WaterBridge is a produced water infrastructure company operating primarily in the Delaware Basin, the most active oil and gas basin in the U.S. Produced water — the water extracted alongside oil and gas — must be separated and handled before production can continue, making water infrastructure non-optional for E&P operators. WaterBridge gathers, transports, treats, and disposes of this produced water for customers including bpx energy, Chevron, Devon, EOG Resources, and Permian Resources. WaterBridge claims to operate the largest integrated produced water infrastructure network in the U.S., with ~2,500 miles of pipeline and ~4.7 million bpd of handling capacity across ~2.4 million dedicated acres. The Delaware Basin accounts for ~89% of volumes. WaterBridge earns fixed, per-barrel fees under long-term acreage dedication contracts — 71% have initial terms of at least 15 years — with many contracts including minimum volume commitments and CPI escalators, insulating revenue from commodity price swings. Produced water handling accounts for ~90% of revenue, with the remainder from selling recycled water back to E&P customers and oilfield waste management. WaterBridge is building the Speedway Pipeline, a long-haul water transportation line connecting the Northern Delaware Basin to out-of-basin disposal capacity, with Phase 1 expected mid-2026. WaterBridge's access to fresh disposal pore space — through its relationship with LandBridge and a crossing rights agreement with Texas Pacific Land — is a key competitive advantage as legacy disposal capacity in the basin fills up. WaterBridge also pursues growth through acquisitions of producer-owned water infrastructure, having completed more than 30 acquisitions since 2018.