Five Point Infrastructure Announces Sale of Deep Blue Midland Basin to Diamondback Energy and KKR
Business Wire•10/11/2026•06:46 ET
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Key Highlights
- ➤Five Point sells majority Deep Blue interest to Diamondback Energy (FANG) and KKR for cash
- ➤Deep Blue manages more than 2.2 million barrels of water per day
- ➤Deep Blue delivers more than 800,000 barrels of water per day
- ➤Deep Blue operates more than 2,000 miles of pipeline
- ➤Transaction expected to close in fourth quarter of 2026, pending approvals
Expert Statements
David Capobianco, CEO and Managing Partner of Five Point Infrastructure
“In founding Deep Blue three years ago, we foresaw a critical and expanding need for environmental water management solutions across the Midland Basin. We are proud to have established and scaled a world-class platform in partnership with Diamondback and a host of blue-chip customers, addressing their water management requirements through integrated systems and pioneering practices. Diamondback has been a great partner, and they are a superb operator. We wish Scott and the entire team continued success.”
Scott Mitchell, CEO of Deep Blue
“When we launched Deep Blue, alongside Five Point and Diamondback, our vision was to build a best-in-class integrated produced water management platform in the Midland Basin. Five Point’s partnership and strategic guidance have been instrumental in bringing that vision to life, as we expanded our footprint, developed our infrastructure and met our customers’ needs. This transaction marks an exciting next chapter as we build on our foundation in continued strategic partnership with Diamondback and now KKR.”
Five Point Infrastructure Announces Sale of Deep Blue Midland Basin to Diamondback Energy and KKR
Five Point Infrastructure LLC (“Five Point”) today announced that it has entered into a definitive agreement to sell its majority interest in Deep Blue Midland Basin LLC (“Deep Blue”), a produced-water infrastructure platform serving the Midland Basin, to Deep Blue’s current minority owner, Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), and KKR, for cash consideration.
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