Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 225

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 225
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 a larger, integrated third-party network.

In addition to water infrastructure owned by E&P companies, there are other third-party water midstream companies in the Delaware Basin and other basins in the United States that may present strategic acquisition opportunities. We will evaluate all acquisition opportunities relative to organic project returns and we intend to employ a rigorous framework to evaluate potential opportunities. We expect to pursue only accretive acquisitions of high-quality, complementary water infrastructure assets, since such opportunities will compete with alternative uses of capital such as organic growth projects, shareholder dividends, share repurchases and debt reduction. We have a demonstrated track record of acquiring water infrastructure assets from both midstream competitors and E&P companies and integrating them into our broader network.

We primarily compete with water infrastructure assets owned by E&P companies and with other third-party water midstream companies. Our competition is primarily relevant as it relates to new commercial agreements. Due to the long-term nature of our existing acreage dedication contracts, we may be able to grow through existing contracts with our existing customers without the necessity of entering into additional commercial agreements.

We believe that many of the E&P companies that continue to own their own water infrastructure would benefit from outsourcing their water management needs and selling their assets due to the capital efficiencies that can be realized from leveraging a larger, integrated network to manage produced water volumes. Additionally, we believe that our large-scale, fully integrated network, combined with our advantaged access to pore space as a result of our partnerships with LandBridge and TPL, differentiates us from other third-party water midstream companies that lack the scale required to address the challenges faced by our customers.

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Most of our interests in the real property on which our assets are located derive from leases, easements, rights-of-way, permits or licenses from landowners or governmental authorities, permitting the use of such land for our operations. We have no knowledge of any challenge to the underlying fee title of any material lease, easement, right-of-way, permit or license held by us or to our title to any material lease, easement, right-of-way, permit or lease, and we believe that we have satisfactory title to all of our material leases, easements, rights-of-way, permits and licenses.

Our operations are not subject to significant seasonal variation in demand or supply.

Our business is subject to the inherent and unplanned operating risks associated with the water midstream industry, including environmental damage from potential leaks or spills. To address the hazards inherent to our business, our insurance coverage includes