WBI

Company Overview — What Does WaterBridge Infrastructure LLC Do?

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. WaterBridge Infrastructure LLC (WBI) is classified as a small-cap stock in the Energy sector, specifically within the Petroleum And Natural Gas industry. The company is led by CEO Jason Long and employs approximately 510 people, headquartered in HOUSTON, Texas. With a market capitalization of $1.1B, WBI is one of the notable companies in the Energy sector.

WaterBridge Infrastructure LLC (WBI) Stock Rating — Hold (April 2026)

As of April 2026, WaterBridge Infrastructure LLC receives a Hold rating with a composite score of 35.5/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.WBI ranks #1,713 out of 4,446 stocks in our coverage universe. Within the Energy sector, WaterBridge Infrastructure LLC ranks #103 of 128 stocks, placing it in the lower half of its Energy peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

WBI Stock Price and 52-Week Range

WaterBridge Infrastructure LLC (WBI) currently trades at $26.28. The stock gained $0.75 (2.9%) in the most recent trading session. The 52-week high for WBI is $27.12, which means the stock is currently trading -3.1% from its annual peak. The 52-week low is $18.64, putting the stock 41.0% above its annual trough. Recent trading volume was 437K shares, suggesting relatively thin trading activity.

Is WBI Overvalued or Undervalued? — Valuation Analysis

WaterBridge Infrastructure LLC (WBI) carries a value factor score of 47/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The price-to-book ratio stands at 0.67x, versus the sector average of 1.64x. The price-to-sales ratio is 2.51x, compared to 0.47x for the average Energy stock. On an enterprise value basis, WBI trades at 13.07x EV/EBITDA, versus 3.50x for the sector.

Overall, WBI's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.

WaterBridge Infrastructure LLC Profitability — ROE, Margins, and Quality Score

WaterBridge Infrastructure LLC (WBI) earns a quality factor score of 25/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 1.0%, compared to the Energy sector average of 6.7%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 0.5% versus the sector average of 3.7%.

On a margin basis, WaterBridge Infrastructure LLC reports gross margins of 28.4%, compared to 52.7% for the sector. The operating margin is 19.2% (sector: 10.7%). Net profit margin stands at 3.9%, versus 6.4% for the average Energy stock. Revenue growth is running at 37.2% on a trailing basis, compared to -1.2% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

WBI Debt, Balance Sheet, and Financial Health

WaterBridge Infrastructure LLC has a debt-to-equity ratio of 112.0%, compared to the Energy sector average of 55.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 3.36x, indicating strong short-term liquidity. Total debt on the balance sheet is $1.72B. Cash and equivalents stand at $347M.

WBI has a beta of 0.40, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for WaterBridge Infrastructure LLC is 64/100, reflecting average volatility within the normal range for its sector.

WaterBridge Infrastructure LLC Revenue and Earnings History — Quarterly Trend

In TTM 2026, WaterBridge Infrastructure LLC reported revenue of $123M and earnings per share (EPS) of $-0.02. Net income for the quarter was $5M. Gross margin was 28.4%. Operating income came in at $24M.

In Q3 2025, WaterBridge Infrastructure LLC reported revenue of $123M and earnings per share (EPS) of $-0.02. Net income for the quarter was $5M. Gross margin was 28.4%. Operating income came in at $24M.

WBI Dividend Yield and Income Analysis

WaterBridge Infrastructure LLC (WBI) does not currently pay a dividend. This is common among smaller companies in the Petroleum And Natural Gas industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Energy dividend stocks may want to explore other Energy stocks or use the stock screener to filter by dividend yield.

WBI Momentum and Technical Analysis Profile

WaterBridge Infrastructure LLC (WBI) has a momentum factor score of 41/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 20/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.

WBI vs Competitors — Energy Sector Ranking and Peer Comparison

Within the Energy sector, WaterBridge Infrastructure LLC (WBI) ranks #103 out of 128 stocks based on the Blank Capital composite score. This places WBI in the lower half of all Energy stocks in our coverage universe. Key competitors and sector peers include TotalEnergies SE (TTE) with a score of 57.0/100, APA Corp (APA) with a score of 54.7/100, PRECISION DRILLING Corp (PDS) with a score of 53.4/100, Greenfire Resources Ltd. (GFR) with a score of 59.2/100, and EXXON MOBIL CORP (XOM) with a score of 55.1/100.

Comparing WBI against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full WBI vs S&P 500 (SPY) comparison to assess how WaterBridge Infrastructure LLC stacks up against the broader market across all factor dimensions.

WBI Next Earnings Date

No upcoming earnings date has been announced for WaterBridge Infrastructure LLC (WBI) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy WBI? — Investment Thesis Summary

WaterBridge Infrastructure LLC presents a balanced picture with arguments on both sides. The quality score of 25/100 flags below-average profitability. Low volatility (stability score 64/100) reduces downside risk.

In summary, WaterBridge Infrastructure LLC (WBI) earns a Hold rating with a composite score of 35.5/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on WBI stock.

Related Resources for WBI Investors

Explore more research and tools: WBI vs S&P 500 comparison, top Energy stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare WBI head-to-head with peers: WBI vs TTE, WBI vs APA, WBI vs PDS.