WaterBridge Infrastructure LLC

Hello everyone, thank you for joining us and welcome to the WaterBridge's second quarter 2026 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 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to May Harrington, Director of Investor Relations. Please go ahead.

Good morning and thank you for joining WaterBridge's second quarter 2026 earnings call. I'm joined today by our Chief Executive Officer, Jason Long, our Chief Operating Officer, Michael Chopp-Brights, 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're 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. I will now turn the call over to our CEO, Jason Long.

Thanks, May, and good morning, everyone. I'm pleased to announce that we delivered another strong quarter, achieving record revenues and adjusted EBITDA. Our results were driven by organic growth across our core business, underpinned by WaterBridge's unique ability to handle and recycle the rising volumes of produced water across our scaled, integrated network. We were able to monetize strong commercial demand for access to our existing infrastructure, especially along the state line where poor pressure constraints are limiting injection capacity. In addition to our organic growth and strong commercial execution, we also announced a number of accretive transactions to strengthen our position across the Delaware Basin. First, we closed the acquisition of Ranger Water Midstream. The acquisition increases our capacity in the highly active and disposal-constrained Lee County in New Mexico. The acquisition includes disposal wells with approximately 70,000 barrels per day of total permitted capacity, approximately 30 miles of produced water gathering pipelines, a water treatment facility with up to 100,000 barrels per day of capacity, and 1.2 million barrels of storage capacity. The acquired infrastructure is adjacent to Speedway, creating meaningful opportunities for future integration, additional throughput, and enhanced operational flexibility for both new and existing customers. With established contracts and acres dedications with blue chip producers already in place, we anticipate Ranger will be immediately accretive and a strong tailwind to Waterbridge's increasing market share in the region. We also announced two new investments that will allow us to significantly expand our synergistic environmental waste management business. First, we entered into an agreement to acquire the NDB Landfill in Lee County, expanding our waste management footprint into new markets across New Mexico. The 560-acre NDB landfill is a large, oil-filled waste facility with 44 million cubic yards of permitted capacity, with open capacity currently representing more than 40 years of future volumes. This acquisition provides us with a large, scalable platform for growth in a region with high EMP activity. Additionally, our board has approved the organic construction of a 280-acre environmental waste management facility in the state line region, which will be our fourth site in the basin. Construction is expected to begin in third quarter with an anticipated in-service date of mid-2027. This project represents a high return opportunity to construct an additional landfill facility when the approximately two-year capital payback period is expected. Once completed, the facility will significantly expand our integrated waste management capabilities in the region and create operational efficiencies for our core water business through reduced waste hauling costs. Together, these two waste management transactions are expected to double our total facility count and more than double our permitted waste handling capacity in the Delaware Basin. Overall, each of these acquisitions and investments reflect our disciplined approach to capital allocation. They provide attractive standalone returns, support the economics of our existing water infrastructure assets, and support market share growth through new and existing customer relationships. As a result of these accretive acquisitions, as well as a number of new or accelerated commercial capital projects expected in the second half of this year, we have increased our 2026 guidance, raising volume and adjusted EBITDA guidance for the second quarter in a row, and raising capital expenditures guidance as we capitalize in compelling opportunities. Scott will provide further details on the increases in his remarks. I'd like to now turn the call over to Chop Wrights.