Diamondback and KKR to jointly acquire Deep Blue stake from Five Point (FANG:NASDAQ)

Five Point to sell 70% stake in Permian Basin water company to Diamondback and KKR

Diamondback, KKR to Acquire Stake in Water Firm for $2.1 Billion

Diamondback Energy Inc. and KKR & Co. agreed to jointly acquire a 70% stake in the oilfield water-handling company Deep Blue Midland Basin LLC, a deal that underlines the importance of water in the US shale industry.

Diamondback and KKR to jointly acquire Deep Blue stake from Five Point (FANG:NASDAQ)

Diamondback Energy and KKR agree to acquire Five Point Infrastructure’s 70% stake in Deep Blue, a water platform; closing is expected in Q4 2026.

Diamondback, KKR to buy Five Point's stake in Permian water platform

Diamondback, KKR Agree to Buy Five Point's 70% Deep Blue Stake

Diamondback already owns 30% of Deep Blue; the cash transaction is expected to close in the fourth quarter of 2026.

KKR joins Diamondback in reported $2.1bn acquisition of Five Point's Deep Blue stake

KKR and Diamondback Energy have agreed to acquire Five Point Infrastructure's 70% stake in Deep Blue Midland Basin, a water infrastructure platform serving oil and gas producers in West Texas.