WaterBridge Infrastructure LLC Class A Shares IPO and Reorganization

WaterBridge Infrastructure LLC has completed its initial public offering (IPO) of Class A shares, representing limited liability company interests. In connection with the IPO, Devon WB Holdco L.L.C. (Devon Holdco) made a capital contribution to the company in exchange for 17,757,225 Class B shares and received 17,757,225 units in WBI Operating LLC (OpCo Units). The Class B shares have no economic rights but entitle the holder to one vote per share on matters to be voted on by shareholders. OpCo Units can be redeemed for newly issued Class A shares or for a cash payment, subject to certain restrictions in the OpCo limited liability company agreement. Devon Holdco is an indirect wholly-owned subsidiary of Devon Energy Corporation, which, along with its subsidiaries, disclaims beneficial ownership of the securities owned by Devon Holdco beyond their pecuniary interest.