WBI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-07

• The following discussion and analysis of our financial condition and results of operations is based on, and should be read in conjunction with, the audited consolidated financial statements and related notes in our Annual Report on Form 10‑K for the fiscal year ended December 31, 2025 (the “2025 For…

• The following discussion contains “forward-looking statements” reflecting our current expectations, future plans, estimates, beliefs and assumptions concerning events and financial trends that may be outside our control and may affect our future results of operations, cash flows and financial positi…

• Over the last several years, the global economy and the oil and natural gas industry in particular has faced substantial volatility. This has been driven by geopolitical conflicts, domestic political uncertainties, the enactment of the OBBBA, potential U.S. and foreign tariffs, evolving internationa…

• Broader macroeconomic and policy developments, including provisions in the OBBBA (which extended certain tax incentives beneficial to fossil fuels while introducing new uncertainties) and shifts in international trade policies (such as the imposition of tariffs or product restrictions), could impair…

• Despite these challenges, we believe that the outlook for energy and infrastructure development, particularly within the Permian Basin, remains positive. Additionally, such development may be aided by President Trump’s various Executive Orders relating to energy production, which include expedited a…

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• The following discussion and analysis of our financial condition and results of operations is based on, and should be read in conjunction with, our Financial Statements and notes thereto in Part I, Item 1. “Financial Statements” of this Quarterly Report. The following discussion contains “forward-lo…

• The historical financial information in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for the Company reflects only the historical financial results of NDB Operating, our predecessor for SEC reporting purposes prior to September 17, 2025, and does not g…

• On September 18, 2025, WaterBridge closed its initial public offering of 31,700,000 Class A shares at a price to the public of $20.00 per Class A share (the “IPO”). The underwriters exercised their option to purchase up to an additional 4,755,000 Class A shares at the public offering price, less und…

• WaterBridge received net proceeds from the IPO, including the exercise of the underwriters’ option to purchase additional Class A shares, totaling approximately $672.8 million after deducting approximately $43.7 million of underwriting discounts and commissions payable by WaterBridge and other estim…

• Pursuant to a contribution and corporate reorganization agreement (the “Contribution and Reorganization Agreement”), dated September 8, 2025, by and among WaterBridge, OpCo, WBR Holdings, NDB Midstream, WBEF, Desert Environmental, WaterBridge Resources LLC, a Delaware limited liability company, Wate…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• Our ability to borrow and the rates offered by lenders can be adversely affected by deterioration in the credit markets and/or deterioration of our credit profile rating. We may elect for outstanding borrowings under the 2025 Revolving Credit Facility to accrue interest at a rate based on either the…

• As of March 31, 2026, we had $50.0 million of outstanding borrowings under the 2025 Revolving Credit Facility. We are obligated to pay interest at variable rates and other customary fees on borrowings under this facility. For the three months ended March 31, 2026, the 2025 Revolving Credit Facility …

• As of March 31, 2026, we also had aggregate principal amounts outstanding of $1.4 billion under the Notes. Since our Notes bear interest at fixed rates and are carried at amortized cost, fluctuations in interest rates do not have any impact on our condensed consolidated financial statements. However…

• Refer to Note 6 — Debt within the notes to our Unaudited Condensed Consolidated Financial Statements for more information.

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• We are exposed to market risks, which include the effects of adverse changes in commodity prices and counterparty and customer credit risks and interest rate risk as described below. The primary objective of the following information is to provide quantitative and qualitative information about our p…

• The market for our services is indirectly exposed to fluctuations in the prices of crude oil and natural gas to the extent such fluctuations impact drilling and completion activity levels and thus impact the activity levels and timing of activity of our customers in the exploration and production an…

• A portion of our revenue is derived from our sale of skim oil at prevailing market prices, less applicable discounts, and is directly exposed to fluctuations in the price of crude oil. Based on our recovery of skim oil for the nine months ended September 30, 2025, on a pro forma basis, our skim oil …

• We do not currently intend to hedge our exposure to commodity price risk. We may in the future enter into derivative instruments, such as collars, swaps and basis swaps, to partially mitigate the impact of commodity price volatility. These hedging instruments would allow us to reduce, but not elimin…

• We are subject to risks of loss resulting from nonpayment or nonperformance by our counterparties and customers of their contractual obligations. Our principal exposure to credit risk is through receivables generated by the provision of our water management solutions to our customers. The inability …

Text added vs the prior filing · source: 10-Q · 2026-05-07

• As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we have evaluated, under the supervision and with the participation of management, including our principal executive officer and principal financial officer, the effectiveness of our disclosure …

• There were no changes in our internal control over financial reporting identified in management’s evaluation pursuant to Rules 13a‑15(d) or 15d‑15(d) of the Exchange Act during the quarter ended March 31, 2026 that materially affected, or are reasonably likely to materially affect, our internal cont…

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• Under the supervision and with the participation of our management, our principal executive officer and principal financial officer have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a‑15(e) and 15d‑15(e) under the Exchange Act), as of the end of the pe…

• In designing and evaluating our disclosure controls and procedures, management recognizes that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Ad…

• There were no changes in our internal control over financial reporting (as defined in Rules 13a‑15(d) or 15d‑15(d) under the Exchange Act) during the quarter ended September 30, 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reportin…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• Due to the nature of our business, we may become, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities. Item 103 of Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the pro…

• On January 7, 2026, WaterBridge Texas Operating LLC (“WBTO”), a subsidiary of the Company, received an enforcement action from the RRC seeking reimbursement of approximately $6.9 million in expenses incurred by the RRC in connection with the plugging of an orphan well located in proximity to a produ…

• On January 13, 2026, Arkoma Water Resources, LLC, a subsidiary of the Company filed a lawsuit against WSGP Gas Producing, LLC, a subsidiary of Trinity Operating, LLC, in the Texas Business Court, 11th Division, to enforce a contractual obligation for the use of gas transportation services in the Ark…

• In the opinion of our management, there are no other pending litigation, disputes or claims against us which, if decided adversely, would be expected to have a material adverse effect on our financial condition, cash flows or results of operations. Refer to Note 11 — Commitments and Contingencies wi…

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• We are periodically party to proceedings and claims incidental to our business. We will continue to evaluate proceedings and claims involving us on a regular basis and will establish and adjust any estimated reserves as appropriate to reflect our assessment of the then current status of the matters.…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• This Quarterly Report should be read in conjunction with the risk factors disclosed under the heading “Risk Factors” in the 2025 Form 10-K. Except as set forth below, there have been no material changes to the risk factors disclosed under the heading “Risk Factors” in the 2025 Form 10-K.

• Concerns over global economic conditions, global health threats, trade policies, increased trade restrictions and tariffs, supply chain disruptions, decreased demand, labor shortages, geopolitical issues, inflation, changes in interest rates, the availability and cost of credit and U.S. financial ma…

• In addition, hostilities related to the Russia-Ukraine war, the heightened hostilities in the Middle East, including Iran, and the occurrence or threat of terrorist attacks in the United States or other countries could adversely affect the global economy. We are monitoring the aforementioned militar…

• While the financial health of the broader oil and gas industry has shown improvement as compared to prior periods, central bank policy actions and associated liquidity risks and other factors may negatively impact the value of our equity and that of our customers, and may reduce our and their abilit…

• adversely impact our results of operations, cash flows and financial position.

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• Investing in our Class A shares involves a significant degree of risk. The risks described below as well as all other information contained in this Quarterly Report, including our condensed consolidated financial statements and the notes thereto and the matters addressed under the sections titled “M…

• Our revenues are substantially dependent on ongoing oil and natural gas exploration, development and production activity in our areas of operation.

• The volume of water we manage is driven primarily by the level of crude oil and natural gas production and development in our areas of operation. We have no control over the oil and natural gas development activity in our areas of operation, and the willingness and ability of E&P companies to contin…

• prevailing oil and gas prices and expectations regarding future oil and natural gas prices;

• the capital costs required for drilling, completion and production activities;