WaterBridge Infrastructure LLC (WBI) is a midstream water infrastructure company that gathers, transports, treats, and disposes of produced water generated by oil and natural gas production. Revenue comes primarily from per-barrel fixed fees charged to E&P customers under long-term, fixed-fee contracts that include acreage dedications and minimum volume commitments (MVCs), with annual fee escalators tied to CPI. WBI operates in the Delaware Basin (West Texas and New Mexico), the Eagle Ford Basin (South Texas), and the Arkoma Basin (Oklahoma). As of December 31, 2025, the infrastructure network included approximately 2,500 miles of pipelines and 201 produced water handling facilities with approximately 4.7 million barrels per day (bpd) of capacity, supported by approximately 2.4 million dedicated acres. Total produced water handling revenues were $471.6 million in FY2025, up 66% from $284.0 million in FY2024. Named customers include bpx energy, Chevron Corporation, Devon, EOG Resources, and Permian Resources Corporation. Five Point, a private equity and infrastructure investor, is a key equity sponsor.

Revenue model

Per-barrel fixed fees for produced water gathering, transportation, treatment, and disposal under long-term contracts with E&P companies. Contracts include acreage dedications, MVCs that require customers to pay for minimum volumes regardless of delivery, CPI-linked annual fee escalators, and per-barrel fees for diverted volumes. Secondary revenue comes from skim oil recovered during water treatment. Produced water handling fees were $434.5 million in FY2025 at $0.73 per barrel; skim oil revenues were $37.1 million in FY2025.

Products and services

Produced water gathering and transportation via approximately 2,500 miles of pipelines (as of December 31, 2025). Produced water treatment and handling at 201 facilities with approximately 4.7 million bpd of capacity (as of December 31, 2025). Underground disposal well injection. Produced water recycling for reuse in drilling and completion operations. Energy waste management including solid waste management and reclamation services. Proprietary WAVE software platform for operational forecasting, capacity optimization, and customer hydraulics planning.

Customers and end markets

E&P companies operating in the Delaware Basin, Eagle Ford Basin, and Arkoma Basin. Named customers include bpx energy, Chevron Corporation, Devon, EOG Resources, and Permian Resources Corporation (per 10-K filed 2026-03-16). WBI also identifies power generation businesses supporting data center operations as a prospective customer segment outside oil and gas.

Value-chain role

Midstream water infrastructure operator sitting between E&P wellsite operations and produced water disposal or recycling endpoints. WBI provides the takeaway infrastructure that E&P operators require to keep wells in production, as produced water cannot be flared and has no viable long-term alternative to pipeline transport at scale. Contracted acreage dedications give WBI exclusive rights to handle produced water volumes within defined areas.

Geographic exposure

Primarily the Delaware Basin in West Texas and New Mexico, with additional operations in the Eagle Ford Basin in South Texas and the Arkoma Basin in Oklahoma (as of December 31, 2025). WBI holds exclusive rights to construct up to 36 initial produced water handling facilities on LandBridge's surface acreage along the eastern Texas-New Mexico state border.

Source: SEC 10-K, filed 2026-03-16

Industry: Oil & Gas Field Services, NEC