WaterBridge, a portfolio company of Five Point Energy LLC, has named Steven Jones and Jason Long as co-CEOs. Jones will continue to serve as the company’s chief financial officer with Long remaining in his role as chief operating officer. Stephen M. Johnson, current CEO and founder of WaterBridge, will transition to vice chairman of the board, as of May 18, 2020. Based in Houston, WaterBridge is a water midstream company.
HOUSTON, May 7, 2020 /PRNewswire/ — WaterBridge Holdings LLC (together with its subsidiaries, “WaterBridge”) today announced the execution of its senior leadership succession and transition plan. Effective May 18, 2020, Stephen M. Johnson, current Chief Executive Officer and Founder of WaterBridge, will transition from day-to-day management and will remain on the WaterBridge Board of Directors in the newly created role of Vice Chairman. Steven Jones, current Co-President and CFO, and Jason Long, current Co-President and COO, have been appointed to serve as Co-Chief Executive Officers of WaterBridge, with Mr. Jones continuing to serve as CFO and Mr. Long continuing to serve as COO.
Steve Johnson commented: “The announced strategic leadership transition plan implemented by the Board capitalizes on the strength of WaterBridge’s existing management team. Since joining me at WaterBridge, Jason Long and Steve Jones have demonstrated highly capable leadership in a variety of increasingly important management roles.
Together, with the hard work and support of our exceptional employees, we have firmly established ourselves as the largest pure-play water midstream company in the energy industry. We will continue to grow WaterBridge, stressing safety, shareholder returns, environmental stewardship and operational excellence. The Board and I are confident that now is the right time to transition leadership to the next generation of talent. I speak for the entire Board and our employees in congratulating Steve and Jason on their appointments.”
David Capobianco, CEO and Managing Partner of Five Point Energy and Chairman of WaterBridge, commented “We are pleased to announce the appointment of Steve Johnson as Vice Chairman and Jason Long and Steve Jones as Co-CEOs. We would like to thank Steve Johnson for his leadership, guidance, vision and continued contributions. Succession planning is a priority and key responsibility of the Board, and we took a thorough and deliberate approach to identifying Jason and Steve as Steve Johnson’s successors. We know that Jason and Steve will maintain WaterBridge’s high standard of performance and further its position as the water midstream leader during this pivotal time in the oil and gas industry.”
WaterBridge is the largest pure-play produced water midstream company in the energy industry and a portfolio company of Five Point Energy. Headquartered in Houston, Texas, WaterBridge benefits from a first-mover advantage in the emerging water midstream sector with the most experienced management team in the industry. WaterBridge develops, owns and operates permanent, integrated water infrastructure networks that handle full-cycle produced water requirements for its blue-chip customer base under long-term, fee-based contracts. WaterBridge operates in the Southern Delaware Basin in West Texas and the Arkoma Basin in southeast Oklahoma. For further information, please visit www.h2obridge.com.
About Five Point Energy LLC
Five Point Energy is a leading private equity firm focused on the midstream energy sector. The firm was founded by industry veterans who have had successful careers investing in, building and running midstream companies. Five Point’s strategy is to acquire and develop in-basin assets, provide value-added growth capital, and build world-class midstream companies with premier management teams and industry-leading E&P partners. The firm is focused on providing in-basin crude oil, natural gas, liquids and water management midstream solutions to E&P companies in the Permian Basin, Eagle Ford, Mid-Continent and Rockies. Based in Houston, Texas, Five Point Energy manages approximately $3.5 billion of capital across multiple investment funds. For further information, please visit www.fivepointenergy.com.