WaterBridge Announces Open Season on Second Phase of Speedway Long-Haul Produced Water Pipeline

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Key Terms

open season financial

Open season is a defined, limited time when an organization invites people to sign up—most commonly either for a securities offering (to buy newly issued shares or bonds) or for employee benefits enrollment. For investors, an open season for a security means the issuer is raising capital and may change share supply and price dynamics, while a benefits open season affects employee compensation cost and retention. Think of it as a short sign-up window for a sale or program that can influence future financial outcomes.

produced water technical

Produced water is the salty, oily wastewater that comes up from underground alongside oil and gas when wells are drilled and operated; it contains dissolved salts, leftover hydrocarbons and treatment chemicals. For investors, produced water matters because handling, treating, storing and disposing of it creates ongoing operating costs, regulatory obligations and environmental risk—similar to how a factory’s wastewater can drive cleanup bills or fines—while opportunities to reuse or recover resources can offset some costs.

throughput capacity technical

Throughput capacity measures the maximum amount of product, work, or transactions a business process or facility can handle in a given time (for example, units per hour or transactions per day). Investors care because it shows how much revenue a company could potentially generate without adding resources; like a highway’s number of lanes, higher throughput capacity lets a business serve more customers and scale sales more quickly, while bottlenecks limit growth and increase costs.

barrels per day technical

Barrels per day is a measure of how much crude oil or other petroleum liquids are produced, processed, or transported each day, using the standard oil barrel unit (42 U.S. gallons). Investors use it to gauge a company’s or facility’s output capacity and potential revenue—think of it like cars produced per day at a factory: higher daily output usually means more sales and cash flow, while declines can signal lower income or supply constraints.

02/23/2026 - 08:30 AM

HOUSTON--(BUSINESS WIRE)-- WaterBridge Infrastructure LLC (NYSE: WBI) ("WaterBridge") today announced the launch of an open season to solicit commitments to support the construction of a large-diameter gathering and transportation pipeline project (the “Speedway Phase II Pipeline”). The open season began at 8:00 a.m. CDT today, February 23, 2026, and is scheduled to end at 5:00 p.m. CDT on April 20, 2026.

The Speedway Phase II Pipeline will facilitate the transportation of produced water in Eddy and Lea counties, New Mexico to out-of-basin pore space located in the Central Basin Platform that is owned by WaterBridge’s affiliate, LandBridge Company LLC (NYSE: LB). The Speedway Phase II Pipeline will service customers and demand incremental to the previously announced Speedway Pipeline project, for which a final investment decision was announced in September 2025. The Speedway Phase II Pipeline is anticipated to provide incremental throughput capacity of up to 500,000 barrels per day (bpd) in addition to the 500,000 bpd throughput capacity for the initial phase of the Speedway Pipeline.

“The Speedway Phase II Pipeline is an important step in expanding our capacity to serve the growing need for responsible produced water handling solutions in the Northern Delaware Basin,” said Michael “Chop” Reitz, President and Chief Operating Officer of WaterBridge. “We are committed to remaining the flow assurance provider of choice for our E&P customers through large-scale infrastructure projects like this one to support continued growth in the region.”

The anticipated service area for the Speedway Phase II Pipeline is shown on the map above.

For additional information and open season documents, including current Phase II routes, transportation services and confidentiality agreements, please submit requests via email to speedway@h2obridge.com.

Cautionary Statement Regarding Forward-Looking Statements

This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on WaterBridge’s beliefs, as well as assumptions made by, and information currently available to WaterBridge, and therefore involve risks and uncertainties that are difficult to predict, including the possibility that the Speedway Phase II Pipeline will not be completed and that the anticipated capacity and revenue associated with the project would not be realized. Generally, future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” and the words “believe,” “anticipate,” “continue,” “intend,” “expect” and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, any statements regarding the Speedway Phase II Pipeline, including the demand sufficient to solicit the level of interest required to complete the Speedway Phase II Pipeline, the ability to secure regulatory approvals in a timely manner or at all and/or the expected benefits of the Speedway Phase II Pipeline. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, many of which are beyond our control.

Forward-looking statements include, but are not limited to, strategies, plans, objectives, expectations, intentions, assumptions, future operations and prospects and other statements that are not historical facts, including our estimated future financial performance. You should not place undue reliance on forward-looking statements. Although WaterBridge believes that plans, intentions and expectations reflected in or suggested by any forward-looking statements made herein are reasonable, actual results may vary materially and adversely from those envisaged in this press release due to a number of factors, including those risks more fully discussed in WaterBridge's filings with the SEC, including its most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You can access WaterBridge’s filings with the SEC through the SEC's website at http://www.sec.gov. Except as required by applicable law, WaterBridge undertakes no obligation to update any forward-looking statements or other statements herein for revisions or changes after this communication is made.

About WaterBridge

WaterBridge is a leading integrated, pure-play water infrastructure company with operations predominantly in the Delaware Basin, the most prolific oil and natural gas basin in North America, with additional assets in the Eagle Ford and Arkoma Basins. WaterBridge operates the largest produced water infrastructure network in the United States, through which it provides water management solutions to oil and natural gas exploration and production companies under long-term contracts, which include gathering, transporting, recycling and handling produced water. Headquartered in Houston, Texas, WaterBridge is a first mover in the water midstream sector and benefits from an experienced and entrepreneurial management team.