Diamondback Energy, Inc. and Rattler Midstream LP Announce Completion of Merger

Rhea-AI Summary

Diamondback Energy (NASDAQ: FANG) announced the completion of its merger with Rattler Midstream LP (NASDAQ: RTLR) on August 24, 2022. As part of the merger, Diamondback acquired all remaining limited partner interests in Rattler. Rattler unitholders received 0.113 shares of Diamondback common stock for each Rattler unit owned. Following the merger, Rattler's units will no longer be publicly traded on Nasdaq, marking its transition to a private entity. This strategic acquisition enhances Diamondback's operational capabilities in the Permian Basin.

Positive

• Acquisition of Rattler strengthens Diamondback's operational capabilities.
• Merger could enhance revenue generation through integrated operations in the Permian Basin.

Negative

• None.

MIDLAND, Texas, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”) and Rattler Midstream LP (NASDAQ: RTLR) (“Rattler”) today announced the completion of the previously announced merger between Rattler and Diamondback. The merger resulted in Diamondback acquiring all of the limited partner interests in Rattler not already owned by Diamondback and its subsidiaries. Each public unitholder of Rattler received 0.113 of a share of common stock in Diamondback in exchange for each Rattler common unit owned.

Effective August 24, 2022, Rattler’s common units will no longer be listed on The Nasdaq Global Select Market, and it will cease to be a publicly traded company.

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.

About Rattler Midstream LP

Rattler Midstream LP is a Delaware limited partnership formed by Diamondback 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 and third party customers under primarily long-term, fixed-fee contracts. For more information, please visit www.rattlermidstream.com.

Investor Contacts:

Diamondback Energy, Inc.

Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com

Rattler Midstream LP

Adam Lawlis
+1 432.221.7467
alawlis@rattlermidstream.com

Jared Carameros
+1 432.247.6213
jcarameros@rattlermidstream.com

FAQ

What was the purpose of the Diamondback Energy and Rattler Midstream merger?

The merger aimed to integrate Rattler's midstream assets with Diamondback's operations to enhance efficiency and revenue generation.

What do Rattler unitholders receive after the merger?

Each Rattler unitholder received 0.113 shares of Diamondback common stock for each Rattler unit they owned.

When did Diamondback Energy complete the merger with Rattler Midstream?

The merger was completed on August 24, 2022.

What will happen to Rattler Midstream's common units after the merger?

Rattler's common units will no longer be listed on Nasdaq and will cease to be publicly traded.

What is the stock symbol for Diamondback Energy?

The stock symbol for Diamondback Energy is FANG.