WaterBridge Infrastructure (WBI) is like a Kinder Morgan or Enterprise Products Partners for produced water.

• Produced Water Gathering: Collects water that naturally exists in subsurface geological formations and is produced alongside oil and natural gas.
• Produced Water Transportation: Transports gathered produced water through an extensive network of pipelines.
• Produced Water Handling and Disposal: Manages and disposes of produced water, primarily through its infrastructure network and access to pore space.
• Produced Water Recycling: Processes produced water to make it suitable for reuse in oil and gas exploration and production activities.
• Energy Waste Management: Operates facilities for the disposal of non-hazardous waste resulting from oil and gas exploration and production activities.

WaterBridge Infrastructure (WBI) primarily sells its water management solutions to other companies, specifically oil and natural gas exploration and production (E&P) companies. The company identifies its major customers as some of the most active and well-capitalized E&P companies in the Delaware Basin.

Its major customers include:

• BPX Energy Inc. (a subsidiary of BP plc (NYSE: BP))
• Chevron Corporation (NYSE: CVX)
• Devon Energy Corporation (NYSE: DVN)
• EOG Resources, Inc. (NYSE: EOG)
• Permian Resources Corporation (NYSE: PR)

For the six months ended June 30, 2025, approximately 51% of WaterBridge Infrastructure's water-related revenues were generated from these top five customers.

WaterBridge Infrastructure (WBI) Major Suppliers:

• LandBridge Company LLC (NYSE: LB)

Jason Long - Chief Executive Officer

Jason Long was appointed Chief Executive Officer of WaterBridge Infrastructure in April 2025. He is an oil and gas entrepreneur with over 20 years of experience founding and operating businesses across the upstream and midstream value chains. Mr. Long previously served as President and Founder of EnWater Solutions LLC and Pelagic Water Systems LLC, where he led the funding, construction, and commercialization of a produced water-gathering and disposal system in the Southern Delaware Basin. He was also previously an Executive Vice President and Chief Commercial Officer at WaterBridge Resources LLC, which was supported by equity commitments from Five Point Energy.

Scott McNeely - Executive Vice President and Chief Financial Officer

Scott McNeely has served as Executive Vice President, Chief Financial Officer of WaterBridge since September 2024. Prior to this role, he held positions as Senior Vice President, Finance, and Director of Finance at WaterBridge from April 2018 to August 2024. Before joining WaterBridge, Mr. McNeely worked as an Investment Banking Senior Associate at Citigroup from June 2015 to March 2018. He also held various roles within the intelligence community, including for CACI International Inc. and Leidos Holdings Inc.

Michael "Chop" Reitz - President and Chief Operating Officer

Michael "Chop" Reitz brings over 20 years of experience in upstream and midstream engineering, construction, and operations in West Texas. He previously served as Vice President for EnWater Solutions LLC, where he managed the construction and operations of their produced water gathering and disposal system in the Southern Delaware Basin. Prior to his time at EnWater, Mr. Reitz was an Operations Engineer for Diamondback Energy. He also served as Vice President of Operations for WaterBridge Resources, working alongside Jason Long.

Harrison Bolling - Executive Vice President and General Counsel

Harrison Bolling possesses over 17 years of experience advising energy clients, with a particular focus on mergers and acquisitions, midstream commercial agreements, and surface land transactions. He has been the General Counsel of LandBridge since October 2021 and joined WaterBridge as General Counsel in 2018. Before WaterBridge, Mr. Bolling served as assistant general counsel at PennTex Midstream Partners LP. His early career includes working at Bracewell LLP, concentrating on capital markets and M&A transactions, and also as General Counsel at Core Midstream, LLC.

Jason Williams - Executive Vice President and Chief Administrative Officer

Jason Williams has more than 18 years of accounting and finance leadership experience within the oil and gas industry. During his tenure at WaterBridge, he has been responsible for streamlining accounting, tax, reporting, and control processes. Before joining WaterBridge, Mr. Williams spent nine years at BHP, where he held various North America and global leadership roles in areas such as asset acquisition and integration, financial and production systems, organizational transformation, and operational finance and accounting.

1. Dependence on Oil and Natural Gas Exploration and Production Activity: WaterBridge Infrastructure's business is directly reliant on the volumes of produced water generated by oil and natural gas exploration and production ("E&P") companies. A sustained downturn in commodity prices, reduced drilling activity, or shifts in energy policy in the Delaware Basin could lead to decreased produced water volumes, thereby negatively impacting WaterBridge Infrastructure's revenues and operational results.

2. Customer Concentration Risk: The company derives a significant portion of its water-related revenues from a limited number of customers. For the six months ended June 30, 2025, approximately 51% of WaterBridge Infrastructure's water-related revenues were generated from its top five customers. The loss of one or more of these major customers, or a material reduction in their E&P activity and associated produced water volumes, could have a substantial adverse effect on the company's financial performance.

3. Geographic Concentration in the Delaware Basin: WaterBridge Infrastructure's operations are predominantly located in the Delaware Basin. This concentration makes the company highly susceptible to region-specific factors such as localized regulatory changes, geological challenges, infrastructure limitations, or a regional downturn in oil and natural gas production that could disproportionately impact its business compared to a more geographically diversified company.

The addressable market for WaterBridge Infrastructure's water management solutions is the volume of produced water in the Delaware Basin. In 2024, the produced water in the Delaware Basin was approximately 13.2 million barrels per day.

Expected Drivers of Future Revenue Growth for WaterBridge Infrastructure (WBI)

Over the next 2-3 years, WaterBridge Infrastructure (WBI) is expected to drive revenue growth through several key initiatives and market dynamics:

1. Expansion within existing customer contracts and Areas of Mutual Interest (AMIs): WaterBridge's long-term, fixed-fee contracts often include AMIs, granting the company rights to provide water management solutions on any leases or wells subsequently acquired or operated by a customer within a specified area. This contractual structure provides a built-in mechanism for organic growth with its current customer base.
2. Development and utilization of additional permitted capacity: The company has significant opportunities to increase its handling capacity, particularly through its relationship with LandBridge Company LLC. WaterBridge has rights to develop produced water handling facilities on LandBridge’s surface acreage, with approximately 2.3 million bpd of additional permitted capacity available for future development as of August 31, 2025.
3. Acquisition of new customers and long-term contracts: WaterBridge anticipates broadening its customer base and expanding its dedicated acreage. The company believes its large-scale network, operational redundancies, and competitive advantages position it well to attract new exploration and production (E&P) companies and secure additional long-term contracts.
4. Annual fee escalators in existing long-term contracts: The majority of WaterBridge's long-term, fixed-fee contracts include annual fee escalators, typically tied to the Consumer Price Index (CPI) or a similar inflation index. These escalators provide a consistent, built-in increase in revenue generated from existing volumes and services.
5. Overall growth in Delaware Basin produced water volumes: The Delaware Basin has experienced substantial growth in produced water volumes, with a compound annual growth rate of approximately 21% from 2014 to 2024. As a leading water infrastructure provider in the region, WaterBridge is critical to E&P operations and is poised to benefit from the continued expansion of produced water volumes within this prolific basin.

Inbound Investments

• In 2023, WaterBridge Infrastructure formed a long-term strategic partnership with Devon, which involved Devon contributing 18 produced water handling facilities with approximately 375,000 bpd of permitted capacity and approximately 210 miles of produced water pipelines. This contribution was made in exchange for an equity interest in one of WaterBridge Infrastructure's predecessor companies.
• WaterBridge Infrastructure shares a financial sponsor, Five Point, with LandBridge Company LLC.

Capital Expenditures

• WaterBridge Infrastructure operates an extensive infrastructure network, which as of August 31, 2025, included approximately 2,500 miles of pipelines and 197 produced water handling facilities.
• Capital expenditures are directed towards expanding the current dedicated acreage and broadening the customer base, with plans for developing approximately 2.3 million bpd of additional permitted capacity for produced water handling facilities on LandBridge’s surface acreage.
• The company's infrastructure network is designed with built-in operational redundancies to ensure continuous water management solutions, signifying ongoing investment in system reliability and expansion.