Houston-based WaterBridge Infrastructure has filed for a U.S. initial public offering (IPO), signaling growing momentum in the listings market as energy infrastructure attracts fresh investor interest.
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A Pure-Play Water Midstream Operator
WaterBridge is one of the few dedicated water midstream companies in the Permian Basin. The company gathers, transports, recycles, and disposes of produced water — a critical service for oil and gas operators. As of July 31, its network included:
- 2,500 miles of pipeline
- 196 produced water handling facilities
This large-scale footprint positions WaterBridge as a key player in managing water logistics in the Delaware Basin, where water volumes are increasing alongside oil and gas production.
Customers and Market Reach
WaterBridge’s customer base includes some of the largest U.S. exploration and production companies:
- BPX Energy
- Chevron
- Devon Energy
- EOG Resources
- Permian Resources
By providing water infrastructure at scale, the company allows these operators to focus on drilling and production while outsourcing a complex and costly part of the value chain.
Financial Performance
In the first six months of 2025, WaterBridge reported:
- Revenue: $374.9 million
- Pro Forma Net Loss: $38 million
Despite operating at a loss, WaterBridge has consistently grown its top line by expanding its pipeline and recycling capacity to match demand from Permian operators.
Ownership and IPO Details
WaterBridge is backed by Five Point Energy, a private equity firm focused on energy infrastructure, and GIC, Singapore’s sovereign wealth fund.
The company will list its shares under the symbol WBI on both the New York Stock Exchange and NYSE Texas, with J.P. Morgan and Barclays as lead underwriters.
Strategic Outlook
While its core focus remains supporting oil and gas operators, WaterBridge has stated it is looking to expand services into new industries where water demand is accelerating. This diversification could open long-term opportunities beyond upstream oil and gas.
The IPO comes more than a year after LandBridge (LB.N), another Five Point-backed company, went public in New York. LandBridge’s shares have since more than tripled in value, providing a strong precedent for WaterBridge’s public market debut.
Why It Matters
Water infrastructure has become a mission-critical service in the Permian Basin, where operators face rising water management costs. Investors are paying closer attention to these specialized midstream companies as they represent a stable, fee-based revenue model tied to long-term oil and gas activity.
With IPO markets regaining momentum heading into the fall — fueled by expectations of lower U.S. interest rates and stronger small- to mid-cap demand — WaterBridge is positioning itself to capture investor interest at the right time.
