Company: WBI
Filing Date: 2025-04-18
Form Type: DRS
Source: 0000950123-25-003575
Chunk: 116

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-04-18
Form: DRS
Chunk 116
---
, uncertainties and assumptions, the forward‑looking events discussed may not occur. We assume no obligation to publicly update any of these forward‑looking statements except as otherwise required by applicable law.

Unless otherwise indicated, the historical financial information in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” reflects only the historical financial results of OpCo’s predecessors, WaterBridge Equity Finance LLC and WaterBridge NDB Operating LLC, and does not give effect to the transactions described in the section titled “Corporate Reorganization.”

### Overview
We are a leading integrated water infrastructure company with operations predominantly in the Delaware Basin, the most prolific oil and natural gas basin in North America. We operate what we believe is the largest water infrastructure network in the United States through which we provide water management solutions to E&P companies under long-term contracts, which include gathering, transporting, recycling and handling produced water. As of March 31, 2025, on a pro forma basis, our infrastructure network included approximately 2,500 miles of pipelines and 182 produced water handling facilities, which handled approximately 2.4 million bpd of produced water for our customers and had more than 4.0 million bpd of total produced water handling capacity. In addition, our synergistic relationship with LandBridge, a leading Delaware Basin surface owner, provides us access to significant underutilized pore space in and around the Delaware Basin that is necessary to meet the E&P industry’s evolving water handling needs.

Our customers include some of the most active and well-capitalized E&P companies in the areas in which we operate, including Permian Resources Corp., Devon, Trinity Operating, LLC (a subsidiary of NextEra Energy, Inc.), Chevron Corporation and EOG Resources, Inc. We serve our customers primarily under long-term, fixed-fee contracts that contain acreage dedications or MVCs. Many of our contracts also include AMIs that grant us the right to provide water management solutions on any leases or oil and natural gas wells subsequently acquired or operated by a customer within a specified area. Our long-term contracts typically grant us the exclusive right to provide water management solutions for all produced water volumes from our customers’ oil and natural gas wells located within the dedicated acreage, and customers are typically required to either deliver all dedicated volumes to us or pay us a fee for any diverted dedicated volumes. For the year ended December 31, 2024, on a pro forma basis, we generated approximately % of our revenues under long-term, fixed-fee contracts in the Delaware Basin.