SCHEDULE: Devon Energy Affiliates Disclose 29.1% Stake in WaterBridge

Devon Energy Corporation's subsidiaries have disclosed a significant 29.1% beneficial ownership stake in WaterBridge Infrastructure LLC's Class A shares.

Summary

• Devon WB Holdco L.L.C., a subsidiary of Devon Energy Corporation, beneficially owns 17,757,225 Class A shares representing limited liability company interests in WaterBridge Infrastructure LLC.
• This ownership represents 29.1% of the outstanding Class A shares, calculated based on 43,264,850 Class A Shares outstanding as of November 12, 2025, plus 17,757,225 Class A Shares issuable upon redemption of OpCo Units held by Devon Holdco.
• On a fully diluted basis, assuming the redemption of all 80,190,150 outstanding OpCo Units into Class A Shares, the beneficial ownership percentage is 14.4%.
• The reporting persons, including Devon WB Holdco L.L.C., WPX Energy Permian, LLC, WPX Energy, Inc., and Devon Energy Corporation, share voting and dispositive power over these 17,757,225 shares.
• Devon Holdco directly holds 17,757,225 Class B shares and 17,757,225 OpCo Units, which can be redeemed for Class A Shares on a one-for-one basis or for a cash payment.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that would significantly alter the sentiment towards the company, as it reflects an existing, rather than new, significant stake.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding WaterBridge Infrastructure LLC's future operations or financial performance.

Industry Context

Devon Energy Corporation, a major independent oil and natural gas exploration and production company, holds a significant stake in WaterBridge Infrastructure LLC, a company likely involved in water management or other midstream services. This ownership highlights Devon's strategic interest in infrastructure assets, potentially supporting its upstream operations, particularly in regions like the Permian Basin where both companies may have significant activity.

Related Party Transactions

• Devon Energy Corporation, through its wholly-owned subsidiaries (WPX Energy, Inc., WPX Energy Permian, LLC, and Devon WB Holdco L.L.C.), beneficially owns 29.1% of WaterBridge Infrastructure LLC's Class A shares, establishing a significant related party relationship.

Stakeholder Impact

• Shareholders of WaterBridge Infrastructure LLC (if publicly traded beyond these interests) would note the substantial ownership and potential influence of Devon Energy Corporation.
• This disclosure confirms the strategic alignment and integration between Devon Energy's operations and WaterBridge's infrastructure services.

Key Dates

Keywords

WaterBridge Infrastructure, Devon Energy, Beneficial Ownership, Schedule 13G, Class A Shares, Limited Liability Company Interests, Midstream, Energy Infrastructure, Permian Basin