Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 13

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 13
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 to TPL’s surface within the AMI for pipeline rights of way and the right to operate produced water handling facilities within the AMI as well as the exclusive right to market and sell produced water within the AMI, subject to customary royalty and revenue-sharing payments. As of August 31,

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2025, we have constructed approximately 700,000 bpd of produced water handling capacity within the AMI, with approximately 500,000 bpd of additional permitted capacity available to us within the AMI for future development. In January 2025, we announced commercial agreements with bpx energy that include 10-year MVCs to support our long-term development plans in the Delaware Basin. In connection with these commercial 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