DEVON ENERGY CORP/DE 4
4 · WaterBridge Infrastructure LLC · Filed Jun 24, 2026
Research Summary
AI-generated summary of this filing
WaterBridge (WBI) 10% Owner Devon Energy Sells 1.76M Shares
What Happened
Devon Energy Corporation (reported as a 10% owner via its indirect subsidiary Devon WB Holdco L.L.C.) redeemed 1,755,174 OpCo units and converted/cancelled corresponding Class B shares into 1,755,174 Class A shares, then sold those Class A shares in an open-market Rule 144 transaction. The sale price was $30.05 per share, generating gross proceeds of $52,742,979. The filing shows conversion/disposition entries at $0 reflecting the unit-to-share conversion and cancellation steps.
Key Details
- Transaction date: June 22, 2026 (Form 4 filed June 24, 2026). Filing appears timely.
- Sale: 1,755,174 Class A shares sold on open market at $30.05 each; proceeds $52,742,979.
- Conversions/redeem: 1,755,174 OpCo Units redeemed and equal number of Class B shares cancelled and converted into 1,755,174 Class A shares (recorded as conversion/other disposition at $0).
- Shares owned after transaction: not specified in the excerpt of this filing (filing reports the redeemed/converted units and the sale).
- Footnotes: sale executed under Rule 144 through a broker-dealer (F1); Devon’s ownership is indirect via subsidiaries and is reported as a 10% owner (F2); OpCo Units can generally be redeemed one-for-one for Class A Shares subject to OpCo LLCA terms (F3).
Context
This was an institutional affiliate sale following the redemption/conversion of limited‑partner units into common Class A shares and an immediate open‑market sale. As a 10% owner (institutional structure), this transaction reflects affiliate liquidity and the mechanics of unit conversion and Rule 144 resale rather than an individual executive buying or selling.
Insider Transaction Report
- Other
Class B Shares
[F1][F2]2026-06-22−1,755,174→ 16,002,051 total(indirect: See Footnote) - Conversion
Class A Shares
[F1][F2]2026-06-22+1,755,174→ 1,755,174 total(indirect: See Footnote) - Sale
Class A Shares
[F1][F2]2026-06-22$30.05/sh−1,755,174$52,742,979→ 0 total(indirect: See Footnote) - Conversion
WBI Operating LLC Units
[F3][F1][F2]2026-06-22−1,755,174→ 16,002,051 total(indirect: See Footnote)→ Class A Shares (1,755,174 underlying)
Footnotes (3)
- [F1]On June 22, 2026, in connection with a sale pursuant to Rule 144 of the Securities Act of 1933, as amended, through a broker-dealer, Devon WB Holdco L.L.C. ("Devon Holdco") redeemed 1,755,174 units representing limited liability company interests in WBI Operating LLC, a Delaware limited liability company ("OpCo" and such units, "OpCo Units"), along with the cancellation of an equal number of Class B shares representing limited liability company interests in WaterBridge Infrastructure LLC, a Delaware limited liability company (the "Company" and such shares, "Class B Shares"), for 1,755,174 Class A shares representing limited liability company interests in the Company ("Class A Shares").
- [F2]Represents securities directly held by Devon Holdco, which is an indirect wholly-owned subsidiary of Devon Energy Corporation ("Devon"). Devon is a public company and owns 100% of the outstanding common stock of WPX Energy, Inc. ("WPX"). WPX owns 100% of the limited liability company interests of WPX Energy Permian, LLC ("WPX Permian"). WPX Permian owns 100% of the limited liability company interests of Devon Holdco. Each of Devon, WPX and WPX Permian disclaims beneficial ownership of the securities owned by Devon Holdco in excess of their respective pecuniary interest therein.
- [F3]Each Class B Share has no economic rights but entitles its holder to one vote on all matters to be voted on by the shareholders of the Company generally. At the request of a holder, each OpCo Unit may be redeemed (along with the cancellation of a corresponding Class B Share) for, subject to certain restrictions in the OpCo limited liability company agreement (the "OpCo LLCA"), newly issued Class A Shares on a one-for-one basis or for a cash payment to be determined pursuant to the OpCo LLCA for each OpCo Unit redeemed. The OpCo Units do not expire.