Diamondback Energy, an independent oil and natural gas company headquartered in Midland, Texas, and global investment firm KKR have plans to jointly acquire Five Point Infrastructure’s 70 percent stake in Deep Blue Midland Basin, giving them 100 percent ownership of the company. Diamondback currently owns a 30 percent interest in Deep Blue.
Deep Blue, a joint venture formed in 2023 between Diamondback and Five Point, is a full-cycle water infrastructure platform in the Midland Basin. It operates an extensive integrated water infrastructure network that provides services across the full water lifecycle, including sourcing, transportation, storage, recycling and disposal.
Through a combination of complementary acquisitions and organic growth, Deep Blue delivers reliable water supply and robust takeaway solutions at scale across its large E&P customer base, helping operators efficiently and responsibly manage water resources while enabling greater water reuse and re
