Diamondback Energy, KKR agree to buy Five Point’s 70% stake in Deep Blue Midland Basin
KKR•Diamondback Energy and KKR agreed to acquire Five Point Infrastructure’s 70% stake in Deep Blue Midland Basin, giving the buyers joint ownership of the water infrastructure operator. The deal is expected to close in Q4 2026.
1. Deal details
Diamondback Energy and KKR will acquire Five Point Infrastructure’s 70% stake in Deep Blue Midland Basin, which will be jointly owned by the buyers alongside Diamondback’s existing 30% interest. Deep Blue supports Diamondback’s core operations, which require transportation of nearly 2 million barrels of water daily; KKR will fund its investment primarily through KKR Global Infrastructure Investors V. Closing is expected in Q4 2026.
