Mergers & AcquisitionsMedium•10 November 2026•
1 min read
Diamondback Energy and KKR to Acquire 70% Stake in Deep Blue Midland Basin
Key Facts
1Diamondback Energy and KKR announced an agreement to jointly acquire Five Point Infrastructure's 70% stake in Deep Blue Midland Basin LLC.
2Following the transaction, Diamondback and KKR will jointly own 100% of Deep Blue, building on Diamondback's existing 30% ownership interest.
Diamondback Energy and KKR announced an agreement to jointly acquire Five Point Infrastructure's 70% stake in Deep Blue Midland Basin LLC. GlobeNewswire reported that following the transaction, Diamondback and KKR will jointly own 100% of Deep Blue, building on Diamondback's existing 30% ownership interest.
FANG closed at $178.17 on November 9, 2026, while KKR closed at $98.09 on the same date. The acquisition allows Diamondback to consolidate its ownership in a key water infrastructure platform within the Midland Basin alongside its partner KKR, securing long-term operational capabilities.