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Rattler Midstream LP, a Subsidiary of Diamondback Energy, Inc., Reports Second Quarter 2022 Financial and Operating Results
MIDLAND, Texas, Aug. 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, Aug. 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 second quarter ended June 30, 2022. Due to the pending merger between Diamondback and Rattler, Rattler will not host an earnings call for the second quarter 2022 nor hold an investor presentation. SECOND QUARTER 2022 HIGHLIGHTS Q2 2022 consolidated net income (including non-controlling interest) of $55.1 millionQ2 2022 Adjusted EBITDA (as defined and reconciled below) of $102.4 millionQ2 2022 cash flow provided by operating activities of $73.2 millionQ2 2022 cash operated capital expenditures of $25.2 millionQ2 2022 Free Cash Flow (as defined and reconciled below) of $36.1 millionBoard of Directors of Rattler's general partner approved a cash distribution for the second quarter of 2022 of $0.30 per common unit40% of sourced water volumes sold during Q2 2022 represented recycled produced water OPERATIONS AND FINANCIAL UPDATE During the second quarter of 2022, the Company recorded total operating income of $39.6 million, an increase of 1% compared to the first quarter of 2022. During the second quarter of 2022, the Company recorded consolidated net income (including non-controlling interest) of $55.1 million, an increase of 48% from the first quarter of 2022. Second quarter 2022 Adjusted EBITDA (including non-controlling interest and as defined and reconciled below) was $102.4 million, an increase of 18% from the first quarter of 2022. Second quarter operated capital expenditures totaled $25.2 million. Rattler also received proceeds of $11.4 million in distributions from equity method investments related to operations during the quarter. The following table summarizes the Company's throughput(a) on its operated assets. Three Months EndedJune 30, Six Months EndedJune 30, 2022 2021 2022 2021Crude oil gathering (Bbl/d) 72,324 84,014 75,141 84,609 Natural gas gathering (MMBtu/d) — 141,529 — 136,014 Produced water gathering and disposal (Bbl/d) 840,205 801,967 843,004 783,878 Sourced water gathering (Bbl/d) 373,619 241,570 380,542 254,629 (a) Does not include any volumes from our equity method investment joint ventures. CASH DISTRIBUTION AND TRANSACTION UPDATE On July 27, 2022, the Board of Dire...