Drowning in Delaware Growth; WBI & WTTR Thoughts into 3Q26

This note presents J.P. Morgan's thoughts on WBI (WaterBridge Infrastructure) and WTTR (Select Water Solutions) into 3Q26. For WBI, Speedway Phase 1 volumes ramp solidly with a ~150mbpd 2026 exit rate driving a strong 2H26 EBITDA build; management reiterated high confidence in a Phase 2 FID, which is expected to add up to ~500mbpd of incremental capacity at a build multiple solidly below WBI's <5x target. The DVN project continues on an accelerated timeline, pulling forward ramp of 175mbpd MVC-backed volumes into early 2027, while treated produced water reuse shows active regulatory progress. For WTTR, Pilot integration and the 2027 EBITDA ramp are top of mind;