WaterBridge agreed to February 2020 to acquire saltwater disposal wells and associated produced water infrastructure in Reeves County, Texas from Centennial for $225 million in cash. $150 million will be paid at closing with an additional $75 million on a deferred basis subject to meeting certain incentive thresholds. These assets currently handle around half of Centennial's gross produced water in Texas. Centennial will pay market disposal rates on incremental rates that WaterBridge does not already gather and dispose. Closing is expected at the end of the first quarter. Barclays served as a financial advisor to Centennial.
Centennial terminated the deal in May 2020.