FOR IMMEDIATE RELEASE:
Dec. 3. 2025
Photo caption: Deep Blue CEO Scott Mitchell, center, rings the opening bell on Tuesday at Nasdaq Stock Market’s MarketSite in Times Square.
NEW YORK, NY, Dec. 3, 2025 — This week, Deep Blue Midland Basin LLC (“Deep Blue”), the Midland Basin’s largest independent water infrastructure platform, had the honor of ringing the opening bell at Nasdaq Stock Market’s MarketSite in Times Square as Nasdaq celebrated Texas energy companies. Opening one of the world’s largest markets underscores Deep Blue’s rapid ascent and expanding influence as a leading infrastructure provider within the critical energy–water nexus. In tandem with recent major announcements, this signals heightened confidence from the capital markets in Deep Blue’s long-term trajectory.
Rachel Racz, senior vice president of listings at Nasdaq, introduced Deep Blue Chief Executive Officer Scott Mitchell by highlighting the innovation, resilience and progress in the energy industry, as exemplified by Deep Blue.
“Deep Blue is redefining water management in the Midland Basin with advanced infrastructure and sustainable solutions helping producers meet their operational goals,” Racz said. “What is happening in the Permian Basin is really powering the world, and so we’re really proud to have more companies that are representing Texas, but also the Permian Basin, here at Nasdaq.”
The bell-ringing ceremony at Nasdaq is a celebrated tradition that recognizes companies for significant milestones or achievements.
“We founded Deep Blue two short years ago with a vision to transform water management in the energy industry,” Deep Blue Chief Executive Officer Scott Mitchell said before ringing the bell. “We preserve billions of gallons of freshwater resources annually through our advanced recycling processes. We’re confident that soon Deep Blue will be a force in power generation and data computation, providing large quantities of recycled, essential cooling water for power plants and data centers, which are vital to our nation’s success in AI development. Despite the impressive growth that we’ve had, the most exciting part of this is the long runway of future opportunities that we have in the coming years.”
Formed in 2023 as a joint venture between Diamondback Energy, Inc. (NASDAQ: FANG) and Five Point Infrastructure, Deep Blue was created to deliver large-scale, integrated midstream water infrastructure throughout Texas’ Midland Basin. With nearly 2,000 miles of pipeline, millions of barrels per day of capacity and extensive expertise rooted in West Texas, Deep Blue delivers comprehensive water management services – from gathering and transporting to treating, recycling and disposing of produced water – in this critical region for oil and gas development.
The company recycles roughly half of the water that enters its system, helping reduce freshwater demand and injection volumes. Effectively, Deep Blue transforms water from a waste product into a valuable upstream performance driver. In October 2025, Deep Blue completed the acquisition of Environmental Disposal Systems LLC (EDS) from Diamondback. That deal doubled Deep Blue’s scale in the Midland Basin and reinforced its status as the region’s largest independent water infrastructure platform.