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Oil and gas wells bring water to the surface along with hydrocarbons. WaterBridge Infrastructure LLC collects this produced water through pipelines and transports it to facilities for underground disposal or recycling. Most revenue comes from transporting and handling that water, with a smaller business supplying raw or recycled water for customers’ drilling and well completion. Its business is concentrated in the Delaware Basin in Texas and New Mexico.
Producers pay mainly fixed fees per barrel under long-term contracts. These contracts typically give WaterBridge exclusive rights to water from specified acreage, requiring customers to deliver that water or pay diversion fees; some also require minimum-volume payments. Devon and Permian Resources Corporation are major customers, and a small group of producers supplies much of its water-related revenue.
Revenue depends on production from connected wells and customers continuing to outsource water management. As existing wells decline, WaterBridge needs new sources of water to maintain volumes. It also needs access to underground formations with room to store the water; LandBridge provides access to additional storage space and land for facilities. Disposal requires government permits, and regulators can limit injection volumes or suspend facilities over concerns about injection-related earthquakes.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
WaterBridge’s fixed-fee results depend chiefly on produced-water volumes from customer acreage committed to its network, making bpx energy and privately held Mewbourne Oil Company important customers to watch.
Select Water Solutions, Inc. competes with WaterBridge for oil and gas producers’ spending on gathering, recycling and disposing of water that comes up with production. Its long-term water-project wins and use of existing recycling facilities show where competing services are gaining business.
WaterBridge relies on LandBridge Company LLC for land and access to underground pore space for water handling, paying it for infrastructure use and each barrel handled there. LandBridge’s royalties from WaterBridge track those water volumes, while the 3.2 million barrels per day of additional permitted capacity available at December 31, 2025 shows room for future expansion.
Devon Energy Corporation sells oil and gas and pays WaterBridge to handle its produced water, accounting for approximately 19% of WaterBridge’s water-related revenue in 2025. Watch production and well completions on Devon acreage served by WaterBridge, especially in its largest and best-funded program, the Delaware Basin: those activities drive water volumes billed at fixed per-barrel fees.
Permian Resources Corporation pays WaterBridge for water services in its Delaware Basin oil and gas operations and contributed more than 10% of WaterBridge’s total revenue in 2025. Changes in its demand for water services matter directly to WaterBridge, whose contracts generally require customers to deliver all water from committed acreage or pay for diverted volumes.
Texas Pacific Land gives WaterBridge access to land for pipelines and water-handling facilities through crossing-right agreements, in return for royalties and revenue sharing. Its produced-water royalty revenue is the line to watch for water-handling activity on its land, rather than its oil and gas royalties, which also depend on commodity prices.
EOG Resources, Inc., an oil and gas producer and seller, pays WaterBridge for water services and was one of its five largest customers by revenue in 2025. For WaterBridge, watch EOG’s production and development on acreage committed to its network, which determine the water volumes it receives.
ConocoPhillips is a key paying customer for WaterBridge’s water-management services: it produces and sells oil and gas, while WaterBridge gathers, transports, recycles and handles the water accompanying production.
EIA Crude Oil Stocks Change (Oct/16)
WaterBridge’s produced-water handling fees depend on E&P customers keeping wells active, so US crude oil and gasoline stock reports matter because they indicate whether fuel supply is running ahead of demand and may pressure oil prices and customer activity.
Read the stock data as a signal about fuel supply versus demand, not as a direct measure of WaterBridge’s volumes: unexpectedly abundant stocks may pressure oil prices and lead customers to reduce activity and water volumes, while tighter stocks may support prices and sustain them.
Select Water Solutions, Inc. earningsWTTR
Select Water Solutions' report will show whether it is winning more of the producers' spending on water gathering, recycling and disposal—the same service market where it competes with WaterBridge.
Watch long-term water-project wins alongside use of existing recycling facilities. More wins and fuller facility use would show Select Water Solutions is capturing more of the same producer spending, making competition for WaterBridge more intense; weakness in both would provide less evidence of a rival gaining ground.
WaterBridge Infrastructure LLC earningsThis company
WaterBridge earns most of its revenue from fixed fees for handling water produced by oil and gas operations, and this report will show whether more barrels through its network translate into better earnings after operating costs and debt interest.
Read produced-water handling volumes and revenue alongside operating income, which is what remains after operating costs, and net income after interest and other expenses. If volumes and revenue rise with both measures of profit, fixed-fee growth is reaching the bottom line; if volumes and revenue rise but profit does not, costs and interest are absorbing the added business.
LandBridge Corporation earningsLB
LandBridge's report will show how much water-related royalty revenue its properties generate, offering a window into WaterBridge's handling activity and per-barrel payments on those properties.
Watch LandBridge's reported water-related royalties. Higher royalties indicate more water-handling activity on its properties and, because WaterBridge pays by the barrel there, more activity-linked cost; lower royalties point to less activity on those properties, not necessarily less volume across WaterBridge's whole network. The result shows how this land and pore-space relationship bears on WaterBridge's costs and expansion options.
Devon Energy Corporation earningsDVN
Devon's report will show how production and well completions in the Delaware Basin are changing, activities that can send produced water into WaterBridge's network and generate fixed per-barrel fees.
Watch Devon's production and well completions in the Delaware Basin. More activity can send more produced water through WaterBridge's network and support its per-barrel handling revenue; less activity can weaken demand from this major customer. Basin-wide figures cannot show what happened on every tract connected to WaterBridge, but they help establish the direction of a key customer's business.
