Company: WBI
Filing Date: 2025-08-22
Form Type: S-1
Source: 0000950170-25-111048
Chunk: 198

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-22
Form: S-1
Chunk 198
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 combination of increased pressure and initial water in place. The below chart shows WORs for the average well drilled by formation in the Delaware Basin. The bars are ordered from the deepest bench (Woodford) to the shallowest bench (Avalon).

Note: As of June 30, 2025. Source: Enverus, data and analytics derived from Enverus PRISM® June 2025.

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Producer activity in the Delaware Basin over time has been focused on the core formations such as the 2nd and 3rd Bone Spring and the Wolfcamp A/XY which tend to be shallower and have lower WORs. This focus has led to a decline in core inventory remaining in these prolific formations and has forced upstream producers to test deeper formations like the Wolfcamp B/C/D and the Woodford to replenish their drilling inventory. We believe that producers’ development programs will increasingly target these deeper formations which will increase the WORs of new wells drilled in the basin and ultimately support the broader trend of continued growth in produced water.

Note: As of June 30, 2025. Source: Enverus, data and analytics derived from Enverus PRISM® June 2025.

In addition to these current trends, we believe that the long-term growth in produced water in the Delaware Basin will continue partially due to advent of re-fractured wells (“re-fracs”). As operators seek to maximize the productivity of existing wells, re-fracs presents a cost-effective method to enhance recovery rates without the need for new drilling. Similar to new well development, efficient water management is essential to re-frac operations as they require significant water volumes for the initial hydraulic fracturing as well as sustained handling and disposal services for produced water as production peaks again thereafter. Though re-frac opportunities have traditionally been pursued in more mature oil and gas fields after their initial growth phase, we believe that there will be future opportunities to provide water management solutions for re-fracs in the Delaware Basin.

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### BUSINESS
We are a leading integrated, pure-play water infrastructure company with operations predominantly in the Delaware Basin, the most prolific oil and natural gas basin in North America. We believe that our strategically located network, substantial scale and built-in operational redundancies provide a competitive advantage in attracting customers and allow us to achieve significant operating and capital efficiencies. We operate the largest produced water infrastructure network in the United States through which we provide water management solutions to oil