WaterBridge Infrastructure LLC (WBI)

WaterBridge is a Delaware limited liability company, formed in April 2025 and publicly listed through an initial public offering that closed on September 18, 2025. It is a holding company whose principal asset is OpCo Units in its operating company, for which it serves as sole managing member. It describes itself as a leading integrated, pure-play water infrastructure company operating mainly in the Delaware Basin of West Texas and New Mexico, and also in the Eagle Ford Basin in South Texas and the Arkoma Basin in Oklahoma.

The company operates what it calls the largest integrated produced water infrastructure network in the United States, providing oil and natural gas exploration and production (E&P) customers with gathering, transportation, treatment, recycling and handling of produced water under long-term contracts. As of December 31, 2025, the network included approximately 2,500 miles of pipelines and 201 produced water handling facilities with about 4.7 million barrels per day of capacity, supported by roughly 2.4 million dedicated acres. At its facilities, it removes solids and skim oil, then disposes of the water in underground wells or recycles it for drilling and completion use.

It sells recovered skim oil, and sells brackish, produced and recycled water to customers. It also operates two energy waste management facilities for non-hazardous oil and gas waste under the Desert Environmental brand. Its contracts are generally fixed-fee per barrel, with 71% having initial terms of at least 15 years and a weighted average remaining life of about 10.4 years.

They typically include acreage dedications and areas of mutual interest, minimum volume commitments in certain cases, annual CPI-linked fee escalators, and fees on diverted volumes. Revenue comes primarily from produced water handling fees and, to a lesser extent, from supplying raw or recycled water, which ties results to long-lived well production rather than drilling activity. Devon Energy is a key customer and shareholder, accounting for about 19% of water-related revenues in 2025.

The company has a synergistic relationship with LandBridge, a Delaware Basin land management company that shares its sponsor, Five Point, and its management team. LandBridge provides preferential access to underutilized pore space, and the company operated about 1.5 million bpd of capacity on LandBridge acreage. It also has reciprocal crossing and marketing rights with Texas Pacific Land Company in an area of mutual interest of about 64,000 acres.

Growth projects include large-diameter pipelines for bpx energy in Reeves County, Texas, backed by 10-year minimum volume commitments, and 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. It also pursues acquisitions of producer-owned water assets and uses a centralized operations center and proprietary water forecasting platform to monitor its network.