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Form 425 RATTLER MIDSTREAM LP Filed by: RATTLER MIDSTREAM LP

August 3, 2022 4:09 PM EDT
RATTLER MIDSTREAM LP, A SUBSIDIARY OF DIAMONDBACK ENERGY, INC., REPORTS SECOND QUARTER 2022 FINANCIAL AND OPERATING RESULTS MIDLAND, Texas, August 3, 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 million • Q2 2022 Adjusted EBITDA (as defined and reconciled below) of $102.4 million • Q2 2022 cash flow provided by operating activities of $73.2 million • Q2 2022 cash operated capital expenditures of $25.2 million • Q2 2022 Free Cash Flow (as defined and reconciled below) of $36.1 million • Board of Directors of Rattler's general partner approved a cash distribution for the second quarter of 2022 of $0.30 per common unit • 40% 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. Filed by Rattler Midstream LP Pursuant to Rule 425 under the Securities Act of 1933, as amended and deemed filed pursuant to Rule 14a-12 under the Securities Act of 1934, as amended Subject Company: Rattler Midstream LP Commission File No.: 001-38919 Date: August 3, 2022

 
The following table summarizes the Company's throughput(a) on its operated assets. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Crude 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 Directors of Rattler's general partner approved a cash distribution for the second quarter of 2022 of $0.30 per common unit, payable on August 23, 2022 to unitholders of record at the close of business on August 16, 2022. Rattler and Diamondback expect that their pending merger will close, subject to certain closing conditions, reasonably promptly following the distribution payment date.

 
About Rattler Midstream LP Rattler Midstream LP is a Delaware limited partnership formed by Diamondback Energy to own, operate, develop and acquire midstream and energy-related infrastructure assets. Rattler owns crude oil, natural gas and water-related midstream assets in the Permian Basin that provide services to Diamondback Energy and third party customers under primarily long-term, fixed-fee contracts. For more information, please visit www.rattlermidstream.com. About Diamondback Energy, Inc. Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com. Important Information for Investors; Additional Information and Where to Find It This communication is for information purposes only does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. In connection with the pending merger, Diamondback has filed with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4, as amended, that includes an information statement that also constitutes a prospectus of Diamondback. Diamondback’s registration statement on Form S-4, as amended, was declared effective by the SEC on July 28, 2022, and Rattler’s information statement and Diamondback’s Rule 424(b)(3) prospectus were filed with the SEC on the same date. Each of Rattler and Diamondback have also filed other relevant documents with the SEC regarding the pending merger. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. INVESTORS AND SECURITY HOLDERS OF RATTLER AND DIAMONDBACK ARE URGED TO READ THE REGISTRATION STATEMENT, INFORMATION STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT HAVE BEEN FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PENDING MERGER. Investors and security holders are able to obtain free copies of these documents and other documents containing important information about Rattler and Diamondback through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Rattler are available free of charge on Rattler’s website at https://www.rattlermidstream.com under the tab “Investors” and then under the heading “Financial Information.” Copies of the documents filed with the SEC by Diamondback are available free of charge on Diamondback’s website at https://www.diamondbackenergy.com under the tab “Investors” and then under the heading “Financial Information.” Participants in the Solicitation Rattler, Diamondback, the directors and executive officers of the General Partner and Diamondback, as applicable, and certain other persons may be deemed to be participants in the solicitation of proxies and consents in respect of the pending merger. Information regarding the directors and executive officers of the General Partner is available in Rattler’s annual report on Form 10-K for the fiscal year ended

 
December 31, 2021 filed with the SEC on February 24, 2022. Information regarding the directors and executive officers of Diamondback is available in its definitive proxy statement for its 2022 annual meeting, filed with the SEC on April 28, 2022, and in Diamondback’s annual report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 24, 2022. Other information regarding the participants in the solicitations and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the information statement/prospectus and other relevant materials filed with the SEC. Investors should read the information statement/prospectus carefully before making any investment decisions. You may obtain free copies of these documents from Rattler or Diamondback using the sources indicated above. Forward-Looking Statements This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Rattler’s: future performance; business strategy; future operations; estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; anticipated benefits of strategic transactions (including acquisitions and divestitures); and plans and objectives of management (including plans for future cash flow from operations) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Rattler are intended to identify forward-looking statements, although not all forward- looking statements contain such identifying words. Although Rattler believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Rattler’s control. Accordingly, forward-looking statements are not guarantees of future performance and Rattler’s actual outcomes could differ materially from what Rattler has expressed in its forward-looking statements. Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases such as the COVID-19 pandemic, and any related company or government policies or actions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing Russian-Ukrainian conflict on the global energy markets and geopolitical stability; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; and the risks and other factors disclosed in Rattler’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov. In light of these factors, the events anticipated by Rattler’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Rattler operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Rattler cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this news

 
release. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Rattler does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

 
Rattler Midstream LP Consolidated Balance Sheets (unaudited, in thousands) June 30, December 31, 2022 2021 Assets Current assets: Cash .................................................................................................................................................... $ 17,784 $ 19,897 Accounts receivable—related-party ................................................................................................... 54,620 58,154 Accounts receivable—third-party, net ................................................................................................ 7,971 9,415 Sourced water inventory ..................................................................................................................... 15,858 13,081 Other current assets ............................................................................................................................ 778 1,181 Total current assets ..................................................................................................................... 97,011 101,728 Property, plant and equipment: Land .................................................................................................................................................... 98,646 98,645 Property, plant and equipment ............................................................................................................ 1,140,914 1,075,405 Accumulated depreciation, amortization and accretion ..................................................................... (144,332) (121,507) Property, plant and equipment, net ............................................................................................. 1,095,228 1,052,543 Equity method investments ........................................................................................................................ 659,749 612,541 Real estate assets, net .................................................................................................................................. 84,042 84,609 Intangible lease assets, net .......................................................................................................................... 3,425 3,650 Deferred tax asset ....................................................................................................................................... 56,218 62,356 Other assets ................................................................................................................................................. 5,943 3,708 Total assets ................................................................................................................................. $ 2,001,616 $ 1,921,135 Liabilities and Unitholders’ Equity Current liabilities: Accounts payable and accrued liabilities ............................................................................................ $ 67,501 $ 48,267 Taxes payable ..................................................................................................................................... 187 603 Asset retirement obligations ............................................................................................................... — 79 Total current liabilities ................................................................................................................ 67,688 48,949 Long-term debt ........................................................................................................................................... 725,963 687,956 Asset retirement obligations ....................................................................................................................... 37,904 16,911 Total liabilities ............................................................................................................................ 831,555 753,816 Unitholders’ equity: General Partner—Diamondback ......................................................................................................... 779 819 Common units—public (38,417,574 units issued and outstanding as of June 30, 2022 and 38,356,771 units issued and outstanding as of December 31, 2021) .................................................. 347,745 350,230 Class B units—Diamondback (107,815,152 units issued and outstanding as of June 30, 2022 and as of December 31, 2021) ................................................................................................................... 779 819 Accumulated other comprehensive income (loss) .............................................................................. 11 10 Total Rattler Midstream LP unitholders’ equity ......................................................................... 349,314 351,878 Non-controlling interest .............................................................................................................................. 820,747 815,441 Total equity ...................................................................................................................................... 1,170,061 1,167,319 Total liabilities and unitholders’ equity ...................................................................................... $ 2,001,616 $ 1,921,135

 
Rattler Midstream LP Consolidated Statements of Operations (unaudited, in thousands, except per unit data) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenues: Midstream revenues—related-party .......................................... $ 91,130 $ 91,579 $ 181,432 $ 178,657 Midstream revenues—third-party ............................................. 10,524 5,967 20,970 14,088 Other revenues—related-party .................................................. 1,748 2,542 3,499 5,082 Other revenues—third-party ...................................................... 960 1,043 1,924 2,112 Total revenues .................................................................... 104,362 101,131 207,825 199,939 Costs and expenses: Direct operating expenses .......................................................... 21,195 26,299 42,823 58,810 Cost of goods sold (exclusive of depreciation and amortization) .............................................................................. 20,117 10,298 35,297 19,109 Real estate operating expenses .................................................. 610 544 1,143 1,061 Depreciation, amortization and accretion .................................. 15,112 15,239 35,799 26,485 Impairment and abandonments .................................................. 177 — 1,259 3,371 General and administrative expenses ........................................ 6,389 4,956 11,734 9,590 (Gain) loss on disposal of assets ................................................ 1,187 5,005 1,116 5,011 Total costs and expenses .................................................... 64,787 62,341 129,171 123,437 Income (loss) from operations ................................................................... 39,575 38,790 78,654 76,502 Other income (expense): Interest income (expense), net ................................................... (9,126) (8,235) (17,810) (15,545) Gain (loss) on sale of equity method investments ..................... — 22,989 — 22,989 Income (loss) from equity method investments ........................ 27,952 4,472 37,032 1,649 Total other income (expense), net ...................................... 18,826 19,226 19,222 9,093 Net income (loss) before income taxes ...................................................... 58,401 58,016 97,876 85,595 Provision for (benefit from) income taxes ................................. 3,330 3,539 5,714 5,210 Net income (loss) ......................................................................................... 55,071 54,477 92,162 80,385 Less: Net income (loss) attributable to non-controlling interest ...... 43,083 42,032 72,243 61,925 Net income (loss) attributable to Rattler Midstream LP ........................ $ 11,988 $ 12,445 $ 19,919 $ 18,460 Net income (loss) attributable to limited partners per common unit: Basic ............................................................................................. $ 0.30 $ 0.30 $ 0.49 $ 0.42 Diluted .......................................................................................... $ 0.30 $ 0.30 $ 0.49 $ 0.42 Weighted average number of limited partner common units outstanding: Basic ............................................................................................. 38,245 41,033 38,202 41,386 Diluted .......................................................................................... 38,267 41,033 38,202 41,386

 
Cash flows from operating activities: Net income (loss) ......................................................................................... $ 55,071 $ 54,477 $ 92,162 $ 80,385 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for (benefit from) income taxes ........................................... 3,336 3,539 5,723 5,210 Depreciation, amortization and accretion ............................................ 15,112 15,239 35,799 26,485 Unit-based compensation expense ....................................................... 2,609 2,485 5,129 4,817 Impairment and abandonments ............................................................ 177 — 1,259 3,371 (Gain) loss on sale of equity method investments ............................... — (22,989) — (22,989) (Income) loss from equity method investments ................................... (27,952) (4,472) (37,032) (1,649) Distributions from equity method investments .................................... 11,408 9,055 18,958 9,055 Other .................................................................................................... 1,548 5,509 2,122 6,018 Changes in operating assets and liabilities: Accounts receivable—related-party ..................................................... (2,238) 7,843 3,502 19,052 Accounts receivable—third-party ........................................................ 6,136 1,474 1,476 72 Accounts payable and accrued liabilities ............................................. 10,202 2,567 6,135 (3,525) Other .................................................................................................... (2,196) 1,017 (2,132) 2,110 Net cash provided by (used in) operating activities ............................................. 73,213 75,744 133,101 128,412 Cash flows from investing activities: Additions to property, plant and equipment ................................................ (25,180) (11,853) (43,068) (17,713) Acquisitions of property, plant and equipment ............................................ — — (4,334) — Contributions to equity method investments ............................................... — (2,791) (29,133) (6,454) Distributions from equity method investments ............................................ — — — 9,107 Proceeds from the sale of equity method investments ................................. — 23,455 — 23,455 Proceeds from the sale of real estate ............................................................ — 9,118 — 9,118 Other ............................................................................................................ 1,197 250 (1,553) 250 Net cash provided by (used in) investing activities ............................................. (23,983) 18,179 (78,088) 17,763 Cash flows from financing activities: Proceeds from borrowings under Credit Agreement ................................... 19,000 12,000 54,000 24,000 Payments on Credit Agreement ................................................................... (17,000) (61,000) (17,000) (98,000) Repurchased units as part of unit buyback .................................................. — (5,198) (2,582) (16,312) Distribution to public .................................................................................. (11,444) (8,183) (22,888) (16,446) Distribution to Diamondback ...................................................................... (32,365) (21,583) (64,730) (43,166) Other ............................................................................................................ (3,339) (2,169) (3,926) (2,628) Net cash provided by (used in) financing activities ............................................. (45,148) (86,133) (57,126) (152,552) Net increase (decrease) in cash ......................................................................................... 4,082 7,790 (2,113) (6,377) Cash at beginning of period ......................................................................... 13,702 9,760 19,897 23,927 Cash at end of period ................................................................................... $ 17,784 $ 17,550 $ 17,784 $ 17,550 Rattler Midstream LP Consolidated Statements of Cash Flows (unaudited, in thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021

 
The following tables provide information regarding our gathering, compression and transportation system as of June 30, 2022 and utilization for the quarter ended June 30, 2022: Rattler Midstream LP Pipeline Infrastructure Assets (unaudited) As of June 30, 2022 (miles)(a) Delaware Basin Midland Basin Permian Total Crude oil ................................................................................................ 114 46 160 Produced water ...................................................................................... 276 333 609 Sourced water ........................................................................................ 27 102 129 Total .................................................................................................. 417 481 898 (a) Does not include any assets of the equity method investment joint ventures Rattler Midstream LP Capacity/Capability (unaudited) As of June 30, 2022 (capacity/capability)(a) Delaware Basin Midland Basin Permian Total Utilization Crude oil gathering (Bbl/d) .......................................................... 240,000 65,000 305,000 26 % Produced water gathering and disposal (Bbl/d) ............................ 1,330,000 2,108,000 3,438,000 23 % Sourced water gathering (Bbl/d) .................................................. 120,000 655,000 775,000 37 % (a) Does not include any assets of the equity method investment joint ventures Rattler Midstream LP Throughput (unaudited) Three Months Ended June 30, Six Months Ended June 30, (throughput)(a) 2022 2021 2022 2021 Crude 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 assets of the equity method investment joint ventures.

 
NON-GAAP FINANCIAL MEASURES Adjusted EBITDA is a supplemental non-GAAP financial measure used by management and external users of its financial statements, such as industry analysts, investors, lenders and rating agencies. Management believes Adjusted EBITDA is useful because the measure allows it to more effectively evaluate the Company's operating performance and compare the results of its operations period to period without regard to its financing methods or capital structure. The Company defines Adjusted EBITDA as net income (loss) attributable to the Company plus net income (loss) attributable to non-controlling interest before interest expense (net of amount capitalized), depreciation, amortization and accretion on assets and liabilities of Rattler Midstream Operating LLC, its proportional depreciation and interest expense related to equity method investments, its proportional impairments and abandonments related to equity method investments, impairment and abandonments, non-cash unit-based compensation expense, (gain) loss on disposal of assets, provision for income taxes and other. The GAAP measure most directly comparable to Adjusted EBITDA is net income (loss). However, Adjusted EBITDA should not be considered an alternative to net income (loss) or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles in the United States ("GAAP"). The Company excludes the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. As such, Adjusted EBITDA as presented below may not be comparable to similarly titled measures of other companies, and may not be comparable to similarly titled measures in Rattler Midstream Operating LLC’s credit agreement and in the indenture that governs its senior notes. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as historic costs of depreciable assets.

 
The following table presents a reconciliation of net income (loss), the most directly comparable GAAP financial measure, to Adjusted EBITDA for each of the periods indicated: Rattler Midstream LP Adjusted EBITDA (unaudited, in thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Reconciliation of Net Income (Loss) to Adjusted EBITDA: Net income (loss) attributable to Rattler Midstream LP ..................................... $ 11,988 $ 12,445 $ 19,919 $ 18,460 Net income (loss) attributable to non-controlling interest ...................... 43,083 42,032 72,243 61,925 Net income (loss) ...................................................................................................... 55,071 54,477 92,162 80,385 Interest expense, net of amount capitalized ............................................ 9,126 8,235 17,810 15,545 Depreciation, amortization and accretion ............................................... 15,112 15,239 35,799 26,485 Depreciation and interest expense related to equity method investments ........................................................................................... 15,681 10,036 30,052 20,561 Impairments and abandonments related to equity method investments . 124 — 361 2,933 Impairment and abandonments ............................................................... 177 — 1,259 3,371 Non-cash unit-based compensation expense .......................................... 2,609 2,485 5,129 4,817 (Gain) loss on disposal of assets ............................................................. 1,187 5,005 1,116 5,011 (Gain) loss on sale of equity method investments .................................. — (22,989) — (22,989) Provision for income taxes ..................................................................... 3,330 3,539 5,714 5,210 Other ....................................................................................................... — 22 — 34 Adjusted EBITDA ................................................................................................... 102,417 76,049 189,402 141,363 Less: Adjusted EBITDA attributable to non-controlling interest ................ 75,560 55,084 139,814 102,219 Adjusted EBITDA attributable to Rattler Midstream LP .................................. $ 26,857 $ 20,965 $ 49,588 $ 39,144 Operating cash flow before working capital changes, which is a supplemental non-GAAP financial measure, represents net cash provided by operating activities as determined under GAAP without regard to changes in operating assets and liabilities. The GAAP financial measure most directly comparable to operating cash flow before working capital changes is net cash provided by operating activities. Management believes operating cash flow before working capital changes is an accepted measure which reflects cash flow from operating activities, additions to property, plant and equipment and net investments in its equity method investments across periods on a consistent basis. The Company also uses this measure because adjusted operating cash flow relates to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. This allows the Company to compare its operating performance with that of other companies without regard to financing methods and capital structure. Free Cash Flow, which is a supplemental non-GAAP financial measure, is operating cash flow before working capital changes net of additions to property, plant and equipment and distributions from equity method investments. The GAAP financial measure most directly comparable to Free Cash Flow is net cash provided by operating activities. Management believes that Free Cash Flow is useful to investors as it provides the amount of cash available for reducing debt, investing in additional capital projects or paying dividends. This measure should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of operating performance. The Company's computation of

 
operating cash flow before working capital changes and Free Cash Flow may not be comparable to other similarly titled measures of other companies. The following tables present a reconciliation of net cash provided by operating activities to operating cash flow before working capital changes and Free Cash Flow: Rattler Midstream LP Operating Cash Flow and Free Cash Flow (unaudited, in thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net cash provided by operating activities ......................................... $ 73,213 $ 75,744 $ 133,101 $ 128,412 Less: Changes in cash due to changes in operating assets and liabilities: Accounts receivable—related-party .................................... (2,238) 7,843 3,502 19,052 Accounts receivable—third-party ....................................... 6,136 1,474 1,476 72 Accounts payable and accrued liabilities ............................ 10,202 2,567 6,135 (3,525) Other ................................................................................... (2,196) 1,017 (2,132) 2,110 Total working capital changes ........................................................... 11,904 12,901 8,981 17,709 Operating cash flow before working capital changes ...................... 61,309 62,843 124,120 110,703 Additions to property, plant and equipment ....................... (25,180) (11,853) (43,068) (17,713) Distributions from equity method investments ................... — — — 9,107 Free Cash Flow .................................................................................... $ 36,129 $ 50,990 $ 81,052 $ 102,097

 
Investor Contact: Adam Lawlis +1 432.221.7467 [email protected] Jared Carameros +1 432.247.6213 [email protected] Source: Rattler Midstream LP; Diamondback Energy, Inc.

 

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