Agreement to jointly acquire Five Point Infrastructure’s ("Five Point") 70% stake in Deep Blue Midland Basin LLC ("Deep Blue" or the "Company"), the leading full-cycle water infrastructure platform in the Midland Basin. Following the transaction, Diamondback and KKR will jointly own 100% of Deep Blue, building on Diamondback’s existing 30% ownership interest.

Deep Blue, which was formed in 2023 as a joint venture between Diamondback and Five Point, operates an extensive, integrated water infrastructure network that provides services across the full water lifecycle, including sourcing, transportation, storage, recycling and disposal. Through a combination of complementary acquisitions and organic growth, Deep Blue delivers reliable water supply and robust takeaway solutions at scale across its large E&P customer base, helping operators efficiently and responsibly manage water resources while enabling greater water reuse and reducing reliance on freshwater supplies.

The strategic partnership brings together Diamondback's deep operational expertise, built over nearly two decades of operating in West Texas, with KKR's experience investing in and scaling businesses within the energy sector.

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