Akin Advises Diamondback Energy in Its $750 Million Sale of Environmental Disposal Systems

(Houston) – Akin represented Diamondback Energy Inc., in its $750 million sale of Environmental Disposal Systems, LLC to Deep Blue Midland Basin LLC.  

As part of the transaction, Diamondback Energy renewed its 15-year dedication to Deep Blue for produced water and supply water within a 12-county area of mutual interest in the Midland Basin and will maintain a 30% equity interest in Deep Blue. Diamondback Energy will receive approximately $675 million in upfront cash proceeds, subject to customary closing conditions and adjustments, with potential for more cash proceeds through performance-based earnouts until the end of 2028. 

The Akin team was led by corporate partners John Goodgame and Leana Garipova, and included counsel Tom Hillebrand and associates Hailey Marino, Emily Varley, Andrea Cabada, Brannen Caraway and Paxton Merrill.  

The wider Akin team included:  

• tax partner Alison Chen and associate Samir Halawi  

• antitrust partner Brian Rafkin and associate Kyle Everett 

• executive compensation & employee benefits partner Stephanie Bollheimer 

• labor & employment partner Lauren Leyden 

• intellectual property partner David Lee 

• environmental & natural resources practice head David Quigley and senior counsel Andrew Oelz 

• debt finance partner Eric Muñoz  

For further information on the transaction, click here. 

Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East. 

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