newsfilter
← Latest News
Business Wire·

Five Point Infrastructure Announces Sale of Deep Blue Midland Basin to Diamondback Energy and KKR

  • Five Point Infrastructure LLC signed a definitive agreement to sell its majority interest in Deep Blue Midland Basin LLC to Diamondback Energy & KKR for cash.
  • The transaction reflects Five Point's ongoing strategy to monetize infrastructure assets following recent milestones including the IPOs of LandBridge & WaterBridge and the sale of Twin Eagle & Northwind.
  • Founded in 2023 as a joint venture between Five Point & Diamondback, Deep Blue provides full-cycle water management solutions across the Midland Basin including gathering, treatment, recycling & disposal.
  • Deep Blue currently manages over 2.2 million barrels of water per day, operates more than 2,000 miles of pipeline, holds nearly 5 million barrels per day of permitted capacity, & maintains 142 million barrels of storage.
  • CEO David Capobianco of Five Point praised the partnership with Diamondback & highlighted the platform's role in meeting critical water management needs in the region.
  • Deep Blue CEO Scott Mitchell noted the transaction marks a new chapter as the company continues its strategic partnership with Diamondback & KKR.
  • The deal is expected to close in the fourth quarter of 2026, pending regulatory approvals & customary closing conditions.