Company: WBI
Filing Date: 2025-06-02
Form Type: DRS/A
Source: 0000950123-25-005943
Chunk: 129

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-06-02
Form: DRS/A
Chunk 129
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1 million in revenue from untreated produced water; and • an increase of $0.5 million due to a 12 MBbl/d brackish water volume increase related to higher demand used in conjunction with upstream drilling and completion activity, partially offset by an decrease of $0.1 million related to slightly lower prices brackish water. Other revenues. Other revenues decreased for the three months ended March 31, 2025 as compared with the three months ended March 31, 2024 primarily due to lower gas volume transported. Direct Operating Costs. Direct operating costs remained flat for the three months ended March 31, 2025 as compared with the three months ended March 31, 2024, with a slight per unit increase of $0.01 per barrel. General and administrative expense. General and administrative expense, excluding share-based compensation expense, decreased by $0.4 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. The decrease was primarily attributable to an increase in net shared services costs charged to affiliates. General and administrative expense, inclusive of share-based compensation expense, decreased $6.2 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. The decrease is attributable to the change in share-based compensation expense of $5.8 million and decreased cash expenses of $0.4 million noted above. Share-based compensation consists of the WaterBridge Resources and WaterBridge II incentive units. Such incentive units are classified as liability awards and shared-based compensation expense reflects the impacts of change in the liability remeasurement allocated to us. Any distributions associated with such incentive units are borne solely by WaterBridge Resources and WaterBridge II and not by us. Distributions attributable to the incentive units

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are based on returns received by the investors of such entities once certain return threshold have been met and are neither our obligation nor taken into consideration for distributions to our investors. See Note 8— Share-Based Compensation within the notes to the WBEF unaudited condensed consolidated financial statements included elsewhere in this prospectus. Interest expense, net. Interest expense, net decreased for the three months ended March 31, 2025 as compared with the three months ended March 31, 2024 primarily related to lower interest associated with the WBM Term Loan attributable to a repricing amendment completed in June 2024 and lower SOFR