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Rattler Midstream LP (NASDAQ: RTLR) reported Q3 2020 financial results, highlighting a net income of $38.8 million and adjusted EBITDA of $71.3 million. The Board approved a cash distribution of $0.20 per common unit, reflecting a 13% annualized yield based on the unit price of $6.23. A $100 million repurchase program was also authorized, funded by cash generated from operations. Despite a drop in produced water volumes, crude oil gathering volumes increased by 2%. The company aims to reduce capital expenditures significantly while maintaining strong cash flows.
Rattler Midstream LP (NASDAQ: RTLR) plans to release its third quarter 2020 financial results on November 4, 2020, after market close. The company will hold a conference call for investors on November 5, 2020, at 9:00 a.m. CT to discuss these results. Interested participants can access the call via phone or listen online. Rattler, a subsidiary of Diamondback Energy, is engaged in midstream operations in the Permian Basin, providing long-term, fixed-fee services under contracts with Diamondback.
Rattler Midstream LP (NASDAQ: RTLR) announced a $500 million offering of 5.625% Senior Notes due 2025, priced at par. The offering targets qualified institutional buyers and is expected to close on July 14, 2020. Proceeds of approximately $489.5 million will be used to repay outstanding borrowings under its revolving credit facility. The Notes will be unsecured and guaranteed by various subsidiaries of Rattler. They are not registered under the Securities Act and will not be registered in the future.
Rattler Midstream LP (NASDAQ: RTLR) announced a proposed offering of $500 million in senior notes due 2025. The offering targets qualified institutional buyers and certain non-U.S. persons under Regulation S. Proceeds will be lent to Rattler Midstream Operating LLC to repay outstanding credit facility borrowings. The notes will be senior unsecured obligations and guaranteed by certain subsidiaries but not by parent company Diamondback Energy. The notes are not registered under the Securities Act and will not be registered in the future.
Rattler Midstream LP (NASDAQ: RTLR) will release its second quarter 2020 financial results on August 5, 2020, after market close. A conference call will follow on August 6, 2020, at 9:00 a.m. CT, where analysts and investors can discuss the results. Rattler, a subsidiary of Diamondback Energy, offers midstream services in the Permian Basin under long-term, fixed-fee contracts. For additional details, visit their investor relations page.
Rattler Midstream LP (NASDAQ: RTLR) reported strong Q1 2020 results, with consolidated net income of $54.6 million and adjusted EBITDA of $81.0 million, reflecting increases of 6% and 14% respectively from Q4 2019. The company approved a cash distribution of $0.29 per common unit, maintaining an annualized distribution of $1.16. Average produced water volumes rose 5% from Q4 2019, while sourced water volumes dropped 7%. Rattler's capital expenditures totaled $52.0 million, indicating a strategic reduction in response to market volatility.
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