Research Reports

Summary

WaterBridge Infrastructure LLC is a leading integrated, pure-play water infrastructure company operating predominantly in the Delaware Basin, the most prolific oil and natural gas basin in North America. The company operates the largest integrated produced water infrastructure network in the United States, providing water management solutions to oil and natural gas E&P companies under long-term contracts, including gathering, transporting, recycling, and handling produced water. It also operates two energy waste management facilities under the Desert Environmental brand. The company was formed on April 11, 2025, as a Delaware limited liability company to serve as the issuer in its initial public offering, which closed on September 18, 2025. This registration statement relates to the resale of up to 83,250,000 Class A shares by selling shareholders, with the company receiving no proceeds from these sales. The company's investment thesis centers on its strategically located network, substantial scale, built-in operational redundancies, and synergistic relationship with LandBridge, which provides preferential access to significant underutilized pore space in the Delaware Basin. The company's Board declared a dividend of $0.05 per share on February 24, 2026, which was paid on March 19, 2026. As of March 20, 2026, Five Point owns approximately 50.3% of the company's combined voting power, making it a controlled company under applicable rules.

Key takeaways

WaterBridge operates the largest integrated produced water infrastructure network in the United States, primarily serving the Delaware Basin.
The company is offering for resale 83,250,000 Class A shares by selling shareholders, with the company receiving no proceeds from these sales.
Five Point owns approximately 50.3% of the company's combined voting power as of March 20, 2026, making WaterBridge a controlled company.
The Board declared a dividend of $0.05 per share on February 24, 2026, which was paid on March 19, 2026, to shareholders of record as of March 5, 2026.
The company's Class A shares are listed on the NYSE and NYSE Texas under the symbol 'WBI'.
As of March 20, 2026, 47,016,059 Class A shares and 76,440,150 Class B shares are issued and outstanding.
The company has a synergistic relationship with LandBridge, providing preferential access to significant underutilized pore space in the Delaware Basin.