Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 21

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 21
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833 |     |          |     |                $596,090 |     | $325,268 |     |       $1,785,035 |     |              |     |              1,550,477 |     |              |
| Ratio of Net Debt to Annualized Adjusted EBITDA |     |                       5.80x |     |           |     |                     6.16x |     |           |     |                   5.83x |     |      5.06x |     |                       3.88x |     |          |     |                     3.47x |     |          |     |                   3.98x |     |    3.42x |     |            4.83x |     |              |     |                  4.03x |     |              |

(1) Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Margin, Adjusted Operating Margin per Barrel, and Net Debt are Non-GAAP financial measures. See “—Summary Historical and Pro Forma Financial Data—Non-GAAP Financial Measures” below for more information regarding these non-GAAP measures and reconciliations to the most comparable GAAP measures.

8

The underlying industry of our customer base is the upstream oil and natural gas sector in the United States, which includes major producing regions across the country. Our operations are centered in the Delaware Basin, a sub-basin of the Permian Basin, the most active oil and natural gas producing region in the United States. With 38% of current onshore rigs, the lowest break-even operator economics and approximately 33,000 remaining economic locations (the most out of any Lower 48 basin), the Delaware Basin is the most prolific oil and natural gas basin in North America. The Delaware Basin in particular has experienced significant growth over the past decade, with oil production increasing more than eight-fold since 2014 and water production following a similar trajectory. This growth is driven primarily by drilling activity from large, well-capitalized upstream producers, many of whom are our significant customers. We believe that our integrated water infrastructure network and comprehensive water handling solutions position us as an ideal partner to support these producers’ operations.

The Permian Basin, and specifically the Delaware Basin, has consistently attracted substantial drilling activity, even amidst varying commodity prices and macroeconomic conditions. As of June 30, 2025, there were 244 drilling rigs in the Permian Basin, representing 61% of all