RATTLER MIDSTREAM: INVESTMENT HIGHLIGHTS Q1 2020 Net Income of 54.6 million, up 6% over Q4 2019 and up 39% over Q1 2019 Q1 2020 Adjusted EBITDA of 81.0 million, up 14% over Q4 2019 and up 35% over Q1 2019 Resilient operated midstream…
RATTLER: A DIFFERENTIATED MIDSTREAM COMPANY STABLE, HIGH MARGIN MIDSTREAM COMPANY WITH LEADING E&P SPONSOR Key Takeaways Areas Of Operation In-basin midstream solutions for Diamondback Energy Scalable, purpose-built Permian midstream…
RATTLERS ASSETS FOCUSED ON DIAMONDBACKS SEVEN CORE AREAS Rattler and Diamondback Asset Map Spanish Trail North: Howard County Produced Water Produced Water Sourced Water Sourced Water N. Delaware Produced Water Spanish Trail…
RATTLER HISTORICAL VOLUMES & PER UNIT EXECUTION RATTLER VOLUMES TRANSLATE DIRECTLY INTO PER UNIT GROWTH, WITH A HIGH ROACE Operational execution delivers strong financial results supportive of current 1.16 per common unit annualized…
DIAMONDBACK IS WELL POSITIONED TO SUPPORT RATTLER THROUGHPUT Diamondback Overview Diamondbacks Gross Operated Horizontal Drilling Locations By Basin Diamondbacks execution track record and Tier 1 inventory depth 11,000 support…
HIGH MARGIN, RETURNS-FOCUSED MODEL WITH 15-YEAR CONTRACTS Diamondback has set Rattler up for free cash flow generation Strong Gross Margins across All Midstream Segments High gross margins and long-term fixed-fee contracts turn…
RATTLER PRESENTS IMMINENT FREE CASH FLOW INFLECTION Core operated business free cash flow positive in 2019 and growing in 2020 Free cash flow maintained in revised guidance as lower volumes offset by reduced operated capex Moderation…
DEFENSIVE BUSINESS MODEL PRESERVES OPERATED FREE CASH FLOW(1) REDUCTION IN OPERATED VOLUMES AND EBITDA OUTPACED BY DECLINE OF OPERATED CAPEX(1) ( Millions) 360 290 270 257 213 210 125 177 97 159 148 145 85 79 78…
RATTLER CAPITAL EXPENDITURE DETAIL Historical Rattler Capex by Type(1, 2) Majority of recent capex focused on increasing system capacity & constructing centralized ( Millions) 582 gathering systems Capacity Capex Gathering Capex…
SHIFTING OPERATIONAL FOCUS FROM GROWTH TO EFFICIENCY Rattler focus has shifted from accommodating growth to reducing operating cost Surface payments for sourced water and produced water injection royalties represent significant costs…
HIGHLY EFFICIENT JUST IN TIME CAPITAL PROGRAM RATTLER CUT 2020 OPERATED MIDSTREAM CAPITAL BY OVER 40% IMMEDIATELY UPON REDUCTION IN DIAMONDBACK ACTIVITY(1) - Generic Third-Party Midstream Company 1 Company fully-formed,…
STAKEHOLDER ALIGNMENT: MIDSTREAM 2.0 MIDSTREAM 2.0 THEMES VALIDATED BY CURRENT ENERGY MARKET CONDITIONS Corporate Structure: Economic and governance alignment between stakeholders and sponsor (similar to Midstream 2.0 Viper…
ORYX MIDLAND OIL GATHERING (OMOG) OVERVIEW OMOG System Overview OMOG System Highlights Long-Term Value Through Strong Dedications on Top-Tier Acreage Top 3 producers have 10 years on average of contract term remaining Experienced…
STRATEGIC JOINT VENTURES WITH LONG-HAUL PIPELINES RATTLER WILL PARTICIPATE IN LONG-HAUL TRANSPORTATION OF SUBSTANTIALLY ALL DIAMONDBACK OIL VOLUMES Wellhead to water solution - In-field oil gathering and equity method investments in…
RATTLER FINANCIAL OVERVIEW FINANCIAL STRATEGY RATTLER CAPITALIZATION & CREDIT STATISTICS ( millions) 3/31/2020 Self-Funding Business Model Market Capitalization(1) 1,029 Focus on maximizing stakeholder returns and growing…
High margin, free cash flow generating business underpinned by long-term contracts Strategic relationship with Diamondback allows for visibility and stability Assets in the core of Permian in both Delaware and Midland…
Rattler Midstream LP Corporate Headquarters Adam Lawlis, Vice President, Investor Relations 500 West Texas Ave., Suite 1200 (432) 221-7400 Midland, TX 79701 irrattlermidstream.com www.rattlermidstream.com 18
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