Company: WBI
Filing Date: 2025-06-02
Form Type: DRS/A
Source: 0000950123-25-005943
Chunk: 135

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-06-02
Form: DRS/A
Chunk 135
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ish water supply assets acquired in May 2024. Other Revenues. Other revenues decreased for the three months ended March 31, 2025 as compared with the three months ended March 31, 2024 primarily due to lower crude gathering and transportation volume.

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Direct Operating Costs.Direct operating costs increased for the three months ended March 31, 2025 as compared with the three months ended March 31, 2024 primarily attributable to higher royalty expense of $7.8 million, site utilities and power of $2.6 million, personnel-related expenses of $1.5 million and third-party offload and waste disposal expenses of $1.1 million. The higher operating costs are directly correlated to higher water volumes handled or recycled. On a per unit basis, the direct operating costs per barrel decreased $0.03 per barrel of water handled, or 9%, attributable to higher water solutions barrels.

Depreciation, amortization and accretion.Depreciation, amortization and accretion increased for the three months ended March 31, 2025 as compared with the three months ended March 31, 2024 primarily due to an increase of $2.2 million in amortization expense associated with intangible assets acquired in May 2024.

General and administrative expense.General and administrative expense, excluding share-based compensation expense, increased by $1.4 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. The increase was primarily attributable to an increase in net shared services costs of $1.5 million. General and administrative expense, inclusive of share-based compensation expense, increased $1.1 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. The increase is attributable to cash expenses of $1.4 million noted above, partially offset by decreased share-based compensation expense of $0.3 million.

Share-based compensation consists of the WaterBridge NDB LLC incentive units. Prior to July 1, 2024 such incentive units were classified as liability awards at NDB LLC and shared-based compensation expense reflects the impacts of change in the liability remeasurement allocated to us. Effective July 1, 2024, the governing agreements were modified resulting in the incentive units now being accounted for as equity awards. This was considered as a modification under Accounting Standards Topic 718, Compensation – Stock Compensation