Company: WBI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001193125-25-278007
Chunk: 17

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 17
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WaterBridge Infrastructure LLC (the “Company,” “WaterBridge,” “we,” “our” and “us”) was formed on April 11, 2025 as a Delaware limited liability company to serve as the issuer in our initial public offering (the “IPO”). We are governed by a First Amended and Restated Limited Liability Company Agreement, dated as of September 18, 2025 (the “LLC Agreement”). The Company is headquartered in Houston, Texas.

We are a holding company whose principal asset consists of units representing limited liability company interests (“OpCo Units”) in WBI Operating LLC (“OpCo”). Under the LLC Agreement, we have been designated as the managing member of OpCo, and, as the managing member, we are responsible for all operational, management and administrative decisions relating to OpCo’s business, and we consolidate financial results of OpCo and its subsidiaries. The Company did not have any business transactions or activities from its inception until the acquisition of the OpCo Units, other than related to its formation and its initial capitalization.

We generate revenue primarily by charging produced water handling fees for transporting produced water for disposal into our produced water handling facilities and, to a lesser extent, by providing raw or recycled produced water to customers for reuse in drilling and completion operations and oilfield waste reclamation and disposal operations. By focusing on produced water handling, our revenues are tied primarily to the long-life production of oil and natural gas wells rather than drilling activity, which can be more cyclical in nature. Our assets primarily consist of produced water handling, recycling and waste management facilities, brackish water wells and ponds, water pipeline systems and related facilities within the Delaware Basin in West Texas and New Mexico, the Eagle Ford Basin in South Texas and the Arkoma Basin in Oklahoma. We also operate two waste management facilities for the disposal of non-hazardous waste resulting from oil and gas exploration and production activity in the Delaware Basin and provide gas transportation services in the Arkoma Basin.

Our predecessor for SEC reporting purposes is WaterBridge NDB Operating LLC (“NDB Operating”), an indirect, wholly owned subsidiary of NDB Midstream LLC (“NDB Midstream”). NDB Midstream was the accounting acquirer in the Combination (as defined below). Accordingly, the historical pre-Combination condensed consolidated financial statements of WaterBridge reflect the operations of NDB Operating. 

Combination and Corporate Reorganization

On September 17, 2025 (the “Combination Date”), we, our Legacy Owners and other related entities consumm