Five Point Capital Partners LLC today announced the formation and funding of WaterBridge Resources, LLC, with an equity commitment of up to $200 million from Five Point Capital Midstream Fund II L.P. and its affiliates.
WaterBridge is focused on developing, acquiring and managing water infrastructure for upstream producers and is currently pursuing brownfield and greenfield development and acquisition opportunities in conventional and emerging resource plays throughout North America.
WaterBridge is led by its founding Principals: Stephen Johnson, Chief Executive Officer, and Andrew (Andy) Stephens, Chief Financial Officer. Messrs. Johnson and Stephens have demonstrated track records of success, with over 75 years of collective industry experience across the energy value chain, including operating expertise within the upstream, midstream and oilfield service sectors.
Mr. Johnson said:
"We are excited to partner with Five Point and to create value for our customers by providing high-quality, cost-effective water infrastructure systems with flexible commercial solutions to fit today's economic realities. With Five Point's financial support and our collective midstream experience, we look forward to capitalizing on opportunities to develop, acquire and manage strategic infrastructure in the sector."
Matt Morrow, COO and Managing Partner of Five Point, said:
"We are proud to partner with Steve and Andy, two highly regarded energy executives with vast experience and long-standing relationships with producers and other stakeholders in the energy supply chain. Five Point continues to successfully execute on its investment strategy by aligning ourselves with partners like WaterBridge for the long term."
David Capobianco, CEO and Managing Partner of Five Point, said:
"Five Point is uniquely positioned to capitalize on increasing pressure from the down-cycle in commodity prices as E&Ps explore strategic alternatives to enhance profitability. As our addressable market expands, we will continue to opportunistically deploy capital through partnerships with industry-leading executives and asset acquisitions that fall squarely within the firm's strategy."
Mr. Johnson previously served as President and Chief Operating Officer at Nabors Well Services Inc., a leading production services, completion services and fluids management business, until Nabors Completion & Production Services Co.'s (NCPS) $2.9 billion merger (initial transaction value) with C&J Energy Services, Inc. Prior to Nabors Well Services, Mr. Johnson co-founded and served as President and Chief Operating Officer of Stonegate Production Company, an independent E&P company that was an early entrant and led the development of the Eagle Ford shale.
Prior to co-founding WaterBridge, Mr. Stephens served as Vice President, Finance at NCPS. In addition, he brings a depth of leadership experience gained while holding senior financial and commercial executive roles with Halliburton and Tetra Technologies.