Diamondback Energy and Five Point Energy formed Deep Blue Midland Basin.

Diamondback Energy, an independent oil and natural gas company, and Five Point Energy, a private equity firm, formed Deep Blue Midland Basin, a joint venture that develops, owns, and operates integrated midstream water infrastructure networks. Financial terms were not disclosed. This strategic joint venture creates the largest independent water infrastructure platform in the Midland Basin with substantial excess capacity in place to pursue third-party growth.