WaterBridge Infrastructure LLC Water You Waiting For: Delaware Growth Engine Firing on All Cylinders

Research evidence excerpt

WaterBridge Infrastructure LLC Water You Waiting For: Delaware Growth Engine Firing on All Cylinders

J P M O R G A N North America Equity Research

16 July 2026

WaterBridge Infrastructure LLC Overweight

WBI, WBI US

Water You Waiting For: Delaware Growth Engine Firing Price (15 Jul 26):$34.53

on All Cylinders ▲Price Target (Dec-27):$38.00 Prior (Dec-26):$32.00

Heading into 2Q26 focus remains on: 1) Speedway Phase 1 volume ramp and

subsequent MVC step up in 2H26, 2) incremental bpx Kraken volumes, and 3) an North American Midstream

imminent Speedway Phase 2 FID. Notably, all aforementioned growth projects Eli Jossen, CFA AC

carry Produced Water handling rates well above WBI's legacy portfolio average, (1-212) 622-4113

underpinning meaningful EBITDA acceleration through the medium term. On eli.jossen@jpmchase.com

Speedway Phase 2, WBI confirmed documentation and final negotiations Jeremy Tonet, CFA

progressing towards FID, with early project construction commencing in 2H26 (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

and continued development extending into 2027. We see earlier activity on

Vrathan Reddy

Speedway facilitating work next year on an incremental expansion project with

(1-212) 622-4692

Devon, collectively driving an even stronger 2028 EBITDA inflection. Turning to vrathan.reddy@jpmchase.com

the call, we also expect airtime on beneficial reuse and data center water supply Francina Kolluri

discussions along with WBI's June addition across multiple Alerian indices. We (1-212) 270-5796

expect color on the board's formation of a special committee evaluating a potential francina.kolluri@jpmchase.com

LLC-to-C-Corp conversion represents a meaningful potential catalyst, with J.P. Morgan Securities LLC