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Benzinga
Benzinga
Business
Akanksha Bakshi

Diamondback Unlocks Over $1 Billion From Deep Blue Deal And EPIC Crude Divestiture

Diamondback Diamondback Energy FANG West Texas
Konskie,,Poland,-,January,24,,2024:,Diamondback,Energy,Company,Logo

Diamondback Energy Inc. (NASDAQ:FANG) will sell its Environmental Disposal Systems LLC unit to Deep Blue Midland Basin LLC in a $750 million deal that expands Deep Blue’s water infrastructure footprint across West Texas.

The agreement, announced with partner Five Point Infrastructure LLC, secures Diamondback’s 15-year commitment to produce and supply water services across 12 counties.

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