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Major Services of WaterBridge Infrastructure

While WaterBridge Infrastructure is a private company and not publicly traded under the symbol WBI, its major services are:

• Produced Water Gathering & Transportation: Operates extensive pipeline networks to collect and transport produced water from oil and gas production sites.
• Produced Water Treatment & Recycling: Processes produced water to remove impurities, enabling its reuse in hydraulic fracturing and other oilfield operations.
• Produced Water Disposal: Manages the safe and environmentally compliant disposal of produced water into saltwater disposal wells.
• Freshwater Sourcing & Delivery: Provides freshwater resources and associated delivery infrastructure for various upstream oil and gas activities.

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Upon review, WaterBridge Infrastructure (symbol: WBI) does not appear to be a publicly traded company with that specific name and ticker symbol. There is a prominent private company named WaterBridge Holdings LLC, which operates in the infrastructure sector. Assuming the intent was to inquire about WaterBridge Holdings LLC, the following describes its customer base:

Major Customers of WaterBridge Holdings LLC (Private Company)

WaterBridge Holdings LLC is a midstream water management company that provides comprehensive water solutions to the oil and gas industry. This means it sells primarily to other companies, not to individuals. Its services include the gathering, transportation, disposal, and treatment of produced water and flowback water from oil and gas production.

Customer Categories:

The major customers of WaterBridge Holdings LLC are primarily oil and gas exploration and production (E&P) companies operating in basins where WaterBridge has infrastructure, such as the Permian Basin. These customers can generally be categorized as:

1. Large Independent E&P Companies: These are significant oil and gas producers that often have extensive drilling programs and require robust, long-term water management solutions. They seek efficiency, reliability, and scale in their water infrastructure.
2. Major Oil and Gas Corporations: While WaterBridge's primary focus may be on independents, some large integrated oil and gas companies with substantial upstream operations in their service areas could also be customers, seeking specialized water management services.
3. Smaller and Medium-Sized E&P Operators: These companies also need efficient water management, but may have fewer resources to build and operate their own infrastructure, making WaterBridge's outsourced solutions particularly valuable.

As a private company, WaterBridge Holdings LLC does not publicly disclose the names of its specific major customers, nor are they required to. Therefore, specific customer company names and their public stock symbols cannot be provided.

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Jason Long Chief Executive Officer

Mr. Long is an oil and gas entrepreneur with more than 20 years of experience founding and operating businesses across the upstream and midstream value chains. Most recently, he was president and founder of EnWater Solutions LLC and Pelagic Water Systems LLC, where he led the funding, construction, and commercialization of produced water gathering and disposal systems. EnWater Solutions was acquired by WaterBridge Resources in 2017. Mr. Long assumed the role of Chief Executive Officer of WaterBridge Infrastructure in April 2025.

Scott L. McNeely Executive Vice President and Chief Financial Officer

Mr. McNeely has served as Executive Vice President, Chief Financial Officer of WaterBridge since September 2024. Prior to this, he held roles as Senior Vice President, Finance, and Director of Finance at WaterBridge. Before joining WaterBridge, Mr. McNeely worked as an Investment Banking Senior Associate at Citigroup from June 2015 to March 2018.

Michael Howard Reitz, Jr. President and Chief Operating Officer

Mr. Reitz, also known as "Chop," has over 20 years of experience in upstream and midstream engineering, construction, and operations, particularly in West Texas. He previously served as Vice President for EnWater Solutions LLC, where he managed the construction and operations of a produced water gathering and disposal system, a company he co-founded with Jason Long. Before EnWater, he was an Operations Engineer for Diamondback Energy.

Jason Williams Executive Vice President and Chief Administrative Officer

Mr. Williams possesses more than 18 years of accounting and finance leadership experience within the oil and gas industry. He previously spent nine years at BHP, serving in various North America and global leadership roles focused on asset acquisition and integration, financial and production systems, organizational transformation, and operational finance and accounting.

Harrison Bolling Executive Vice President and General Counsel

Mr. Bolling has over 17 years of experience advising energy clients, with a focus on mergers and acquisitions, midstream commercial agreements, and surface land transactions. He joined WaterBridge as General Counsel in 2018. Prior to WaterBridge, he served as assistant general counsel at PennTex Midstream Partners LP, a publicly traded natural gas gathering and processing master limited partnership.

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1. Sensitivity to Energy Markets and Commodity Prices: WaterBridge Infrastructure's drilling and completions activity, which directly impacts its volumes and revenues, is highly influenced by oil and gas prices. A decline in commodity prices could significantly reduce the company's volumes and overall revenues.
2. High Customer Concentration: A significant portion of WaterBridge's revenue is derived from a limited number of large customers. The loss of or renegotiation of contracts with even one of these major clients could have material adverse effects on the company's financial performance.
3. Environmental and Regulatory Risks: The company's operations, particularly the disposal of produced water through injection wells, are subject to increasing environmental and regulatory scrutiny. Concerns about seismic activity, climate, and broader environmental, social, and governance (ESG) factors could lead to more stringent regulations, impacting WaterBridge's operations, costs, and potentially resulting in fines or reputational damage.

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The increasing viability and adoption of decentralized water treatment and reuse systems present a clear emerging threat. These systems, utilizing advanced technologies such as modular membrane bioreactors, advanced oxidation processes, and point-of-use purification, allow for localized water management and recycling. This trend challenges the traditional large-scale, centralized infrastructure model by reducing the need for extensive long-distance pipelines, massive treatment plants, and large centralized distribution networks, which form the core assets of companies like WaterBridge Infrastructure. As communities and industries increasingly seek water resilience, efficiency, and localized solutions, demand for new large-scale conventional infrastructure may diminish, potentially leading to underutilization of existing assets and reduced opportunities for growth in traditional water infrastructure development and operation.

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WaterBridge Infrastructure (WBI) operates within the addressable market of produced water management for the oil and natural gas industry, primarily focusing on gathering, transporting, recycling, and handling produced water. The company's operations are concentrated in key U.S. shale basins, specifically the Delaware Basin (West Texas and New Mexico), the Eagle Ford Basin (South Texas), and the Arkoma Basin (Oklahoma).

The addressable market for WaterBridge Infrastructure's main products and services is as follows:

• The overall U.S. midstream water market for oil and gas, which encompasses supply, transport, storage, treatment, and disposal of water, is projected to reach a total of US$156 billion between 2025 and 2030. This represents an average annual market size of over US$26 billion, growing at a compound annual growth rate (CAGR) of 2.1%.
• Within this U.S. market, the Permian Basin (which includes the Delaware Basin where WaterBridge has significant operations) is expected to account for the largest share of midstream water spending, totaling approximately US$101.8 billion through 2030. This represents nearly two-thirds of the total U.S. market value.
• The Eagle Ford Basin, another region where WaterBridge operates, is identified as a secondary growth basin for midstream water spend, with a projected market size of US$14.1 billion through 2030.

Therefore, the market sizes provided are for the United States, with specific breakdowns for major oil and gas basins within the U.S.

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WaterBridge Infrastructure (NYSE: WBI) is anticipated to drive future revenue growth over the next two to three years through several key initiatives and inherent strengths of its business model:

• Commissioning of New Large-Scale Projects: Major infrastructure projects such as Kraken, Speedway, and Cotton Draw are expected to come online, contributing significantly to revenue. These projects are backed by take-or-pay agreements, ensuring a stable and growing revenue stream as they commence operations. These new assets are being built at attractive multiples and contracted at rates meaningfully above WaterBridge's existing portfolio average, which should also lead to margin expansion.
• Expansion of Water Management Solutions and Infrastructure Network: WaterBridge operates the largest produced water infrastructure network in the United States, primarily in the Delaware Basin, with additional assets in the Eagle Ford and Arkoma Basins. The company's focus on expanding this network and its capacity, which currently stands at over 4.5 million bpd of total produced water handling capacity, will directly lead to increased volumes of water gathered, transported, recycled, and handled for customers, thereby growing revenue.
• Long-Term Contracts with Investment-Grade Producers: A significant portion of WaterBridge's water-related revenue is secured through long-term contracts, with approximately 70% having a tenure of 15 years or more. These contracts include annual inflation-linked escalators, providing built-in price increases and revenue stability. The company's customer base includes active producers in the Permian Basin, such as BPX Energy, Chevron, and Devon Energy, with a majority of water-related revenue from customers with strong credit ratings, ensuring reliable cash flows.
• Strategic Partnership with LandBridge: WaterBridge's partnership with LandBridge provides a competitive advantage by ensuring capacity reliability and strong pricing power within the Permian Basin. This unique access to underutilized pore space through LandBridge positions WaterBridge to capture growing demand for water management services in the region, leading to further revenue growth.
• Increased Customer Volumes from Active Drilling in the Permian Basin: WaterBridge's operations are predominantly in the Delaware Basin, which is noted as the most prolific oil and natural gas basin in North America. Continued robust oil and natural gas exploration and production activities by its customers in this basin are expected to generate higher volumes of produced water requiring management, directly increasing WaterBridge's revenue. The company's revenue is forecast to grow at 13.9% per year, which is faster than the US market.

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Share Issuance

• WaterBridge Infrastructure completed an Initial Public Offering (IPO) in September 2025, issuing 31.7 million Class A shares at $20 per share, which raised $634 million.
• The underwriters fully exercised their option to purchase an additional 4,755,000 Class A shares, generating approximately $89 million in additional net proceeds.
• The total net proceeds from the IPO, including the underwriters' option, amounted to approximately $677 million.

Inbound Investments

• WaterBridge has secured $5.61 billion in funding to date, backed by major investors such as Magnetar Capital, Mubadala Capital, and GIC Private.
• Five Point Energy, a private equity firm, is a financial sponsor and is set to own over 50% of the common shares following the IPO.
• Devon Energy, the company's largest customer, will also hold a 15% ownership stake after the IPO.

Outbound Investments

• In February 2020, WaterBridge acquired the Southern Delaware Basin produced water infrastructure from Centennial Resource Production, LLC.
• The company maintains a strategy of acquiring producer-owned water infrastructure assets, a model that may be further supported by capital raised from the IPO.

Capital Expenditures

• WaterBridge reported capital expenditures of $155 million for the six months ended June 30, 2025.
• The company plans to invest approximately $290 million in development costs for the initial phase of the Speedway Pipeline project, with completion expected by mid-2026.
• Capital expenditures are primarily focused on expanding its infrastructure network through new disposal wells, adding pipeline miles, and enhancing water recycling capabilities.