WaterBridge Infrastructure LLC

Hello everyone. Thank you for joining us and welcome to the Waterbridge fourth quarter 2025 results earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. I will now hand the call over to may Harrington director of investor relations, please go ahead.

Good morning, everyone, and thank you for joining WaterBridge's fourth quarter and fiscal year 2025 earnings call. I'm joined today by our Chief Executive Officer, Jason Long, our Chief Operating Officer, Michael Chop-Wrights, and our Chief Financial Officer, Scott McNeely. Before we begin, I'd like to remind you that in this call and the related presentation, we will make forward-looking statements regarding our current beliefs, plans, and expectations. which are not guarantees of future performance and 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. You are cautioned 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 SEC. I would also like to point out that our investor presentation and today's conference call will contain discussions of 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 18, 2025, Waterbridge completed the successful combination of its legacy entities, Waterbridge Equity Finance LLC, Waterbridge NDB Operating LLC, and Desert Environmental LLC. Full year 2025 key operational metrics discussed today are presented on a combined basis, and full year 2025 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 1st, 2024. I'll now turn the call over to our Chief Executive Officer, Jason Long.

Thank you, May, and good morning, everyone. 2025 was a transformative year for WaterBridge as we completed our upsized and highly successful IPO in September, bringing to market the largest pure play water infrastructure network in the United States. To begin today, I'm proud to announce that our fourth quarter and full year 2025 results continue to demonstrate strong operations with fourth quarter produced water volumes up to 2.6 million barrels per day and full year combined volumes averaging 2.4 million barrels per day, representing 15% year over year growth compared to combined 2024 volumes. Our volume growth has combined with continued rate improvements to contribute to full year 2025 pro forma revenues of 790 million, a 19% annual increase compared to pro forma 2024 revenues. Shortly, Chop will walk us through how we plan to continue our operational and commercial momentum in 2026. And then Scott will translate that into details for our 2026 guidance. But first I wanna walk through some context of the business today. Waterbridge provides innovative and full cycle produce water solutions to EMPs and is well positioned to meet evolving industry needs via our produce water handling capacity of more than 5 million barrels per day of produce water handling capacity across over 2,600 miles of integrated pipeline and 212 produce water handling facilities. With this extensive produce water handling and supply network and deep operational and geological expertise in the Delaware basin, the most prolific oil and natural gas basin in North America, we're well positioned to be a sought after partner for years to come. Our value proposition of providing innovative geologically focused and technologically advanced solutions for our EMP partners has translated into a strong track record of growth as demonstrated by our more than 22% CAGR and produce water handling volume since 2022. Due to the significant remaining inventory of low break-even locations, produced water volumes continue to grow alongside an even recently outpacing oil volume growth in the Delaware Basin, where the water-to-oil ratios are among the highest in the U.S. Our permanent integrated water infrastructure network is strategically located to meet this need, and we anticipate continued revenue growth in the coming years. To meet that growth, we continue to dedicate significant capital to high-return organic growth projects and pipelines in the basin, focusing on long-haul and out-of-basin solutions for New Mexico customers as they continue to increase operational focus in the high-return, high-inventory northern Delaware basin. The strong demand and positive response we received during the open season for the first phase of the Speedway Pipeline Project led us to continue those discussions with customers via the recently announced Speedway Phase 2 Pipeline. As a long-term flow assurance partner of choice in the basin, we expect to continue dialogues with the existing and new customers in the region to ensure that we can expand water infrastructure capacity in step with their development needs. With that, I'll turn it over to our COO, Chop Rice, to talk about our operational momentum and priorities for 2026.