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Get filing alertsWaterBridge raises 2026 guidance on strong demand, Q1 volumes 2.5M bbl/d with $102.9M EBITDA
Filed May 6, 2026 · Period ending May 6, 2026 · ~1 min read
Key Changes
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Raised full-year 2026 guidance: volumes to 2.525–2.725M bbl/d (~8% YoY growth), Adjusted EBITDA to $425–465M (~10% YoY growth), citing increased confidence in commercial demand and strengthening macro backdrop.
Exhibit 99.1 view on EDGAR → -
high
Q1 2026 volumes averaged 2.5M bbl/d (down 4% sequentially due to seasonal activity), revenue $201.0M, net income $9.5M (5% margin), Adjusted EBITDA $102.9M (51% margin).
Exhibit 99.1 view on EDGAR → -
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Speedway Phase II Open Season (Feb 23–Apr 20, 2026) showed strong demand from new and existing customers; company progressing commercial discussions with high-quality counterparts.
Exhibit 99.1 view on EDGAR → -
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Board declared $0.05 per Class A share quarterly dividend, payable June 18, 2026, to shareholders of record June 4, 2026.
Exhibit 99.1 view on EDGAR → -
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Q1 capex $110.9M (Speedway Phase I construction, Stateline infrastructure); borrowings rose to $1.486B from $1.465B at year-end 2025; liquidity $500.7M.
Exhibit 99.1 view on EDGAR →
Summary
WaterBridge Infrastructure reported first quarter 2026 produced water handling volumes of 2.5 million barrels per day, generating $201.0 million in revenue and $102.9 million in Adjusted EBITDA (51% margin). Volumes declined 4% sequentially due to lower seasonal activity, partially offset by the Kraken project ramp.
More significantly, the company raised its full-year 2026 guidance ranges based on increased confidence in commercial demand and a strengthening macroeconomic backdrop: volumes are now expected to average 2.525 to 2.725 million barrels per day (approximately 8% year-over-year growth), and Adjusted EBITDA is projected at $425 to $465 million (approximately 10% annual growth).
The Speedway Phase II Open Season, conducted from February 23 through April 20, 2026, demonstrated strong demand from both new and existing customers, with management noting that demand exceeded expectations for the company's unique long-haul capacity. WaterBridge is now progressing commercial discussions with high-quality counterparts. The Board declared a quarterly dividend of $0.05 per Class A share, payable June 18, 2026. First quarter capital expenditures of $110.9 million were primarily driven by Speedway Phase I construction and Stateline infrastructure investments, with total borrowings rising modestly to $1.486 billion. The raised guidance and strong Open Season results suggest improving fundamentals for WaterBridge's produced water infrastructure business in the Permian Basin.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
WaterBridge posted Q1 2026 earnings presentation on its investor relations website under Regulation FD.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
on May 6, 2026, the Company posted an investor presentation on its website. The presentation, titled “WaterBridge Earnings Presentation First Quarter 2026,” may be found at https://wbinfra.com in the “Events & Presentations” section on the Company’s “Investors” webpage.
WaterBridge disclosed that it posted its first quarter 2026 earnings presentation on its investor relations website. This is a routine Regulation FD disclosure indicating the company is making earnings materials publicly available to all investors simultaneously.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Increased produced water handling volumes guidance range to 2.525 million barrels per day to 2.725 million barrels per day, representing approximately 8% year-over-year volume growth
o Increased Adjusted EBITDA guidance range to $425 million to $465 million, representing approximately 10% annual Adjusted EBITDA growth
The company raised its full-year 2026 guidance ranges based on increased confidence in commercial demand and a strengthening macroeconomic backdrop. Produced water handling volumes are now expected to average 2.525 to 2.725 million barrels per day (approximately 8% year-over-year growth), and Adjusted EBITDA is expected to be $425 million to $465 million (approximately 10% annual growth). Capital expenditures guidance of $430 million to $490 million was reaffirmed.
Added in current filing · view on EDGAR →
Conducted the formal Speedway Phase II Open Season from February 23, 2026, through April 20, 2026. As a result of the strong demand demonstrated throughout the process, WaterBridge is progressing commercial discussions with high-quality counterparts, representing both new and existing customers
WaterBridge completed the Speedway Phase II Open Season from February 23 to April 20, 2026, and reported strong demand from both new and existing customers. The company is now progressing commercial discussions with high-quality counterparts. Management noted that demand exceeded expectations for the unique long-haul capacity WaterBridge provides.
Added in current filing · view on EDGAR →
First quarter capital expenditures were $110.9 million, primarily driven by continued construction costs for the first phase of the Speedway Pipeline project and continued investments in our Stateline produced water infrastructure. ... The Company had $1.486 billion of borrowings outstanding as of March 31, 2026, versus $1.465 billion of borrowings outstanding as of December 31, 2025.
First quarter capital expenditures were $110.9 million, primarily for Speedway Pipeline Phase I construction and Stateline infrastructure investments. Total borrowings increased to $1.486 billion as of March 31, 2026, from $1.465 billion at December 31, 2025. Total liquidity was $500.7 million, including approximately $450.0 million of available revolving credit facility capacity and $50.7 million cash.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 1, 2026 · How we verify