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- **IPO Success**: $673M raised in September 2025 IPO, listing on NYSE
- **Infrastructure Scale**: 2,500-mile network handling 4.5M bbl/day produced water
- **Financial Performance**: Q3 2025 revenue $205M (8% QoQ), 51% EBITDA margin
- **Growth Drivers**: 80%+ revenue growth through 2026 from MVC contracts
- **Strategic Projects**: Speedway Phase 1 (500K bbl/day, mid-2026 in-service), Kraken project expansion
- **Adjacent Markets**: Exploring data center cooling with 100-500K bbl/day per GW
- **Regulatory Position**: Favorable Texas environment, disciplined capital allocation


**【CEO Summary Section】**
- WaterBridge completed its IPO in September 2025, raising $673 million and listing on the NYSE. The IPO was oversubscribed and priced at the high end of the range.
- The company operates a 2,500-mile pipeline network in the Delaware Basin, handling 4.5 million barrels/day of produced water. 90% of revenue comes from fixed-fee contracts for water transportation, treatment, and disposal.
- Strategic partnerships with LandBridge and Texas Pacific Land provide access to 300,000+ acres of pore space, enabling long-term capacity expansion.
- Introduced the bpx Kraken project (400,000 bbl/day capacity) and Speedway pipeline project (500,000 bbl/day Phase 1), with Phase 2 expansion potential at a lower CapEx multiple (~3-4x).

**【CFO Financial Commentary】
- Q3 2025 pro forma revenue: $205 million (8% QoQ growth)
- Pro forma net loss: $18.7 million; Adjusted EBITDA: $105.7 million (51% margin)
- Liquidity: $547 million (including $347 million cash and $200 million undrawn credit facility)
- Capital allocation priorities: infrastructure expansion, balance sheet strength (target <3x leverage), and potential shareholder returns (dividends/share buybacks)
- Senior notes offering in October replaced $1.73 billion legacy debt, reducing interest expense

**【Q&A Key Highlights】
1. **Speedway Project Expansion**
- Phase 1 (500,000 bbl/day) in-service mid-2026; Phase 2 expansion potential at lower CapEx multiple (~3-4x) if demand warrants
- Demand for out-of-basin solutions strong due to pore pressure constraints in Stateline

2. **Demand Outlook**
- 80%+ revenue growth through 2026 driven by minimum volume commitment (MVC) contracts with major E&P customers
- New Mexico volumes growing 15-20% YoY, requiring reliable infrastructure
- Produced water volumes expected to grow faster than oil due to regulatory restrictions on reinjection

3. **Competitive Position**
- Best-in-class infrastructure with operational redundancies and real-time monitoring
- Long-duration contracts (10-15 years) with CPI escalators, no single customer >17% of revenue
- Access to unique pore space via LandBridge partnership

4. **Innovation & Adjacent Markets**
- Exploring beneficial reuse of produced water for data center cooling (~100,000-500,000 bbl/day per GW of power)
- Texas regulatory environment favorable; New Mexico more volatile

5. **Financial Discipline**
- 51% EBITDA margin demonstrates operational efficiency
- Conservative balance sheet with <3x leverage target
- Disciplined capital allocation to high-return projects like Speedway and Kraken


WaterBridge Infrastructure LLC (WBI) Q3 2025 Earnings Call Transcript

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WBI

WBI fundamentals

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