Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 411

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 411
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ided interest owner’s permitted operating capacities on such facilities.

Joint Operating Agreement

On December 18, 2020, a subsidiary of the Company entered into a JOA and contribution agreement effective January 1, 2021, with a subsidiary of WaterBridge Operating LLC ("WBO"), which is a related party. The JOA governs the ownership and operation of the contributed produced water assets owned by each JOA party within an agreed area of mutual interest, consisting of eight produced water handling facilities, related permits, pipeline and right of way and related customer contracts. Under the terms of the JOA and the related contribution agreement, each party contributed produced water assets owned by such parties in exchange for 50% undivided interest in all JOA assets post contribution. The Company is the operator of all JOA assets and WBO is the non-operating partner.

<div align='center'>F-57

WaterBridge NDB Operating LLC and Subsidiaries

Notes to the Unaudited Condensed Consolidated Financial Statements</div>

9. Subsequent Events

The Company has evaluated subsequent events from the date of the balance sheet through August 3, 2025, the date these Financial Statements were available to be issued and determined there are no subsequent events to disclose.

<div align='center'>F-58</div>

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Managers of WaterBridge Holdings LLC

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of WaterBridge Equity Finance LLC and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations, changes in mezzanine equity and members’ equity, and cash flows, for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with