Blackstone Forms Permian Water Company as Oil Production Soars

Blackstone Group LP is forming a company to manage wastewater in the Permian Basin, the latest in a series of deals designed to help manage output of dirty water generating by fracking in the world’s biggest shale oil play.

Funds managed by Blackstone Energy Partners have created Waterfield Midstream, led by Co-Chief Executive Officers Scott Mitchell and Mark Cahill, who built and led a similar business for Anadarko Petroleum Corp. and Western Gas Partners LP.

Key Takeaways

Soaring oil and gas output from fracking in the Permian has created an urgent need to deal with wastewater. The problem may be ...