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Concho subsidiary sells water infrastructure assets in southern Delaware Basin

WaterBridge Resources LLC acquired produced-water assets in the southern part of the Delaware Basin oil zone from a Concho Resources Inc. subsidiary, and agreed to provide Concho with water services under a long-term agreement.

WaterBridge Resources, which is backed by the private equity firm Five Point Energy LLC, acquired three disposal wells with 45,000 barrels per day of permitted capacity and about 44 miles of pipeline from Concho's COG Operating LLC, according to a Jan. 3 news release.

The acquisition is part of WaterBridge's efforts to grow its network in the southern Delaware Basin part of the Permian Basin, centered in West Texas. The water infrastructure company designed and built 10 water disposal facilities and 121 miles of pipeline in the production area in 2018. WaterBridge also acquired water infrastructure assets in the Delaware Basin from Halcón Resources Corp. and NGL Energy Partners LP.

WaterBridge now has more than 1.2 million bbl/d of produced-water disposal capacity and 300 miles of pipeline, as well as about 285,000 acreage dedications contracted by 19 producers in the southern Delaware Basin.

White & Case LLP represented WaterBridge for the Concho deal.