WaterBridge Infrastructure LLC (WBI) SEC Filings & Earnings Calls

Key personnel transition risk is low given planned retirement and advisory transition.

“Retirement is not due to disagreement; succession plan in place.”

Increased leverage from new debt issuance.

“Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement” · word for word

Regulatory risk from Railroad Commission of Texas permitting guidelines.

“The Railroad Commission of Texas ... recently issued updated permitting guidelines for produced water handling facilities in the Permian Basin”

Customer concentration: top 5 customers ~43% of revenues.

“we generated approximately 43% of our revenues from our top five customers” · word for word

Geopolitical and commodity price volatility

“The war between the United States and Iran has driven significant commodity price and inflation volatility during the first half of 2026.” · word for word

Customer concentration and E&P activity dependence

“commodity price volatility directly impacts E&P operators’ development plans, rig counts and overall activity levels.” · word for word

Trade policy and tariff risk

“shifts in international trade policies (such as the imposition of tariffs or product restrictions), could impair our customers’ ability to secure raw materials, equipment or financing.” · word for word

Guidance raise dependent on successful integration of acquisitions and project execution.

“Guidance increase reflects Ranger Water Midstream and NDB Landfill acquisitions.”

High capex guidance may pressure free cash flow if projects are delayed.

“Capex guidance $530-590M; Q2 capex $123.3M.”

Commodity price and geopolitical risk

“commodity price volatility directly impacts E&P operators’ development plans, rig counts and overall activity levels.” · word for word

Trade policy and tariff risk

“any escalation in U.S. trade disruptions or retaliatory measures from other nations could further adversely affect demand for our produced water handling and other water management services.” · word for word

Customer concentration risk

“We serve our customers primarily under long-term, fixed-fee contracts that contain acreage dedications or MVCs.” · word for word

Seasonal activity levels caused 4% sequential volume decline in Q1, partially offset by Kraken ramp.

“Volume decline was driven by lower seasonal activity levels to begin the year, partially offset by increased produced water handling volumes due to the continued ramp of the Kraken project.” · word for word

High capex ($110.9M in Q1) for growth projects may pressure near-term free cash flow.

“First quarter capital expenditures were $110.9 million, primarily driven by continued construction costs for the first phase of the Speedway Pipeline project and continued investments in our Stateline produced water infrastructure.” · word for word

Debt outstanding $1.486B, up from $1.465B in Q4 2025, indicating ongoing leverage.

“The Company had $1.486 billion of borrowings outstanding as of March 31, 2026, versus $1.465 billion of borrowings outstanding as of December 31, 2025.” · word for word

Tax Receivable Agreement cash obligation

“we would be required to pay approximately 85% of such amount, or approximately $810.0 million, over the 20-year period from December 31, 2025.” · word for word

Controlled company governance risk

“The Five Point Members’ beneficial ownership of greater than 50% of our common shares means the Five Point Members, as a group, are able to control matters requiring shareholder approval, including the election of directors.” · word for word

Related party concentration risk

“For the year ended December 31, 2025, we recognized $94.9 million in fees related to our produced water transportation and handling agreements with Devon.” · word for word

Net loss persists despite revenue growth; net loss margin of 7% in Q4 2025 and FY2025 indicates ongoing profitability challenges.

“Net loss of $13.6 million, with net loss margin of 7%” · word for word

High capital expenditure requirements for pipeline projects may pressure liquidity if demand softens or projects are delayed.

“Fourth quarter capital expenditures were $89.2 million, primarily driven by construction costs for the first phase of the Speedway Pipeline project” · word for word

Geographic Concentration

“A majority of our revenue is derived from our operations in the Delaware Basin, making us vulnerable to risks associated with geographic concentration generally and the Delaware Basin specifically.” · word for word

Customer Concentration

“For the year ended December 31, 2025, revenues from Permian Resources Corporation and Devon each individually comprised more than 10% of our total revenues and collectively represented 30% of our total revenues.” · word for word

Regulatory Risk (Seismicity)

“In January 2024, the RRC indefinitely suspended all deep oil and gas produced water injection in Culberson and Reeves Counties.” · word for word

Commodity Price Risk

“The willingness of E&P companies to engage in drilling, completion and production activities in our areas of operation is substantially influenced by the market prices of oil and natural gas, which are highly volatile.” · word for word

Pore Space Availability

“Our operations depend upon access to available pore space in subsurface geologic formations by which we can dispose of produced water.” · word for word

Customer concentration in Delaware Basin

“our reliance on a limited number of customers, as well as our operations in the Delaware Basin, for a substantial majority of our revenues” · word for word

Commodity price volatility

“commodity price volatility and trends related to changes in commodity prices, and our customers’ ability to manage through such volatility” · word for word

High leverage and debt service

“our level of indebtedness and our ability to service our indebtedness” · word for word

Regulatory and environmental risks

“changes in laws and regulations (or the interpretation thereof), such as the One Big Beautiful Bill Act” · word for word

Tariff and trade policy impact

“any impacts presented by imposed or potential tariffs and any reactions thereto in international trade” · word for word

Execution risk on Speedway pipeline project; capex $290M with mid-2026 in-service.

“Speedway pipeline expected in-service mid-2026; capex ~$290M.”

Pro forma net loss of $18.7M indicates ongoing profitability challenges.

“Pro forma net loss of $18.7 million.” · word for word