Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 233

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 233
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 require us or our customers to obtain pre-approval for the construction or modification of certain projects or facilities expected to produce or significantly increase air emissions, obtain and strictly comply with stringent air permit requirements or utilize specific equipment or technologies to control emissions of certain pollutants. The need to obtain or renew permits has the potential to delay our customers’ development of oil and gas projects. Failure to obtain, maintain, or comply with a permit could result in the imposition of administrative, civil and criminal penalties.

In addition, in recent years the U.S. Congress has considered legislation to reduce emissions of greenhouse gases (“GHGs”); however, it presently appears unlikely that comprehensive climate change legislation will be passed by the U.S. Congress in the near future. Nevertheless, several states and geographic regions in the United States have adopted legislation and regulations to address GHG emissions, primarily through the development of emission inventories or regional GHG cap-and-trade programs. Independent of Congress, the EPA has adopted regulations controlling GHG emissions under its existing authority under the CAA. Our customers’ operations are subject to such GHG emissions regulations. For example, the EPA published New Source Performance Standards (“NSPS”), known as Subpart OOOO, that require certain new, modified or reconstructed facilities in the oil and gas sector to reduce methane gas and volatile organic compound emissions by using certain equipment-specific emissions control practices. The Subpart OOOO standards expand previously issued NSPS published by the EPA. The EPA announced a final rule in December 2023, which, among other things, requires the phase out of routine flaring of natural gas from new oil wells and routine leak monitoring at all well sites and compressor stations. The final rule gives states, along with federal tribes that wish to regulate existing sources, specific deadlines to develop and submit their plans for reducing methane from existing sources. As a result of these developments, future implementation of

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the Subpart OOOO standards is uncertain at this time; however, implementation of the Subpart OOOO regulation could result in increased expenditures for pollution control equipment by our customers, which could impact our customers’ operations and negatively impact our business.

Furthermore, on April 10, 2024, the federal Bureau of Land Management (“BLM”) published a final rule that established, among other things, requirements to reduce methane emissions arising from venting, flaring and leakage from oil and gas production activities on onshore federal and American Indian lands. Litigation regarding the rule is ongoing and uncertainty exists with