Devon Energy has sold its entire indirect stake of 1,755,174 Class A shares in WaterBridge Infrastructure for approximately $52.7 million. The shares were obtained through the redemption of an equal number of WBI Operating LLC units and cancellation of Class B shares, converted into Class A shares immediately before the open-market sale. Devon continues to hold 16,002,051 Class B shares and an equivalent number of operating units through its subsidiary Devon Holdco, preserving substantial potential ownership. WaterBridge recently raised its full-year guidance for produced water handling volumes and adjusted EBITDA, citing stronger customer demand in the Delaware Basin.
Devon Energy CorporationDevon sold its WaterBridge stake for $52.7M, a capital event that may signal reduced commitment or need for cash.
WaterBridge Infrastructure LLCWaterBridge raised full-year guidance citing stronger customer demand in the Delaware Basin.