Business
Rattler Midstream LP, a Subsidiary of Diamondback Energy, Inc., Reports Third Quarter 2021 Financial and Operating Results and Strategic Transactions
MIDLAND, Texas, Nov. 03, 2021 (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, Nov. 03, 2021 (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 third quarter ended September 30, 2021. THIRD QUARTER 2021 HIGHLIGHTS Q3 2021 consolidated net income (including non-controlling interest) of $38.9 millionQ3 2021 consolidated Adjusted EBITDA (as defined and reconciled below) of $75.0 millionQ3 2021 cash flow provided by operating activities of $57.4 million; Q3 2021 Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $66.4 millionQ3 2021 cash operated capital expenditures of $6.4 millionQ3 2021 consolidated Free Cash Flow (as defined and reconciled below) of $59.5 million; Q3 2021 Recurring Free Cash Flow (as defined and reconciled below) of $60.0 millionBoard of Directors of Rattler's general partner approved a cash distribution for the third quarter of 2021 of $0.25 per common unit ($1.00 annualized); implies a 8.4% annualized yield based on the November 2, 2021 closing unit price of $11.95Repurchased approximately 1.1 million common units at an average unit price of $10.72 for a total cost of $12.3 million during the quarterBoard of Directors of Rattler's general partner increased the common unit repurchase authorization by $50.0 million to $150.0 million and extended the authorization term indefinitelyIn October 2021, Rattler entered into a gas gathering and processing joint venture focused on the Midland Basin for $104.0 millionIn October 2021, Rattler signed a purchase agreement to acquire certain water midstream assets from Diamondback for $160.0 millionIn November 2021, Rattler closed the sale of its Pecos County gas gathering assets to Brazos Midstream for gross potential consideration of $93.0 million, including $83.0 million of cash at closingQ3 2021 average produced water gathering and disposal volumes of 747 MBbl/dQ3 2021 average sourced water volumes of 256 MBbl/d; 23% of total sourced water volumes in Q3 2021 sourced from recycled produced waterQ3 2021 average crude oil gathering volumes of 73 MBbl/dQ3 2021 average gas gathering volumes of 135 BBtu/d “Rattler generated $60 million of Free Cash Flow in the third quarter, benefiting from operating cost reductions and minimal capital spend,...