Additional Financial Statement Information (Tables)

12 Months Ended

Dec. 31, 2025

Additional Financial Statement Information [Line Items]

Schedule of Other Balance Sheet Information

Other Balance Sheet information is as follows:

	December 31,
	2025		2024
Prepaids and other current assets
Prepaid insurance	$	10,271	$	4,335
Prepaid expenses		1,884		505
Debt issuance costs		1,137		474
Other		1,542		694
Total prepaids and other current assets	$	14,834	$	6,008
Other assets
Contractual customer relationships	$	18,029	$	19,861
Operating lease right-of-use assets		6,537		-
Debt issuance costs		4,253		671
Non-current prepaid expenses		2,703		980
Other		1,197		16
Total other assets	$	32,719	$	21,528
Accounts payable
Trade payable	$	26,304	$	13,202
Working interest and royalty payable		10,565		2,660
Other		1,863		1,037
Total accounts payable	$	38,732	$	16,899
Accrued liabilities
Accrued operating and capital expenses	$	77,066	$	36,783
Accrued interest		21,977		1,911
Accrued payroll		19,391		2,391
Accrued property taxes		6,000		2,458
Other		5,692		1,010
Total accrued liabilities	$	130,126	$	44,553
Other long-term liabilities
Asset retirement obligation liability	$	16,464	$	9,194
Operating lease liability		5,774		-
Contract liabilities		5,387		3,797
Finance lease liability		1,627		2,826
Other		1,007		1,836
Total other long-term liabilities	$	30,259	$	17,653

Summary of ARO Activity

The following table summarizes the Company’s ARO activity, included within other long-term liabilities on the consolidated balance sheets:

	December 31,
	2025			2024
Asset retirement obligation:
Beginning balance	$	9,194		$	7,574
Liabilities assumed in WaterBridge Combination		3,743			-
Liabilities incurred		867			558
Revisions to estimates		1,462			-
Liabilities settled and divested		(245	)		-
Accretion expense		1,443			1,062
Ending balance	$	16,464		$	9,194

Schedule of Other Statements of Operations Information

Other Statements of Operations information is as follows:

	Year Ended December 31,
	2025		2024		2023
Produced water handling revenues	$	434,533	$	254,679	$	167,454
Skim oil revenues		37,093		29,284		16,404
Total produced water handling revenues	$	471,626	$	283,963	$	183,858

	Year Ended December 31,
	2025			2024			2023
Transaction costs	$	3,254		$	411		$	242
Abandoned project costs		1,501			782			851
Sales tax liability release		(597	)		(4,841	)		(1,205	)
Legal settlements		138			2,111			6
Other		(134	)		(81	)		127
Total other operating expense (income), net	$	4,162		$	(1,618	)	$	21

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information is as follows:

	Year Ended December 31,
	2025		2024		2023
Supplemental cash flow information:
Cash paid for interest	$	49,417	$	49,734	$	24,944
Cash paid for income tax	$	310	$	111	$	-
Non-cash investing and financing activities:
Equity contribution related to acquisitions	$	784,513	$	-	$	215,000
Capital expenditures in accounts payable and accrued liabilities	$	63,165	$	26,847	$	25,335
Deferred IPO offering costs acquired in WaterBridge Combination	$	2,356	$	-	$	-
Asset financing	$	1,161	$	-	$	-
Offering costs related to IPO in accrued liabilities	$	1,065	$	-	$	-
Asset retirement obligation additions(1)	$	867	$	558	$	3,746
Insurance financing	$	-	$	1,014	$	722

(1)Excludes $3.7 million of asset retirement obligations acquired in the WaterBridge Combination.

WBEF

Additional Financial Statement Information [Line Items]

Schedule of Other Balance Sheet Information

Other Balance Sheet information is as follows:

	December 31, 2024
Prepaids and other current assets
Prepaid insurance	$	4,538
Insurance receivables		913
Prepaid deposits		819
Debt issuance costs		470
Prepaid royalties		109
Other		896
Total prepaids and other current assets	$	7,745
Accounts payable
Working interest and royalty payable	$	5,827
Trade payable		4,037
Taxes payable		74
Total accounts payable	$	9,938
Accrued liabilities
Accrued operating and capital expense	$	12,388
Accrued payroll		12,138
Accrued property taxes		2,999
Operating lease liability - current		1,584
Accrued professional fees		1,316
Accrued interest		1,158
Total accrued liabilities	$	31,583
Other long-term liabilities
Asset retirement obligation liability	$	7,309
Operating lease liability		6,730
Contract liabilities		2,382
Other		35
Total other long-term liabilities	$	16,456

Summary of ARO Activity

The following table summarizes the Company’s ARO activity, included within other long-term liabilities on the consolidated balance sheet, for the year presented:

	December 31, 2024
Asset retirement obligation:
Beginning balance	$	6,326
Additions		34
Accretion expense		987
Removals		(38	)
Ending balance	$	7,309

Schedule of Other Statements of Operations Information

Other Statements of Operations information is as follows:

	For the Period January 1, 2025 through September 16, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
Produced water handling revenues	$	210,208	$	291,293	$	304,939
Skim oil revenues		19,145		24,942		31,617
Total produced water handling revenues	$	229,353	$	316,235	$	336,556

	For the Period January 1, 2025 through September 16, 2025		Year Ended December 31, 2024			Year Ended December 31, 2023
Transaction costs	$	3,151	$	29		$	98
Abandoned project costs		766		427			590
Loss (gain) on disposal of assets		274		(243	)		3,340
Legal settlements		-		1,301			290
Other		619		(24	)		(57	)
Total other operating expense, net	$	4,810	$	1,490		$	4,261

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information is as follows:

	For the Period January 1, 2025 through September 16, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
Supplemental cash flow information
Cash paid for interest	$	53,521	$	144,761	$	116,176
Cash paid for income tax	$	-	$	490	$	89
Non-cash investing and financing activities:
Insurance financing	$	11,807	$	10,403	$	8,480
Capital expenditures in accounts payable and accrued liabilities	$	7,233	$	8,421	$	4,623
Asset retirement obligation additions	$	1,446	$	34	$	551
Asset financing	$	1,434	$	4,755	$	5,458