Diamondback Energy and KKR to Acquire Majority Stake in Deep Blue Midland Basin
Diamondback Energy (FANG) and KKR (KKR) have entered into an agreement to jointly acquire a 70% interest in the Deep Blue Midland Basin water infrastructure platform from Five Point Infrastructure. Diamondback, which already holds a 30% stake in the entity, will increase its control through this partnership with KKR. The acquisition focuses on expanding water management capabilities within the Midland Basin, a critical area for Permian Basin operations. This strategic move strengthens the midstream infrastructure assets available to Diamondback's production activities while leveraging KKR's capital and expertise in infrastructure investments.
