WaterBridge Infrastructure LLC (WBI)

WaterBridge is a holding company formed in April 2025 as a Delaware limited liability company to serve as the issuer in its initial public offering, which closed on September 18, 2025. Its principal asset is units in WaterBridge's operating company (OpCo), of which it is the sole managing member. The company describes itself as a leading integrated, pure-play water infrastructure company operating predominantly in the Delaware Basin. It says it runs the largest integrated produced water infrastructure network in the United States, providing oil and natural gas exploration and production (E&P) companies with gathering, transportation, treatment, recycling and handling of produced water under long-term contracts.

The network spans the Delaware Basin in West Texas and New Mexico, the Eagle Ford Basin in South Texas and the Arkoma Basin in Oklahoma. As of December 31, 2025, it included about 2,500 miles of pipelines and 201 produced water handling facilities with roughly 4.7 million barrels per day of capacity, supported by about 2.4 million dedicated acres. At the handling facilities, water is filtered and treated, with solids and residual skim oil removed. The water is then injected into disposal wells or recycled for drilling use, and the skim oil is sold at market prices. The company also sells brackish, produced and recycled water for drilling and completion, and operates two energy waste management facilities for non-hazardous oilfield waste under the Desert Environmental brand. Growth projects include the Speedway Pipeline, with an initial 500,000 bpd phase expected in service in the third quarter of 2026 and a Phase II open season for up to 500,000 bpd more. Operations are monitored through a centralized operations center and a proprietary water forecasting platform.

Customers are E&P companies, served mainly under long-term, fixed-fee contracts. About 71% have initial terms of at least 15 years, and the weighted average remaining life was about 10.4 years. Contracts typically include acreage dedications, in some cases areas of mutual interest, minimum volume commitments, annual CPI-linked fee escalators and fees on diverted volumes. Revenue comes mainly from produced water handling fees and, to a lesser extent, from supplying raw or recycled water, so it is tied to long-lived well production rather than drilling activity. Devon was one of the largest customers, accounting for about $98 million, or 19%, of water-related revenues in 2025, and owns 14.4% of the common shares. A large customer relationship with bpx energy in Reeves County, Texas, includes 10-year minimum volume commitments.

The company shares its financial sponsor, Five Point, and its management team with LandBridge, a Delaware Basin land management company that owned or managed more than 315,000 surface acres at year-end 2025. That relationship gives it preferential access to underutilized pore space, including exclusive rights to build up to 36 initial handling facilities on part of LandBridge's acreage. Agreements with Texas Pacific Land Company provide reciprocal crossing rights across an approximately 64,000-acre area of mutual interest. Growth comes from organic buildout and from acquisitions of producer-owned water assets, which the company prioritizes over third-party assets. The text does not identify competitors, suppliers or the headquarters location.