He never lost the Waters of Life he lost the Power Cosmic.See
Galactus, which had a special power source called the Waters of Life. Morg absorbed the Waters of Life and became even more powerful. Silver Surfer considered this to be a threat and assembled the other former heralds. They banned together to fight Morg, but were not powerful enough. If it wasn’t for Galactus intervening they would have surely lost. Galactus agreed that Morg had too much power and took the Power Cosmic away from him. With just the power he absorbed from the Waters of Life, Morg was easily defeated by the heralds and killed by Terrax, but not after he killed Nova