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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
 
FORM 10-Q

 
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED September 30, 2019
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. Employer Identification Number)
 
 
 
500 West Texas
 
 
Suite 1200
 
 
Midland,
TX
 
79701
(Address of principal executive offices)
 
(Zip code)
(432) 221-7400
(Registrant's telephone number, including area code)
 
 Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
FANG
The Nasdaq Stock Market LLC
 
 
(NASDAQ Global Select Market)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check One):
Large Accelerated Filer
 
 
Accelerated Filer
 
 
 
 
 
Non-Accelerated Filer
 
 
Smaller Reporting Company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging Growth Company
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No   

As of November 1, 2019, the registrant had 160,444,608 shares of common stock outstanding.




DIAMONDBACK ENERGY, INC.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2019
TABLE OF CONTENTS
 
 
Page
 
 
PART I. FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
 
PART II. OTHER INFORMATION
 
 
 
 
 
 
 
 






Table of Contents

GLOSSARY OF OIL AND NATURAL GAS TERMS
The following is a glossary of certain oil and gas terms that are used in this Quarterly Report on Form 10-Q (this “report”):
Basin
A large depression on the earth’s surface in which sediments accumulate.
Bbl
Stock tank barrel, or 42 U.S. gallons liquid volume, used in this report in reference to crude oil or other liquid hydrocarbons.
BOE
Barrels of oil equivalent, with six thousand cubic feet of natural gas being equivalent to one barrel of oil.
BOE/d
BOE per day.
British Thermal Unit or Btu
The quantity of heat required to raise the temperature of one pound of water by one degree Fahrenheit.
Completion
The process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas or oil, or in the case of a dry hole, the reporting of abandonment to the appropriate agency.
Crude oil
Liquid hydrocarbons retrieved from geological structures underground to be refined into fuel sources.
Finding and development costs
Capital costs incurred in the acquisition, exploitation and exploration of proved oil and natural gas reserves divided by proved reserve additions and revisions to proved reserves.
Gross acres or gross wells
The total acres or wells, as the case may be, in which a working interest is owned.
Horizontal drilling
A drilling technique used in certain formations where a well is drilled vertically to a certain depth and then drilled at a right angle with a specified interval.
Horizontal wells
Wells drilled directionally horizontal to allow for development of structures not reachable through traditional vertical drilling mechanisms.
Mb/d
Thousand barrels per day.
Mcf
Thousand cubic feet of natural gas.
Mineral interests
The interests in ownership of the resource and mineral rights, giving an owner the right to profit from the extracted resources.
MMBtu
Million British Thermal Units.
Net acres or net wells
The sum of the fractional working interest owned in gross acres.
Oil and natural gas properties
Tracts of land consisting of properties to be developed for oil and natural gas resource extraction.
Operator
The individual or company responsible for the exploration and/or production of an oil or natural gas well or lease.
Plugging and abandonment
Refers to the sealing off of fluids in the strata penetrated by a well so that the fluids from one stratum will not escape into another or to the surface. Regulations of all states require plugging of abandoned wells.
Prospect
A specific geographic area which, based on supporting geological, geophysical or other data and also preliminary economic analysis using reasonably anticipated prices and costs, is deemed to have potential for the discovery of commercial hydrocarbons.
Proved reserves
The estimated quantities of oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be commercially recoverable in future years from known reservoirs under existing economic and operating conditions.
Reserves
The estimated remaining quantities of oil and natural gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and natural gas or related substances to the market and all permits and financing required to implement the project. Reserves are not assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).
Reservoir
A porous and permeable underground formation containing a natural accumulation of producible natural gas and/or oil that is confined by impermeable rock or water barriers and is separate from other reservoirs.
Royalty interest
An interest that gives an owner the right to receive a portion of the resources or revenues without having to carry any costs of development.

ii

Table of Contents

Spacing
The distance between wells producing from the same reservoir. Spacing is often expressed in terms of acres (e.g., 40-acre spacing) and is often established by regulatory agencies.
Working interest
An operating interest that gives the owner the right to drill, produce and conduct operating activities on the property and receive a share of production and requires the owner to pay a share of the costs of drilling and production operations.

iii

Table of Contents

GLOSSARY OF CERTAIN OTHER TERMS
The following is a glossary of certain other terms that are used in this report.
ASU
Accounting Standards Update
Equity Plan
The Company’s Equity Incentive Plan.
Exchange Act
The Securities Exchange Act of 1934, as amended.
FASB
Financial Accounting Standards Board
GAAP
Accounting principles generally accepted in the United States.
2024 Indenture
The indenture relating to the 2024 Senior Notes, dated as of October 28, 2016, among the Company, the subsidiary guarantors party thereto and Wells Fargo, as the trustee, as supplemented.
2025 Indenture
The indenture relating to the 2025 Senior Notes, dated as of December 20, 2016, among the Company, the subsidiary guarantors party thereto and Wells Fargo, as the trustee, as supplemented.
NYMEX
New York Mercantile Exchange.
Rattler
Rattler Midstream LP, a Delaware limited partnership.
Rattler’s General Partner
Rattler Midstream GP LLC, a Delaware limited liability company; the general partner of Rattler Midstream LP and a wholly-owned subsidiary of the Company.
Rattler LLC
Rattler Midstream Operating LLC, a Delaware limited liability company and a subsidiary of Rattler.
Rattler LTIP
Rattler Midstream LP Long-Term Incentive Plan.
Rattler Offering
Rattler’s initial public offering.
Rattler’s Partnership Agreement
The first amended and restated agreement of limited partnership, dated May 28, 2019.
SEC
United States Securities and Exchange Commission.
Securities Act
The Securities Act of 1933, as amended.
2024 Senior Notes
The Company’s 4.750% senior unsecured notes due 2024 in the aggregate principal amount of $1,250 million.
2025 Senior Notes
The Company’s 5.375% senior unsecured notes due 2025 in the aggregate principal amount of $800 million.
Senior Notes
The 2024 Senior Notes and the 2025 Senior Notes.
Viper
Viper Energy Partners LP, a Delaware limited partnership.
Viper’s General Partner
Viper Energy Partners GP LLC, a Delaware limited liability company and the General Partner of the Partnership.
Viper LLC
Viper Energy Partners LLC, a Delaware limited liability company and a subsidiary of the Partnership.
Viper LTIP
Viper Energy Partners LP Long Term Incentive Plan.
Viper Offering
Viper’s initial public offering.
Viper’s Partnership Agreement
The second amended and restated agreement of limited partnership, dated May 9, 2018, as amended as of May 10, 2018.
Wells Fargo
Wells Fargo Bank, National Association.


iv

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Various statements contained in this report that express a belief, expectation, or intention, or that are not statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In particular, the factors discussed in this report and detailed under Part II, Item 1A. Risk Factors in this report and our Annual Report on Form 10–K for the year ended December 31, 2018 could affect our actual results and cause our actual results to differ materially from expectations, estimates or assumptions expressed, forecasted or implied in such forward-looking statements.

Forward-looking statements may include statements about our:

business strategy;

exploration and development drilling prospects, inventories, projects and programs;

oil and natural gas reserves;

acquisitions, including our acquisition of Energen Corporation, or Energen, discussed elsewhere in this report;

our recently completed drop-down transaction with our subsidiary Viper Energy Partners LP, or Viper;

identified drilling locations;

ability to obtain permits and governmental approvals;

technology;

financial strategy;

realized oil and natural gas prices and effects of hedging arrangements;

production;

lease operating expenses, general and administrative costs and finding and development costs;

future operating results;

capital expenditure plans; and

other plans, objectives, expectations and intentions.

All forward-looking statements speak only as of the date of this report or, if earlier, as of the date they were made. We do not intend to, and disclaim any obligation to, update or revise any forward-looking statements unless required by securities laws. You should not place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this report are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

v

Table of Contents

PART I. FINANCIAL INFORMATION



ITEM 1.     CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Diamondback Energy, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
 
 
 
 
 
 
 
September 30,
December 31,
 
2019
2018
 
(In millions, except par values and share data)
Assets
 
 
Current assets:
 
 
Cash and cash equivalents
$
100

$
215

Accounts receivable:
 
 
Joint interest and other, net
171

96

Oil and natural gas sales
367

296

Inventories
45

37

Derivative instruments
140

231

Prepaid expenses and other
22

50

Total current assets
845

925

Property and equipment:
 
 
Oil and natural gas properties, full cost method of accounting ($9,464 million and $9,670 million excluded from amortization at September 30, 2019 and December 31, 2018, respectively)
24,822

22,299

Midstream assets
884

700

Other property, equipment and land
152

147

Accumulated depletion, depreciation, amortization and impairment
(3,815
)
(2,774
)
Net property and equipment
22,043

20,372

Funds held in escrow
7


Equity method investments
225

1

Derivative instruments
58


Deferred tax asset
158

97

Investment in real estate, net
111

116

Other assets
106

85

Total assets
$
23,553

$
21,596

















See accompanying notes to consolidated financial statements.

1

Table of Contents
Diamondback Energy, Inc. and Subsidiaries
Consolidated Balance Sheets-(Continued)
(Unaudited)



 
September 30,
December 31,
 
2019
2018
 
(In millions, except par values and share data)
Liabilities and Stockholders’ Equity
 
 
Current liabilities:
 
 
Accounts payable-trade
$
233

$
128

Accrued capital expenditures
427

495

Other accrued liabilities
304

253

Revenues and royalties payable
207

143

Derivative instruments
10


Total current liabilities
1,181

1,019

Long-term debt
4,761

4,464

Derivative instruments
2

15

Asset retirement obligations
90

136

Deferred income taxes
2,019

1,785

Other long-term liabilities
11

10

Total liabilities
8,064

7,429

Commitments and contingencies (Note 19)




Stockholders’ equity:
 
 
Common stock, $0.01 par value, 200,000,000 shares authorized, 161,142,305 issued and outstanding at September 30, 2019; 200,000,000 shares authorized, 164,273,447 issued and outstanding at December 31, 2018
2

2

Additional paid-in capital
12,641

12,936

Retained earnings
1,407

762

Total Diamondback Energy, Inc. stockholders’ equity
14,050

13,700

Non-controlling interest
1,439

467

Total equity
15,489

14,167

Total liabilities and equity
$
23,553

$
21,596

























See accompanying notes to consolidated financial statements.

2

Table of Contents
Diamondback Energy, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)



 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
2018
 
2019
2018
 
(In millions, except per share amounts, shares in thousands)
Revenues:
 
 
 
 
 
Oil sales
$
882

$
454

 
$
2,572

$
1,334

Natural gas sales
16

14

 
36

40

Natural gas liquid sales
58

57

 
190

133

Lease bonus
1

1

 
4

2

Midstream services
16

8

 
51

27

Other operating income
2

3

 
7

7

Total revenues
975

537

 
2,860

1,543

Costs and expenses:
 
 
 
 
 
Lease operating expenses
128

49

 
364

129

Production and ad valorem taxes
61

33

 
180

93

Gathering and transportation
25

6

 
54

17

Midstream services
26

20

 
60

49

Depreciation, depletion and amortization
365

146

 
1,046

391

General and administrative expenses
19

14

 
68

45

Asset retirement obligation accretion
1


 
6

1

Other operating expense
1

1

 
3

2

Total costs and expenses
626

269

 
1,781

727

Income from operations
349

268

 
1,079

816

Other income (expense):
 
 
 
 
 
Interest expense, net
(38
)
(19
)
 
(133
)
(49
)
Other income, net
2

2

 
5

89

Gain (loss) on derivative instruments, net
177

(48
)
 
3

(139
)
Gain on revaluation of investment


 
4

5

Total other income (expense), net
141

(65
)
 
(121
)
(94
)
Income before income taxes
490

203

 
958

722

Provision for income taxes
102

43

 
171

83

Net income
388

160

 
787

639

Net income attributable to non-controlling interest
20

3

 
60

100

Net income attributable to Diamondback Energy, Inc.
$
368

$
157

 
$
727

$
539

Earnings per common share:


 


Basic
$
2.27

$
1.59

 
$
4.44

$
5.47

Diluted
$
2.26

$
1.59

 
$
4.42

$
5.45

Weighted average common shares outstanding:
 
 
 
 
 
Basic
162,543

98,638

 
164,070

98,603

Diluted
162,780

98,818

 
164,466

98,820

Dividends declared per share
$
0.1875

$
0.125

 
$
0.5625

$
0.375






See accompanying notes to consolidated financial statements.

3

Table of Contents
Diamondback Energy, Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity
(Unaudited)


 
Common Stock
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Non-Controlling Interest
Total
 
Shares
Amount
 
($ in millions, shares in thousands)
Balance December 31, 2018
164,273

$
2

$
12,936

$
762

$
467

$
14,167

Net proceeds from issuance of common units - Viper Energy Partners LP
 



341

341

Stock-based compensation
 

19



19

Repurchased shares for tax withholding
(125
)

(13
)


(13
)
Distribution to non-controlling interest
 



(26
)
(26
)
Dividend paid
 


(20
)

(20
)
Exercise of stock and unit options and awards of restricted stock
468






Change in ownership of consolidated subsidiaries, net
 

77


(74
)
3

Net income
 


10

33

43

Balance March 31, 2019
164,616

2

13,019

752

741

14,514

Net proceeds from issuance of common units - Rattler Midstream LP
 



720

720

Unit-based compensation
 



2

2

Stock-based compensation
 

12



12

Repurchased shares for share buyback program
(1,016
)

(104
)


(104
)
Distribution to non-controlling interest
 



(24
)
(24
)
Dividend paid
 


(32
)

(32
)
Exercise of stock and unit options and awards of restricted stock
349


6



6

Net income
 


349

7

356

Balance June 30, 2019
163,949

2

12,933

1,069

1,446

15,450

Unit-based compensation
 



2

2

Stock-based compensation
 

1



1

Repurchased shares for share buyback program
(2,954
)

(296
)


(296
)
Distribution to non-controlling interest
 



(29
)
(29
)
Dividend paid
 


(30
)

(30
)
Exercise of stock and unit options and awards of restricted stock
147


3



3

Net income
 


368

20

388

Balance September 30, 2019
161,142

$
2

$
12,641

$
1,407

$
1,439

$
15,489














See accompanying notes to consolidated financial statements.

4

Table of Contents
Diamondback Energy, Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity
(Unaudited)



 
Common Stock
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Non-Controlling Interest
Total
 
Shares
Amount
 
($ in millions, shares in thousands)
Balance December 31, 2017
98,167

$
1

$
5,291

$
(37
)
$
327

$
5,582

Impact of adoption of ASU 2016-01, net of tax
 


(9
)
(7
)
(16
)
Unit-based compensation





1

1

Stock-based compensation



9



9

Distribution to non-controlling interest





(19
)
(19
)
Exercise of stock options and vesting of restricted stock units
443






Net income




163

15

178

Balance March 31, 2018
98,610

1

5,300

117

317

5,735

Unit-based compensation
 



1

1

Stock-based compensation
 

7



7

Distribution to non-controlling interest
 



(19
)
(19
)
Dividend paid
 


(13
)

(13
)
Exercise of stock options and vesting of restricted stock units
10






Net income
 


219

82

301

Balance June 30, 2018
98,620

1

5,307

323

381

6,012

Net proceeds from issuance of common units - Viper Energy Partners LP
 



303

303

Stock-based compensation
 

8



8

Distribution to non-controlling interest
 



(31
)
(31
)
Dividend paid
 


(12
)

(12
)
Exercise of stock options and vesting of restricted stock units
54






Change in ownership of consolidated subsidiaries, net
 

150


(160
)
(10
)
Net income
 


157

3

160

Balance at September 30, 2018
98,674

$
1

$
5,465

$
468

$
496

$
6,430


















See accompanying notes to consolidated financial statements.

5

Table of Contents
Diamondback Energy, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)

 
Nine Months Ended September 30,
 
2019
2018
 
 
 
 
(In millions)
Cash flows from operating activities:
 
 
Net income
$
787

$
639

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Provision for deferred income taxes
171

83

Asset retirement obligation accretion
6

1

Depreciation, depletion and amortization
1,046

391

Amortization of debt issuance costs
4

2

Change in fair value of derivative instruments
30

24

Income from equity investment
1


Gain on revaluation of investment
(4
)
(5
)
Equity-based compensation expense
27

18

Loss on sale of assets, net

3

Changes in operating assets and liabilities:
 
 
Accounts receivable
(116
)
(21
)
Inventories
(8
)
(14
)
Prepaid expenses and other
8

(6
)
Accounts payable and accrued liabilities
(136
)
18

Accrued interest
(29
)
13

Income tax payable
1


Revenues and royalties payable
64

7

Net cash provided by operating activities
1,852

1,153

Cash flows from investing activities:
 
 
Drilling, completions and non-operated additions to oil and natural gas properties
(1,883
)
(900
)
Infrastructure additions to oil and natural gas properties
(104
)
(110
)
Additions to midstream assets
(186
)
(130
)
Purchase of other property, equipment and land
(8
)
(2
)
Acquisition of leasehold interests
(311
)
(186
)
Acquisition of mineral interests
(320
)
(336
)
Proceeds from sale of assets
301

7

Investment in real estate
(1
)
(111
)
Funds held in escrow
(7
)
(51
)
Equity investments
(225
)

Net cash used in investing activities
(2,744
)
(1,819
)
Cash flows from financing activities:
 
 
Proceeds from borrowings under credit facility
1,409

1,028

Repayment under credit facility
(1,168
)
(1,222
)
Proceeds from senior notes

1,062

Proceeds from joint venture
42


Debt issuance costs
(7
)
(14
)
Public offering costs
(40
)
(3
)
Proceeds from public offerings
1,106

306

Proceeds from exercise of stock options
9


Repurchased shares for tax withholdings
(13
)

Repurchased as part of share buyback
(400
)

Dividends to stockholders
(82
)
(25
)
Distributions to non-controlling interest
(79
)
(69
)

6

Table of Contents
Diamondback Energy, Inc. and Subsidiaries
Consolidated Statements of Cash Flows - Continued
(Unaudited)

 
Nine Months Ended September 30,
 
2019
2018
 
 
 
Net cash provided by financing activities
777

1,063

Net (decrease) increase in cash and cash equivalents
(115
)
397

Cash and cash equivalents at beginning of period
215

112

Cash and cash equivalents at end of period
$
100

$
509

 
 
 
Supplemental disclosure of cash flow information:
 
 
Interest paid, net of capitalized interest
$
115

$
52

Supplemental disclosure of non-cash transactions:
 
 
Change in accrued capital expenditures
$
(68
)
$
71

Capitalized stock-based compensation
$
9

$
7

Asset retirement obligations acquired
$
3

$









































See accompanying notes to consolidated financial statements.

7

Table of Contents
Diamondback Energy, Inc. and Subsidiaries
Condensed Notes to Consolidated Financial Statements
(Unaudited)



1.    DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION

Organization and Description of the Business

Diamondback Energy, Inc., together with its subsidiaries (collectively referred to as “Diamondback” or the “Company” unless the context otherwise requires), is an independent oil and gas company currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback was incorporated in Delaware on December 30, 2011.

The wholly-owned subsidiaries of Diamondback, as of September 30, 2019, include Diamondback E&P LLC, a Delaware limited liability company, Diamondback O&G LLC, a Delaware limited liability company, Viper Energy Partners GP LLC, a Delaware limited liability company, Rattler Midstream GP LLC, a Delaware limited liability company, and Energen Corporation, an Alabama corporation (“Energen”). The consolidated subsidiaries include these wholly-owned subsidiaries as well as Viper Energy Partners LP, a Delaware limited partnership (“Viper”), Viper’s subsidiary Viper Energy Partners LLC, a Delaware limited liability company (“Viper LLC”), Rattler Midstream LP (formerly known as Rattler Midstream Partners LP), a Delaware limited partnership (“Rattler”), Rattler Midstream Operating LLC (formerly known as Rattler Midstream LLC), a Delaware limited liability company (“Rattler LLC”), Rattler LLC’s wholly-owned subsidiary Tall City Towers LLC, a Delaware limited liability company (“Tall City”), and Energen’s wholly-owned subsidiaries Energen Resources Corporation, an Alabama corporation, and EGN Services, Inc., an Alabama corporation.

Basis of Presentation

The consolidated financial statements include the accounts of the Company and its subsidiaries after all significant intercompany balances and transactions have been eliminated upon consolidation.

Viper is consolidated in the financial statements of the Company. As of September 30, 2019, the Company owned approximately