M&A Deal Summary

Five Point Energy and Diamondback Energy Acquire Deep Blue

On September 11, 2023, private equity firm Five Point Energy and Diamondback Energy acquired oil/gas exploration company Deep Blue

Acquisition Highlights
  • This is Five Point Energy’s 2nd and Diamondback Energy’s 8th transaction in the Oil/Gas Exploration sector.
  • This is Five Point Energy’s 8th and Diamondback Energy’s 8th transaction in the United States.
  • This is Five Point Energy’s 8th and Diamondback Energy’s 5th transaction in Texas.

M&A Deal Summary
Date 2023-09-11
Target Deep Blue
Sector Oil/Gas Exploration
Buyer(s) Five Point Energy
Diamondback Energy
Deal Type Joint Venture

Target

Deep Blue

Houston, Texas, United States
Deep Blue develops, owns, and operates integrated midstream water infrastructure networks for exploration and production companies. Deep Blue is based in Houston, Texas.

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Buyer(S) 2

Buyer

Five Point Energy

Investor Investor Investor

Category Private Equity Firm
Founded 2012
PE ASSETS 3.5B USD
Size Large
Type Sector Focused
DESCRIPTION

Five Point Capital Partners is a private equity firm focused on midstream energy infrastructure and energy sector investments across North America. Five Point Capital is based in Houston, Texas.

DEAL STATS #
Overall 8 of 8
Sector (Oil/Gas Exploration) 2 of 2
Type (Joint Venture) 3 of 3
State (Texas) 8 of 8
Country (United States) 8 of 8
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-17 WaterBridge

Houston, Texas, United States

WaterBridge develops, owns and operates permanent, integrated water infrastructure networks to address the long-term produced water management requirements of its blue-chip customer base under long-term, fee-based contracts. WaterBridge is based in Houston, Texas.

Sell $2.8B
Buyer

Diamondback Energy

Midland, Texas, United States
Category Company
Founded 2007
Sector Oil/Gas Exploration
Employees1,023
Revenue 8.3B USD (2023)
DESCRIPTION

Diamondback Energy is an independent oil and natural gas company focused on the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback's activities are primarily focused on the horizontal exploitation of multiple intervals within the Wolfcamp, Spraberry, Clearfork, Bone Spring, and Cline formations. Diamondback Energy was founded in 2007 and is based in Midland, Texas.

DEAL STATS #
Overall 8 of 9
Sector (Oil/Gas Exploration) 8 of 9
Type (Joint Venture) 1 of 1
State (Texas) 5 of 6
Country (United States) 8 of 9
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-16 Lario Oil & Gas - Northern Midland Basin

Wichita, Kansas, United States

Lario Oil & Gas - Northern Midland Basin consists of leasehold interest and related assets of Lario Permian LLC based in Wichita, Kansas.

Buy $850M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-12 Endeavor Energy Resources

Midland, Texas, United States

Endeavor is an oil/gas exploration and production company. The company holds ~470,000 net acres across multiple basins, inclusive of 344,000 net acres in the core 6 Midland basin counties. Endeavor Energy Resources was formed in 1979 and is based in Midland, Texas.

Buy $26.0B
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