WaterBridge Resources LLC announced today that its subsidiary WaterBridge Operating LLC has entered a $200 revolving credit facility led by SunTrust Bank. This will further add to the $500 million acquired from Five Point Energy LLC, bringing WaterBridge Resources committed capital total to $700 million. This will be used for further growth in expansion in several domestic basins.
The closing of the credit facility also coincides with WaterBridge’s fifth acquisition in 2018.
WaterBridge is a midstream company focused on water management in high-growth basins such as the Permian and Arkoma basins.
Its Permian Basin assets include 19 salt water disposal facilities, more than 70 miles of produced water pipelines, and over 500 Mbbls/d of disposal capacity. Its Arkoma Basin assets include five salt water disposal facilities, 115 miles of produced water pipelines and over 80 Mbbls/d of disposal capacity.
Staffing Up
WaterBridge also announced today that it is adding firepower to its management team:
- Steve Jones, Executive Vice President and Chief Financial Officer – Previously served as founder and CEO of Core Midstream, LLC as well as founder and CFO of PennTex Midstream Partners, LLC, and Managing Director with Tudor, Pickering, Holt & Co.
- Dan Montgomery, Senior Vice President, Operations Strategy and Development – Previously with Pioneer Water Management, LLC, where he led a $1.3 billion capital program to plan, contract and construct water management infrastructure.
- Bryan Smith, Senior Vice President, Engineering and Construction – Served at Pioneer Water Management LLC, where he oversaw design, construction and completion of multiple infrastructure projects.
- Michael Neese, Senior Vice President, Supply and Technical Services – Previously from Pioneer Water Management LLC, where he oversaw the company’s field operation and led the water sourcing, distribution, reuse and treatment efforts.
- Harrison Bolling, Vice President and General Counsel – Served as General Counsel at Core Midstream, LLC as well as Assistant General Counsel at PennTex Midstream Partners, LLC.
- Brian Coe, Vice President, Chief Accounting Officer and Controller – Previously served at Keane Group, where he was the Chief Accounting Officer and Treasurer.
