Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 166

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 166
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 as compared to the year ended December 31, 2023, primarily due to higher produced water handling and water solutions volumes. This increase in volumes resulted in higher landowner royalty expenses of $15.6 million, site utility expenses of $5.6 million, waste disposal costs of $3.1 million, water treatment chemical purchases of $2.0 million, and other direct field-level costs of $1.0 million. Additionally, as activity increased across our Northern Delaware platform, the Company experienced higher costs in other direct operating categories, including repairs and maintenance of $9.9 million, employee-related expenses of $8.3 million, and equipment rentals of $5.2 million, compared to the prior year. Insurance costs directly associated with the operations of our facilities also increased by $1.8 million. Depreciation, amortization and accretion. Depreciation, amortization and accretion increased $29.9 million for the year ended December 31, 2024 as compared to the year ended December 31, 2023 primarily attributable increased depreciation of $24.7 million associated with asset acquisitions and capital expenditures related to the continued expansion of our produced water handling infrastructure network in the Texas-New Mexico state line area. Additionally, amortization expense increased $4.9 million related to customer contracts intangibles acquired in May

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2024. See “Note 4—Asset Acquisitions” within the notes to the NDB Operating consolidated financial statements included elsewhere in this prospectus.

|                                                                        |     | Year Ended December 31, |   2024 |     |     |   2023 |   |     | Amount of 
 Increase  | (Decrease) |     | Percentage | Change |    |
|:-----------------------------------------------------------------------|:----|:------------------------|-------:|:----|:----|-------:|:--|:----|:----------|-----------:|:----|:-----------|-------:|:---|
| General and administrative expense, excluding share-based compensation |     |                         | 24,312 |     |     | 15,052 |   |     |           |      9,260 |     |            |     62 | %  |
| Share-based compensation                                               |     |                         |  9,474 |     |     |   (359 | ) |     |           |      9,833 |     |            | (2,739 | )