Deep Blue Midland Basin LLC

Deep Blue Midland Basin LLC develops, owns, and operates integrated midstream water infrastructure networks for exploration and production companies throughout the Midland Basin in West Texas. Formed in September 2023 as a joint venture between Diamondback Energy, Inc. (30% equity) and Five Point Energy LLC, the company provides produced water gathering, disposal, storage, recycling, and redelivery services through an extensive pipeline network. Following acquisitions of Lagoon Operating (June 2024) and Environmental Disposal Systems (September 2025), Deep Blue operates approximately 1,871 miles of interconnected pipeline, 3.4 million barrels per day of permitted disposal capacity, 1.2 million barrels per day of treatment and recycling capacity, and over 66 million barrels of water storage capacity across 783,000 dedicated acres in a 12-county area of mutual interest. The company is headquartered in The Woodlands, Texas, with field operations in Midland, Texas. Deep Blue also partners with Bechtel Energy on LEEDS desalination technology for produced water treatment in the Permian Basin.