WaterBridge announced on December 18th that it has raised USD 345 million of funding through the issuance of 195 million of common equity to Five Point Energy, GIC, and management as well as 150 million of preferred equity to Magnetar Capital. Proceeds will be used to fund the acquisitions of produced water infrastructure from Primexx Energy Partners, Tall City Exploration, and Jetta Permian in addition to growth projects in the southern Delaware Basin.
The Primexx assets are located in Reeves County, Texas and include 70 miles of pipelines and six disposal wells with 150,000 barrels per day of permitted capacity. The Tall City and Jetta Permian assets are also located in Reeves County and together include 29 miles of pipelines and two disposals wells with 40,000 barrels of permitted capacity. WaterBridge has signed a 20-year contract at market rates with Primexx for produced water management and 15-year contracts with Tall City and Jetta Permian. With the closing of these transactions, WaterBridge will have over 600,000 acres of water gathering under long-term contracts in the southern Delaware Basin with 1.7 million barrels per day of water handling capacity with over 800 miles of pipelines and 70 handling and disposal facilities.