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Report: Waterbridge expands Permian Basin position with water asset buys

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Essential Energy Insights - February 2021

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Report: Waterbridge expands Permian Basin position with water asset buys

Augmenting its asset position in the Permian Basin, WaterBridge Resources LLC acquired more infrastructure in the area from private equity-backed companies, Bloomberg reported Dec. 17, citing people familiar with the matter.

The water infrastructure company acquired approximately 100 miles of pipeline and seven disposal wells from drillers Primexx Energy Partners Ltd., Tall City Exploration III LLC and Jetta Permian LP, Bloomberg reported. Primexx Energy is backed by Ares Capital Corp., Jetta Permian is backed by Blackstone Energy Partners and Warburg Pincus & Co. supports Tall City Exploration III, according to the article.

Waterbridge will fund the transactions through the issuance of $195 million of common equity to private equity firm Five Point Energy, Bloomberg reported. In addition, the company reportedly issued $150 million of preferred equity to Magnetar Capital, which also holds the right to buy another $100 million of equity.

Waterbridge's assets in the Delaware Basin portion of the Permian Basin include previously acquired produced-water assets from a Concho Resources Inc. subsidiary and water-related midstream assets from PDC Energy Inc.

The latest deals boost Waterbridge's commitments in the Permian Basin to over 600,000 acres, according to Bloomberg.