Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 362

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 362
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 integrated pipeline and water handling networks located in the Northern Delaware Basin in west Texas and southern New Mexico and in the Eagle Ford Basin in south Texas. Through its networks, the Company gathers, transports, treats, recycles, stores, and/or handles water produced from oil and gas exploration and production (“E&P”) activities. As part of the water handling process, we separate, recover, and sell crude oil, also known as skim oil. The Company also sells brackish water to E&P companies for use in drilling and completion operations. Our assets consist of produced water handling and recycling facilities, brackish water wells and ponds, water pipeline systems and related facilities. The water handling activities are generally supported by long-term, fixed-fee contracts and acreage dedications. The Company also provides crude gathering and transportation services in the Eagle Ford Basin.

Corporate Reorganization

On July 1, 2024, WB NDB, the indirect parent of the Company, was divided into two Delaware limited liability companies in accordance with a plan of division: (i) WB NDB and (ii) LandBridge Holdings LLC, a new Delaware limited liability company created by, and resulting from, the division (the “Division”). Pursuant to the Division, DBR Land Holdings LLC, a Delaware limited liability company (“DBR Land Holdings”) and its subsidiaries, each of which was previously a subsidiary of WB NDB, became subsidiaries of LandBridge Holdings LLC. As a result, all WB NDB incentive units, the burden of which were previously allocated between the Company and its subsidiaries and DBR Land Holdings and its subsidiaries, are now entirely attributable to the Company. In addition, in conjunction with the Division, WB NDB entered into a Second Amended and Restated Limited Liability Company Agreement, pursuant to which the repurchase feature triggering liability award accounting was amended to require repurchase at fair value as of the repurchase date, thereby eliminating the liability award accounting, including periodic fair value remeasurement. From and after the Division, WB NDB incentive units have transitioned to equity award accounting.

Our consolidated financial statements (“Financial Statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All dollars amounts, except per unit amounts, in the Financial Statements and tables in the notes are stated in thousands of dollars unless otherwise indicated.

All of the Company’s subsidiaries are wholly owned, either directly or indirectly through wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. There were