Diamondback Energy and KKR announced on Tuesday an agreement to jointly acquire Five Point Infrastructure’s 70 percent stake in Deep Blue Midland Basin, the full-cycle water infrastructure platform in the Midland Basin formed as a joint venture between Diamondback and Five Point in 2023. Diamondback already holds the remaining 30 percent, so the two buyers will jointly own 100 percent of Deep Blue, which manages more than 2.2 million barrels of water per day across sourcing, transportation, storage, recycling and disposal. KKR’s investment will be funded primarily through KKR Global Infrastructure Investors V, financial terms were not disclosed, and the transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals.
Diamondback and KKR to acquire Deep Blue Midland Basin
Diamondback Energy and KKR agreed to jointly acquire Five Point Infrastructure's 70 percent stake in Deep Blue Midland Basin, the Permian full-cycle water platform.
Why it matters: The buyout gives Diamondback and KKR full ownership of the water network that handles more than 2.2 million barrels a day for Permian producers, a core piece of shale operating infrastructure.
Data as of Diamondback Energy and KKR announcement via GlobeNewswire, November 10, 2026; financial terms were not disclosed in the announcement.
Sources
- Diamondback Energy and KKR to Acquire Deep Blue Midland Basin from Five Point Infrastructure - GlobeNewswire, via Investing News Network - 2026-11-10
- Diamondback Energy and KKR to Acquire Deep Blue Midland Basin from Five Point Infrastructure - GlobeNewswire, via Morningstar - 2026-11-10