipal use. While these

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opportunities are not immediately actionable, we believe that they are potential examples of uses for produced water that are likely to become economically attractive for water management companies.

One such example is the water needs in power generation, particularly for combined cycle gas turbines (“CCGT”) that are common in power plants. It is estimated that for every 100 megawatts of power generation using CCGT, approximately 18.0 million barrels of water are required annually. Additionally, it is estimated that for every 100 megawatts of power demand associated with digital infrastructure, approximately 1.5 million barrels of water are required annually. As a result, both power generation and data center operations will require access to substantial, reliable water management solutions. We believe that our access to water supply and our experience and expertise in water management positions us to develop systems to effectively serve this growing market need.

In connection with this offering and prior to our Corporate Reorganization, certain of the direct and indirect equity owners of the Contributed Entities intend to undertake certain transactions to combine the businesses and operations of WBEF, NDB Midstream and Desert Environmental under OpCo and simplify OpCo’s organizational structure in anticipation of this offering. These transactions are collectively referred to in this prospectus as the “WaterBridge Combination.”

Pursuant to the WaterBridge Combination, we expect each of