HOUSTON, June 14, 2018 /PRNewswire/ -- WaterBridge
Resources LLC ("WaterBridge" or the "Company") announced that its
subsidiary WaterBridge Operating LLC has entered into a
$200 million revolving credit
facility (the "Credit Facility") led by SunTrust Bank with a
syndicate of nine financial institutions. The Credit Facility
will be used for general corporate purposes and to support
WaterBridge's investments in water infrastructure in the Permian
Basin in west Texas and the Arkoma
Basin in southeast Oklahoma. Upon closing, WaterBridge and
its affiliates have more than $700
million in committed capital, including $500 million from Five Point Energy LLC, to fund
ongoing growth and expansion efforts in multiple domestic
basins.
"WaterBridge is pleased to have the support of our banking
partners as we continue to grow to meet our customers' needs," said
Steve Jones, Executive Vice
President and CFO of WaterBridge. "Our revolving credit
facility, together with $500 million
in equity commitments from Five Point Energy, provides us
significant resources to continue expanding our leading position in
the water management sector."
The closing of the Credit Facility coincides with the Company's
fifth acquisition in 2018. Through organic development and
acquisitions, WaterBridge has built a premier water midstream
system in the southern Delaware
region of the Permian Basin. The Company's Permian Basin
infrastructure supports multiple blue-chip upstream operators in
Reeves and Ward counties and includes 19 salt water
disposal facilities, more than 70 miles of produced water pipelines
and over 500 MBbls/d of disposal capacity.
In addition, WaterBridge owns and operates water midstream
infrastructure in the Arkoma Basin that includes five salt water
disposal facilities, 115 miles of produced water pipelines and over
80 Mbbls/d of disposal capacity.
"The recent expansion of our produced water infrastructure
footprint is being driven by the continued growth of the oil rich
and associated natural gas and gas liquids production in the
southern Delaware Basin. Our growth in the area is supported
by long term contracts and minimum volume commitments with our
high-quality customers", said Steve
Johnson, founder and CEO of WaterBridge. "Over the
next several years, supplies of oil and gas in the southern
Delaware Basin could more than
double. The substantial produced water volume that is associated
with this increased hydrocarbon growth will yield strategic
opportunities to leverage the unique scale of our footprint to
better serve producers in the basin."
About WaterBridge Resources LLC
WaterBridge Resources
is a fee-based, growth oriented midstream company focused on the
water management requirements of oil and gas producers in
high-growth basins. Our assets include large-scale water
pipeline systems and related facilities that provide reliable and
efficient gathering, reuse and disposal of produced water, and
supply water to support hydraulic fracturing operations.
WaterBridge is led by Steve Johnson,
John Durand, Jason Long and Steve
Jones, and is supported by equity commitments from Five
Point Energy.
For more information, please visit http://h2obridge.com/.
About Five Point Energy LLC
Five Point Energy is a
leading private equity firm focused on the midstream energy
sector. The firm was founded by industry veterans who have
had successful careers investing in, building and running midstream
companies. Five Point's strategy is to acquire and develop
in-basin assets, provide value-added growth capital, and build
world-class midstream companies with premier management teams and
industry-leading E&P partners. The firm is focused on
providing in-basin crude oil, natural gas, liquids and water
management midstream solutions to E&P companies in the Permian
Basin, Eagle Ford, Mid-Continent and Rockies. Based in
Houston, Five Point Energy manages
more than $2.0 billion of capital
across multiple investment funds.
For further information, please visit
https://www.fivepointenergy.com/.
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SOURCE WaterBridge Resources LLC