WaterBridge Q3 Revenue Rises 17% to $240.2 Million: Record Produced Water Volumes, Guidance Raised
WaterBridge Infrastructure, the water infrastructure company headquartered in Houston, Harris County, Texas, on November 4 reported results for the third quarter of 2026: produced water handling volumes hit a record, the company raised the midpoints of its full-year volume and Adjusted EBITDA guidance, and it declared a quarterly dividend of $0.05 per share.
Produced water handling volumes were 2.8 million barrels per day in the third quarter, up 9% year over year and 6% sequentially. Revenue was $240.2 million, up 17% year over year and 10% sequentially. Net income was $13.3 million, a 6% margin. Adjusted EBITDA was $124.2 million, up 18% year over year, at a 52% Adjusted EBITDA margin. Gross margin was $62.7 million.
Third-quarter capital expenditures were $123.9 million, driven mainly by construction of the first phase of the Speedway Pipeline and continued investment across the Delaware Basin footprint. The Speedway Phase I pipeline has outperformed since its in-service date, with volumes exceeding expectations and new commercial agreements signed for pipeline access.
Total liquidity was $539.7 million as of September 30, 2026, including about $505.0 million of available borrowing capacity under the revolving credit facility and $34.7 million of cash and equivalents. Total borrowings were $1.837 billion. In August the company issued an additional $150 million of 6.50% senior unsecured notes due 2033.
The board declared a dividend on Class A shares of $0.05 per share, payable December 10, 2026, to shareholders of record as of November 25, 2026.
For the full year, WaterBridge now expects produced water handling volumes of 2.65 to 2.75 million barrels per day (midpoint up 2%) and Adjusted EBITDA of $465 million to $485 million (midpoint up 4%), while capital expenditures guidance narrowed to $530 million to $560 million (midpoint down 3%) as some project timing shifted into 2027.
Chief Executive Officer Jason Long said record volumes of 2.8 million barrels per day and outperformance on both volumes and margin are driving improvements across full-year guidance, and that Speedway Phase I performance demonstrates continued demand for long-haul, out-of-basin solutions. Chief Financial Officer Scott McNeely said third-quarter revenue and volumes grew 10% and 6% sequentially, reflecting continued strong demand across the network.
WaterBridge operates the largest integrated produced water infrastructure network in the United States, predominantly in the Delaware Basin, with additional assets in the Eagle Ford and Arkoma Basins, providing gathering, transportation, recycling and handling of produced water for oil and natural gas producers under long-term contracts. (Source: WaterBridge)
Source: WaterBridge
Published by GSM · USA (original Chinese edition)
Photo: 图：德克萨斯州 Houston 市中心上空，WaterBridge 总部所在的 Houston 市。NASA 摄，公共领域，经 Wikimedia Commons。 / Photo: Downtown Houston, Texas, home to WaterBridge headquarters. By NASA, public domain, via Wikimedia Commons.
