Rattler Midstream LP (RTLR) Q4 2021 Earnings Conference Call February 24, 2022 10:00 AM ET Company Representatives Travis Stice - Chief Executive Officer Kaes Van’t Hof - President Adam Lawlis - Vice President of Investor Relations Conference Call Participants Michael Lapides - GS Operator Thank you for standing by, and welcome to Rattler Midstream's Fourth Quarter 2021 Conference Call. At this time all participants are in a listen-only mode. After the speaker presentation there will be a question-and-answe ...

INVESTOR PRESENTATION FEBRUARY 2022 1 FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES This presentation 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, e ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-35700 Diamondback Energy, Inc. (Exact Name of Registrant As Specified in Its Charter) DE 45-4502447 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Emplo ...

1 Investor Presentation February 2022 Forward-Looking Statements This presentation 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, that Diamondback Energy, Inc. ("Diamondback," the "Company" or we) makes, including statements regarding future performance; business strategy; future operations (including drilling plans ...

Rattler Midstream LP (RTLR) Q3 2021 Earnings Conference Call November 4, 2021 10:00 AM ET Company Participants Adam Lawlis - Vice President, Investor Relations Travis Stice - Chief Executive Officer Kaes Van’t Hof - President Conference Call Participants Vinay Chitteti - JPMorgan Kyle May - Capital One Securities Operator Good day and thank you for standing by. Welcome to the Rattler Midstream Q3 2021 Conference Call. [Operator Instructions] And now, I would like to hand the conference over to your first sp ...

INVESTOR PRESENTATION NOVEMBER 2021 FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES 1 This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained herein that are not statements of historical fact, including statements about our business strategy, our industry, our future profitability, our expected capital expenditures and the impact ...

Emerging Growth Company ☐ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-35700 Diamondback Energy, Inc. (Exact Name of Registrant As Specified in Its Charter) (State or Other Jurisdiction of Incorporati ...

Rattler Midstream LP (RTLR) Q2 2021 Results Conference Call August 5, 2021 11:00 AM ET Company Participants Adam Lawlis - Vice President of Investor Relations Travis Stice - CEO Kaes Van’t Hof - President Operator Thank you for standing by, and welcome to the Rattler Midstream Q2 2021 Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions]. I would now like to hand the conference over to ...

INVESTOR PRESENTATION AUGUST 2021 FORWARD LOOKING STATEMENTS 1 This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained herein that are not statements of historical fact, including statements about our business strategy, our industry, our future profitability, our expected capital expenditures and the impact of such expenditures on our perfo ...

Financial Performance - In Q2 2021, the company recorded a net income of $311 million and an average production of 401.5 MBOE/d, benefiting from the Guidon Acquisition and QEP Merger[189]. - For the three months ended June 30, 2021, total revenues from oil, natural gas, and natural gas liquids increased by $1.3 billion, or 305%, to $1.7 billion compared to $412 million in the same period of 2020[207]. - The six months ended June 30, 2021, saw revenues increase by $1.5 billion, or 119%, to $2.8 billion from $1.3 billion in the same period of 2020[207]. - Oil sales for the three months ended June 30, 2021, were $1.4 billion, up from $352 million in the same period of 2020, reflecting a significant increase in production volumes and average prices[202]. - The company reported a net cash provided by operating activities of $1.578 billion for the six months ended June 30, 2021, compared to $1.173 billion for the same period in 2020, reflecting an increase of approximately 34.5%[233]. - As of June 30, 2021, Diamondback Energy reported total revenues of $2,196 million for the six months ended June 30, 2021, with a net income of $314 million[271]. Acquisitions and Divestitures - The company completed the acquisition of QEP, increasing net acreage in the Midland Basin by approximately 49,000 net acres, with a total value of approximately $987 million[174]. - The company divested approximately 95,000 net acres in the Williston Basin for approximately $745 million, expected to close in late Q3 2021, with proceeds aimed at debt reduction[176]. - The Guidon Acquisition and QEP Merger in the first quarter of 2021 significantly contributed to the increase in production volumes[208]. Production and Operations - The average lateral length for wells completed in Q2 2021 was 11,137 feet, with 65 gross operated horizontal wells turned to production[190]. - The company produced 22,067 MBbls of oil in the three months ended June 30, 2021, a 37% increase from 16,045 MBbls in the same period of 2020[202]. - The company intends to maintain flat oil production while focusing on cost control and debt payment[187]. - Rattler's midstream operations include approximately 519 miles of gathering pipelines and produced water disposal facilities within the Permian Basin[199]. Costs and Expenses - Cash operating costs for Q2 2021 were $9.33 per BOE, including lease operating expenses of $4.30 per BOE[191]. - Lease operating expenses increased by $54 million, or $0.45 per BOE, for the second quarter of 2021 compared to the second quarter of 2020, primarily due to increased production from acquisitions[209]. - General and administrative expenses for Q2 2021 totaled $36 million, compared to $20 million in Q2 2020, largely due to additional payroll costs related to the QEP Merger and Guidon Acquisition[221][223]. - Total merger and integration expenses for the first half of 2021 were $77 million, including $68 million related to the QEP Merger and $9 million for the Guidon Acquisition[224]. Debt and Financing - The company’s total debt as of June 30, 2021, was approximately $7.3 billion, including senior notes and borrowings under revolving credit facilities[243]. - The company updated its 2021 capital budget to approximately $1.5 billion to $1.6 billion, reflecting a 9% increase at the midpoint compared to the original budget, primarily due to the QEP Merger[260]. - The company had a net liability derivative position of $783 million related to commodity price derivatives as of June 30, 2021, indicating exposure to price volatility[278]. - The company spent $662 million on capital expenditures during the six months ended June 30, 2021, excluding acquisitions[261]. Taxation - The company reported a provision for income taxes of $94 million for the three months ended June 30, 2021, compared to a benefit of $(681) million in the same period of 2020[230]. - Production taxes for Q2 2021 were $87 million, up from $19 million in Q2 2020, reflecting a higher production tax rate due to newly acquired properties[212]. - Ad valorem taxes increased by $15 million in Q2 2021 compared to Q2 2020, primarily due to valuation adjustments related to the COVID-19 pandemic[213]. Future Outlook - The company plans to return 50% of its free cash flow to stockholders starting in 2022, with the form of capital return to be decided by the board[187]. - The company acknowledges that the near-term energy outlook remains subject to heightened levels of uncertainty due to unpredictable pricing for oil and natural gas[276]. - The company believes significant interest rate changes would not have a material near-term impact on future earnings or cash flows[284].