Financial Data and Key Metrics Changes - Pro forma revenue for Q3 2025 increased to $205.5 million, up 8% compared to the previous quarter, driven mainly by increased volumes and rates [16] - Combined produced water handling volumes for the quarter were 2.5 million barrels per day, representing quarter-over-quarter growth of 7% [16] - Pro forma net loss was $18.7 million for the third quarter, with pro forma adjusted EBITDA of $105.7 million and an adjusted EBITDA margin of 51% [16][18] Business Line Data and Key Metrics Changes - Produced water handling comprises approximately 90% of the company's revenue, derived from fixed-fee contracts for transportation, treatment, handling, and disposal [8] - The water solutions business, including fees from sales of brackish water and waste management, contributes the remainder of the revenue [9] Market Data and Key Metrics Changes - The company operates primarily in the Delaware Basin, the most prolific oil and natural gas basin in North America, with a network of approximately 2,500 miles of pipeline and nearly 200 produced water handling facilities [6][8] - The demand for water handling services is expected to grow significantly, particularly in New Mexico, as recycling capacity declines and produced water volumes increase [25] Company Strategy and Development Direction - WaterBridge aims to capitalize on its strong balance sheet and proven business strategy to meet the growing needs of customers in the water infrastructure sector [5] - The company is focused on expanding its infrastructure network and commercial relationships while maintaining a conservative balance sheet [18] - WaterBridge is exploring opportunities to serve a wider range of industries, including data center cooling and beneficial reuse of produced water [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver growth despite macroeconomic volatility, citing long-term contracts and minimum volume commitments as key factors [24] - The company anticipates providing 2026 guidance during the fourth quarter and full year 2025 earnings call [18] Other Important Information - The company completed a successful IPO in September 2025, raising approximately $673 million to strengthen its balance sheet [16] - WaterBridge has secured significant access to pore space through partnerships with LandBridge and Texas Pacific Land, which supports future growth in produced water handling capacity [10] Q&A Session Summary Question: Demand for Speedway Pipeline project - Management noted strong demand for the Speedway Pipeline project, with the potential to add an additional 500,000 barrels per day capacity [21][22] Question: Macro backdrop and growth expectations - Management indicated that the company is well-insulated from broader market volatility, with growth underpinned by minimum volume commitments [24] Question: Competitive landscape and customer discussions - Management highlighted strong traction with producers, emphasizing the importance of partnerships with experienced operators and access to differentiated pore space [30] Question: Contract rate outlook - Management reported meaningful increases in rates for recent deals, reflecting the value of premium flow assurance [31] Question: Regulatory reforms in Texas - Management expressed confidence in their relationship with the Railroad Commission and noted that recent regulatory changes have not negatively impacted the company [40][41] Question: Data center opportunity - Management acknowledged the potential for significant demand from data centers and the company's advantageous position due to its infrastructure and expertise [45][46]

Core Viewpoint - WaterBridge Infrastructure (WBI.US) successfully launched its IPO on the US stock market, with an opening price exceeding 18% at $23.655, compared to the IPO price of $20 [1] Company Overview - WaterBridge is the largest operator of produced water infrastructure networks in the United States, boasting approximately 2,500 miles of pipelines and 196 produced water treatment facilities [1] - The company has a daily produced water treatment capacity exceeding 2.6 million barrels, with a total processing capacity of over 4.5 million barrels [1] Clientele - WaterBridge serves notable clients in the oil and gas sector, including Permian Resources (PR.US), Devon Energy (DVN.US), EOG Resources (EOG.US), and Chevron (CVX.US) [1]

Core Viewpoint - WaterBridge Infrastructure has increased the size of its initial public offering (IPO) to raise $634 million by offering 31.7 million shares at $20 each, which is at the high end of the previously announced price range of $17 to $20 per share [1] Company Overview - WaterBridge Infrastructure, founded in 2016, is based in Houston, Texas, and is the largest operator of produced water infrastructure networks in the United States [1] - The company has approximately 2,500 miles of pipeline and 196 produced water treatment facilities, with a daily processing capacity exceeding 2.6 million barrels and a total treatment capacity of over 4.5 million barrels [1] Financial Projections - For the 12 months ending June 30, 2025, WaterBridge Infrastructure is projected to achieve revenues of $722 million [1] Clientele - The company's clients include notable firms such as Permian Resources, Devon Energy, EOG Resources, and Chevron [1]