The agreement enables TPL and WaterBridge to provide full-cycle water solutions to customers throughout an expansive, defined region around the Stateline area by facilitating infrastructure and water services development and asset optimization
Texas Pacific Land Corporation (NYSE: TPL) (“TPL”) and WaterBridge NDB LLC (together with its subsidiaries, “WaterBridge”) announced today a long-term agreement that establishes an alliance focused on sustainable oil and gas development on over 64,000 acres in Loving and Reeves County in the core of the Delaware Basin.
The agreement enables TPL and WaterBridge to provide full-cycle water solutions to customers throughout an expansive, defined region around the Stateline area by facilitating infrastructure and water services development and asset optimization. The combined land positions of TPL and WaterBridge provide unrivaled access to a vast development area for each company. TPL will deliver its source water capabilities across an underutilized developmental area, and WaterBridge will expand its produced water management and infrastructure operations. In addition, TPL and WaterBridge are developing next-generation, sustainability-focused disposal and reuse solutions.
“WaterBridge shares our vision for land and water resource management, and this agreement will expand the scale and efficiency of TPL’s water business while also supporting oil and gas development across our royalty acreage,” said Tyler Glover, CEO of TPL. “Importantly, this will further optimize water disposal well spacing, which is paramount considering recent regulatory curtailment initiatives. This alliance is critical towards serving our customers and operators across an enormous land position in the core of the Delaware Basin, which ultimately benefits TPL shareholders and other key stakeholders.”
“We are excited to join with TPL to provide best-in-class water solutions to our customers and accelerate responsible oil and gas development. This alliance covers a region of the Delaware Basin that offers some of the most attractive drilling opportunities in North America and that has to-date been largely underutilized for large-scale development,” said Jason Long, Co-CEO of WaterBridge.
David Capobianco, CEO and Managing Partner of Five Point Energy LLC and Chairman of WaterBridge, added, “We are pleased to expand our relationship with TPL with another mutually beneficial collaboration. With the added benefit of this alliance, we look forward to offering unique and comprehensive water handling services to our producer customers and to working with all stakeholders to make the Delaware Basin a model for ESG-friendly development.”
Source: Company Press Release