WaterBridge To Acquire Southern Delaware Produced Water Infrastructure Of Centennial Resource Development

WaterBridge To Acquire Southern Delaware Produced Water Infrastructure Of Centennial Resource Development

February 26, 2020

February 26, 2020
HOUSTON, Feb. 25, 2020 /PRNewswire/ — WaterBridge Holdings LLC (together with its subsidiaries, “WaterBridge”) announced today that it has signed a definitive agreement to acquire the Southern Delaware Basin produced water infrastructure of Centennial Resource Production, LLC, a subsidiary of Centennial Resource Development, Inc. (NASDAQ: CDEV) (“Centennial”). Contemporaneous with closing, WaterBridge and Centennial will enter into a 15-year produced water management agreement at market rates for Centennial’s operated acreage within an extensive area of mutual interest. The transaction is valued at $225 million, consisting of $150 million in upfront cash and an additional $75 million payable to Centennial over a three-year period based on Centennial achieving certain incentive thresholds. The transaction is subject to certain regulatory approvals and other customary closing conditions, and is expected to close in March 2020.

View Full Press Release