WaterBridge Infrastructure LLC

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the WaterBridge third quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star, then the number one on your telephone keypad. I would now like to turn the call over to Mae Harrington, Director of Investor Relations. Mae, please go ahead.

Good morning, everyone, and thank you for joining the Waterbridge Third Quarter 2025 Earnings Call. I'm joined today by our CEO, Jason Long, our COO, Michael Choprice, and our CFO, Scott McNeely. Before we begin, I'd like to remind you that in this call and the related presentation, We will make certain forward-looking statements regarding our current beliefs, plans, and expectations, which are not guarantees of future performance and which are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from results and events contemplated by such forward-looking statements. We will caution not to place undue reliance on forward-looking statements. Please refer to the risk factors and other cautionary statements included in our filings with the FCC. I would also like to point out that our investor presentation and today's conference call will contain discussions of certain non-GAAP financial measures, which we believe are useful in evaluating our performance. These supplemental measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Reconciliations to the most directly comparable GAAP measures are included in our earnings release and the appendix of today's accompanying presentation. Prior to the closing of WaterBridge's initial public offering on September 18th, 2025, WaterBridge completed the successful combination of its legacy entities, WaterBridge Equity Finance LLC, WaterBridge NDB Operating LLC, and Desert Environmental LLC. Third quarter key operational metrics discussed today are presented on a combined basis and financial results discussed today are presented on a pro forma basis in accordance with Article 11 of Regulation SX assuming the combination in the IPO had occurred on January 1, 2024, with the exception of cash flow statement items, which are presented at the standalone entity level in accordance with SEC guidelines. I'll now turn the call over to our Chief Executive Officer, Jason Long.

Thanks, May, and thank you, everyone, for joining us this morning for our first quarterly earnings call as a public company. We are proud to have brought Waterbridge to the public markets this September, listing on the NYSE and NYSE Texas, and the largest energy sector IPO since 2019. We look forward to capitalizing on our momentum with a proven business strategy, a strong balance sheet, and an unparalleled infrastructure that is well-positioned to meet the ever-growing needs of current and future customers. The market's belief in our business model and enthusiasm for our listing was demonstrated with an upsized offering that was significantly oversubscribed and priced at the high end of the range. As this is our first earnings call, I'll spend a few minutes providing an overview of our business model before turning it over to our COO, Michael Choprice, to discuss our competitive advantages and why we believe Waterbridge is well-positioned to create significant shareholder value in the year and long term. Waterbridge is a leading integrated pure play water infrastructure company with operations primarily in the Delaware Basin, the most prolific oil and natural gas base in North America. Our infrastructure network is comprised of approximately 2,500 miles of pipeline and nearly 200 produced water handling facilities, capable of handling more than 4.5 million barrels per day of produced water. Produced water handling is critical to enabling long gas development in the Delaware Basin. Every barrel of oil brought to the surface is accompanied by multiple barrels of produced water. And without efficient, reliable, and environmentally responsible systems to gather, treat, transport, and dispose of the water, production simply cannot continue. The scale of the Delaware Basin makes this challenge even more complex. Enormous volumes, long distances, evolving regulatory considerations, and the need for continuous operational uptime. Effective produce water infrastructure not only keeps oil and gas wells flowing, but also protects freshwater resources, reduces truck traffic and emissions, and enables EMP operators to plan, invest, and grow with confidence. It is one of the quiet but essential backbones of the nation's energy economy. Today, produced water handling comprises approximately 90% of our revenue, derived from fixed fee contracts for the transportation, treatment, handling, and disposal of produced water. Our water solutions business, which includes fees received from sales of brackish water, recycled and produced water, and our waste management business, which receives fees from the disposal of industry waste, provide the remainder of our revenue. I'd like to conclude by saying that we're excited to bring this company to the public markets and begin the next chapter in our evolution. This step allows us to broaden our partnerships and align with public, equity investors who share our long-term vision and commitment to discipline growth. As the importance of produced water infrastructure continues to expand alongside development in the Delaware Basin, we believe we are exceptionally well-positioned to drive value through scale, reliability, and innovation. I'd like to now hand it over to Chuck to talk through some of those advantages in a bit more detail.