WaterBridge Infrastructure LLC (WBI)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$750.9M

Net income, last twelve months

$3.4M

Gross margin

25.1%

Operating margin

15.5%

Net margin

0.5%

Free cash flow

-$122.3M

Return on equity

0.5%

Market value

$1.5B

Cash

$47.6M

Debt

$1.6B

Debt to equity

2.13

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 5 August 2026.

• Revenue and volumes rose sequentially. Revenue of $217.8 million was up 8% from the first quarter. Produced water handling volumes rose 6% to 2.6 million barrels per day. Management cited higher volumes and higher contract rates.
• Adjusted EBITDA rose to $115.8 million. Adjusted EBITDA was $115.8 million, up from $102.9 million in the first quarter. Adjusted EBITDA Margin was 53%, against 51% in the prior quarter.
• Net income attributable to WBI rose. Net income attributable to WaterBridge Infrastructure LLC was $5.1 million, against $3.5 million in the first quarter. Noncontrolling interest took $9.4 million of net income.
• Produced water revenue rose with volumes. Produced water handling revenue, including related party, was about $197.6 million, against about $181.9 million in the first quarter.
• Gross margin per barrel rose to $0.22. Gross margin was $58.1 million, or $0.22 per barrel, against $48.2 million, or $0.20 per barrel, in the first quarter.
• Adjusted Operating Margin rose to $0.46 per barrel. Adjusted Operating Margin was $124.1 million, or $0.46 per barrel, against $111.3 million, or $0.45 per barrel, in the first quarter.
• Operating costs move with throughput. Management says operating expenses are largely variable. Landowner royalties, power, labor, chemicals and repairs make up the largest share of them.
• Recycling lowers operating costs. Recycled water sales add to Adjusted Operating Margin, because recycling saves landowner royalties, pumping, chemical and power costs.
• Kraken ramp and demand lifted volumes. Management attributed volume growth to the continued ramp of the Kraken project and higher commercial demand for existing infrastructure.
• Speedway Phase I volumes began in July. First Speedway Phase I volumes came online in July 2026. Management says volumes are on track to keep ramping through the quarter.
• Phase II demand reported in first quarter. The first-quarter release said Phase II open-season demand exceeded expectations. The second-quarter release gives no Phase II update.
• Waste platform to double from two to four. With the NDB Landfill and the Stateline facility, management expects the waste site count to double, and permitted waste capacity to more than double.
• NDB Landfill has long permitted life. The 560-acre landfill has about 44 million cubic yards of permitted capacity, enough for more than 40 years of solid waste.
• Stateline facility cuts hauling costs. Management expects the new Stateline facility to lower waste hauling costs for the core produced water business.

Company events

The newest 8-K filings of 18 held.

Every filing

The newest filings with the SEC of 53 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

197 funds held it at 30 Jun 2026: 91 added and 42 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• SLB Limited (SLB): revenue $36.9B, market value $79.3B
• Halliburton Co. (HAL): revenue $22.5B, market value $29.6B
• Oceaneering International Inc. (OII): revenue $2.9B, market value $4.1B
• Liberty Energy Inc. (LBRT): revenue $4.4B, market value $2.9B
• Select Water Solutions, Inc. (WTTR): revenue $1.4B, market value $2.5B
• National Energy Services Reunited Corp. (NESR): revenue –, market value $2.2B
• RPC Inc. (RES): revenue $1.8B, market value $1.5B

What the company does

WaterBridge Infrastructure LLC is a Delaware limited liability company based in Houston, Texas. As of 31 December 2025 its network included approximately 2,500 miles of pipelines and 201 produced water handling facilities, with approximately 4.7 million bpd (barrels per day) of handling capacity. The company says it operates the largest integrated produced water infrastructure network in the United States. It had approximately 540 employees providing full-time, direct support to its operations.

What the business does

Water occurs naturally in the formations that hold oil and natural gas and comes up with the hydrocarbons, typically in higher volumes. Producers must separate and handle it before wells can come online and stay in production. WaterBridge gathers this water from the wellsite by pipeline and takes it to its facilities. There it removes solids and residual skim oil, and then either injects the water into disposal wells or recycles it for use in future drilling. The company notes that a producer cannot flare water if takeaway is constrained, so pipeline capacity matters to its customers.

This covers two fluid waste reclamation facilities, one stationary treatment facility and two solid waste management facilities. The reclamation facilities can handle more than 200 trucks per day. In Oklahoma the company owns gas transportation pipelines and earns fees from them.

How it earns its money

Most revenue comes from fees for transporting produced water to its facilities for disposal. Under it the company sells brackish water and recycled produced water to customers for drilling and completion work, at contracted fees per barrel. It also sells skim oil recovered from the water at market prices, less discounts. The company says its handling revenue follows the long-life production of wells more than drilling activity, which it describes as more cyclical.

The contracts

Customers are served mainly under long-term, fixed-fee contracts. Of these contracts, 71% have an initial primary term of at least 15 years, and the weighted average remaining life was approximately 10.4 years.

- A fixed fee per barrel of water transported and handled. - Acreage dedications covering approximately 2.4 million acres, plus areas of mutual interest that bring in newly acquired acreage in some contracts. - Minimum volume commitments in certain contracts, which require customers to deliver or pay for set volumes. - Annual fee escalators tied to the Consumer Price Index or a similar index in substantially all long-term contracts. - A per-barrel fee for water that customers divert away from the network.

Where it operates

The company works in three areas. The company is building the Speedway Pipeline across the northern Delaware Basin to connect Eddy and Lea Counties to pore space in the Central Basin Platform owned by LandBridge. The company says it anticipates the first phase, with 500,000 bpd of throughput capacity, to be in service in the third quarter of 2026. On 23 February 2026 it opened a process to gauge customer commitments for a second phase.

A centralized operations center, staffed around the clock, uses over 880 live camera feeds and automated pumps and valves. The company also uses a forecasting tool it built, called the WAVE platform.

Customers and partners

Customers include bpx energy, Chevron Corporation, Devon, EOG Resources, Inc. and Permian Resources Corporation. The top five customers by revenue were Devon, Permian Resources Corporation, bpx energy, Mewbourne Oil Company and EOG Resources, Inc, together about 51% of water-related revenue. Devon alone was approximately 19%. Devon contributed 18 handling facilities and approximately 210 miles of pipelines in a 2023 partnership. It now owns 14.4% of the common shares.

WaterBridge shares its financial sponsor, Five Point, and its management team with LandBridge. LandBridge owned or managed more than 315,000 surface acres in and around the Delaware Basin. WaterBridge operated approximately 1.5 million bpd of capacity on that acreage. The company also has crossing and marketing rights with Texas Pacific Land Company across an area of approximately 64,000 acres near the Texas-New Mexico border.

Rules and structure

The company's underground injection wells fall under the Safe Drinking Water Act and the Environmental Protection Agency's Underground Injection Control program, and state agencies issue the operating permits. WaterBridge was formed on 11 April 2025 and is a holding company. Its main asset is units in OpCo, of which it is the sole managing member. Its Class A shares trade on the NYSE and NYSE Texas under the symbol WBI.

*From WaterBridge's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/2064947/000119312526106541/wbi-20251231.htm)*

From the company's 10-K.