WaterBridge Reports 15% Volume Growth, Guides $420–460M 2026 EBITDA
WaterBridge Infrastructure achieved 15% year-on-year volume growth in 2025, maintained 99.7% uptime and boosted pro forma revenues by 19% through rate improvements and higher handling volumes. For 2026, forecasts 2.5–2.7 million barrels per day, $420–460 million adjusted EBITDA and $430–490 million CapEx, including $100 million for Speedway Phase Two.
1. Q4 2025 Operational Performance
WaterBridge posted 15% year-on-year volume growth in 2025, maintained 99.7% operational uptime and achieved 19% pro forma revenue growth by optimizing rates and integrating the Kraken project.
2. 2026 Guidance and Project Timelines
For 2026, management forecasts 2.5–2.7 million barrels per day in produced water volumes, $420–460 million in adjusted EBITDA and $430–490 million in CapEx, including $100 million for Speedway Phase Two, with Phase One expected online mid-2026 and MVCs starting in Q3.
3. Financial Structure and Dividend Policy
The company closed a $1.425 billion senior unsecured notes offering in Q4, aims to reduce net leverage below 3.0x from 3.3x, and declared a $0.50 quarterly dividend while accelerating $100 million in CapEx for foundational infrastructure projects.