WBI reports first post-IPO quarter: revenue doubles to $201M on WaterBridge Combination

Filed May 7, 2026 · Period ending March 31, 2026 · ~2 min read

Key Changes

• high

  Q1 2026 revenue reached $201.0 million, up 105% year-over-year, driven by the September 2025 WaterBridge Combination (adding $70.8M in produced water handling and $6.7M in skim oil revenues) and organic volume growth of 228 MBbl/d in the Delaware Basin.

  MD&A: Q1 2026 financial results verify on EDGAR →
• high

  Net income surged 456% to $9.5 million as gross margin expanded 300 basis points to 5%, reflecting scale benefits from the combination and higher volumes, though operating costs per barrel rose $0.05 to $0.34/Bbl on temporary power generation and rising energy prices.

  MD&A: Q1 2026 financial results verify on EDGAR →
• high

  Capital expenditures jumped to $110.9 million (from $45.5M in Q1 2025) for Speedway Phase I produced water handling infrastructure, with $4.9 million in interest capitalized; the project is expected to support future volume growth in the Delaware Basin.

  MD&A: Speedway Phase I capital project verify on EDGAR →