WaterBridge Infrastructure LLC

The following are abbreviations and definitions of certain terms used in this document, many of which are commonly used in the industry:

Bpd or Bbl/d. Barrels per calendar day.

Brackish water. Water with salinity levels between seawater and freshwater.

CAGR. Compound annual growth rate.

Completion. The process of preparing a well for the production of oil and gas by injecting high-pressure fluids mixed with proppants to create fractures in reservoir rock to enhance permeability.

Crude oil. A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities.

Delaware Basin. A geological depositional and structural basin in West Texas and southern New Mexico, which is a part of the Permian Basin.

Desert Environmental. Desert Environmental LLC, a Delaware limited liability company and portfolio company of funds affiliated with Five Point.

Desert Holdings. Desert Environmental Holdings LLC, a Delaware limited liability company.

Devon Holdco. Devon WB Holdco L.L.C., a Delaware limited liability company.

E&P. Oil and natural gas exploration and production.

E&P companies. Oil and natural gas exploration and production companies, including producers and/or operators.

Elda River. Elda River Infrastructure WB LLC, a Delaware limited liability company.

Five Point. Five Point Infrastructure LLC, a Delaware limited liability company and our legacy financial sponsor.

GAAP. Accounting principles generally accepted in the United States of America.

GIC. Ashburton Investment Private Limited, an affiliate of Singapore’s sovereign wealth fund.

Incentive Units. Management incentive units consisting of time‑based awards of profits interests.

LandBridge. LandBridge Company LLC, a Delaware limited liability company (NYSE: LB), and its subsidiaries.

LandBridge Holdings. LandBridge Holdings LLC, a Delaware limited liability company.

Legacy Owners. WBR Holdings, NDB Holdings, Desert Holdings, Devon Holdco, Elda River and GIC, collectively.

MBbls. One thousand barrels.

MBbl/d. One thousand barrels per day.

Mineral interest. A real‑property interest that grant ownership of oil and natural gas under a tract of land and the rights to explore for, develop, and produce oil and natural gas on that land or to lease those exploration and development rights to a third party.

MMbbls. One million barrels.

MVC. Minimum volume commitments.

NDB Holdings. NDB Holdings LLC, a Delaware limited liability company and portfolio company of funds affiliated with Five Point.

NDB Incentive Units. Management incentive units consisting of time‑based awards of profits interests in NDB LLC.

NDB LLC. WaterBridge NDB LLC, a Delaware limited liability company and portfolio company of funds affiliated with Five Point.

NDB Midstream. NDB Midstream LLC, a Delaware limited liability company.

NGL. Natural gas liquid.

OpCo. WBI Operating LLC, a Delaware limited liability company.

Operator. The individual or company responsible for the development and/or production of an oil or natural gas well.

Permian Basin. A large sedimentary basin located in West Texas and southeastern New Mexico.

Produced water. Water that comes out of an oil and natural gas well with crude oil and natural gas.

Produced water handling facilities. Facilities employed for the treatment and handling of produced water.

Skim oil. Oil recovered as a byproduct of the produced water from a well during E&P operations.

WaterBridge. WaterBridge Infrastructure LLC, a Delaware limited liability company.

WaterBridge Operating. WaterBridge Operating LLC, a Delaware limited liability company.

WB 892. WB 892 LLC, a former Delaware limited liability company.

WBEF. WaterBridge Equity Finance LLC, a former Delaware limited liability company.

WBR Holdings. WBR Holdings LLC, a Delaware limited liability company and portfolio company of funds affiliated with Five Point.

INTRODUCTORY NOTE

WaterBridge was formed on April 11, 2025 as a Delaware limited liability company to serve as the issuer in an initial public offering, which closed on September 18, 2025 (the “IPO”). WaterBridge is a holding company, the sole material asset of which is units representing limited liability company interests (“OpCo Units”) in WBI Operating LLC (“OpCo”). WaterBridge is the managing member of OpCo. Unless otherwise indicated or the context otherwise requires, references in this Quarterly Report on Form 10-Q (this “Quarterly Report”) to “WaterBridge,” “us,” “we,” “our” or the “Company” are to (i) WaterBridge NDB Operating LLC (“NDB Operating”), our predecessor for SEC reporting purposes, and its subsidiaries, for periods prior to the completion of the WaterBridge Combination (as defined below) and (ii) WaterBridge and its subsidiaries for periods following the completion of the WaterBridge Combination. For more information on the IPO and the WaterBridge Combination, please see “Initial Public Offering” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”