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Diamondback Energy and KKR to Acquire Deep Blue Midland Basin from Five Point Infrastructure

  • Diamondback Energy and KKR announced an agreement to jointly acquire Five Point Infrastructure's 70% stake in Deep Blue Midland Basin LLC.
  • The transaction will result in Diamondback & KKR holding 100% ownership of Deep Blue, building on Diamondback's existing 30% interest.
  • Deep Blue operates an integrated water infrastructure network in the Midland Basin providing sourcing, transportation, storage, recycling & disposal services.
  • The platform supports nearly 2 million barrels of water per day for Diamondback's core operations & aims to reduce reliance on freshwater supplies.
  • The partnership combines Diamondback's West Texas operational expertise with KKR's experience in scaling energy sector businesses.
  • KKR's investment will be funded primarily through KKR Global Infrastructure Investors V.
  • The transaction is expected to close in Q4 2026, subject to customary regulatory approvals & closing conditions.
Company
Diamondback Energy, Inc.
Keywords
Nasdaq:FANG, Diamondback Energy, Inc.