Business
Rattler Midstream LP, a Subsidiary of Diamondback Energy, Inc., Reports First Quarter 2022 Financial and Operating Results
MIDLAND, Texas, May 03, 2022 (GLOBE NEWSWIRE) -- Rattler Midstream LP (NASDAQ: RTLR) (“Rattler” or the “Company”), a subsidiary of Diamondback Energy, Inc.
About this update from Diamondback Energy, Inc.
[{"type":"text","content":"MIDLAND, Texas, May 03, 2022 (GLOBE NEWSWIRE) -- Rattler Midstream LP (NASDAQ: RTLR) (“Rattler” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), today announced financial and operating results for the first quarter ended March 31, 2022. FIRST QUARTER 2022 HIGHLIGHTS Q1 2022 consolidated net income (including non-controlling interest) of $37.1 millionQ1 2022 consolidated Adjusted EBITDA (as defined and reconciled below) of $87.0 millionQ1 2022 cash flow provided by operating activities of $59.9 millionQ1 2022 cash operated capital expenditures of $17.9 millionQ1 2022 consolidated Free Cash Flow (as defined and reconciled below) of $44.9 millionBoard of Directors of Rattler's general partner approved a cash distribution for the first quarter of 2022 of $0.30 per common unit ($1.20 annualized); implies an 8.9% annualized yield based on the May 2, 2022 closing unit price of $13.50In January 2022, Rattler acquired a 10% equity interest in BANGL, a long-haul NGL pipeline joint venture, for $22.2 millionQ1 2022 average produced water gathering and disposal volumes of 846 MBbl/dQ1 2022 average sourced water volumes of 388 MBbl/d; 39% of total sourced water volumes in Q1 2022 sourced from recycled produced waterQ1 2022 average crude oil gathering volumes of 78 MBbl/d “Rattler continued its strong execution in the first quarter of 2022. The effect of the series of transactions in the last couple of quarters as well as continued focus on operational cost resulted in sequential Adjusted EBITDA 8% greater than Q4 2021. With greater exposure to Diamondback development activity after the drop-down transaction in Q4 2021, this quarter's results have set a new baseline for the operated business which should benefit from stability of a fixed fee business and a flat production plan from its primary customer,” stated Travis Stice, Chief Executive Officer of Rattler’s general partner. Mr. Stice continued, “On the non-operated side, Rattler joined the BANGL joint venture and with the full start up of the Wink to Webster joint venture, all six of Rattler's equity method joint venture projects have entered full service. These large intra-basin gathering systems and long-haul pipelines will benefit from the expected growth of the Permian Basin for years to come. Taken together with the operated business whose c...