We are a leading integrated, pure-play water infrastructure company with operations predominantly in the Delaware Basin, the most prolific oil and natural gas basin in North America. We believe that our strategically located network, substantial scale and built-in operational redundancies provide a competitive advantage in attracting customers and allow us to achieve significant operating and capital efficiencies. We operate the largest produced water infrastructure network in the United States through which we provide water management solutions to oil and natural gas exploration and production (“E&P”) companies under long-term contracts, which include gathering, transporting, recycling and handling produced water. As of August 31, 2025, on a pro forma basis, our infrastructure network included approximately 2,500 miles of pipelines and 197 produced water handling facilities, which handled over 2.6 million barrels per day (“bpd”) of produced water for our customers and had more than 4.5 million bpd of total produced water handling capacity. We also operate two energy waste management facilities for the disposal of non-hazardous waste resulting from oil and gas E&P activities, branded under Desert Environmental. Our synergistic relationship with LandBridge Company LLC (NYSE: LB) (“LandBridge”), a leading Delaware Basin land management company, provides us preferential access to significant underutilized pore space in and around the Delaware Basin that is necessary to meet the E&P industry’s evolving water handling needs. We manage our extensive infrastructure network through the use of our fit-for-purpose technology solutions, including our state-of-the-art centralized operations center and proprietary water forecasting platform, which enable us to monitor, measure and forecast water volumes in real-time across our infrastructure network and provide our customers with reliable and efficient water management solutions. The transportation, treatment and handling of produced water is crucial to oil and natural gas production. Water naturally exists in subsurface geologic formations that contain oil and natural gas deposits and is produced alongside, and typically in higher volumes than, hydrocarbons throughout the full life cycle of oil and natural gas wells. Produced water must be reliably separated and handled in order for these wells to be brought online and remain in production. From 2014 to 2024, produced water in the Delaware Basin grew from approximately 1.6 million bpd to approximately 13.2 million bpd, a compound annual growth rate (“CAGR”) of approximately 21%, outpacing the approximately 2.9 million bpd of oil production growth over the same period by approximately 8.8 million bpd. Due to the significant produced water volumes in the Delaware Basin in particular, our operations are critical to the ability of E&P companies to develop and produce oil and natural gas over the life cycle of a well. Our customers include some of the most active and well-capitalized E&P companies in the areas in which we operate, including BPX Energy Inc. (“bpx energy”), Chevron Corporation, subsidiaries of Devon Energy Corporation (Devon Energy Corporation, together with its wholly owned subsidiaries, “Devon”), EOG Resources, Inc. and Permian Resources Corporation. We serve our customers primarily under long-term, fixed-fee contracts that contain acreage dedications or minimum volume commitments (“MVCs”), with annual fee escalators tied to the Consumer Price Index (“CPI”) or similar inflation index. Many of our long-term, fixed-fee contracts also include areas of mutual interest (“AMIs”) that grant us the right to provide water management solutions on any leases or oil and natural gas wells subsequently acquired or operated by a customer within a specified area. Our long-term contracts are generally structured similarly to crude oil gathering contracts, and in most cases, we receive water volumes from our customers at a central gathering facility at the same point where crude oil gathering providers receive their respective crude oil volumes. Additionally, our long-term contracts typically grant us the exclusive right to provide water management solutions for all produced water volumes from our customers’ oil and natural gas wells located within the dedicated acreage, and customers are typically required to either deliver all dedicated volumes to us or pay us a fee for any diverted dedicated volumes. For the six months ended June 30, 2025, on a pro forma basis, we generated approximately 77% of our revenues under long-term, fixed-fee contracts. As of June 30, 2025, the weighted average remaining term of our long-term, fixed-fee contracts was approximately 11 years. For the six months ended June 30, 2025, on a pro forma basis, we generated approximately 51% of our water-related revenues from our top five customers and approximately 73% of our water-related revenues were generated from well-capitalized, creditworthy customers rated BB- or higher. --- We believe that our proprietary data analysis technology, which we refer to as our WAVE platform, further differentiates us from our competitors. WAVE is a fully customized water forecasting software platform that we developed around our assets and our customers. The platform facilitates data gathering, logistics optimization and scenario planning in order to enhance capital efficiency across our entire network. WAVE information outputs provide insights into system capacities and forecasted production, which we make available to our customers. We believe that the WAVE platform provides us with a unique competitive advantage that allows us to work collaboratively with our customer base, optimizing field development in both the short and long term. By allowing us to more accurately determine the necessary timing and size of each system expansion, we are able to actively manage volumes and address projected system constraints in a more timely and cost-efficient manner. We developed our infrastructure network with operational redundancies designed to ensure we deliver water management solutions during maintenance activities or other temporary interruptions, providing our customers the assurance that we will handle their water management needs reliably and consistently. This flow assurance is of paramount importance to E&P companies because any prolonged interruption in produced water handling necessitates curtailing oil and natural gas production from affected wells, resulting in lower production volumes and decreased revenue for the producer. Our proprietary WAVE technology and centralized operations center further enhance our ability to provide flow assurance to our customers by allowing real-time monitoring and optimization of our water management operations via a network of sensors, meters, cameras, in-field computers and private radio tower infrastructure. We believe that our ability to provide reliable flow assurance is a competitive advantage that enables us to attract new customers and obtain additional business from existing customers. We believe our large-scale network and built-in operational redundancies provide a competitive advantage relative to the alternatives available to E&P companies, including developing their own water management infrastructure networks, which requires significant capital investment. We also believe that our existing footprint provides us with significant growth opportunities to expand our current dedicated acreage and broaden our customer base. We share a financial sponsor, Five Point, and our management team with LandBridge. As of August 31, 2025, LandBridge owned approximately 277,000 surface acres in and around the Delaware Basin. Five Point and our management team initially formed LandBridge to acquire, manage and expand a strategic land position in the heart of the Delaware Basin to support the development of our large-scale water infrastructure network, including by providing access to pore space for handling produced water that has been gathered and transported on our pipelines. Additionally, these relationships provide our shared management team visibility into key areas of oil and natural gas production and long-term trends that have materialized into commercial successes for us, including a strategic partnership with Devon and recent commercial agreements with bpx energy. We have rights to develop produced water handling facilities on a significant portion of LandBridge’s surface acreage, including approximately 1.2 million bpd of existing produced water handling capacity and approximately 2.3 million bpd of additional permitted capacity available for future development, in each case as of August 31, 2025, on a pro forma basis. In 2023, we entered into a long-term strategic partnership with Devon pursuant to which Devon committed all its produced water within a large AMI, including an initial dedication of approximately 52,000 acres, and contributed to us 18 produced water handling facilities with approximately 375,000 bpd of permitted capacity and approximately 210 miles of produced water pipelines for gathering, transportation, disposal and reuse in exchange for an equity interest in one of our predecessor companies. Following the WaterBridge Combination and our Corporate Reorganization (each as defined below), Devon will own 17,692,370 Class B shares, representing 15.5% of our common shares, and an approximate 15.5% interest in OpCo. Our organizational structure following the offering and the Corporate Reorganization is commonly referred to as an umbrella partnership-C corporation (or “Up-C”) structure. Pursuant to this structure, following this offering we will hold a number of OpCo Units equal to the number of our issued and outstanding Class A shares, and holders of OpCo Units (each, an “OpCo Unitholder”) (other than us) will hold a number of OpCo Units equal to the number of our issued and outstanding Class B shares. The Up-C structure was selected in order to (i) provide our Existing Owners with an option to continue to hold their economic ownership interests in our business in “pass-through” form for U.S. federal income tax purposes through their ownership of OpCo Units and (ii) potentially allow our Existing Owners and us to benefit from certain net cash tax savings that we might realize in the future. Our principal executive offices are located in Houston, Texas.
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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:
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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.
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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.
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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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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.
