Five Point Energy has sold a minority equity stake in WaterBridge Resources to affiliates of GIC, Singapore's sovereign wealth fund.
The minority equity position was acquired from funds affiliated with Five Point Energy and WaterBridge management. The transaction has closed and is not subject to any additional conditions. The purchase price implies a WaterBridge enterprise value of approximately $2.8 billion.
WaterBridge handles the produced water from the oilfield in an environmentally responsible manner. WaterBridge's infrastructure provides safe and reliable transportation and treatment of water produced in association with oil and gas production, and facilitates recycling and reuse of oilfield water for leading oil and gas producers.
Following the closing of the recently signed definitive agreement with PDC Energy WaterBridge will own and operate 550 miles of pipeline connecting 56 water handling facilities with approximately 1.4 million bpd of produced water disposal capacity throughout the southern Delaware Basin.
WaterBridge's Delaware platform has long-term contracts from thirteen leading producers in the Delaware basin covering approximately 420,000 dedicated acres and 2.4 million acres under AMI with a weighted-average remaining contract life of 15 years.
WaterBridge's Arkoma platform consists of 10 SWDs with 170,000 bpd of produced water disposal capacity. The facilities are connected via 175 miles of pipeline services under long-term contracts from five producers covering approximately 378,000 dedicated acres with 1.7 million acres under AMI. The weighted-average remaining contract life for Arkoma Basin customers is 15 years.
