WaterBridge’s disclosed web runs through Devon and LandBridge

WaterBridge Infrastructure LLC (WBI) has a customer list filled with oil-and-gas heavyweights. Its most concentrated disclosed relationship is with Devon Energy Corporation (DVN), which appears in three different roles: customer, strategic partner, and owner. LandBridge Company LLC (LB) supplies access, provides infrastructure-related support, and sits on the other side of several agreements. This is less a tidy chain than a small circle of counterparties wearing several hats.

The customer exposure is measurable. In its filing, WBI says Devon accounted for about 19% of its 2025 water-related revenue.

"For the year ended December 31, 2025, Devon was one of our largest customers by volume and accounted for approximately $98 million of our water-related revenues, which represented approximately 19% of our total water-related revenues for the year."
WaterBridge / SEC filing / May 7, 2026

That makes DVN the clearest single customer concentration disclosed in the materials. WBI also names Chevron Corporation (CVX), EOG Resources, Inc. (EOG), and Permian Resources Corporation (PR) among its customers.

"Customers and Contracts Our customers include many of the top-tier operators in the regions in which we operate, including bpx energy, Chevron Corporation, Devon, EOG Resources, Inc. and Permian Resources Corporation."
WaterBridge / SEC filing / March 16, 2026

The customer roster is broad by name, but Devon is the only customer here with a disclosed revenue percentage. WBI’s own filing also gives DVN a longer-term role in the business.

"Our Relationship with Devon We entered into a long-term, strategic partnership with Devon Energy Corporation (“Devon”) in the Delaware Basin in 2023."
WaterBridge / SEC filing / March 16, 2026

Then comes the ownership link. Devon owns 17,757,225 Class B shares, equal to 14.4% of WBI’s common shares and 14.4% of its outstanding OpCo Units. The filing therefore places the same company on both sides of the commercial relationship and inside the ownership structure.

"Devon owns 17,757,225 Class B shares, representing 14.4% of our common shares, and 14.4% of the outstanding OpCo Units."
WaterBridge / SEC filing / March 16, 2026

LandBridge is the other central node. WBI discloses that, before the WaterBridge combination, a subsidiary of NDB Operating had facilities access and surface-use agreements with LB. It also describes preferential access to underused pore space through its relationship with LandBridge.

"Supplier Agreements Water Facilities Access Agreements and Surface Use Agreements Prior to the WaterBridge Combination, a subsidiary of NDB Operating was a party to certain produced water facilities access agreements with LandBridge, a supply water facilities…"
WaterBridge / SEC filing / May 7, 2026

"Our synergistic relationship with LandBridge, a leading Delaware Basin land management company, provides us preferential access to significant underutilized pore space in and around the Delaware Basin that is necessary to meet the E&P industry’s evolving…"
WaterBridge / SEC filing / May 7, 2026

The two companies’ filings describe the relationship from both directions. LandBridge calls WBI a partner, customer, and supplier across its own filings. WBI also says it and LandBridge entered agreements with Texas Pacific Land Corporation (TPL) for reciprocal crossing rights across an approximately 64,000-acre area.

"We and LandBridge also entered into agreements with Texas Pacific Land Company (“TPL”), one of the largest landowners in Texas, to provide reciprocal crossing rights across an approximately 64,000 acre area of mutual interest (“AMI”) near and along the…"
WaterBridge / SEC filing / March 16, 2026

Finally, WBI discloses FPH as part of LandBridge’s formation history and Truist Financial Corporation (TFC) through the OpCo revolving credit facility. The map ends with financing, but its center is commercial: Devon and LandBridge connect customers, infrastructure access, partnership rights, and ownership.

"Five Point and our management team initially formed LandBridge to acquire, manage and expand a strategic land position in the heart of the Delaware Basin to support the development of our large-scale produced water infrastructure."
WaterBridge / SEC filing / March 16, 2026

"OpCo Revolving Credit Facility In conjunction with the issuance of the Notes (as defined below), on October 6, 2025, OpCo closed a revolving credit agreement (the “OpCo Credit Agreement”) by and among Truist Bank, as administrative agent, collateral agent and…"
WaterBridge / SEC filing / November 12, 2025

These are relationships disclosed in SEC filings, mapped by jodie’s analytics. This is not investment advice.

WaterBridge’s disclosed web runs through Devon and LandBridge

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