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- Deep Blue Midland Basin is Diamondback Energy (NASDAQ: FANG) and Five Point Energy acquired Lagoon Operating – Midland.
- The acquisition further solidifies Deep Blue’s position as a core player in sustainable water management Midland Basin.
- The Lagoon assets, primarily located in Martin County, include approximately 105 miles of large-diameter pipeline, 240,000 b/d of processing capacity and 544,000 b/d of additional permitted processing capacity.
- The company said Lagoon’s assets significantly expand Deep Blue’s existing recycling capabilities and are supported by a strong land donation and MVC portfolio of leading producers in the Midland Basin.
- Scott Mitchell, Chief Executive Officer of Deep Blue, said: “The acquisition of Lagoon brings together complementary water systems, expands our footprint and unlocks synergies across the broader business, resulting in greater efficiency, reliability and growth opportunities.
- Source: press release
