Updated
The most significant concentration WaterBridge Infrastructure discloses is top five customers at 51%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: WaterBridge Infrastructure’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'our top five customers by revenue consisted of Devon, Permian Resources Corporation, bpx energy, Mewbourne Oil Company and EOG Resources, Inc, which collectively represented approximately 51% of our total water-related revenue for the year.'”
“10-K Item 1A: 'The Delaware Basin of Texas and New Mexico is presently our largest operating region, accounting for a majority of our revenue for the year ended December 31, 2025.'”
“10-K Item 1: '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's concentration risk runs through both its customer base and its geographic footprint, and the two overlap substantially. The top five customers — Devon, Permian Resources Corporation, bpx energy, Mewbourne Oil Company, and EOG Resources, Inc. — together represented approximately 51% of total water-related revenue, a high-share dependency on a small group of oil-and-gas operators. Within that group, Devon alone accounted for about $98 million, or approximately 19% of total water-related revenues — a smaller, disclosed-low-share piece of the broader customer concentration rather than a separate, large exposure on its own. Geographically, the Delaware Basin of Texas and New Mexico is the company's largest operating region, accounting for a majority of revenue — a structural feature of the business given WaterBridge's infrastructure is tied to fixed assets in that basin. Because the top customers are largely the same operators drilling in the Delaware Basin, the customer and geographic concentrations are not independent risks but two views of the same underlying exposure: a downturn in Permian/Delaware Basin drilling activity would simultaneously pressure the top-five customer relationships and the region generating the majority of revenue. Devon's individual share, by contrast, is disclosed at a lower level and is a smaller piece of that combined picture.
For the engine’s reasoning on WBI’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AROC | Archrock, Inc. | 2 | 1 | 0 | 3 |
| WBI● | WaterBridge Infrastructure LLC | 2 | 0 | 1 | 3 |
| AESI | Atlas Energy Solutions Inc. | 1 | 2 | 0 | 3 |
| BKR | Baker Hughes Company | 1 | 0 | 0 | 1 |
| ACDC | ProFrac Holding Corp. | 0 | 3 | 0 | 3 |
| CLB | Core Laboratories Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.