WaterBridge第三季度营收增17%至2.40亿美元：采出水处理量创纪录，上调全年指引
总部位于德克萨斯州哈里斯县 Houston 市的水务基础设施公司 WaterBridge Infrastructure 11月4日公布2026年第三季度业绩：采出水处理量创下纪录，公司上调全年处理量与调整后 EBITDA 指引中点，并宣布派发季度股息每股0.05美元。
第三季度采出水处理量为每日280万桶，同比增长9%、环比增长6%。当季营收2.402亿美元，同比增长17%、环比增长10%；净利润1,330万美元，净利率6%；调整后 EBITDA 为1.242亿美元，同比增长18%，调整后 EBITDA 利润率52%；毛利6,270万美元。
运营方面，第三季度资本开支1.239亿美元，主要用于 Speedway Pipeline 一期工程建设与 Delaware Basin 基础设施投入；该管道一期投运后处理量超出预期，并已签下新的管道使用商业协议。
资产负债方面，截至9月30日公司总流动性5.397亿美元，其中循环信贷额度可用约5.05亿美元、现金及等价物3,470万美元；总借款18.37亿美元。公司8月增发了1.5亿美元6.50%固定利率2033年到期优先无担保票据。
股息方面，董事会宣布 A 类股季度股息每股0.05美元，12月10日支付，股权登记日为11月25日。
全年指引方面，公司把2026年采出水处理量指引上调至每日265万至275万桶（中点提高2%），调整后 EBITDA 指引上调至4.65亿至4.85亿美元（中点提高4%），资本开支指引下调至5.30亿至5.60亿美元（中点降低3%），理由是处理量与利润率超预期、部分资本开支时点移至2027年。
首席执行官 Jason Long 表示，第三季度创纪录的每日280万桶处理量与处理量、利润率双双超预期，正在推动全年指引改善，Speedway 一期表现强劲显示长距离、跨盆地采出水处理方案的需求持续。首席财务官 Scott McNeely 表示，第三季度营收与处理量环比分别增长10%与6%，反映公司网络需求持续强劲。
WaterBridge 是美国大型一体化采出水基础设施运营商，业务以北美最富产的油气盆地 Delaware Basin 为主，另在 Eagle Ford 与 Arkoma 盆地有资产，为油气勘探生产企业提供采出水的集输、运输、回收与处理服务。（来源：WaterBridge）
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)
来源：WaterBridge
发布：GSM·美国（发布链接）
图片来源：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.
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