Texas PE firm invests $200m to start water infra developer

Oil and gas investor Five Point Capital has launched WaterBridge Resources to pursue water projects for upstream producers.

Private equity firm Five Point Capital Partners has committed up to $200 million from its midstream fund to launch WaterBridge Resources.

The Texas-based firm formed WaterBridge out of its Five Point Capital Midstream Fund II, to focus on the development and acquisition of flowback water infrastructure for upstream oil and natural gas producers. The company is currently pursuing brownfield and greenfield opportunities for conventional and emerging resource plays in North America.

The Midstream Fund II launched in 2014 and closed in early 2015 at $450 million. The fund has focused on investments in crude oil and natural gas projects and companies.

Stephen Johnson will lead WaterBridge as its first chief executive and brings a track record of drilling experience. Johnson was previously the president of on and offshore drilling company Nabors Well Services, until its parent company, Nabors Completion & Production Services, merged with C&J Energy Services for $2.9 billion.

Before joining Nabor, he was a co-founder of one of the early drilling companies at the Eagle Ford shale, Stonegate Production Company.