Financial Data and Key Metrics Changes - In Q4 2025, the company achieved record revenue of $208.9 million, a 2% increase compared to the pro forma Q3 revenue [14] - Full year 2025 pro forma revenues reached $790 million, representing a 19% year-over-year increase compared to pro forma 2024 revenues [5][14] - Full-year adjusted EBITDA was $402.8 million, a 16% year-over-year increase [15] - The company reported a full-year net loss of $58.1 million [15] Business Line Data and Key Metrics Changes - Produced water volumes in Q4 2025 reached 2.6 million barrels per day (MMbpd), with full year combined volumes averaging 2.4 MMbpd, reflecting a 15% year-over-year growth [5][14] - The company achieved a single-day record of 2.9 MMbpd of water handled in Q4 2025 [9] - The Kraken project was brought online, contributing an initial capacity of approximately 450,000 barrels per day [10] Market Data and Key Metrics Changes - The company is well-positioned in the Delaware Basin, which is the most prolific oil and natural gas basin in North America, with a produced water handling capacity of over 5 MMbpd [6] - The demand for produced water handling continues to grow, with water-to-oil ratios in the Delaware Basin among the highest in the U.S. [7] Company Strategy and Development Direction - The company aims to continue its operational and commercial momentum in 2026, focusing on high-return organic growth projects and expanding its water infrastructure network [6][17] - The Speedway Phase II pipeline project is expected to drive further growth, with demand already outperforming expectations [11][12] - The company is committed to maintaining a conservative balance sheet while pursuing growth opportunities [16][38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position entering 2026, citing strong commercial momentum and opportunities for growth [14][18] - The current macro environment is seen as more favorable than when the 2026 guidance was set, suggesting potential upside in produced water handling volumes [25][44] Other Important Information - The company declared an inaugural quarterly dividend of $0.05 per share [16] - Total liquidity at the end of the year was $527 million, including $52 million in cash and cash equivalents [15] Q&A Session Summary Question: 2026 produced water handling volumes guidance - Management acknowledged that the guidance reflects a conservative approach based on previous producer feedback when oil prices were lower, but they see potential for upside in the latter half of 2026 [24][26] Question: Opportunities from the Devon and Coterra merger - Management expressed excitement about the merger and the potential for growth opportunities, particularly with the Devon team [27][28] Question: Acceleration of growth project opportunities - Management confirmed that they are in a strong position with several commercial discussions ongoing, which could lead to accelerated growth in 2026 [34][35] Question: Capital allocation philosophy post-growth projects - Management emphasized the priority of high-return organic growth projects while remaining open to M&A opportunities, with a focus on maintaining a healthy balance sheet [37][38] Question: Expectations for Speedway Phase II - Management indicated that the CapEx for Phase II is already incorporated into the budget, with expectations for attractive returns [46][47] Question: Evolution of rates for water takeaway - Management noted that rates are increasing due to higher demand and capital needs for projects, with new rates significantly higher than previous averages [56][57]

Disclaimers Forward-Looking Statements The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, commercial opportunities, plans and objectives of mana ...