RATTLER MIDSTREAM LP

2019 Q2 Form 10-Q Financial Statement

#000174877319000004 Filed on August 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q4 2018 Q2

Balance Sheet

Concept 2019 Q2 2018 Q4 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.700M $8.600M $4.500M
YoY Change -17.78%
Cash & Equivalents $3.737M $8.564M $4.478M
Short-Term Investments
Other Short-Term Assets $4.718M $4.209M $700.0K
YoY Change 574.0%
Inventory $12.63M $9.200M $6.000M
Prepaid Expenses
Receivables $1.676M $1.849M $5.900M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $22.76M $42.10M $17.10M
YoY Change 33.11%
LONG-TERM ASSETS
Property, Plant & Equipment $866.5M $457.9M $491.0M
YoY Change 76.47%
Goodwill
YoY Change
Intangibles $9.464M $10.95M
YoY Change
Long-Term Investments $186.9M $0.00 $0.00
YoY Change
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $1.165B $561.9M $503.5M
YoY Change 131.28%
TOTAL ASSETS
Total Short-Term Assets $22.76M $42.10M $17.10M
Total Long-Term Assets $1.165B $561.9M $503.5M
Total Assets $1.187B $604.0M $520.6M
YoY Change 128.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $246.0K $100.0K $200.0K
YoY Change 23.0%
Accrued Expenses $96.51M $51.80M $15.40M
YoY Change 526.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $114.9M $63.42M $15.60M
YoY Change 636.72%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.800M $600.0K $500.0K
YoY Change 860.0%
Total Long-Term Liabilities $5.800M $600.0K $500.0K
YoY Change 1060.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $114.9M $63.42M $15.60M
Total Long-Term Liabilities $5.800M $600.0K $500.0K
Total Liabilities $122.1M $76.89M $19.60M
YoY Change 522.97%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $727.3M $527.1M $501.0M
YoY Change
Total Liabilities & Shareholders Equity $1.187B $604.0M $520.6M
YoY Change 128.06%

Cashflow Statement

Concept 2019 Q2 2018 Q4 2018 Q2

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Payments To Acquire Equity Method Investments
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0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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18000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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0 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-140337000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-84671000 USD
us-gaap Proceeds From Issuance Initial Public Offering
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us-gaap Proceeds From Issuance Initial Public Offering
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us-gaap Repayments Of Lines Of Credit
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9000000 USD
us-gaap Repayments Of Lines Of Credit
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0 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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4470000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
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206950000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
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0 USD
us-gaap Payments Of Capital Distribution
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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-3887000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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0 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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8000 USD
CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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3737000 USD
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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fang Noncash Capital Contributions
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456055000 USD
fang Noncash Capital Contributions
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fang Noncash Capital Contributions
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456055000 USD
us-gaap Contribution Of Property
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-30633000 USD
fang Increase Decreasein Accrued Capital Expenditures
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CY2019Q2 fang Class B Units Outstanding
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CY2019Q2 us-gaap Minority Interest Ownership Percentage By Parent
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1000000.0 USD
CY2019Q2 us-gaap Payments Of Distributions To Affiliates
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726500000 USD
CY2019Q2 fang Limitedpartnerscapitalaccountpercentageofdistribution
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0.08
CY2019Q2 us-gaap Limited Partners Contributed Capital
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1000000.0 USD
us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
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us-gaap Basis Of Accounting
BasisOfAccounting
<div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Prior to May 28, 2019, the Partnership's services were performed by the Predecessor. The consolidated financial statements include the results of the Predecessor for the periods presented prior to the closing of the IPO on May 28, 2019. The Predecessor financial statements have been prepared from the separate records maintained by the Partnership and may not necessarily be indicative of the actual results of operations that might have occurred if the Predecessor had been operated separately during the periods reported.</span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The consolidated results of operations following the completion of the IPO are presented together with the results of operations pertaining to the Predecessor. The assets of the Predecessor consist of SWD wells and related gathering systems, office buildings, surface land and an oil gathering system and asset retirement obligations related to these assets, which were contributed effective January 1, 2019. See Note </span><span style="font-family:inherit;font-size:10pt;">5</span><span style="font-family:inherit;font-size:10pt;">—</span><span style="font-family:inherit;font-size:10pt;">Acquisitions</span><span style="font-family:inherit;font-size:10pt;">. The capital contribution of the net proceeds from the IPO to the Operating Company in exchange for 29% of the limited liability company units of the Operating Company was accounted for as a combination of entities under common control, with assets and liabilities transferred at their carrying amounts in a manner similar to a pooling of interests. The Partnership did not own any assets prior to May 28, 2019, the date of the equity contribution agreement by and between the Partnership and the Predecessor. Prior to the IPO, the Predecessor was a wholly owned subsidiary of Diamondback. For periods prior to May 28, 2019, the accompanying consolidated financial statements and related notes thereto represent the financial position, results of operations, cash flows and changes in members’ equity of the Predecessor and, for periods on and after May 28, 2019, the accompanying consolidated financial statements and related notes thereto represent the financial position, results of operations, cash flows and changes in partners’ equity of the Partnership and its partially owned subsidiary.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The consolidated financial statements include the accounts of the Partnership and its subsidiaries after all significant intercompany balances and transactions have been eliminated upon consolidation. </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Prior to 2018, the Partnership's operations comprised a single operating business segment; however, with the contribution of Tall Towers, the Partnership's operations are now reported in two operating business segments: (i) midstream services and (ii) real estate operations. See Note </span><span style="font-family:inherit;font-size:10pt;">20</span><span style="font-family:inherit;font-size:10pt;">—</span><span style="font-family:inherit;font-size:10pt;">Report of Operating Business Segments</span><span style="font-family:inherit;font-size:10pt;">.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">These consolidated financial statements have been prepared by the Partnership without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to SEC rules and regulations, although the Partnership believes the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10–Q should be read in conjunction with the Partnership’s most recent prospectus statement dated May 22, 2019 and filed with the SEC pursuant to Rule 424(b) under the Securities Act on May 24, 2019, which contains a summary of the Partnership’s significant accounting policies and other disclosures.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div>
us-gaap Use Of Estimates
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<div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Certain amounts included in or affecting the Partnership’s financial statements and related notes must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the financial statements are prepared. These estimates and assumptions affect the amounts the Partnership reports for assets and liabilities and the Partnership’s disclosure of contingent assets and liabilities at the date of the financial statements. </span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Management evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods they consider reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from management’s estimates. Any effects on the Partnership’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include, but are not limited to, (i) revenue accruals, (ii) the fair value of long-lived assets and (iii) asset retirement obligations (“ARO”). </span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div>
CY2019Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2019Q2 us-gaap Limited Partners Contributed Capital
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us-gaap Amortization Of Above And Below Market Leases
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Land
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Land
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CY2019Q2 us-gaap Property Plant And Equipment Net
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us-gaap Asset Retirement Obligation Liabilities Incurred
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us-gaap Asset Retirement Obligation Liabilities Incurred
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us-gaap Asset Retirement Obligation Liabilities Settled
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us-gaap Asset Retirement Obligation Liabilities Settled
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us-gaap Asset Retirement Obligation Revision Of Estimate
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us-gaap Asset Retirement Obligation Revision Of Estimate
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us-gaap Asset Retirement Obligation Accretion Expense
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CY2019Q2 us-gaap Asset Retirement Obligation
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us-gaap Equity Method Investment Other Than Temporary Impairment
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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CY2019Q2 us-gaap Allocated Share Based Compensation Expense
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CY2019Q2 us-gaap Limited Partners Capital Account Units Outstanding
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CY2019Q2 fang Class B Units Outstanding
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CY2019Q2 fang Class B Units Outstanding
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107815152 shares
CY2019Q2 us-gaap Net Income Loss
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4803000 USD
CY2019Q2 us-gaap Weighted Average Limited Partnership Units Outstanding
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CY2019Q2 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
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1143000 shares
CY2019Q2 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
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44340000 shares
CY2019Q2 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
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0.11
CY2019Q2 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
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0.11
CY2019Q2 fang Eliminationofdeferredtax
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CY2019Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2019Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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8200000 USD
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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0.216
CY2019Q2 us-gaap Operating Lease Liability
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us-gaap Operating Lease Cost
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1110000 USD
us-gaap Operating Lease Payments
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fang Additionalamountofoperatingleaserightofuseassetrecorded
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CY2019Q2 us-gaap Operating Lease Right Of Use Asset
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P0Y9M18D
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
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1250000 USD
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38000 USD
CY2019Q2 us-gaap Other Commitment Due In Next Twelve Months
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CY2019Q2 us-gaap Depreciation
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CY2019Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
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4000 USD
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
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us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
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us-gaap Other Revenue Expense From Real Estate Operations
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us-gaap Depreciation
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us-gaap Selling General And Administrative Expense
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680000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
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4000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
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-2568000 USD
us-gaap Interest Income Expense Net
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us-gaap Interest Income Expense Net
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0 USD
us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
105591000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
38090000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19556000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8222000 USD
us-gaap Profit Loss
ProfitLoss
86035000 USD
us-gaap Profit Loss
ProfitLoss
29868000 USD
CY2019Q2 fang Segment Assets
SegmentAssets
976389000 USD
CY2018Q2 fang Segment Assets
SegmentAssets
503456000 USD

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0001748773-19-000004.txt Edgar Link pending
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fang-20190331_cal.xml Edgar Link unprocessable
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