WaterBridge Infrastructure LLC

WaterBridge Infrastructure LLC is a U.S.-based water infrastructure company focused on produced-water handling for oil and natural gas operators, with its core network concentrated in the Delaware Basin. The company operates pipelines, water-handling facilities, recycling systems, and non-hazardous waste disposal facilities through its WaterBridge and Desert Environmental businesses.

41,8 %

27,1 %

0,0 %

+66,2 %

1.38

1.38

— WaterBridge Infrastructure LLC
%
Produced Water Handling70% Fee-based collection, transport, treatment, and disposal of produced water from E&P operations.
Water Recycling and Water Solutions20% Recycled and brackish water services delivered for reuse in drilling and completion activity.
Waste Management8% Disposal services for non-hazardous waste generated by oil and gas exploration and production.
Byproduct and Ancillary Revenue2% Skim oil recovery and other ancillary revenue streams tied to water handling operations.

WaterBridge sells primarily to oil and natural gas exploration and production companies that outsource water management...

  • Large E&P operatorsprimary

    Top-tier oil and gas producers that contract for produced-water gathering, transport, and disposal capacity.

  • Acreage-dedicated customersprimary

    Operators with dedicated acreage that buy fixed-fee water handling and recycling services under long-term agreements.

  • Water recycling userssecondary

    Customers that purchase recycled or brackish water for drilling and completion operations.

  • Oilfield waste customerssecondary

    E&P-related customers using Desert Environmental facilities for non-hazardous waste disposal.

Operations are concentrated in the Delaware Basin, a major oil and natural gas producing region in the U.S. Southwest...

  • •Delaware Basin is the core operating region
  • •U.S. network supports produced-water logistics and disposal
  • •Infrastructure is located near concentrated oil and gas production
  • •Pore space access in and around the basin supports disposal capacity
  • •Geographic density improves flow assurance and operating efficiency

WaterBridge’s strategy centers on expanding its integrated water network through long-term, fee-based contracts that...

01
Grow the integrated water networkmedium-term

Scale and connectivity improve flow assurance, customer retention, and operating efficiency.

02
Secure long-term fee-based contractsshort-term

Acreage dedications and MVCs support recurring volumes and reduce exposure to spot activity.

03
Pursue acquisitions of water assetsmedium-term

Buying producer-owned infrastructure can add scale and bring customers into long-term agreements.

WaterBridge is exposed to oil and gas activity levels because produced-water volumes depend on drilling and production...

critical

Environmental and operational incidents

Spills, releases, or facility failures could trigger liability and service interruptions.

Scope
Pipelines, treatment sites, disposal facilities
Materiality
high
high

Dependence on oil and gas activity

Water volumes are driven by customer drilling and production levels in the basin.

Scope
Produced water handling and recycling volumes
Materiality
high
high

Customer insourcing of water management

E&P companies may build or expand their own water infrastructure instead of outsourcing.

Scope
Contract renewals and network utilization
Materiality
high
high

Regulatory and permitting changes

Produced-water handling and disposal are subject to evolving federal and state rules.

Scope
Facility operations, shutdown risk, compliance costs
Materiality
high
medium

Competition for water infrastructure contracts

Other water management providers and producer-owned systems compete for the same volumes.

Scope
Pricing, customer retention, basin share
Materiality
medium
Revenue recognition over time
Reported revenue tracks basin activity and contract mix
Long-lived asset impairment
Changes in expected volumes or cash flows can trigger write-downs
Lease accounting
Impacts balance sheet commitments and operating cost presentation
IPO and combination accounting
Historical results may not be directly comparable across periods

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: 29/04/2026