0001748773-21-000006 | 10-K | XBRL Viewer

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020	Dec. 31, 2019
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-38919
Entity Registrant Name	Rattler Midstream LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1404608
Entity Address, Address Line One	500 West Texas
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Midland,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	432
Local Phone Number	221-7400
Title of 12(b) Security	Common Units
Trading Symbol	RTLR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
ICFR Auditor Attestation Flag	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Public Float			$ 423.6
Entity Common Stock, Shares Outstanding		41,612,027
Documents Incorporated by Reference	Documents Incorporated By Reference: None
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001748773
Current Fiscal Year End Date	--12-31
Class B Units
Entity Information [Line Items]
Units outstanding (in shares)	107,815,152	107,815,152		107,815,152

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash	$ 23,927	$ 10,633
Accounts receivable—related party	57,447	50,270
Accounts receivable—third party, net	5,658	9,071
Sourced water inventory	10,108	14,325
Other current assets	1,127	1,428
Total current assets	98,267	85,727
Property, plant and equipment:
Land	85,826	86,072
Property, plant and equipment	1,012,777	930,768
Accumulated depreciation, amortization and accretion	(100,728)	(61,132)
Property, plant and equipment, net	997,875	955,708
Right of use assets	574	418
Equity method investments	532,927	479,558
Real estate assets, net	96,687	101,116
Intangible lease assets, net	4,262	8,070
Deferred tax asset	73,264	0
Other assets	4,732	5,796
Total assets	1,808,588	1,636,393
Current liabilities:
Accounts payable	139	147
Accrued liabilities	42,508	76,625
Taxes payable	192	189
Short-term lease liability	574	418
Asset retirement obligations	35	0
Total current liabilities	43,448	77,379
Long-term debt	569,947	424,000
Asset retirement obligations	15,093	11,347
Deferred income taxes	0	7,827
Total liabilities	628,488	520,553
Commitments and contingencies (Note 16)
Unitholders’ equity:
General partner—Diamondback	899	979
Common units—public (42,356,637 units issued and outstanding as of December 31, 2020 and 43,700,000 units issued and outstanding as of December 31, 2019)	385,189	737,777
Class B units—Diamondback (107,815,152 units issued and outstanding as of December 31, 2020 and as of December 31, 2019)	899	979
Accumulated other comprehensive income (loss)	(123)	(198)
Total Rattler Midstream LP unitholders’ equity	386,864	739,537
Non-controlling interest	793,638	376,928
Non-controlling interest in accumulated other comprehensive income (loss)	(402)	(625)
Total equity	1,180,100	1,115,840
Total liabilities and unitholders’ equity	$ 1,808,588	$ 1,636,393

Consolidated Balance Sheets (Parenthetical) - shares	Feb. 19, 2021	Dec. 31, 2020	Dec. 31, 2019	May 28, 2019
Common Units
Common units issued (in shares)		42,356,637	43,700,000
Units outstanding (in shares)		42,356,637	43,700,000
Class B Units
Common units issued (in shares)		107,815,152	107,815,152	107,815,152
Units outstanding (in shares)	107,815,152	107,815,152	107,815,152

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Total revenues	$ 423,905	$ 447,673	$ 184,467
Costs and expenses:
Direct operating expenses	131,393	106,311	33,714
Cost of goods sold (exclusive of depreciation and amortization)	38,370	62,856	38,852
Real estate operating expenses	2,361	2,643	1,872
Depreciation, amortization and accretion	53,123	42,336	25,134
Impairment	918	0	0
General and administrative expenses	16,367	12,663	1,999
(Gain) loss on disposal of property, plant and equipment	(729)	1,524	2,577
Total costs and expenses	241,803	228,333	104,148
Income (loss) from operations	182,102	219,340	80,319
Other income (expense):
Interest income (expense), net	(17,287)	(1,039)	0
Income (loss) from equity method investments	(9,881)	(6,329)	0
Total other income (expense), net	(27,168)	(7,368)	0
Net income (loss) before income taxes	154,934	211,972	80,319
Provision for (benefit from) income taxes	10,229	26,253	17,359
Net income (loss)	144,705	185,719	62,960
Less: Net income (loss) before initial public offering	0	65,995
Net income (loss) subsequent to initial public offering	144,705	119,724
Less: Net income (loss) attributable to non-controlling interest	110,014	90,922
Net income (loss) attributable to Rattler Midstream LP	$ 34,691	$ 28,802
Net income (loss) attributable to limited partners per common unit:
Basic (in dollars per share)	$ 0.74	$ 0.64
Diluted (in dollars per share)	$ 0.74	$ 0.64
Weighted average number of limited partner common units outstanding:
Basic (in shares)	43,739	43,622
Diluted (in shares)	43,739	43,622
Revenues—related party
Revenues:
Total revenues	$ 379,089	$ 409,120	169,396
Revenues—third party
Revenues:
Total revenues	31,124	24,324	3,292
Rental income—related party
Revenues:
Total revenues	7,495	4,771	2,383
Rental income—third party
Revenues:
Total revenues	5,340	7,890	8,125
Other real estate income—related party
Revenues:
Total revenues	306	379	228
Other real estate income—third party
Revenues:
Total revenues	$ 551	$ 1,189	$ 1,043

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 144,705	$ 185,719	$ 62,960
Other comprehensive income (loss):
Change in accumulated other comprehensive income (loss) of equity method investees attributable to non-controlling interest	223	(625)	0
Change in accumulated other comprehensive income (loss) of equity method investees attributable to limited partner	75	(198)	0
Total other comprehensive income (loss)	298	(823)	0
Comprehensive income (loss)	$ 145,003	$ 184,896	$ 62,960

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Consolidated Statements of Changes in Unitholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Limited Partners	General Partner	Limited Partners Member’s Equity Limited Partners	Common Units Limited Partners	Class B Units Limited Partners	Non-Controlling Interest	Accumulated Other Comprehensive Income	Non-Controlling Interest-Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2017	$ 292,608		$ 0	$ 292,608	$ 0	$ 0	$ 0	$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2017					0	0
Increase (Decrease) in Partners' Capital
Contributions from Diamondback	171,558			171,557		$ 1
Other comprehensive income	0
Net income	62,960			62,960
Ending balance at Dec. 31, 2018	527,126		0	527,125	$ 0	$ 1	0	0	0
Ending balance (in shares) at Dec. 31, 2018					0	0
Increase (Decrease) in Partners' Capital
Contributions from Diamondback	458,674			458,674
Net proceeds from the offering - public (in shares)					43,700
Net proceeds from the offering - public	719,376				$ 719,376
Net proceeds from the offering - General Partner	1,000		1,000
Net proceeds from the offering - Diamondback (in shares)						107,815
Net proceeds from the offering - Diamondback	999					$ 999
Unit-based compensation	4,457				4,457
Elimination of current and deferred tax liabilities	31,094			31,094
Allocation of net investment to unitholder	0			(322,663)			322,663
Distributions	(33,712)			(33,712)
Distributions to public	(14,858)				(14,858)
Distributions to Diamondback	(726,534)			(726,513)		(21)
Distributions to General Partner	(21)		(21)
Distributions to non-controlling interest	(36,657)						(36,657)
Other comprehensive income	(823)							(198)	(625)
Change in ownership of consolidated subsidiaries, net		$ 0
Net income	185,719
Net income (loss) prior to the offering	65,995			65,995
Net income (loss) subsequent to initial public offering	119,724				28,802		90,922
Ending balance at Dec. 31, 2019	1,115,840		979	$ 0	$ 737,777	$ 979	376,928	(198)	(625)
Ending balance (in shares) at Dec. 31, 2019					43,700	107,815
Increase (Decrease) in Partners' Capital
Unit-based compensation (in shares)					460
Unit-based compensation	8,895				$ 8,895
Distributions	(162,428)		(80)		(46,906)	$ (80)	(115,362)
Distribution equivalent rights payments	(2,238)				(2,238)
Other comprehensive income	298							75	223
Change in ownership of consolidated subsidiaries, net	91,134	$ (330,924)			$ (330,924)		422,058
Units repurchased for tax withholding (in shares)					(153)
Units repurchased for tax withholding	(1,365)				$ (1,365)
Repurchased units as part of unit buyback (in shares)					(1,650)
Repurchased units as part of unit buyback	(14,741)				$ (14,741)
Net income	144,705				34,691		110,014
Net income (loss) prior to the offering	0
Net income (loss) subsequent to initial public offering	144,705
Ending balance at Dec. 31, 2020	$ 1,180,100		$ 899		$ 385,189	$ 899	$ 793,638	$ (123)	$ (402)
Ending balance (in shares) at Dec. 31, 2020					42,357	107,815

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ 144,705	$ 185,719	$ 62,960
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for deferred income taxes	10,023	26,253	5,845
Provision for (benefit from) income taxes	10,229	26,253	17,359
Depreciation, amortization and accretion	53,123	42,336	25,134
Unit-based compensation expense	8,895	5,208	0
Impairment	918	0	0
(Income) loss from equity method investments	9,881	6,329	0
Other	241	1,524	2,577
Changes in operating assets and liabilities:
Accounts receivable—related party	(7,177)	(65,032)	17,625
Accounts payable, accrued liabilities and taxes payable	2,742	34,299	61,139
Other	6,342	(18,443)	(1,849)
Net cash provided by (used in) operating activities	229,899	218,193	173,431
Cash flows from investing activities:
Additions to property, plant and equipment	(136,820)	(241,786)	(164,876)
Contributions to equity method investments	(102,499)	(336,601)	0
Distributions from equity method investments	39,767	0	0
Proceeds from the sale of fixed assets	18,743	18	0
Net cash provided by (used in) investing activities	(180,809)	(578,369)	(164,876)
Cash flows from financing activities:
Proceeds from Note Offering	500,000	0	0
Proceeds from borrowings from credit facility	211,000	463,000	0
Payments on credit facility	(556,000)	(39,000)	0
Debt issuance costs	(10,023)	(4,310)	0
Net proceeds from initial public offering—public	0	719,377	0
Repurchased units as part of unit buyback	(14,741)	0	0
Distribution to public	(46,906)	(14,858)	0
Distribution to Diamondback	(115,442)	(763,191)	0
Other	(3,684)	1,227	1
Net cash provided by (used in) financing activities	(35,796)	362,245	1
Net increase (decrease) in cash	13,294	2,069	8,556
Cash at beginning of period	10,633	8,564	8
Cash at end of period	23,927	10,633	8,564
Supplemental disclosure of cash flow information:
Interest paid	7,381	2,707	0
Supplemental disclosure of non-cash financing activity:
Contributions from Diamondback	0	456,055	171,557
Supplemental disclosure of non-cash investing activity:
Increase in long-term assets and inventory due to contributions from Diamondback	0	456,055	171,557
Accounts payable related to capital expenditures	$ 5,328	$ 42,160	$ 37,984

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Organization Rattler Midstream LP (the “Partnership”) is a publicly traded Delaware limited partnership, the common units of which are listed on the Nasdaq Global Select Market under the symbol “RTLR”. The Partnership was formed on July 27, 2018 by Diamondback Energy, Inc. (“Diamondback”) to, among other things, own, operate, develop and acquire midstream and energy-related infrastructure assets in the Midland and Delaware Basins of the Permian Basin. Unless the context requires otherwise, references to “the Partnership” are intended to mean the business and operations of the Partnership and its consolidated subsidiaries and, prior to May 28, 2019 for accounting purposes, the “Predecessor”. The Predecessor’s assets, contributed from Diamondback, included (i) crude oil and natural gas gathering and transportation systems, (ii) produced water gathering and disposal systems, (iii) water sourcing and distribution systems and (iv) certain real property and related assets. All of the Partnership’s businesses are located or operate in the Permian Basin in West Texas. On August 7, 2018, a Registration Statement on Form S-1 was filed with the SEC relating to the proposed underwritten initial public offering (the “IPO”) of common units of the Partnership. Prior to the completion of the IPO, the Predecessor was a wholly owned subsidiary of Diamondback. Prior to the closing on May 28, 2019 of the IPO, Diamondback owned all of the general and limited partner interests in the Partnership. In connection with the IPO, the Partnership (i) issued 43,700,000 common units to the public at a price of $17.50 per common unit, representing a 29% voting limited partner interest in the Partnership, for net proceeds of approximately $719.4 million, (ii) issued 107,815,152 Class B units representing an aggregate 71% voting limited partner interest in the Partnership, in exchange for a $1.0 million cash contribution from Diamondback, (iii) issued a general partner interest in the Partnership to Rattler Midstream GP LLC (the “General Partner”) in exchange for a $1.0 million cash contribution from the General Partner and (iv) caused Rattler Midstream Operating LLC (the “Operating Company”) to make a distribution of approximately $726.5 million to Diamondback. Diamondback, as the holder of the Class B units, and the General Partner, as the holder of the general partner interest, are entitled to receive cash preferred distributions equal to 8% per annum on the outstanding amount of their respective $1.0 million capital contributions, payable quarterly. As of December 31, 2020, the General Partner held a 100% general partner interest in the Partnership. Diamondback owns all of the Partnership’s 107,815,152 Class B units that provide a 72% voting interest. Diamondback owns and controls the General Partner. As of December 31, 2020, the Partnership owned a 28% controlling membership interest in the Operating Company and Diamondback owned, through its ownership of the Operating Company units, a 72% economic, non-voting interest in the Operating Company. However, as required by GAAP, the Partnership consolidates 100% of the assets and operations of the Operating Company in its financial statements and reflects a non-controlling interest to Diamondback. In addition to the Operating Company, other consolidated subsidiaries of the Partnership include Tall City Towers LLC (“Tall Towers”), Rattler Ajax Processing LLC and Rattler OMOG LLC. The Partnership also owns indirect interests in Amarillo Rattler, LLC; OMOG JV LLC (“OMOG”); EPIC Crude Holdings, LP (“EPIC”); EPIC Crude Holdings GP, LLC; Wink to Webster Pipeline LLC (“Wink to Webster”); and Gray Oak Pipeline, LLC (“Gray Oak”), which are accounted for as equity method investments as discussed further in Note 8—Equity Method Investments. Basis of Presentation 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. 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 produced water disposal 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 4—Acquisitions. 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 unitholders’ equity of the Partnership and its partially owned subsidiary, the Operating Company. The Partnership’s operations are reported in two operating business segments: (i) midstream services and (ii) real estate operations. 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. Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on the previously reported total assets, total liabilities, unitholders’ equity, results of operations or cash flows.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

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.

Making accurate estimates and assumptions is particularly difficult as the oil and natural gas industry experiences challenges resulting from negative pricing pressure from the effects of COVID-19 and actions by OPEC members and other exporting nations affecting the supply and demand in global oil and natural gas markets. Many companies in the oil and natural gas industry have changed near term business plans in response to changing market conditions. The aforementioned circumstances generally increase the uncertainty in the Partnership’s accounting estimates, particularly those involving financial

forecasts.

The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods it considers reasonable in each particular circumstance. Nevertheless, actual results may differ significantly from the Partnership’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, (iii) asset retirement obligations (“ARO”) and (iv) income taxes.

Cash

Cash represents unrestricted cash maintained in bank deposit accounts.

Accounts Receivable-Related Party

Accounts receivable-related party consist of receivables from Diamondback, or one of its affiliates. The receivable balance represents operating income less certain cash payments as of December 31, 2020 and 2019.

Accounts Receivable-Third Party

Accounts receivable consist primarily of receivables from gathering services, sourced water and rental agreements. The customers and lessees remit payment for services performed and/or goods received directly to the Partnership. Most payments for gathering services, sourced water and rental agreements are received within two months after the date of service performed or goods delivered.

The Partnership adopted Accounting Standards Update (“ASU”) 2016-13 and the subsequent applicable modifications to the rule on January 1, 2020. Accounts receivable are stated at amounts due from customers and lessees, net of an allowance for expected losses as estimated by the Partnership when collection is deemed doubtful. Accounts receivable outstanding longer than the contractual payment terms are considered past due. The Partnership determines its allowance by considering a number of factors, including the length of time accounts receivable are past due, the Partnership’s previous loss history, the debtor’s current ability to pay its obligation to the Partnership, the condition of the general economy and the industry as a whole. The Partnership writes off specific accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for expected losses. As the adoption of ASU 2016-13 did not result in a material allowance, no cumulative-effect adjustment was made to beginning unitholders’ equity. At December 31, 2020, the Partnership recorded an immaterial allowance for expected losses and did not record an allowance for expected losses at December 31, 2019.

Sourced Water Inventory

Sourced water inventory is stated at the lower of historical cost or net realizable value. Inventory costs are determined under the weighted-average method.

Property, Plant and Equipment

Property, plant and equipment (“PP&E”) consist of land, gathering pipelines, facilities and related equipment, which are stated at the lower of historical cost less accumulated depreciation, amortization and accretion, or fair value, if impaired. The Partnership capitalizes construction-related direct labor and material costs. Maintenance and repair costs are expensed as incurred. PP&E assets are depreciated using the straight-line method over the useful lives of the assets ranging from ten to thirty years. Upon sale or retirement of depreciable property, the respective cost and related accumulated depreciation, amortization and accretion is eliminated from the balance sheet and the resulting gain or loss is recognized in the statement of operations.

Equity Method Investments

An investment of less than 50% in an investee over which the Partnership exercises significant influence but does not have control is accounted for using the equity method. Additionally, an investment of greater than 50% in an investee over which the Partnership does not exercise significant influence or have control is also accounted for using the equity method. Under the equity method, the Partnership’s share of the investee’s earnings or loss is recognized in the statement of operations.

Judgment regarding the level of influence over each equity method investment includes considering key factors such as ownership interest, representation on the board of directors, participation in policy-making decisions, material intercompany transactions and extent of ownership by an investor in relation to the concentration of other shareholdings. Additionally, an investment in a limited liability company that maintains a specific ownership account for each investor shall be viewed as similar to an investment in a limited partnership for purposes of determining whether a noncontrolling investment shall be accounted for using the cost method or the equity method. The Partnership has determined it has the ability to exercise significant influence over its investments which constitute less than a 20% ownership interest, and does not have the ability to exercise significant influence over its investments which constitute greater than a 50% ownership interest, and therefore accounts for all of its investments under the equity method.

The Partnership reviews its investments to determine if a loss in value which is other than a temporary decline has occurred. If such a loss has occurred, the Partnership recognizes an impairment provision. See Note 8—Equity Method Investments for further discussion of the Partnership’s equity method investments.

Real Estate Assets

Real estate assets are stated at cost, less accumulated depreciation and amortization. The Partnership considers the period of future benefit of each respective asset to determine the appropriate useful life and depreciation and amortization is calculated using the straight-line method over the assigned useful life.

Upon acquisition of real estate properties, the purchase price is allocated to tangible assets, consisting of land and building, and to identified intangible assets and liabilities, which may include the value of above market and below market leases and the value of in-place leases. The allocation of the purchase price is based upon the fair value of each component of the property. Although independent appraisals may be used to assist in the determination of fair value, in many cases these values will be based upon management’s assessment of each property, the selling prices of comparable properties and the discounted value of cash flows from the asset.

The fair values of above market and below market in-place leases will be recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the non-cancelable term of the lease including any bargain renewal periods. The above market and below market lease values will be capitalized as intangible lease assets or liabilities. Above market lease values will be amortized as an adjustment of rental income over the remaining term of the respective leases. Below market lease values will be amortized as an adjustment of rental income over the remaining term of the respective leases, including any bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above market and below market in-place lease values relating to that lease would be recorded as an adjustment to rental income.

The fair values of in-place leases will include estimated direct costs associated with obtaining a new tenant, and opportunity costs associated with lost rentals which are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant may include commissions, tenant improvements, and other direct costs and are estimated, in part, by management’s consideration of current market costs to execute a similar lease. These direct costs will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining term of the respective leases. The value of opportunity costs will be calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These intangibles will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.

Impairment of Long-Lived Assets

The Partnership reviews its long-lived assets whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable from its estimated future undiscounted cash flows. An impairment loss is the difference between the carrying amount and fair value of the asset. The Partnership had an immaterial impairment loss for the year ended December 31, 2020. The Partnership had no impairment losses for the years ended December 31, 2019 and 2018, respectively.

Fair Value of Financial Instruments

The Partnership’s financial instruments consist of cash, accounts receivable, other current assets, accounts payable, accrued liabilities and various other current liabilities, the revolving credit facility and Notes (as defined below). The carrying amount of cash, receivables and payables approximates fair value because of the short-term nature of the instruments. The fair value of the revolving credit facility approximates its carrying value based on the borrowing rates currently available to the Partnership for bank loans with similar terms and maturities. The fair value of the Notes are determined using quoted market prices.

Accrued Liabilities

Accrued liabilities consists of the following:


	As of
	December 31, 2020		December 31, 2019
	(In thousands)
Capital expenditures accrued	$	5,328	$	42,160
Direct operating expenses accrued	18,160		22,119
Sourced water purchases accrued	3,597		9,531
Interest expense accrued	12,969		627
Other	2,454		2,188
Total accrued liabilities	$	42,508	$	76,625

Asset Retirement Obligations

The Partnership recognizes a liability based on the estimated costs of retiring tangible long-lived assets. The initial liability is recognized at its fair value and measured using expected discounted future cash outflows based on internal estimates of future retirement costs when the obligation originates, which generally is when an asset is acquired or constructed. The carrying amount of the associated asset is increased commensurate with the liability recognized. Accretion expense is recognized over time as the discounted liability is accreted to its expected settlement value. Subsequent to the initial recognition, the liability is adjusted for any changes in the expected value of the retirement obligation (with a corresponding adjustment to PP&E) and for accretion of the liability due to the passage of time, until the obligation is settled. If the fair value of the estimated obligation changes, an adjustment is recorded for both the retirement liability and the associated asset carrying amount. Revisions in estimated AROs may result from changes in estimated retirement costs and the estimated timing of settling the obligations. See Note 7—Asset Retirement Obligations for further discussion of the Partnership’s asset retirement obligations.

Commitments and Contingencies

The Partnership may be a party to various legal proceedings, disputes and claims from time to time arising in the course of its business, including those that arise from interpretation of federal and state laws and regulations regarding air and water quality, hazardous and solid waste disposal and other environmental matters. The Partnership records reserves for contingencies related to outstanding legal proceedings, disputes or claims when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum amount of the range is accrued. The Partnership’s assessment is based on information known about the pending matters and its experience in contesting, litigating and settling similar matters. Actual outcomes could differ materially from the Partnership’s assessment.

Accumulated Other Comprehensive Income

The following table provides changes in the components of accumulated other comprehensive income, net of related income tax effects:


	(In thousands)
Balance as of December 31, 2019	$	(823)
Other comprehensive income (loss)	298
Balance as of December 31, 2020	$	(525)

Non-controlling interest

Non-controlling interest in the accompanying consolidated financial statements represents Diamondback’s ownership in the net assets of the Operating Company. When Diamondback’s relative ownership interest in the Operating Company changes, adjustments to non-controlling interest and common unitholder’s equity, tax effected, will occur. If the changes in the Partnership’s ownership interest in the Operating Company do not result in a change of control, the transactions are accounted for as equity transactions under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 810,

“Consolidation.” This guidance requires that any differences between the carrying value of the Partnership’s basis in the Operating Company and the fair value of the consideration received are recognized directly in equity and attributed to the controlling interest. See Note 11—Unitholders’ Equity and Partnership Distributions for discussion of changes in the Partnership’s ownership interest during the year ended December 31, 2020.

Midstream Revenue Recognition

Midstream revenues are comprised of crude oil and natural gas gathering and transportation services, produced water gathering and disposal and water sourcing and distribution services. The Partnership provides gathering and compression and water handling and treatment services under fee-based contracts based on throughput. Under these arrangements, the Partnership receives fees for gathering crude oil and natural gas, compression services, and water handling, disposal, and treatment services. The revenue the Partnership earns from these arrangements is directly related to (i) in the case of natural gas gathering and compression, the volumes of metered natural gas that the Partnership gathers, compresses, transports and delivers to other transmission delivery points, (ii) in the case of oil gathering, the volumes of metered oil that the Partnership gathers, transports and delivers to other transmission delivery points, (iii) in the case of sourced water services, the quantities of sourced water obtained, transported and delivered to the Partnership’s customers for use in their well drilling and completion operations and (iv) in the case of produced water gathering and disposal services, the quantities of produced water gathered, transported and disposed of for the Partnership’s customers. The Partnership recognizes revenue when it satisfies a performance obligation by delivering a service to a customer. The Partnership earns substantially all of its midstream revenues from commercial agreements with Diamondback and its affiliates.

The following is a summary of the Partnership’s types of commercial agreements with Diamondback:

•Crude Oil Gathering Agreement. Under the crude oil gathering agreements, the Partnership receives a volumetric fee per Bbl for gathering and delivering crude oil produced within the acreage subject to the acreage dedications (the “Dedicated Acreage”).

•Gas Gathering and Compression Agreement. Under the gas gathering and compression agreement, the Partnership receives a volumetric fee per MMBtu for gathering and processing all natural gas produced by Diamondback within the Dedicated Acreage.

•Produced and Flowback Water Gathering and Disposal Agreements. Under the produced and flowback water gathering and disposal agreements, the Partnership receives a fee for gathering or disposing of water produced from operating crude oil and natural gas wells within the Dedicated Acreage. The fee is comprised of a volumetric fee per Bbl for the produced water services the Partnership provides. In addition, the Partnership retains the skim oil that is a part of the produced water. The skim oil is processed by a third party, which provides the Partnership a volumetric fee per Bbl.

•Sourced Water Purchase and Services Agreements. Under the sourced water purchase and services agreements, the Partnership receives a fee for sourcing, transporting and delivering all raw sourced water and recycled sourced water required by Diamondback and third parties to carry out its oil and natural gas activities within the Dedicated Acreage. The fee is comprised of a volumetric fee per Bbl for the type of sourced water services the Partnership provides.

Performance Obligations

For gathering crude oil and natural gas, delivering sourced water, and collecting, recycling and disposing of produced water, the Partnership’s performance obligations are satisfied over time using volumes delivered to measure progress. The Partnership records revenue related to the volumes delivered at the contract price at the time of delivery.

For water sales, each unit sold is generally considered a distinct good and the related performance obligation is generally satisfied at a point in time (i.e., at the time control of the water is transferred to the customer). The Partnership recognizes revenue from the sale of water when its contracted performance obligation to deliver water is satisfied and control of the water is transferred to the customer. This usually occurs when the water is delivered to the location specified in the contract and the title and risks of rewards and ownership are transferred to the customer.

Transaction Price Allocated to Remaining Performance Obligations

Under its revenue agreements, each delivery generally represents a separate performance obligation; therefore, future volumes delivered are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

Contract Balances

Under the Partnership’s revenue agreements, the Partnership invoices customers after the Partnership’s performance obligations have been satisfied, at which point payment is unconditional. As such, the Partnership’s revenue agreements do not give rise to contract assets or liabilities.

Real Estate Revenue Recognition

The Partnership recognizes rental revenue from tenants on a straight-line basis over the lease term when collectability is reasonably assured and the tenant has taken possession or controls the physical use of the leased asset. Rental income—related party is comprised of revenues earned from lease agreements with Diamondback and its affiliates. Other real estate revenue is derived from tenants’ use of parking, telecommunications and miscellaneous services. Parking and other miscellaneous service revenue is recognized when the related services are utilized by the tenants. Tenant recoveries related to reimbursement of real estate taxes, insurance, repairs and maintenance and other operating expenses are recognized as revenue in the period the applicable expenses are incurred. The reimbursements are recognized and presented gross, as the Partnership is generally the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and bears the associated credit risk.

Concentrations

The Partnership derives substantially all of its revenue from our commercial agreements with Diamondback, which carry initial terms ending in 2034. The Partnership operates produced water disposal wells with other working interest owners. The revenues and expenses related to these disposal activities are reported on a net basis as part of revenues and costs and expenses.

Income Taxes

The Partnership is treated as a corporation for U.S. federal income tax purposes as a result of its election to be treated as a corporation effective May 24, 2019. Subsequent to the effective date of the Partnership’s election, it is subject to U.S. federal and state income tax at corporate rates. The Partnership uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities and (ii) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized.

The Partnership is continuing its practice of recognizing interest and penalties related to income tax matters as interest expense and general and administrative expenses, respectively. During the year ended December 31, 2020, there was no interest or penalties associated with uncertain tax positions recognized in the Partnership’s consolidated financial statements. See Note 14—Income Taxes for further details.

Capital Contributions

A contribution of a set of assets and related liabilities (a “set”) to the Partnership from Diamondback is analyzed to determine whether the set meets the definition of a business in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, “Business Combinations”. A contribution of a set of assets that does not constitute a business is recognized at the date of the transfer at its carrying amount in the accounts of Diamondback in accordance with the guidance regarding transactions between entities under common control in ASC 805-50. Management then evaluates whether the asset contribution results in a change in the reporting entity, as defined in ASC Topic 250, “Accounting Changes and Error Corrections”. An asset contribution that does not constitute a change in the reporting entity is accounted for prospectively from

the date of the transfer, while an asset contribution that constitutes a change in the reporting entity would result in retrospective application of the transaction.

For the year ended December 31, 2019, the total capital contributions by Diamondback to the Predecessor were $456.1 million, of which $9.2 million related to an office building located in Midland Texas, $18.1 million related to land, $9.4 million related to sourced water assets, $228.3 million related to produced water disposal assets, $35.8 million related to crude oil assets, $149.5 million related to the equity method investments in the EPIC and Gray Oak joint ventures, $31.1 million related to elimination of current and deferred liabilities, and $(25.3) million in additional liabilities, net of other assets, assumed related to operations.

Recent Accounting Pronouncements

Recently Adopted Pronouncements

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses”. This update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Partnership adopted this update effective January 1, 2020. The adoption of this update did not have a material impact on the Partnership’s financial position, results of operations or liquidity since it does not have a history of credit losses.

Accounting Pronouncements Not Yet Adopted

In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes". This update is intended to simplify the accounting for income taxes by removing certain exceptions and by clarifying and amending existing guidance. This update is effective for public business entities beginning after December 15, 2020 with early adoption permitted. The Partnership does not believe that the adoption of this update will have an impact on its financial position, results of operations or liquidity.

The Partnership considers the applicability and impact of all ASUs. ASUs not listed above were assessed and determined to be either not applicable or clarifications of ASUs previously disclosed.

REVENUE FROM CONTRACTS WITH CUSTOMERS

12 Months Ended

Dec. 31, 2020

Revenue Recognition and Deferred Revenue [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

The Partnership generates revenues by charging fees on a per unit basis for gathering crude oil and natural gas, delivering and storing sourced water, and collecting, recycling and disposing of produced water.

Disaggregation of Revenue

In the following table, revenue is disaggregated by type of service and type of fee. The table also identifies the operating business segment to which the disaggregated revenues relate. For more information on operating business segments, see Note 18—Segment Information.


	Year Ended December 31,
	2020		2019		2018		Segment
	(In thousands)
Type of Service:
Sourced water gathering	$	68,800	$	115,135	$	76,976	Midstream
Produced water gathering and disposal	290,043		275,882		72,352		Midstream
Crude oil gathering	29,862		27,206		16,038		Midstream
Natural gas gathering	20,479		14,317		6,447		Midstream
Surface revenue (non ASC 606 revenues)	1,029		904		875		Midstream
Real estate contracts (non ASC 606 revenues)	13,692		14,229		11,779		Real Estate
Total revenues	$	423,905	$	447,673	$	184,467

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

ACQUISITIONS AND DIVESTITURES	12 Months Ended
ACQUISITIONS AND DIVESTITURES	Dec. 31, 2020
Business Combinations [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Disposal Wells Divestiture On December 31, 2020, the Partnership closed on a sale agreement through its subsidiary Rattler Midstream Operating LLC. The Partnership sold five produced water disposal wells and related easements, licenses and permits for $18.7 million cash after adjustments for use of the disposal wells after the effective date. The sale resulted in a gain on disposal of $4.9 million which is included in (gain) loss on disposal of property, plant and equipment on the Consolidated Statement of Operations. Ajax and Energen Assets Effective January 1, 2019, Diamondback contributed to the Predecessor certain midstream assets (the “Ajax Assets”) within the Permian Basin that it acquired from Ajax Resources LLC (“Ajax”) as part of an upstream acquisition in the fourth quarter of 2018. These assets included 17 water wells, four produced water disposal wells and one related gathering system, a field office, surface land, five hydraulic fracturing pits and one related sourced water transportation system. Prior to their contribution, these assets were fully integrated into the upstream business acquired from Ajax. The carrying value of assets included in this contribution was $21.5 million. The contributed assets were recognized by the Predecessor at Diamondback’s historical basis due to the entities being under common control. Effective January 1, 2019, Diamondback contributed to the Predecessor certain midstream assets (“the Energen Assets”) within the Permian Basin that it acquired from Energen Corporation (“Energen”) as part of an upstream acquisition in the fourth quarter of 2018. These assets included 56 produced water disposal wells and related gathering systems, an office building located in Midland Texas, surface land and an oil gathering system and asset retirement obligations related to these assets. Prior to their contribution, these assets were fully integrated into the upstream business acquired from Energen. The carrying value of assets included in this contribution was $279.0 million, net of $3.0 million in associated asset retirement obligations. The contributed assets were recognized by the Predecessor at Diamondback’s historical basis due to the entities being under common control. The contribution of the Ajax and Energen Assets was an asset contribution that did not result in a change in the reporting entity at the Predecessor. As a result, the Ajax and Energen Assets were initially recognized at the date of the transfer at their carrying amounts in the accounts of Diamondback, and presented prospectively from that date. Other 2019 Acquisitions During the fourth quarter of 2019, the Partnership acquired three produced water disposal wells and related assets in the Delaware Basin and one produced water disposal well and related assets in the Midland Basin for an aggregate of $17.3 million, subject in each case to certain adjustments, which collectively increased disposal capacity by 65,000 barrels per day. Sourced Water Assets In connection with its business operations, Diamondback constructed and/or acquired various sourced water assets, including certain wells, sourced water transportation lines and related assets (the “Sourced Water Assets”), located in the Delaware and Midland Basins of the Permian Basin. Effective January 1, 2018, Diamondback contributed the Sourced Water Assets to the Predecessor. The carrying value of assets included in this contribution was $32.8 million and $6.0 million of that amount related to sourced water inventory. The contributed assets were recognized by the Partnership at Diamondback’s historical basis due to the entities being under common control. The contribution of the Sourced Water Assets was an asset contribution that did not result in a change in the reporting entity at the Predecessor. As a result, the Sourced Water Assets were initially recognized at the date of the transfer at their carrying amounts in the accounts of Diamondback, and presented prospectively from that date. Tall Towers On January 31, 2018, Diamondback, through Tall Towers, acquired from Fasken Midland certain real property and related assets in Midland, Texas for a purchase price of approximately $110.0 million. All of the membership interests in Tall Towers were contributed to the Predecessor effective January 31, 2018. Diamondback allocated the purchase price between the tangible assets, consisting of land and two office towers, and to identified intangible lease assets. The contributed assets were recognized by the Predecessor at Diamondback’s historical basis due to the entities being under common control. Midstream Assets and Land In connection with its business operations, Diamondback constructed and/or acquired various midstream assets located in the Delaware and Midland Basins of the Permian Basin. Upon asset completion dates during 2018, Diamondback contributed the midstream assets to the Predecessor. Such midstream assets include produced water disposal gathering assets and wells with a carrying value of $18.2 million, land valued at $1.5 million, and a field office valued at $1.3 million. The contributed assets were recognized by the Predecessor at Diamondback’s historical basis due to the entities being under common control.

REAL ESTATE ASSETS

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

REAL ESTATE ASSETS

The following schedules present the cost and related accumulated depreciation or amortization (as applicable) of the Partnership’s real estate assets and intangible lease assets:


		As of December 31,
	Estimated Useful Lives	2020		2019
	(Years)	(In thousands)
Buildings	20-30	$	102,918	$	102,375
Tenant improvements	15	4,506		4,501
Land	N/A	2,437		2,437
Land improvements	15	484		484
Total real estate assets		110,345		109,797
Less: accumulated depreciation		(13,658)		(8,681)
Total investment in real estate, net		$	96,687	$	101,116


		As of December 31,
	Weighted Average Useful Lives	2020		2019
	(Months)	(In thousands)
In-place lease intangibles	45	$	11,405	$	11,389
Less: accumulated amortization		(8,980)		(5,927)
In-place lease intangibles, net		2,425		5,462

Above-market lease intangibles	45	3,623		3,623
Less: accumulated amortization		(1,786)		(1,015)
Above-market lease intangibles, net		1,837		2,608
Total intangible lease assets, net		$	4,262	$	8,070

During the year ended December 31, 2019, as part of the Energen contribution, Diamondback contributed an office building located in Midland, Texas with a value of $9.2 million.

Depreciation and amortization expense for real estate assets was $8.0 million, $7.6 million and $7.0 million for the years ended December 31, 2020, 2019 and 2018, respectively.

The following table presents the Partnership’s estimated amortization expense related to lease intangibles for the periods indicated (in thousands):



2021		2022		2023		2024		2025		Thereafter
$	751	$	626	$	729	$	832	$	880	$	444

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

The following table sets forth the Partnership’s property, plant and equipment:


	Estimated	As of December 31,
	Useful Lives	2020		2019
	(Years)	(In thousands)
Produced water disposal systems	10-30	$	654,545	$	600,797
Crude oil gathering systems(1)	30	133,998		129,658
Natural gas gathering and compression systems(1)	10-30	112,072		98,426
Sourced water gathering systems(1)	30	112,162		101,887
Total property, plant and equipment		1,012,777		930,768
Less: accumulated depreciation, amortization and accretion		(100,728)		(61,132)
Land	N/A	85,826		86,072
Total property, plant and equipment, net		$	997,875	$	955,708

(1)Included in gathering systems are $27.5 million and $138.6 million of assets at December 31, 2020 and December 31, 2019, respectively, that are not subject to depreciation, amortization and accretion as the systems were under construction and had not yet been put into service.

Depreciation expense related to property, plant and equipment was $43.8 million, $33.2 million and $18.1 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Internal costs capitalized to property, plant and equipment represent management’s estimate of costs incurred directly related to construction activities. Capitalized internal costs were approximately $2.8 million and $5.1 million for the years ended December 31, 2020 and 2019. There were no capitalized internal costs for the year ended 2018.

ASSET RETIREMENT OBLIGATIONS

12 Months Ended

Dec. 31, 2020

Asset Retirement Obligation [Abstract]

ASSET RETIREMENT OBLIGATIONS

Asset retirement obligations consist primarily of estimated costs of dismantlement, removal, site reclamation, plugging and abandonment and similar activities associated with the Partnership’s infrastructure assets. The following table reflects the changes in the Partnership’s asset retirement obligation for the following periods:


	Year Ended December 31,
	2020		2019
	(In thousands)
Asset retirement obligations, beginning of period	$	11,347	$	561
Liabilities incurred	3,056		9,188
Liabilities settled and divested	(347)		(21)
Estimates revised	—		5
Accretion expense during period	1,072		1,614
Asset retirement obligation, end of period	15,128		11,347
Less current portion of asset retirement obligations	35		—
Asset retirement obligations, long-term	$	15,093	$	11,347

EQUITY METHOD INVESTMENTS

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

EQUITY METHOD INVESTMENTS

The following table presents the carrying values of the Partnership’s equity method investments as of the dates indicated:


	Ownership Interest		December 31, 2020		December 31, 2019
			(In thousands)
EPIC Crude Holdings, LP	10	%	$	120,863	$	109,806
Gray Oak Pipeline, LLC	10	%	130,353		115,840
Wink to Webster Pipeline LLC	4	%	82,631		34,124
OMOG JV LLC	60	%	193,726		219,098
Amarillo Rattler, LLC	50	%	5,354		690
Total			$	532,927	$	479,558

The following summarizes the income (loss) of equity method investees reflected in the Consolidated Statement of Operations for the periods indicated:


	Year Ended December 31,
	2020		2019
	(In thousands)
EPIC Crude Holdings, LP	$	(8,761)	$	(6,597)
Gray Oak Pipeline, LLC	9,911		831
Wink to Webster Pipeline LLC	(1,655)		(539)
OMOG JV LLC	(8,950)		(24)
Amarillo Rattler, LLC	(426)		—

Total	$	(9,881)	$	(6,329)

On February 1, 2019, Diamondback funded and the Predecessor acquired a 10% equity interest in EPIC Crude Holdings, LP (“EPIC”), which owns and operates a pipeline (the “EPIC pipeline”) that transports crude oil and natural gas liquids across Texas for delivery into the Corpus Christi market. The EPIC pipeline became fully operational in April 2020.

On February 15, 2019, Diamondback funded and the Predecessor acquired a 10% equity interest in Gray Oak Pipeline, LLC (“Gray Oak”), which owns and operates a pipeline (the “Gray Oak pipeline”) that transports crude oil from the Permian to Corpus Christi on the Texas Gulf Coast. The Gray Oak pipeline became fully operational in April 2020.

On March 29, 2019, the Predecessor executed a short-term promissory note to Gray Oak. The note allowed for borrowing by Gray Oak of up to $123.0 million at a 2.52% interest rate with a maturity date of March 31, 2022. The short-term promissory note was repaid on May 31, 2019 and was terminated in the third quarter of 2020.

On July 30, 2019, the Operating Company joined Wink to Webster Pipeline LLC as a 4% member, together with affiliates of ExxonMobil, Plains All American Pipeline, Delek US, MPLX LP, and Lotus Midstream. The joint venture is developing a crude oil pipeline with origin points at Wink and Midland in the Permian Basin and delivery points at multiple Houston area locations (the “Wink to Webster pipeline”). The joint venture owns a 71% undivided joint interest in the main pipeline segment between Midland and Houston. The Wink to Webster pipeline’s main segment began interim service operation in the fourth quarter of 2020, and the joint venture is expected to begin full commercial operations in the fourth quarter of 2021. Upon completion, this pipeline will be capable of transporting approximately 1,500,000 Bbl/d.

On October 1, 2019, the Partnership acquired a 60% equity interest in OMOG JV LLC (“OMOG”). On November 7, 2019, OMOG acquired 100% of Reliance Gathering, LLC which owns and operates a crude oil gathering system in the Permian Basin and was renamed as Oryx Midland Oil Gathering LLC following the acquisition. While the Partnership’s equity interest is 60%, the investment is accounted for as an equity method investment as the Partnership does not control operating activities and substantive participating rights exist with the controlling minority investor.

On December 20, 2019, the Partnership acquired a 50% equity interest in Amarillo Rattler, LLC, which currently owns and operates the Yellow Rose gas gathering and processing system with estimated total processing capacity of 40,000 Mcf/d and over 84 miles of gathering and regional transportation pipelines in Dawson, Martin and Andrews Counties, Texas. This joint venture also intends to construct and operate a new 60,000 Mcf/d cryogenic natural gas processing plant in Martin County, Texas, as well as incremental gas gathering and compression and regional transportation pipelines. However, development of the new processing plant has been postponed pending a recovery in commodity prices and activity levels. Diamondback has contracted for up to 30,000 Mcf/d of the capacity of the new processing plant pursuant to a gas gathering and processing agreement entered into with the joint venture in exchange for Diamondback’s dedication of certain leasehold interests to that agreement. While the Partnership’s equity interest is 50%, the investment is accounted for as an equity method investment as the Partnership does not control operating activities and substantive participating rights exist with the controlling investor.

Summarized Financial Information

The following tables set forth summarized financial information of the Partnership’s equity method investments for the periods indicated:


	As of December 31,
	2020		2019
Balance Sheet	(In thousands)
Current assets	$	435,903	$	550,624
Property, plant and equipment	7,041,573		5,190,371
Other assets	158,861		196,470
Total assets	7,636,337		5,937,465
Current liabilities	243,884		516,155
Other liabilities	2,586,449		2,051,110
Member's Equity	4,806,004		3,370,200
Total liabilities and member's equity	$	7,636,337	$	5,937,465


	Year Ended December 31,
	2020		2019
Income Statement	(In thousands)
Revenue	$	444,869	$	53,898
Operating expenses	$	378,209	$	116,400
Net income (loss)	$	(36,694)	$	(72,227)

As of December 31, 2020 and 2019, the carrying value of the Partnership’s equity method investments was $532.9 million and $479.6 million, respectively. There was an aggregate difference of $(4.0) million and $7.0 million between the carrying amounts of these investments and the amounts of underlying equity in net assets of these investments as of December 31, 2020 and 2019, respectively The Partnership’s basis in these assets includes certain capitalized formation costs and basis differences related to the Partnership's initial investment into each asset above carrying value.

During the year ended December 31, 2020, the Partnership’s loss from equity method investment includes a proportional charge of $15.8 million representing impairment recorded by the investee associated with its goodwill and an immaterial abandonment charge related to a project that is no longer expected to be completed. No other impairments were recorded for the Partnership’s or Predecessor’s equity method investments during the years ended December 31, 2020, 2019, and 2018. The entities in which the Partnership is invested all serve customers in the oil and natural gas industry, which has been experiencing economic challenges as described above. It is possible that prolonged industry challenges could result in circumstances requiring impairment testing, which could result in potentially material impairment charges in future interim periods.

DEBT

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

DEBT

Long-term debt consisted of the following as of the dates indicated:


	As of December 31,
	2020		2019
	(In thousands)
5.625% Senior Notes due 2025	$	500,000	$	—
Operating Company revolving credit facility	79,000		424,000
Unamortized debt issuance costs	(9,053)		—
Total long-term debt	$	569,947	$	424,000

The Operating Company’s Revolving Credit Facility

On May 28, 2019, the Partnership, as parent, and the Operating Company, as borrower, entered into a credit agreement (as amended, the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and a syndicate of banks, including Wells Fargo Bank, National Association, as lenders party thereto. The Credit Agreement provides for a revolving credit facility in the maximum amount of $600.0 million, which is expandable to $1.0 billion upon the Operating Company’s election, subject to obtaining additional lender commitments and satisfaction of customary conditions. Loan principal may be optionally repaid from time to time without premium or penalty (other than customary LIBOR breakage), and is required to be paid at the maturity date of May 28, 2024. The loan is guaranteed by the Partnership, Tall Towers, Rattler OMOG LLC and Rattler Ajax Processing LLC and is secured by substantially all of our, the Operating Company and the other guarantors’ assets. As of December 31, 2020, the Operating Company had $79.0 million of outstanding borrowings and $521.0 million available for future borrowings under the Credit Agreement.

The outstanding borrowings under the Credit Agreement bear interest at a per annum rate elected by the Operating Company that is based on the prime rate or LIBOR, in each case plus an applicable margin. The applicable margin ranges from 0.250% to 1.250% per annum for prime-based loans and 1.250% to 2.250% per annum for LIBOR loans, in each case depending on the Consolidated Total Leverage Ratio (as defined in the Credit Agreement). The Operating Company is obligated to pay a quarterly commitment fee ranging from 0.250% to 0.375% per annum on the unused portion of the commitment, which fee is also dependent on the Consolidated Total Leverage Ratio. The weighted average interest rates on the credit facility were 2.10% and 3.13% for the years ended December 31, 2020 and 2019, respectively.

The Credit Agreement contains various affirmative and negative covenants. These covenants, among other things, limit additional indebtedness, additional liens, sales of assets, mergers and consolidations, distributions and other restricted payments, transactions with affiliates, and entering into certain swap agreements, in each case of the Partnership, the Operating Company and their restricted subsidiaries. The covenants are subject to exceptions set forth in the Credit Agreement, including an exception allowing the Partnership or the Operating Company to issue unsecured debt securities and an exception allowing payment of distributions if no default exists. The Credit Agreement may be used to fund capital expenditures, to finance working capital, for general company purposes, to pay fees and expenses related to the Credit Agreement, and to make distributions permitted under the Credit Agreement.

The Credit Agreement also contains financial maintenance covenants that require the maintenance of the financial ratios described below:


Financial Covenant						Required Ratio
Consolidated Total Leverage Ratio						Not greater than 5.00 to 1.00 (or not greater than 5.50 to 1.00 for 3 fiscal quarters following certain acquisitions), but if the Consolidated Senior Secured Leverage Ratio (as defined in the Credit Agreement) is applicable, then not greater than 5.25 to 1.00)
Consolidated Senior Secured Leverage Ratio commencing with the last day of any fiscal quarter in which the Financial Covenant Election (as defined in the Credit Agreement) is made						Not greater than 3.50 to 1.00
Consolidated Interest Coverage Ratio (as defined in the Credit Agreement)						Not less than 2.50 to 1.00

As of December 31, 2020, the Operating Company was in compliance with all financial maintenance covenants under the Credit Agreement. The lenders may accelerate all of the indebtedness under the Credit Agreement upon the occurrence and during the continuance of any event of default. The Credit Agreement contains customary events of default, including non-payment, breach of covenants, materially incorrect representations, cross-default, bankruptcy and change in control. There are no cure periods for events of default due to non-payment of principal and breaches of negative and financial maintenance covenants, but non-payment of interest and breaches of certain affirmative covenants are subject to customary cure periods. With certain specified exceptions, the terms and provisions of the Credit Agreement generally may be amended with the consent of the lenders holding a majority of the outstanding loans or commitments to lend.

2025 Senior Notes

On July 14, 2020, the Partnership completed a notes offering (the “Notes Offering”) of $500.0 million in aggregate principal amount of its 5.625% Senior Notes due 2025 (the “Notes”). Interest on the Notes is payable on January 15 and July 15 of each year, beginning on January 15, 2021. The Notes mature on July 15, 2025. The Partnership received net proceeds of approximately $489.5 million from the Notes Offering. The Partnership loaned the gross proceeds to the Operating Company, which used such proceeds to pay down borrowings under the Credit Agreement (as defined below).

The Notes are senior unsecured obligations of the Partnership, rank equally in right of payment with all of the Partnership’s existing and future senior indebtedness it may incur and initially are guaranteed on a senior unsecured basis by the Operating Company, Tall Towers, Rattler OMOG LLC and Rattler Ajax Processing LLC. Neither Diamondback nor the General Partner guarantee the Notes. In the future, each of the Partnership’s restricted subsidiaries that either (1) guarantees any of its or a guarantor’s other indebtedness or (2) is classified as a domestic restricted subsidiary under the indenture governing the Notes and is an obligor with respect to any indebtedness under any credit facility will be required to guarantee the Notes.

The indenture under which the Notes were issued contains certain covenants that, subject to certain exceptions and qualifications, among other things, limit Rattler’s ability and the ability of its restricted subsidiaries to incur or guarantee additional indebtedness or issue certain redeemable or preferred equity, make certain investments, declare or pay dividends or make distributions on equity interests or redeem, repurchase or retire equity interests or subordinated indebtedness, transfer or sell assets, agree to payment restrictions affecting its restricted subsidiaries, consolidate, merge, sell or otherwise dispose of all or substantially all of its assets, enter into transactions with affiliates, incur liens and designate certain of its subsidiaries as unrestricted subsidiaries. These covenants are subject to numerous exceptions, some of which are material. Certain of these covenants are subject to termination upon the occurrence of certain events.

Intercompany Promissory Note

In connection with and upon closing of the Notes Offering, the Partnership loaned the gross proceeds from the Notes Offering to the Operating Company under the terms of a subordinated promissory note, dated as of July 14, 2020, made by the Operating Company payable to the Partnership (the “Intercompany Promissory Note”). The Intercompany Promissory Note requires the Operating Company to repay the intercompany loan to the Partnership on the same terms and in the same amounts as the Notes and has the same maturity date, interest rate, change of control repurchase and redemption provisions. The Partnership’s right to receive payment under the Intercompany Promissory Note is contractually subordinated to the Operating Company’s guarantee of the Notes and its obligations under the Credit Agreement.

UNIT-BASED COMPENSATION

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

UNIT-BASED COMPENSATION

On May 22, 2019, the board of directors of the General Partner adopted the Rattler Midstream LP Long-Term Incentive Plan (“LTIP”), for employees, consultants and directors of the General Partner and any of its affiliates, including Diamondback, who perform services for the Partnership. The LTIP provides for the grant of unit options, unit appreciation rights, restricted units, unit awards, phantom units, distribution equivalent rights, cash awards, performance awards, other unit-based awards and substitute awards. As of December 31, 2020, a total of 14,844,878 common units had been reserved for issuance pursuant to the LTIP. Common units that are cancelled, forfeited or withheld to satisfy exercise prices or tax withholding obligations will be available for delivery pursuant to other awards. The LTIP is administered by the board of directors of the General Partner or a committee thereof.

For the years ended December 31, 2020 and 2019, the Partnership incurred $8.9 million and $5.2 million of unit-based compensation, respectively.

Phantom Units

Under the LTIP, the board of directors of the General Partner is authorized to issue phantom units to eligible employees and non-employee directors. The Partnership estimates the fair value of phantom units as the closing price of the Partnership’s common units on the grant date of the award, and expenses this value over the applicable vesting period. Upon vesting, the phantom units entitle the recipient to one common unit of the Partnership for each phantom unit. The recipients are also entitled to distribution equivalent rights, which represent the right to receive a cash payment equal to the value of the distributions paid on one phantom unit between the grant date and the vesting date.

The following table presents the phantom unit activity under the LTIP for the year ended December 31, 2020:


	Phantom Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2019	2,226,895	$	19.14
Granted	348,379	$	6.51
Vested	(460,781)	$	19.06
Forfeited	(24,825)	$	17.54
Unvested at December 31, 2020	2,089,668	$	17.07

The aggregate fair value of phantom units that vested during the year ended December 31, 2020 was $8.8 million. As of December 31, 2020, the unrecognized compensation cost related to unvested phantom units was $30.3 million. Such cost is expected to be recognized over a weighted-average period of 3.24 years.

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS

The Partnership has general partner and limited partner units. At December 31, 2020, the Partnership had a total of 42,356,637 common units issued and outstanding and 107,815,152 Class B units issued and outstanding, of which no common units and 107,815,152 Class B units, representing approximately 72% of the Partnership’s total units outstanding, were beneficially owned by Diamondback. The Operating Company units and the Partnership’s Class B units beneficially owned by Diamondback are exchangeable from time to time for the Partnership’s common units (that is, one Operating Company unit and one Partnership Class B unit, together, will be exchangeable for one Partnership common unit).

Implementation of Common Unit Repurchase Program

On October 29, 2020, the board of directors of the General Partner approved a common unit repurchase program to acquire up to $100.0 million of the Partnership’s outstanding common units. The common unit repurchase program is authorized to extend through December 31, 2021 and the Partnership intends to purchase common units under the repurchase program opportunistically with cash on hand and free cash flow from operations. This repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors of the General Partner at any time. During the year ended December 31, 2020, the Partnership repurchased approximately $14.7 million of common units under this repurchase program. As of December 31, 2020, $85.3 million remained available for use to repurchase common units under the Partnership’s common unit repurchase program.

The following table summarizes changes in the number of the Partnership’s common units:


			Common Units
Balance at December 31, 2019			43,700,000

Common units vested and issued under the LTIP			459,708
Units repurchased for tax withholding			(153,071)
Units repurchased under the repurchase program			(1,650,000)

Balance at December 31, 2020			42,356,637

Changes in Ownership of Consolidated Subsidiaries

The following table summarizes changes in the ownership interest in consolidated subsidiaries during the period:


	Year Ended December 31,
		2020		2019
		(In thousands)
Net income attributable to the Partnership		$	34,691	$	28,802

Change in ownership of consolidated subsidiaries		(330,924)		—




Change from net income (loss) attributable to the Partnership's unitholders and transfers to non-controlling interest		$	(296,233)	$	28,802

During the year ended December 31, 2020, the Partnership recorded an adjustment to non-controlling interest of $422.1 million, common unitholder equity of $(330.9) million, and deferred tax asset of $91.1 million to reflect the ownership structure that was effective at December 31, 2020. The adjustment had no impact on earnings for the year ended December 31, 2020. There were no changes in the ownership interests in consolidated subsidiaries during the period between the closing of the IPO on May 28, 2019 and December 31, 2019.

Cash Distributions

At the closing of the Partnership’s IPO, the board of directors of the General Partner adopted a policy pursuant to which the Partnership paid, to the extent legally available, cash distributions of $0.25 per common unit to common unitholders of record on the applicable record date within 60 days after the end of each quarter beginning with the quarter ending September 30, 2019. The Partnership’s first distribution was prorated for the period from the closing of the IPO through September 30, 2019. On February 13, 2020, the board of directors of the General Partner revised the cash distribution policy to provide for the Operating Company to distribute $0.29 per Operating Company unit each quarter to its unitholders (including Diamondback and the Partnership), and for the Partnership to pay, to the extent legally available, cash distributions of $0.29 per common unit to common unitholders of record on the applicable record date within 65 days after the end of each quarter beginning with the quarter ended December 31, 2019. On October 29, 2020, the board of directors of the General Partner further revised the Partnership’s cash distribution policy, reducing the quarterly distribution per Operating Company unit and Partnership common unit to $0.20 beginning with the quarter ended September 30, 2020. The board of directors of the General Partner may change the Partnership’s distribution policy at any time and from time to time. The partnership agreement does not require the Partnership to pay cash distributions on the Partnership’s common units on a quarterly or other basis.

The following table presents cash distributions approved by the board of directors of the General Partner for the periods presented:

Declaration Date

Quarter(1)

Amount per Common Unit

Payment Date

October 31, 2019

Q3 2019(2)

0.34

November 22, 2019

February 13, 2020

Q4 2019

0.29

March 10, 2020

April 30, 2020

Q1 2020

0.29

May 26, 2020

July 31, 2020

Q2 2020

0.29

August 24, 2020

October 29, 2020

Q3 2020

0.20

November 23, 2020

February 17, 2021

Q4 2020

0.20

March 15, 2021

(1) Distributions are shown for the quarter in which they were generated.

(2) The Q3 2019 distribution also includes amounts attributable to Q2 2019 commencing upon the closing of the IPO.

EARNINGS PER COMMON UNIT

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

EARNINGS PER COMMON UNIT

Earnings per common unit on the consolidated statements of operations is based on the net income of the Partnership for the year ended December 31, 2020 and for the period after the closing of the IPO on May 28, 2019 through December 31, 2019, since this is the amount of net income that is attributable to the Partnership’s common units. The Partnership’s net income is allocated wholly to the common units, as the General Partner does not have an economic interest.

Basic and diluted earnings per common unit is calculated using the two-class method. The two class method is an earnings allocation proportional to the respective ownership among holders of common units and participating securities. Basic earnings per common unit is calculated by dividing net income by the weighted-average number of common units outstanding

during the period. Diluted earnings per common unit also considers the dilutive effect of unvested common units granted under the LTIP, calculated using the treasury stock method.


	Year Ended		May 28, 2019 to
	December 31, 2020		December 31, 2019
	(In thousands, except per unit amounts)
Net income (loss) attributable to Rattler Midstream LP	$	34,691	$	28,802
Less: net income allocated to participating securities(1)	(2,238)		(751)
Net income attributable to common unitholders	32,453		28,051
Weighted average common units outstanding:
Basic weighted average common units outstanding	43,739		43,622
Effect of dilutive securities:
Potential common units issuable(2)	—		—
Diluted weighted average common units outstanding	43,739		43,622
Net income per common unit, basic	$	0.74	$	0.64
Net income per common unit, diluted	$	0.74	$	0.64

(1) Distribution equivalent rights granted to employees are considered participating securities.

(2) For the years ended December 31, 2020 and 2019, no potential common units were included in the computation of diluted earnings per unit because their inclusion would have been anti-dilutive under the treasury stock method for the periods presented. However, such potential common units could dilute basic earnings per unit in future periods.

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2020

RELATED PARTY TRANSACTIONS

The Partnership has entered into certain related party agreements and carried out significant transactions with Diamondback and its affiliates during the years ended December 31, 2020, 2019 and 2018 as described further below.

Asset Contribution Agreement

In July 2018, the Predecessor entered into a contribution agreement with Diamondback by which Diamondback contributed certain assets to the Predecessor, including, among others, the contribution of the Tall Towers interest which was effective as of January 31, 2018.

In February 2019, the Predecessor entered into a contribution agreement with Diamondback by which Diamondback contributed midstream assets to the Predecessor, including certain crude oil gathering, produced water disposal wells, land and buildings. The contribution was effective as of January 1, 2019 and was comprised of approximately $297.6 million of net property, plant and equipment and $3.3 million of asset retirement obligations related to the contributed assets.

Commercial Agreements

The Partnership derives substantially all of its revenue from its commercial agreements with Diamondback for the provision of midstream services. On May 5, 2020, the Partnership amended its commercial agreements to, among other things, in certain cases add new areas to the dedication and commitment of Diamondback and its affiliates and revise the threshold for permitting releases of dedications in connection with transfers or swaps by Diamondback or its affiliates. Revenues generated from commercial agreements with Diamondback consist of the following:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Crude oil gathering	$	10,006	$	9,864	$	14,462
Natural gas gathering	20,479		14,317		6,447
Produced water gathering and disposal	281,106		271,634		72,264
Sourced water gathering	67,336		112,748		75,912
Surface revenue	162		557		311
Total	$	379,089	$	409,120	$	169,396

Equity Contribution Agreement

Prior to the IPO, the Partnership entered into an equity contribution agreement with the Operating Company under which the Partnership contributed all of the net proceeds of the IPO to the Operating Company in exchange for 38,000,000 Operating Company units. The Operating Company used the contributed funds to make distributions to Diamondback and for general company purposes.

Fasken Center Agreement

The Partnership has entered into a long-term lease agreement with Diamondback for certain office space located within the Fasken Center. Effective as of January 31, 2018, Diamondback contributed all of its membership interest in Tall Towers, which owns the Fasken Center in Midland, Texas, to the Operating Company pursuant to the asset contribution agreement. Diamondback is a tenant in the Fasken Center. For the years ended December 31, 2020, 2019 and 2018, the Partnership received $7.8 million, $5.2 million and $2.6 million related to its lease agreement with Diamondback, respectively.

INCOME TAXES

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

Prior to the Partnership’s IPO, all of the membership interests of the Predecessor were owned by a single member. Under applicable federal income tax provisions, the Predecessor’s legal existence as an entity separate from its sole owner was disregarded for U.S. federal income tax purposes. As a result, the Predecessor’s owner, Diamondback, was responsible for federal income taxes on its share of the Predecessor’s taxable income. Similarly, the Predecessor had no tax attributes such as net operating loss carryforwards because such tax attributes are treated for federal income tax purposes as attributable to the Predecessor’s owner.

In certain circumstances, GAAP requires or permits entities such as the Predecessor to account for income taxes under the principles of ASC Topic 740, “Income Taxes” (“ASC Topic 740”), notwithstanding the fact that the separate legal entity’s activity is attributed to its owner for income tax purposes. Accordingly, the Predecessor has applied the principles of ASC Topic 740 to its financial statements herein, for periods prior to the Partnership’s IPO, as if the Predecessor had been subject to taxation as a corporation. Consistent with the overall basis of presentation as described in Note 1—Organization and Basis of Presentation, for the years ended December 31, 2019 and 2018, net income for the period prior to the Partnership’s IPO reflects income taxes based on federal and state income tax rates, net of federal benefit, applicable to the Predecessor as if it had been subject to taxation as a corporation. At the closing of the IPO, an adjustment of $31.1 million to equity of the Predecessor was recorded for the elimination of current and deferred tax liabilities related to the period prior to the IPO.

Subsequent to the Partnership’s IPO, the Partnership provides for income taxes under the asset and liability method. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities, specifically the Partnership’s investment in the Operating Company, using enacted tax rates expected to be in effect during the year in which the basis differences reverse. Valuation allowances are established when management determines it is more likely than not that some portion, or all, of the Partnership’s deferred tax assets will not be realized.

For the year ended December 31, 2020, the Partnership’s net income from continuing operations reflects income tax expense of $10.2 million. Net income from continuing operations for the 2019 period subsequent to the IPO reflects income tax expense of $8.1 million and net income of the Predecessor reflects income tax expense of $18.2 million and $17.4 million, for the years ended December 31, 2019 and 2018, respectively. Total income tax expense from continuing operations for the years ended December 31, 2020, 2019 and 2018 differed from applying the U.S. statutory corporate income tax rate of 21% to pre-tax income primarily due to state income taxes, net of federal benefit, and due to net income attributable to the noncontrolling interest for the periods subsequent to the IPO.

The components of the provision for income taxes from continuing operations for the years ended December 31, 2020, 2019 and 2018 are as follows:


	Year Ended December 31,
	2020		2019 Subsequent to IPO		2019 Prior to IPO		2018
					Predecessor		Predecessor
	(In thousands)
Current income tax provision:
Federal	$	—	$	—	$	7,694	$	11,089
State	206		189		270		425
Total current income tax provision	206		189		7,964		11,514
Deferred income tax provision:
Federal	9,648		7,600		9,983		5,689
State	375		282		235		156
Total deferred income tax provision	10,023		7,882		10,218		5,845
Total provision for income taxes	$	10,229	$	8,071	$	18,182	$	17,359

A reconciliation of the statutory federal income tax amount from continuing operations to the recorded expense is as follows:


	Year Ended December 31,
	2020		2019 Subsequent to IPO		2019 Prior to IPO		2018
					Predecessor		Predecessor
	(In thousands)
Income tax expense at the federal statutory rate (21%)	$	32,536	$	26,679	$	17,677	$	16,867
Impact of nontaxable noncontrolling interest	(23,103)		(18,982)		—		—
State income tax expense, net of federal tax effect	458		372		505		492

Other, net	338		2		—		—
Provision for income taxes	$	10,229	$	8,071	$	18,182	$	17,359

The components of the deferred tax assets and liabilities as of December 31, 2020 and 2019 of the Partnership are as follows:


	Year Ended December 31,
	2020		2019
	(In thousands)
Deferred tax assets
Net operating loss and other carryforwards (indefinite life)	$	15,684	$	232
Investment in the Operating Company	57,580		—

Total deferred tax assets	73,264		232
Deferred tax liabilities
Investment in the Operating Company	—		8,059


Total deferred tax liabilities	—		8,059
Net deferred tax assets (liabilities)	$	73,264	$	(7,827)

The Partnership had net deferred tax assets of approximately $73.3 million and net deferred tax liabilities of approximately $7.8 million at December 31, 2020 and 2019, respectively. Subsequent to the deemed formation of the Operating Company as a partnership for federal income tax purposes upon the Partnership’s IPO, deferred taxes are provided on the difference between the Partnership’s basis for financial accounting purposes and basis for federal income tax purposes in its investment in the Operating Company. In the second quarter of 2020, the Partnership recorded an adjustment through unitholders’ equity to the carrying value of its investment in the Operating Company, resulting in a decrease in the Partnership’s

deferred tax liability related to its investment in the Operating Company. The Partnership incurred a tax net operating loss (“NOL”) in the current year due principally to the Operating Company’s tax deductions for accelerated depreciation, which exceeded its other items of taxable income. At December 31, 2020, the Partnership had approximately $74.7 million of federal NOLs with an indefinite carryforward life. The Partnership principally operates in the state of Texas and, for the year ended December 31, 2020, has accrued state income tax expense of $0.2 million for its share of Texas margin tax attributable to the Partnership’s results which are included in a combined tax return filed by Diamondback.

Management considers the likelihood that the Partnership’s net operating losses and other deferred tax attributes will be utilized prior to their expiration, if applicable. At December 31, 2020, management’s assessment included consideration of all available positive and negative evidence, including the Partnership’s projected future taxable income and the anticipated timing of reversal of deferred tax assets. As a result of the assessment, management determined that it is more likely than not that the Partnership will realize its deferred tax assets.

In addition to the Partnership’s 2020 and 2019 tax years, the Predecessor’s 2016 through 2019 tax years, the periods during which the Predecessor’s sole owner, Diamondback, was responsible for federal income taxes on the Predecessor’s taxable income, remain open to examination by tax authorities. As of December 31, 2020, the Partnership did not have any significant uncertain tax positions requiring recognition in the financial statements. The Partnership is continuing its practice of recognizing interest and penalties related to income tax matters as interest expense and general and administrative expenses, respectively. During the year ended December 31, 2020, there was no interest or penalties associated with uncertain tax positions recognized in the Partnership’s consolidated financial statements.

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020. This legislation included a number of provisions applicable to U.S. income taxes for corporations, including providing for carryback of certain net operating losses, accelerated refund of minimum tax credits, and modifications to the rules limiting the deductibility of business interest expense. The Partnership has considered the impact of this legislation in the period of enactment and concluded there was not a material impact to the Partnership’s current or deferred income tax balances.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Partnership’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. The Partnership uses appropriate valuation techniques based on available inputs to measure the fair values of its assets and liabilities.

Level 1 - Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date.

Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3 - Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The following table provides the fair value of financial instruments that are not recorded at fair value in the consolidated balance sheets:


	December 31, 2020				December 31, 2019
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
	(In thousands)
Debt:
5.625% Senior Notes due 2025	$	490,947	$	528,125	$	—	$	—
Operating Company revolving credit facility	79,000		79,000		424,000		424,000

(1) The carrying value includes associated deferred loan costs and any remaining discount or premium, if any.

The fair value of the Operating Company’s revolving credit facility approximates its carrying value based on borrowing rates available to the Partnership for bank loans with similar terms and maturities and is classified as Level 2 in the fair value hierarchy. The fair value of the Notes was determined using the December 31, 2020 quoted market price, a Level 1 classification in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

The Partnership may be a party to various legal proceedings, disputes and claims from time to time arising in the ordinary course of its business, including those that arise from interpretation of federal and state laws and regulations regarding air and water quality, hazardous and solid waste disposal and other environmental matters. The Partnership’s management believes there are currently no such matters that, if decided adversely, will have a material adverse effect on the Partnership’s financial condition, results of operations, or cash flows.

Commitments

The following is a schedule of minimum future payments with commitments that have initial or remaining non-cancelable terms in excess of one year as of December 31, 2020:


Year Ending December 31,	Volume Commitment Agreements
	(In thousands)
2021	$	4,563
2022	4,563
2023	4,563
2024	4,563
2025	4,561
Thereafter	32,850
Total	$	55,663

During December 2020, the Partnership entered into a water services agreement for produced water disposal services, which has a term of fourteen years.

As of December 31, 2020, the Partnership’s anticipated future capital commitments for its equity method investments totaled $72.2 million in the aggregate. The timing of requested capital commitments can vary, but at December 31, 2020, up to approximately $57.4 million of the remaining commitment could be funded in 2021, with remaining commitments of $7.0 million funded in 2022 and $7.8 million funded in 2023.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Cash Distribution On February 17, 2021, the board of directors of the General Partner approved a cash distribution for the fourth quarter of 2020 of $0.20 per common unit, payable on March 15, 2021, to common unitholders of record at the close of business on March 8, 2021.

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Partnership’s operations are located in the United States and are reported in two operating business segments: (i) midstream services and (ii) real estate operations. The segments comprise the structure used by its Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance. Segment profit represents income and excludes certain items not allocated to the Partnership’s operating segments, including general and administrative costs associated with corporate and operations support activities and income taxes. The Partnership derives substantially all of its midstream services revenue from its commercial agreements with Diamondback. The following tables summarize the results of the Partnership’s operating business segments during the periods presented:


	Year Ended December 31, 2020
	Midstream Services		Real Estate Operations		Total
	(In thousands)
Revenues—related party	$	379,089	$	—	$	379,089
Revenues—third party	31,124		—		31,124
Rental income—related party	—		7,495		7,495
Rental income—third party	—		5,340		5,340
Other real estate income—related party	—		306		306
Other real estate income—third party	—		551		551
Total revenues	410,213		13,692		423,905
Direct operating expenses	131,393		—		131,393
Cost of goods sold (exclusive of depreciation and amortization)	38,370		—		38,370
Real estate operating expenses	—		2,361		2,361
Depreciation, amortization and accretion	45,092		8,031		53,123
Impairment	918		—		918
(Gain) loss on disposal of property, plant and equipment	(729)		—		(729)
(Income) loss from equity method investments	9,881		—		9,881
Segment profit	185,288		3,300		188,588
General and administrative expenses					(16,367)
Interest income (expense), net					(17,287)
Net income (loss) before income taxes	185,288		3,300		154,934
Provision for (benefit from) income taxes					10,229
Net income (loss)	$	185,288	$	3,300	$	144,705

Segment assets	$	1,529,312	$	102,439	$	1,808,588
Capital expenditures	$	136,174	$	646	$	136,820
Equity method investments	$	532,927	$	—	$	532,927


	Year Ended December 31, 2019
	Midstream Services		Real Estate Operations		Total
	(In thousands)
Revenues—related party	$	409,120	$	—	$	409,120
Revenues—third party	24,324		—		24,324
Rental income—related party	—		4,771		4,771
Rental income—third party	—		7,890		7,890
Other real estate income—related party	—		379		379
Other real estate income—third party	—		1,189		1,189
Total revenues	433,444		14,229		447,673
Direct operating expenses	106,311		—		106,311
Cost of goods sold (exclusive of depreciation and amortization)	62,856		—		62,856
Real estate operating expenses	—		2,643		2,643
Depreciation, amortization and accretion	34,775		7,561		42,336
(Gain) loss on disposal of property, plant and equipment	1,524		—		1,524
(Income) loss from equity method investments	6,329		—		6,329
Segment profit	221,649		4,025		225,674
General and administrative expenses					(12,663)
Interest income (expense), net					(1,039)
Net income (loss) before income taxes	221,649		4,025		211,972
Provision for (benefit from) income taxes					26,253
Net income (loss)	$	221,649	$	4,025	$	185,719

Segment assets	$	1,433,776	$	110,676	$	1,636,393
Capital expenditures	$	241,786	$	—	$	241,786
Equity method investments	$	479,558	$	—	$	479,558


	Year Ended December 31, 2018
	Midstream Services		Real Estate Operations		Total
	(In thousands)
Revenues—related party	$	169,396	$	—	$	169,396
Revenues—third party	3,292		—		3,292
Rental income—related party	—		2,383		2,383
Rental income—third party	—		8,125		8,125
Other real estate income—related party	—		228		228
Other real estate income—third party	—		1,043		1,043
Total revenues	172,688		11,779		184,467
Direct operating expenses	33,714		—		33,714
Cost of goods sold (exclusive of depreciation and amortization)	38,852		—		38,852
Real estate operating expenses	—		1,872		1,872
Depreciation, amortization and accretion	18,088		7,046		25,134
(Gain) loss on disposal of property, plant and equipment	2,577		—		2,577

Segment profit	79,457		2,861		82,318
General and administrative expenses					(1,999)

Net income (loss) before income taxes	79,457		2,861		80,319
Provision for (benefit from) income taxes					17,359
Net income (loss)	$	79,457	$	2,861	$	62,960

Segment assets	$	456,454	$	105,467	$	604,017
Capital expenditures	$	164,876	$	—	$	164,876

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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. 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 produced water disposal 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 4—Acquisitions. 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 unitholders’ equity of the Partnership and its partially owned subsidiary, the Operating Company. The Partnership’s operations are reported in two operating business segments: (i) midstream services and (ii) real estate operations. 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.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on the previously reported total assets, total liabilities, unitholders’ equity, results of operations or cash flows.
Use of Estimates	Use of Estimates 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. Making accurate estimates and assumptions is particularly difficult as the oil and natural gas industry experiences challenges resulting from negative pricing pressure from the effects of COVID-19 and actions by OPEC members and other exporting nations affecting the supply and demand in global oil and natural gas markets. Many companies in the oil and natural gas industry have changed near term business plans in response to changing market conditions. The aforementioned circumstances generally increase the uncertainty in the Partnership’s accounting estimates, particularly those involving financial forecasts. The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods it considers reasonable in each particular circumstance. Nevertheless, actual results may differ significantly from the Partnership’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, (iii) asset retirement obligations (“ARO”) and (iv) income taxes.
Cash	Cash Cash represents unrestricted cash maintained in bank deposit accounts.
Accounts Receivable	Accounts Receivable-Related Party Accounts receivable-related party consist of receivables from Diamondback, or one of its affiliates. The receivable balance represents operating income less certain cash payments as of December 31, 2020 and 2019. Accounts Receivable-Third Party Accounts receivable consist primarily of receivables from gathering services, sourced water and rental agreements. The customers and lessees remit payment for services performed and/or goods received directly to the Partnership. Most payments for gathering services, sourced water and rental agreements are received within two months after the date of service performed or goods delivered. The Partnership adopted Accounting Standards Update (“ASU”) 2016-13 and the subsequent applicable modifications to the rule on January 1, 2020. Accounts receivable are stated at amounts due from customers and lessees, net of an allowance for expected losses as estimated by the Partnership when collection is deemed doubtful. Accounts receivable outstanding longer than the contractual payment terms are considered past due. The Partnership determines its allowance by considering a number of factors, including the length of time accounts receivable are past due, the Partnership’s previous loss history, the debtor’s current ability to pay its obligation to the Partnership, the condition of the general economy and the industry as a whole. The Partnership writes off specific accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for expected losses. As the adoption of ASU 2016-13 did not result in a material allowance, no cumulative-effect adjustment was made to beginning unitholders’ equity.
Sourced Water Inventory	Sourced Water Inventory Sourced water inventory is stated at the lower of historical cost or net realizable value. Inventory costs are determined under the weighted-average method.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment (“PP&E”) consist of land, gathering pipelines, facilities and related equipment, which are stated at the lower of historical cost less accumulated depreciation, amortization and accretion, or fair value, if impaired. The Partnership capitalizes construction-related direct labor and material costs. Maintenance and repair costs are expensed as incurred. PP&E assets are depreciated using the straight-line method over the useful lives of the assets ranging from ten to thirty years. Upon sale or retirement of depreciable property, the respective cost and related accumulated depreciation, amortization and accretion is eliminated from the balance sheet and the resulting gain or loss is recognized in the statement of operations.
Equity Method Investments	Equity Method Investments An investment of less than 50% in an investee over which the Partnership exercises significant influence but does not have control is accounted for using the equity method. Additionally, an investment of greater than 50% in an investee over which the Partnership does not exercise significant influence or have control is also accounted for using the equity method. Under the equity method, the Partnership’s share of the investee’s earnings or loss is recognized in the statement of operations. Judgment regarding the level of influence over each equity method investment includes considering key factors such as ownership interest, representation on the board of directors, participation in policy-making decisions, material intercompany transactions and extent of ownership by an investor in relation to the concentration of other shareholdings. Additionally, an investment in a limited liability company that maintains a specific ownership account for each investor shall be viewed as similar to an investment in a limited partnership for purposes of determining whether a noncontrolling investment shall be accounted for using the cost method or the equity method. The Partnership has determined it has the ability to exercise significant influence over its investments which constitute less than a 20% ownership interest, and does not have the ability to exercise significant influence over its investments which constitute greater than a 50% ownership interest, and therefore accounts for all of its investments under the equity method. The Partnership reviews its investments to determine if a loss in value which is other than a temporary decline has occurred. If such a loss has occurred, the Partnership recognizes an impairment provision. See Note 8—Equity Method Investments for further discussion of the Partnership’s equity method investments.
Real Estate Assets	Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. The Partnership considers the period of future benefit of each respective asset to determine the appropriate useful life and depreciation and amortization is calculated using the straight-line method over the assigned useful life. Upon acquisition of real estate properties, the purchase price is allocated to tangible assets, consisting of land and building, and to identified intangible assets and liabilities, which may include the value of above market and below market leases and the value of in-place leases. The allocation of the purchase price is based upon the fair value of each component of the property. Although independent appraisals may be used to assist in the determination of fair value, in many cases these values will be based upon management’s assessment of each property, the selling prices of comparable properties and the discounted value of cash flows from the asset. The fair values of above market and below market in-place leases will be recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the non-cancelable term of the lease including any bargain renewal periods. The above market and below market lease values will be capitalized as intangible lease assets or liabilities. Above market lease values will be amortized as an adjustment of rental income over the remaining term of the respective leases. Below market lease values will be amortized as an adjustment of rental income over the remaining term of the respective leases, including any bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above market and below market in-place lease values relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases will include estimated direct costs associated with obtaining a new tenant, and opportunity costs associated with lost rentals which are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant may include commissions, tenant improvements, and other direct costs and are estimated, in part, by management’s consideration of current market costs to execute a similar lease. These direct costs will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining term of the respective leases. The value of opportunity costs will be calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These intangibles will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Partnership reviews its long-lived assets whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable from its estimated future undiscounted cash flows. An impairment loss is the difference between the carrying amount and fair value of the asset.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Partnership’s financial instruments consist of cash, accounts receivable, other current assets, accounts payable, accrued liabilities and various other current liabilities, the revolving credit facility and Notes (as defined below). The carrying amount of cash, receivables and payables approximates fair value because of the short-term nature of the instruments. The fair value of the revolving credit facility approximates its carrying value based on the borrowing rates currently available to the Partnership for bank loans with similar terms and maturities. The fair value of the Notes are determined using quoted market prices.
Asset Retirement Obligations	Asset Retirement Obligations The Partnership recognizes a liability based on the estimated costs of retiring tangible long-lived assets. The initial liability is recognized at its fair value and measured using expected discounted future cash outflows based on internal estimates of future retirement costs when the obligation originates, which generally is when an asset is acquired or constructed. The carrying amount of the associated asset is increased commensurate with the liability recognized. Accretion expense is recognized over time as the discounted liability is accreted to its expected settlement value. Subsequent to the initial recognition, the liability is adjusted for any changes in the expected value of the retirement obligation (with a corresponding adjustment to PP&E) and for accretion of the liability due to the passage of time, until the obligation is settled. If the fair value of the estimated obligation changes, an adjustment is recorded for both the retirement liability and the associated asset carrying amount. Revisions in estimated AROs may result from changes in estimated retirement costs and the estimated timing of settling the obligations. See Note 7—Asset Retirement Obligations for further discussion of the Partnership’s asset retirement obligations.
Commitments and Contingencies	Commitments and Contingencies The Partnership may be a party to various legal proceedings, disputes and claims from time to time arising in the course of its business, including those that arise from interpretation of federal and state laws and regulations regarding air and water quality, hazardous and solid waste disposal and other environmental matters. The Partnership records reserves for contingencies related to outstanding legal proceedings, disputes or claims when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum amount of the range is accrued. The Partnership’s assessment is based on information known about the pending matters and its experience in contesting, litigating and settling similar matters. Actual outcomes could differ materially from the Partnership’s assessment.
Non-controlling interest	Non-controlling interest Non-controlling interest in the accompanying consolidated financial statements represents Diamondback’s ownership in the net assets of the Operating Company. When Diamondback’s relative ownership interest in the Operating Company changes, adjustments to non-controlling interest and common unitholder’s equity, tax effected, will occur. If the changes in the Partnership’s ownership interest in the Operating Company do not result in a change of control, the transactions are accounted for as equity transactions under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 810, “Consolidation.” This guidance requires that any differences between the carrying value of the Partnership’s basis in the Operating Company and the fair value of the consideration received are recognized directly in equity and attributed to the controlling interest.
Revenue Recognition and Real Estate Revenue Recognition	Midstream Revenue Recognition Midstream revenues are comprised of crude oil and natural gas gathering and transportation services, produced water gathering and disposal and water sourcing and distribution services. The Partnership provides gathering and compression and water handling and treatment services under fee-based contracts based on throughput. Under these arrangements, the Partnership receives fees for gathering crude oil and natural gas, compression services, and water handling, disposal, and treatment services. The revenue the Partnership earns from these arrangements is directly related to (i) in the case of natural gas gathering and compression, the volumes of metered natural gas that the Partnership gathers, compresses, transports and delivers to other transmission delivery points, (ii) in the case of oil gathering, the volumes of metered oil that the Partnership gathers, transports and delivers to other transmission delivery points, (iii) in the case of sourced water services, the quantities of sourced water obtained, transported and delivered to the Partnership’s customers for use in their well drilling and completion operations and (iv) in the case of produced water gathering and disposal services, the quantities of produced water gathered, transported and disposed of for the Partnership’s customers. The Partnership recognizes revenue when it satisfies a performance obligation by delivering a service to a customer. The Partnership earns substantially all of its midstream revenues from commercial agreements with Diamondback and its affiliates. The following is a summary of the Partnership’s types of commercial agreements with Diamondback: •Crude Oil Gathering Agreement. Under the crude oil gathering agreements, the Partnership receives a volumetric fee per Bbl for gathering and delivering crude oil produced within the acreage subject to the acreage dedications (the “Dedicated Acreage”). •Gas Gathering and Compression Agreement. Under the gas gathering and compression agreement, the Partnership receives a volumetric fee per MMBtu for gathering and processing all natural gas produced by Diamondback within the Dedicated Acreage. •Produced and Flowback Water Gathering and Disposal Agreements. Under the produced and flowback water gathering and disposal agreements, the Partnership receives a fee for gathering or disposing of water produced from operating crude oil and natural gas wells within the Dedicated Acreage. The fee is comprised of a volumetric fee per Bbl for the produced water services the Partnership provides. In addition, the Partnership retains the skim oil that is a part of the produced water. The skim oil is processed by a third party, which provides the Partnership a volumetric fee per Bbl. •Sourced Water Purchase and Services Agreements. Under the sourced water purchase and services agreements, the Partnership receives a fee for sourcing, transporting and delivering all raw sourced water and recycled sourced water required by Diamondback and third parties to carry out its oil and natural gas activities within the Dedicated Acreage. The fee is comprised of a volumetric fee per Bbl for the type of sourced water services the Partnership provides. Performance Obligations For gathering crude oil and natural gas, delivering sourced water, and collecting, recycling and disposing of produced water, the Partnership’s performance obligations are satisfied over time using volumes delivered to measure progress. The Partnership records revenue related to the volumes delivered at the contract price at the time of delivery. For water sales, each unit sold is generally considered a distinct good and the related performance obligation is generally satisfied at a point in time (i.e., at the time control of the water is transferred to the customer). The Partnership recognizes revenue from the sale of water when its contracted performance obligation to deliver water is satisfied and control of the water is transferred to the customer. This usually occurs when the water is delivered to the location specified in the contract and the title and risks of rewards and ownership are transferred to the customer. Transaction Price Allocated to Remaining Performance Obligations Under its revenue agreements, each delivery generally represents a separate performance obligation; therefore, future volumes delivered are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. Contract Balances Under the Partnership’s revenue agreements, the Partnership invoices customers after the Partnership’s performance obligations have been satisfied, at which point payment is unconditional. As such, the Partnership’s revenue agreements do not give rise to contract assets or liabilities. Real Estate Revenue Recognition The Partnership recognizes rental revenue from tenants on a straight-line basis over the lease term when collectability is reasonably assured and the tenant has taken possession or controls the physical use of the leased asset. Rental income—related party is comprised of revenues earned from lease agreements with Diamondback and its affiliates. Other real estate revenue is derived from tenants’ use of parking, telecommunications and miscellaneous services. Parking and other miscellaneous service revenue is recognized when the related services are utilized by the tenants. Tenant recoveries related to reimbursement of real estate taxes, insurance, repairs and maintenance and other operating expenses are recognized as revenue in the period the applicable expenses are incurred. The reimbursements are recognized and presented gross, as the Partnership is generally the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and bears the associated credit risk.
Concentrations	Concentrations The Partnership derives substantially all of its revenue from our commercial agreements with Diamondback, which carry initial terms ending in 2034. The Partnership operates produced water disposal wells with other working interest owners. The revenues and expenses related to these disposal activities are reported on a net basis as part of revenues and costs and expenses.
Income Taxes	Income Taxes The Partnership is treated as a corporation for U.S. federal income tax purposes as a result of its election to be treated as a corporation effective May 24, 2019. Subsequent to the effective date of the Partnership’s election, it is subject to U.S. federal and state income tax at corporate rates. The Partnership uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities and (ii) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized. The Partnership is continuing its practice of recognizing interest and penalties related to income tax matters as interest expense and general and administrative expenses, respectively. During the year ended December 31, 2020, there was no interest or penalties associated with uncertain tax positions recognized in the Partnership’s consolidated financial statements. See Note 14—Income Taxes for further details.
Capital Contributions	Capital Contributions A contribution of a set of assets and related liabilities (a “set”) to the Partnership from Diamondback is analyzed to determine whether the set meets the definition of a business in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, “Business Combinations”. A contribution of a set of assets that does not constitute a business is recognized at the date of the transfer at its carrying amount in the accounts of Diamondback in accordance with the guidance regarding transactions between entities under common control in ASC 805-50. Management then evaluates whether the asset contribution results in a change in the reporting entity, as defined in ASC Topic 250, “Accounting Changes and Error Corrections”. An asset contribution that does not constitute a change in the reporting entity is accounted for prospectively from the date of the transfer, while an asset contribution that constitutes a change in the reporting entity would result in retrospective application of the transaction.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses”. This update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Partnership adopted this update effective January 1, 2020. The adoption of this update did not have a material impact on the Partnership’s financial position, results of operations or liquidity since it does not have a history of credit losses. Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes". This update is intended to simplify the accounting for income taxes by removing certain exceptions and by clarifying and amending existing guidance. This update is effective for public business entities beginning after December 15, 2020 with early adoption permitted. The Partnership does not believe that the adoption of this update will have an impact on its financial position, results of operations or liquidity. The Partnership considers the applicability and impact of all ASUs. ASUs not listed above were assessed and determined to be either not applicable or clarifications of ASUs previously disclosed.
Revenue from Contracts with Customers	The Partnership generates revenues by charging fees on a per unit basis for gathering crude oil and natural gas, delivering and storing sourced water, and collecting, recycling and disposing of produced water.
Fair Value Measurements	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Partnership’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. The Partnership uses appropriate valuation techniques based on available inputs to measure the fair values of its assets and liabilities. Level 1 - Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 - Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of accrued liabilities

Accrued liabilities consists of the following:


	As of
	December 31, 2020		December 31, 2019
	(In thousands)
Capital expenditures accrued	$	5,328	$	42,160
Direct operating expenses accrued	18,160		22,119
Sourced water purchases accrued	3,597		9,531
Interest expense accrued	12,969		627
Other	2,454		2,188
Total accrued liabilities	$	42,508	$	76,625

Schedule of accumulated other comprehensive income

The following table provides changes in the components of accumulated other comprehensive income, net of related income tax effects:


	(In thousands)
Balance as of December 31, 2019	$	(823)
Other comprehensive income (loss)	298
Balance as of December 31, 2020	$	(525)

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

12 Months Ended

Dec. 31, 2020

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of revenue

The table also identifies the operating business segment to which the disaggregated revenues relate. For more information on operating business segments, see Note 18—Segment Information.


	Year Ended December 31,
	2020		2019		2018		Segment
	(In thousands)
Type of Service:
Sourced water gathering	$	68,800	$	115,135	$	76,976	Midstream
Produced water gathering and disposal	290,043		275,882		72,352		Midstream
Crude oil gathering	29,862		27,206		16,038		Midstream
Natural gas gathering	20,479		14,317		6,447		Midstream
Surface revenue (non ASC 606 revenues)	1,029		904		875		Midstream
Real estate contracts (non ASC 606 revenues)	13,692		14,229		11,779		Real Estate
Total revenues	$	423,905	$	447,673	$	184,467

REAL ESTATE ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Schedule of real estate assets and intangible lease assets

The following schedules present the cost and related accumulated depreciation or amortization (as applicable) of the Partnership’s real estate assets and intangible lease assets:


		As of December 31,
	Estimated Useful Lives	2020		2019
	(Years)	(In thousands)
Buildings	20-30	$	102,918	$	102,375
Tenant improvements	15	4,506		4,501
Land	N/A	2,437		2,437
Land improvements	15	484		484
Total real estate assets		110,345		109,797
Less: accumulated depreciation		(13,658)		(8,681)
Total investment in real estate, net		$	96,687	$	101,116


		As of December 31,
	Weighted Average Useful Lives	2020		2019
	(Months)	(In thousands)
In-place lease intangibles	45	$	11,405	$	11,389
Less: accumulated amortization		(8,980)		(5,927)
In-place lease intangibles, net		2,425		5,462

Above-market lease intangibles	45	3,623		3,623
Less: accumulated amortization		(1,786)		(1,015)
Above-market lease intangibles, net		1,837		2,608
Total intangible lease assets, net		$	4,262	$	8,070

Schedule of amortization expense

The following table presents the Partnership’s estimated amortization expense related to lease intangibles for the periods indicated (in thousands):



2021		2022		2023		2024		2025		Thereafter
$	751	$	626	$	729	$	832	$	880	$	444

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

The following table sets forth the Partnership’s property, plant and equipment:


	Estimated	As of December 31,
	Useful Lives	2020		2019
	(Years)	(In thousands)
Produced water disposal systems	10-30	$	654,545	$	600,797
Crude oil gathering systems(1)	30	133,998		129,658
Natural gas gathering and compression systems(1)	10-30	112,072		98,426
Sourced water gathering systems(1)	30	112,162		101,887
Total property, plant and equipment		1,012,777		930,768
Less: accumulated depreciation, amortization and accretion		(100,728)		(61,132)
Land	N/A	85,826		86,072
Total property, plant and equipment, net		$	997,875	$	955,708

ASSET RETIREMENT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2020

Asset Retirement Obligation [Abstract]

Schedule of asset retirement obligation

The following table reflects the changes in the Partnership’s asset retirement obligation for the following periods:


	Year Ended December 31,
	2020		2019
	(In thousands)
Asset retirement obligations, beginning of period	$	11,347	$	561
Liabilities incurred	3,056		9,188
Liabilities settled and divested	(347)		(21)
Estimates revised	—		5
Accretion expense during period	1,072		1,614
Asset retirement obligation, end of period	15,128		11,347
Less current portion of asset retirement obligations	35		—
Asset retirement obligations, long-term	$	15,093	$	11,347

EQUITY METHOD INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of equity method investments

The following table presents the carrying values of the Partnership’s equity method investments as of the dates indicated:


	Ownership Interest		December 31, 2020		December 31, 2019
			(In thousands)
EPIC Crude Holdings, LP	10	%	$	120,863	$	109,806
Gray Oak Pipeline, LLC	10	%	130,353		115,840
Wink to Webster Pipeline LLC	4	%	82,631		34,124
OMOG JV LLC	60	%	193,726		219,098
Amarillo Rattler, LLC	50	%	5,354		690
Total			$	532,927	$	479,558

The following summarizes the income (loss) of equity method investees reflected in the Consolidated Statement of Operations for the periods indicated:


	Year Ended December 31,
	2020		2019
	(In thousands)
EPIC Crude Holdings, LP	$	(8,761)	$	(6,597)
Gray Oak Pipeline, LLC	9,911		831
Wink to Webster Pipeline LLC	(1,655)		(539)
OMOG JV LLC	(8,950)		(24)
Amarillo Rattler, LLC	(426)		—

Total	$	(9,881)	$	(6,329)

The following tables set forth summarized financial information of the Partnership’s equity method investments for the periods indicated:


	As of December 31,
	2020		2019
Balance Sheet	(In thousands)
Current assets	$	435,903	$	550,624
Property, plant and equipment	7,041,573		5,190,371
Other assets	158,861		196,470
Total assets	7,636,337		5,937,465
Current liabilities	243,884		516,155
Other liabilities	2,586,449		2,051,110
Member's Equity	4,806,004		3,370,200
Total liabilities and member's equity	$	7,636,337	$	5,937,465


	Year Ended December 31,
	2020		2019
Income Statement	(In thousands)
Revenue	$	444,869	$	53,898
Operating expenses	$	378,209	$	116,400
Net income (loss)	$	(36,694)	$	(72,227)

DEBT (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consisted of the following as of the dates indicated:


	As of December 31,
	2020		2019
	(In thousands)
5.625% Senior Notes due 2025	$	500,000	$	—
Operating Company revolving credit facility	79,000		424,000
Unamortized debt issuance costs	(9,053)		—
Total long-term debt	$	569,947	$	424,000

Schedule of financial covenants

The Credit Agreement also contains financial maintenance covenants that require the maintenance of the financial ratios described below:


Financial Covenant						Required Ratio
Consolidated Total Leverage Ratio						Not greater than 5.00 to 1.00 (or not greater than 5.50 to 1.00 for 3 fiscal quarters following certain acquisitions), but if the Consolidated Senior Secured Leverage Ratio (as defined in the Credit Agreement) is applicable, then not greater than 5.25 to 1.00)
Consolidated Senior Secured Leverage Ratio commencing with the last day of any fiscal quarter in which the Financial Covenant Election (as defined in the Credit Agreement) is made						Not greater than 3.50 to 1.00
Consolidated Interest Coverage Ratio (as defined in the Credit Agreement)						Not less than 2.50 to 1.00

UNIT-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of nonvested share activity

The following table presents the phantom unit activity under the LTIP for the year ended December 31, 2020:


	Phantom Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2019	2,226,895	$	19.14
Granted	348,379	$	6.51
Vested	(460,781)	$	19.06
Forfeited	(24,825)	$	17.54
Unvested at December 31, 2020	2,089,668	$	17.07

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of partnership’s common units

The following table summarizes changes in the number of the Partnership’s common units:


			Common Units
Balance at December 31, 2019			43,700,000

Common units vested and issued under the LTIP			459,708
Units repurchased for tax withholding			(153,071)
Units repurchased under the repurchase program			(1,650,000)

Balance at December 31, 2020			42,356,637

Schedule of change in ownership interest

The following table summarizes changes in the ownership interest in consolidated subsidiaries during the period:


	Year Ended December 31,
		2020		2019
		(In thousands)
Net income attributable to the Partnership		$	34,691	$	28,802

Change in ownership of consolidated subsidiaries		(330,924)		—




Change from net income (loss) attributable to the Partnership's unitholders and transfers to non-controlling interest		$	(296,233)	$	28,802

Schedule of cash distributions

The following table presents cash distributions approved by the board of directors of the General Partner for the periods presented:

Declaration Date

Quarter(1)

Amount per Common Unit

Payment Date

October 31, 2019

Q3 2019(2)

0.34

November 22, 2019

February 13, 2020

Q4 2019

0.29

March 10, 2020

April 30, 2020

Q1 2020

0.29

May 26, 2020

July 31, 2020

Q2 2020

0.29

August 24, 2020

October 29, 2020

Q3 2020

0.20

November 23, 2020

February 17, 2021

Q4 2020

0.20

March 15, 2021

(1) Distributions are shown for the quarter in which they were generated.

(2) The Q3 2019 distribution also includes amounts attributable to Q2 2019 commencing upon the closing of the IPO.

EARNINGS PER COMMON UNIT (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of basic and diluted net income per common unit

during the period. Diluted earnings per common unit also considers the dilutive effect of unvested common units granted under the LTIP, calculated using the treasury stock method.


	Year Ended		May 28, 2019 to
	December 31, 2020		December 31, 2019
	(In thousands, except per unit amounts)
Net income (loss) attributable to Rattler Midstream LP	$	34,691	$	28,802
Less: net income allocated to participating securities(1)	(2,238)		(751)
Net income attributable to common unitholders	32,453		28,051
Weighted average common units outstanding:
Basic weighted average common units outstanding	43,739		43,622
Effect of dilutive securities:
Potential common units issuable(2)	—		—
Diluted weighted average common units outstanding	43,739		43,622
Net income per common unit, basic	$	0.74	$	0.64
Net income per common unit, diluted	$	0.74	$	0.64

(1) Distribution equivalent rights granted to employees are considered participating securities.

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Related Party Transactions

Revenues generated from commercial agreements with Diamondback consist of the following:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Crude oil gathering	$	10,006	$	9,864	$	14,462
Natural gas gathering	20,479		14,317		6,447
Produced water gathering and disposal	281,106		271,634		72,264
Sourced water gathering	67,336		112,748		75,912
Surface revenue	162		557		311
Total	$	379,089	$	409,120	$	169,396

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of the provision for income taxes

The components of the provision for income taxes from continuing operations for the years ended December 31, 2020, 2019 and 2018 are as follows:


	Year Ended December 31,
	2020		2019 Subsequent to IPO		2019 Prior to IPO		2018
					Predecessor		Predecessor
	(In thousands)
Current income tax provision:
Federal	$	—	$	—	$	7,694	$	11,089
State	206		189		270		425
Total current income tax provision	206		189		7,964		11,514
Deferred income tax provision:
Federal	9,648		7,600		9,983		5,689
State	375		282		235		156
Total deferred income tax provision	10,023		7,882		10,218		5,845
Total provision for income taxes	$	10,229	$	8,071	$	18,182	$	17,359

Reconciliation of statutory federal income tax amount to the recorded expense

A reconciliation of the statutory federal income tax amount from continuing operations to the recorded expense is as follows:


	Year Ended December 31,
	2020		2019 Subsequent to IPO		2019 Prior to IPO		2018
					Predecessor		Predecessor
	(In thousands)
Income tax expense at the federal statutory rate (21%)	$	32,536	$	26,679	$	17,677	$	16,867
Impact of nontaxable noncontrolling interest	(23,103)		(18,982)		—		—
State income tax expense, net of federal tax effect	458		372		505		492

Other, net	338		2		—		—
Provision for income taxes	$	10,229	$	8,071	$	18,182	$	17,359

Components of the Partnership’s deferred tax assets and liabilities

The components of the deferred tax assets and liabilities as of December 31, 2020 and 2019 of the Partnership are as follows:


	Year Ended December 31,
	2020		2019
	(In thousands)
Deferred tax assets
Net operating loss and other carryforwards (indefinite life)	$	15,684	$	232
Investment in the Operating Company	57,580		—

Total deferred tax assets	73,264		232
Deferred tax liabilities
Investment in the Operating Company	—		8,059


Total deferred tax liabilities	—		8,059
Net deferred tax assets (liabilities)	$	73,264	$	(7,827)

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair value measurement information for financial instruments measured on a nonrecurring basis

The following table provides the fair value of financial instruments that are not recorded at fair value in the consolidated balance sheets:


	December 31, 2020				December 31, 2019
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
	(In thousands)
Debt:
5.625% Senior Notes due 2025	$	490,947	$	528,125	$	—	$	—
Operating Company revolving credit facility	79,000		79,000		424,000		424,000

(1) The carrying value includes associated deferred loan costs and any remaining discount or premium, if any.

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Commitments

The following is a schedule of minimum future payments with commitments that have initial or remaining non-cancelable terms in excess of one year as of December 31, 2020:


Year Ending December 31,	Volume Commitment Agreements
	(In thousands)
2021	$	4,563
2022	4,563
2023	4,563
2024	4,563
2025	4,561
Thereafter	32,850
Total	$	55,663

During December 2020, the Partnership entered into a water services agreement for produced water disposal services, which has a term of fourteen years.

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of operating business segments

The following tables summarize the results of the Partnership’s operating business segments during the periods presented:


	Year Ended December 31, 2020
	Midstream Services		Real Estate Operations		Total
	(In thousands)
Revenues—related party	$	379,089	$	—	$	379,089
Revenues—third party	31,124		—		31,124
Rental income—related party	—		7,495		7,495
Rental income—third party	—		5,340		5,340
Other real estate income—related party	—		306		306
Other real estate income—third party	—		551		551
Total revenues	410,213		13,692		423,905
Direct operating expenses	131,393		—		131,393
Cost of goods sold (exclusive of depreciation and amortization)	38,370		—		38,370
Real estate operating expenses	—		2,361		2,361
Depreciation, amortization and accretion	45,092		8,031		53,123
Impairment	918		—		918
(Gain) loss on disposal of property, plant and equipment	(729)		—		(729)
(Income) loss from equity method investments	9,881		—		9,881
Segment profit	185,288		3,300		188,588
General and administrative expenses					(16,367)
Interest income (expense), net					(17,287)
Net income (loss) before income taxes	185,288		3,300		154,934
Provision for (benefit from) income taxes					10,229
Net income (loss)	$	185,288	$	3,300	$	144,705

Segment assets	$	1,529,312	$	102,439	$	1,808,588
Capital expenditures	$	136,174	$	646	$	136,820
Equity method investments	$	532,927	$	—	$	532,927


	Year Ended December 31, 2019
	Midstream Services		Real Estate Operations		Total
	(In thousands)
Revenues—related party	$	409,120	$	—	$	409,120
Revenues—third party	24,324		—		24,324
Rental income—related party	—		4,771		4,771
Rental income—third party	—		7,890		7,890
Other real estate income—related party	—		379		379
Other real estate income—third party	—		1,189		1,189
Total revenues	433,444		14,229		447,673
Direct operating expenses	106,311		—		106,311
Cost of goods sold (exclusive of depreciation and amortization)	62,856		—		62,856
Real estate operating expenses	—		2,643		2,643
Depreciation, amortization and accretion	34,775		7,561		42,336
(Gain) loss on disposal of property, plant and equipment	1,524		—		1,524
(Income) loss from equity method investments	6,329		—		6,329
Segment profit	221,649		4,025		225,674
General and administrative expenses					(12,663)
Interest income (expense), net					(1,039)
Net income (loss) before income taxes	221,649		4,025		211,972
Provision for (benefit from) income taxes					26,253
Net income (loss)	$	221,649	$	4,025	$	185,719

Segment assets	$	1,433,776	$	110,676	$	1,636,393
Capital expenditures	$	241,786	$	—	$	241,786
Equity method investments	$	479,558	$	—	$	479,558


	Year Ended December 31, 2018
	Midstream Services		Real Estate Operations		Total
	(In thousands)
Revenues—related party	$	169,396	$	—	$	169,396
Revenues—third party	3,292		—		3,292
Rental income—related party	—		2,383		2,383
Rental income—third party	—		8,125		8,125
Other real estate income—related party	—		228		228
Other real estate income—third party	—		1,043		1,043
Total revenues	172,688		11,779		184,467
Direct operating expenses	33,714		—		33,714
Cost of goods sold (exclusive of depreciation and amortization)	38,852		—		38,852
Real estate operating expenses	—		1,872		1,872
Depreciation, amortization and accretion	18,088		7,046		25,134
(Gain) loss on disposal of property, plant and equipment	2,577		—		2,577

Segment profit	79,457		2,861		82,318
General and administrative expenses					(1,999)

Net income (loss) before income taxes	79,457		2,861		80,319
Provision for (benefit from) income taxes					17,359
Net income (loss)	$	79,457	$	2,861	$	62,960

Segment assets	$	456,454	$	105,467	$	604,017
Capital expenditures	$	164,876	$	—	$	164,876

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Millions		12 Months Ended
	May 28, 2019 USD ($) $ / shares shares	Dec. 31, 2020 segment shares	Feb. 19, 2021 shares	Dec. 31, 2019 shares
Limited Partners' Capital Account [Line Items]
Cash contribution from Diamondback \| $	$ 1.0
Cash contribution from the general partner \| $	1.0
Payments of distributions to affiliates \| $	$ 726.5
General partners capital account, percentage of preferred cash distribution received	8.00%
Number of operating segments \| segment		2
IPO
Limited Partners' Capital Account [Line Items]
Common units issued (in shares) \| shares	43,700,000
Shares price (in dollars per share) \| $ / shares	$ 17.50
Net proceeds received from sale of common units \| $	$ 719.4
Class B Units
Limited Partners' Capital Account [Line Items]
Common units issued (in shares) \| shares	107,815,152	107,815,152		107,815,152
Units outstanding (in shares) \| shares		107,815,152	107,815,152	107,815,152
Diamondback Energy, Inc. \| Class B Units
Limited Partners' Capital Account [Line Items]
Units outstanding (in shares) \| shares		107,815,152
Rattler MIdstream LP
Limited Partners' Capital Account [Line Items]
General partners, ownership interest		100.00%
Limited partners, ownership interest	71.00%
Rattler MIdstream LP \| Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Limited partners, ownership interest		72.00%
Rattler Midstream Partners LLC
Limited Partners' Capital Account [Line Items]
General partners, ownership interest	29.00%	28.00%
Rattler Midstream Partners LLC \| IPO
Limited Partners' Capital Account [Line Items]
General partners, ownership interest	29.00%
Rattler Midstream Partners LLC \| Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Limited partners, ownership interest		72.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable and Property, Plant and Equipment and Impairment of Long-Lived Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Accounts receivable, allowance for credit Loss		$ 0
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets held-for-use		$ 0	$ 0
Minimum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives (in years)	10 years
Maximum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives (in years)	30 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Capital expenditures accrued	$ 5,328	$ 42,160
Direct operating expenses accrued	18,160	22,119
Sourced water purchases accrued	3,597	9,531
Interest expense accrued	12,969	627
Other	2,454	2,188
Total accrued liabilities	$ 42,508	$ 76,625

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accumulated Other Comprehensive Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	$ 1,115,840
Other comprehensive income (loss)	298
Ending balance	1,180,100
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(823)
Ending balance	$ (525)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Unrecognized tax benefits, income tax penalties and interest expense	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Capital Contributions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Contributed Assets [Line Items]
Contribution of property	$ 456.1
Capital contribution related to equity method investments	149.5
Capital contribution related to elimination of current and deferred liabilities	31.1
Capital contribution in additional assets and liabilities, net, related to operations	(25.3)
Office building
Contributed Assets [Line Items]
Contribution of property	9.2
Land
Contributed Assets [Line Items]
Contribution of property	18.1
Sourced water asset
Contributed Assets [Line Items]
Contribution of property	9.4
Produced water disposal assets
Contributed Assets [Line Items]
Contribution of property	228.3
Crude oil assets
Contributed Assets [Line Items]
Contribution of property	$ 35.8

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Surface revenue (non ASC 606 revenues)	$ 1,029	$ 904	$ 875
Real estate contracts (non ASC 606 revenues)	13,692	14,229	11,779
Total revenues	423,905	447,673	184,467
Sourced water gathering
Disaggregation of Revenue [Line Items]
ASC 606 revenues	68,800	115,135	76,976
Produced water gathering and disposal
Disaggregation of Revenue [Line Items]
ASC 606 revenues	290,043	275,882	72,352
Crude oil gathering
Disaggregation of Revenue [Line Items]
ASC 606 revenues	29,862	27,206	16,038
Natural gas gathering
Disaggregation of Revenue [Line Items]
ASC 606 revenues	$ 20,479	$ 14,317	$ 6,447

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

ACQUISITIONS AND DIVESTITURES (Details) bbl in Thousands, $ in Millions					3 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($) sWDWell	Jan. 01, 2019 USD ($) sWDWell well system pit pWDWell	Jan. 31, 2018 USD ($) officeTower	Jan. 01, 2018 USD ($)	Dec. 31, 2019 USD ($) bbl well	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Property, Plant and Equipment [Line Items]
Contribution of property						$ 456.1
Payment to acquire produced water disposal wells and related assets					$ 17.3
Increase of disposal capacity (in barrels per day) \| bbl					65
Delaware Basin
Property, Plant and Equipment [Line Items]
Number of water disposal wells acquired \| well					3
Midland Basin
Property, Plant and Equipment [Line Items]
Number of water disposal wells acquired \| well					1
Sourced Water Asset Contribution
Property, Plant and Equipment [Line Items]
Contribution of property				$ 32.8
Sourced Water Inventory Contribution
Property, Plant and Equipment [Line Items]
Contribution of property				$ 6.0
Tall Tower
Property, Plant and Equipment [Line Items]
Contribution of property			$ 110.0
Number of office towers acquired \| officeTower			2
Midstream Assets
Property, Plant and Equipment [Line Items]
Contribution of property							$ 18.2
Midstream Land
Property, Plant and Equipment [Line Items]
Contribution of property							1.5
Field office
Property, Plant and Equipment [Line Items]
Contribution of property							$ 1.3
Ajax \| Water Wells
Property, Plant and Equipment [Line Items]
Number of oil and gas properties \| well		17
Ajax \| Produced Water Disposal
Property, Plant and Equipment [Line Items]
Number of oil and gas properties \| sWDWell		4
Ajax \| Gathering system
Property, Plant and Equipment [Line Items]
Number of oil and gas properties \| system		1
Ajax \| Hydraulic Fracturing Pits
Property, Plant and Equipment [Line Items]
Number of oil and gas properties \| pit		5
Ajax \| Sourced Water Transportation System
Property, Plant and Equipment [Line Items]
Number of oil and gas properties \| system		1
Ajax \| Ajax Contribution
Property, Plant and Equipment [Line Items]
Contribution of property		$ 21.5
Energen
Property, Plant and Equipment [Line Items]
Asset retirement obligations, associated with assets contribution		$ 3.0
Energen \| Produced Water Disposal
Property, Plant and Equipment [Line Items]
Number of oil and gas properties \| pWDWell		56
Energen \| Energen Contribution
Property, Plant and Equipment [Line Items]
Contribution of property		$ 279.0
Disposal Wells Divestiture
Property, Plant and Equipment [Line Items]
Proceeds from sale	$ 18.7
Gain on disposal	$ 4.9
Disposal Wells Divestiture \| Produced Water Disposal
Property, Plant and Equipment [Line Items]
Number of oil and gas properties \| sWDWell	5

REAL ESTATE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
REAL ESTATE ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Line Items]
Buildings	$ 102,918	$ 102,375
Tenant improvements	4,506	4,501
Land	2,437	2,437
Land improvements	484	484
Total real estate assets	110,345	109,797
Less: accumulated depreciation	(13,658)	(8,681)
Total investment in real estate, net	96,687	101,116
Finite-lived intangibles assets, net	4,262	8,070
Payments to acquire real estate and real estate joint ventures		456,100
Depreciation and amortization expense for real estate assets	$ 8,000	7,600	$ 7,000
Minimum
Real Estate [Line Items]
Property and equipment estimated useful lives (in years)	10 years
Maximum
Real Estate [Line Items]
Property and equipment estimated useful lives (in years)	30 years
In-place lease intangibles
Real Estate [Line Items]
Intangible assets, weighted average useful lives (in years)	45 months
Finite-lived intangible assets, gross	$ 11,405	11,389
Less: accumulated amortization	(8,980)	(5,927)
Finite-lived intangibles assets, net	$ 2,425	5,462
Above-market lease intangibles
Real Estate [Line Items]
Intangible assets, weighted average useful lives (in years)	45 months
Finite-lived intangible assets, gross	$ 3,623	3,623
Less: accumulated amortization	(1,786)	(1,015)
Finite-lived intangibles assets, net	$ 1,837	$ 2,608
Buildings \| Minimum
Real Estate [Line Items]
Property and equipment estimated useful lives (in years)	20 years
Buildings \| Maximum
Real Estate [Line Items]
Property and equipment estimated useful lives (in years)	30 years
Tenant improvements
Real Estate [Line Items]
Property and equipment estimated useful lives (in years)	15 years
Land improvements
Real Estate [Line Items]
Property and equipment estimated useful lives (in years)	15 years
A-Street Building
Real Estate [Line Items]
Payments to acquire real estate and real estate joint ventures	$ 9,200

REAL ESTATE ASSETS (Estimated Amortization Expense) (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Real Estate [Abstract]
2021	$ 751
2022	626
2023	729
2024	832
2025	880
Thereafter	$ 444

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,012,777,000	$ 930,768,000
Less: accumulated depreciation, amortization and accretion	(100,728,000)	(61,132,000)
Land	85,826,000	86,072,000
Property, plant and equipment, net	997,875,000	955,708,000
Assets not subject to depreciation, amortization and accretion	27,500,000	138,600,000
Depreciation expense related to property, plant and equipment	43,800,000	33,200,000	$ 18,100,000
Capitalized internal costs	$ 2,800,000	5,100,000	$ 0
Minimum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives (in years)	10 years
Maximum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives (in years)	30 years
Produced water disposal systems
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 654,545,000	600,797,000
Produced water disposal systems \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives (in years)	10 years
Produced water disposal systems \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives (in years)	30 years
Crude oil gathering systems
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives (in years)	30 years
Property, plant and equipment	$ 133,998,000	129,658,000
Natural gas gathering and compression systems
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 112,072,000	98,426,000
Natural gas gathering and compression systems \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives (in years)	10 years
Natural gas gathering and compression systems \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives (in years)	30 years
Sourced water gathering systems
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful lives (in years)	30 years
Property, plant and equipment	$ 112,162,000	$ 101,887,000

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Asset Retirement Obligation, Roll Forward Analysis
Asset retirement obligations, beginning of period	$ 11,347	$ 561
Liabilities incurred	3,056	9,188
Liabilities settled and divested	(347)	(21)
Estimates revised	0	5
Accretion expense during period	1,072	1,614
Asset retirement obligation, end of period	15,128	11,347
Less current portion of asset retirement obligations	35	0
Asset retirement obligations	$ 15,093	$ 11,347

EQUITY METHOD INVESTMENTS - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 20, 2019	Oct. 01, 2019	Feb. 15, 2019	Feb. 01, 2019
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 532,927	$ 479,558
Income (loss) of equity method investees	$ (9,881)	(6,329)	$ 0
EPIC Crude Holdings, LP
Schedule of Equity Method Investments [Line Items]
Ownership Interest	10.00%						10.00%
Equity method investments	$ 120,863	109,806
Income (loss) of equity method investees	$ (8,761)	(6,597)
Gray Oak Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	10.00%					10.00%
Equity method investments	$ 130,353	115,840
Income (loss) of equity method investees	$ 9,911	831
Wink to Webster Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	4.00%
Equity method investments	$ 82,631	34,124
Income (loss) of equity method investees	$ (1,655)	(539)
OMOG JV LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	60.00%				60.00%
Equity method investments	$ 193,726	219,098
Income (loss) of equity method investees	$ (8,950)	(24)
Amarillo Rattler, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	50.00%			50.00%
Equity method investments	$ 5,354	690
Income (loss) of equity method investees	$ (426)	$ 0

EQUITY METHOD INVESTMENTS - Narrative (Details) bbl in Thousands, Mcf in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) bbl Mcf	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 20, 2019 Mcf mi	Nov. 07, 2019	Oct. 01, 2019	Jul. 30, 2019	Mar. 29, 2019 USD ($)	Feb. 15, 2019	Feb. 01, 2019
Schedule of Equity Method Investments [Line Items]
Pipeline transportation capacity \| bbl	1,500
Equity method investments	$ 532,927,000	$ 479,558,000
Aggregate difference between the carrying amounts of these investments and the amounts of underlying equity in net assets	(4,000,000.0)	7,000,000.0
Impairment loss	$ 0	0	$ 0
Joint Venture of Wink to Webster Project
Schedule of Equity Method Investments [Line Items]
Ownership Interest							71.00%
Member ownership percentage							4.00%
Gray Oak Pipeline, LLC \| 2.52% Short-Term Promissory Note
Schedule of Equity Method Investments [Line Items]
Borrowing amount								$ 123,000,000.0
Promissory note stated interest rate								2.52%
OMOG JV LLC \| Reliance Gathering, LLC
Schedule of Equity Method Investments [Line Items]
Percentage acquired					100.00%
Amarillo Rattler, LLC \| Dawson, Martin And Andrews Counties, Texas
Schedule of Equity Method Investments [Line Items]
Distance of gathering and regional transportation pipelines \| mi				84
EPIC Crude Holdings, LP
Schedule of Equity Method Investments [Line Items]
Ownership Interest	10.00%									10.00%
Equity method investments	$ 120,863,000	109,806,000
Gray Oak Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	10.00%								10.00%
Equity method investments	$ 130,353,000	115,840,000
OMOG JV LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	60.00%					60.00%
Equity method investments	$ 193,726,000	219,098,000
Impairment loss	$ (15,800,000)
Amarillo Rattler, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Interest	50.00%			50.00%
Gas gathering and cryogenic processing system capacity \| Mcf	30
Equity method investments	$ 5,354,000	$ 690,000
Amarillo Rattler, LLC \| Dawson, Martin And Andrews Counties, Texas
Schedule of Equity Method Investments [Line Items]
Gas gathering and cryogenic processing system capacity \| Mcf				40
Amarillo Rattler, LLC \| Martin County, Texas
Schedule of Equity Method Investments [Line Items]
Gas gathering and cryogenic processing system capacity \| Mcf				60

EQUITY METHOD INVESTMENTS - Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Balance Sheet
Current assets	$ 98,267	$ 85,727
Property, plant and equipment	1,012,777	930,768
Other assets	4,732	5,796
Total assets	1,808,588	1,636,393	$ 604,017
Current liabilities	43,448	77,379
Member's Equity	1,180,100	1,115,840	527,126	$ 292,608
Total liabilities and unitholders’ equity	1,808,588	1,636,393
Income Statement
Total revenues	423,905	447,673	184,467
Net income	144,705	185,719	$ 62,960
Equity Method Investment
Balance Sheet
Current assets	435,903	550,624
Property, plant and equipment	7,041,573	5,190,371
Other assets	158,861	196,470
Total assets	7,636,337	5,937,465
Current liabilities	243,884	516,155
Other Liabilities	2,586,449	2,051,110
Member's Equity	4,806,004	3,370,200
Total liabilities and unitholders’ equity	7,636,337	5,937,465
Income Statement
Total revenues	444,869	53,898
Operating expenses	378,209	116,400
Net income	$ (36,694)	$ (72,227)

DEBT (Details) - USD ($)		12 Months Ended
DEBT (Details) - USD ($)	Jul. 14, 2020	Dec. 31, 2020	Dec. 31, 2019	May 28, 2019
Line of Credit Facility [Line Items]
Unamortized debt issuance costs		$ (9,053,000)	$ 0
Total long-term debt		569,947,000	424,000,000
5.625% Senior Notes due 2025
Line of Credit Facility [Line Items]
Operating Company revolving credit facility		$ 500,000,000	0
Interest rate		5.625%
Proceeds from issuance of debt	$ 489,500,000
Rattler Credit Facility
Line of Credit Facility [Line Items]
Operating Company revolving credit facility		$ 79,000,000	$ 424,000,000
Revolving credit facility maximum borrowing capacity				$ 600,000,000.0
Revolving credit facility maximum borrowing capacity, subject to commitments				$ 1,000,000,000.0
Available borrowings capacity		$ 521,000,000.0
Weighted average interest rate		2.10%	3.13%
Rattler Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Commitment fee on the unused portion of the borrowing base		0.25%
Rattler Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Commitment fee on the unused portion of the borrowing base		0.375%
Rattler Credit Facility \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.25%
Rattler Credit Facility \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.25%
Rattler Credit Facility \| LIBOR \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.25%
Rattler Credit Facility \| LIBOR \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.25%

DEBT - Financial Covenants (Details) - Rattler Credit Facility	12 Months Ended
	Dec. 31, 2020
Maximum
Line of Credit Facility [Line Items]
Consolidated Total Leverage Ratio	5.00
Consolidated Total Leverage Ratio, for three fiscal quarters following certain acquisitions	5.50
Consolidated Total Leverage Ratio when consolidated senior secured leverage ration is applicable	5.25
Consolidated Senior Secured Leverage, not greater than 3.50	3.50
Minimum
Line of Credit Facility [Line Items]
Consolidated Interest Coverage Ratio, not less than 2.50	2.50

UNIT-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common units reserved for issuance (in shares)	14,844,878
Unit-based compensation expenses	$ 8.9	$ 5.2
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of phantom units that vested during the year	8.8
Unrecognized compensation cost related to unvested phantom units	$ 30.3
Unrecognized compensation cost related to unvested phantom units, period for recognition	3 years 2 months 26 days

UNIT-BASED COMPENSATION - Phantom Units (Details) - Phantom Share Units (PSUs) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Phantom Units
Unvested beginning balance (in shares)	2,226,895
Granted (in shares)	348,379
Vested (in shares)	(460,781)
Forfeited (in shares)	(24,825)
Unvested ending balance (in shares)	2,089,668
Weighted Average Grant-Date Fair Value
Unvested beginning balance (in USD Per share)	$ 17.07	$ 19.14
Granted (in USD Per share)	6.51
Vested (in USD Per share)	19.06
Forfeited (in USD Per share)	17.54
Unvested ending balance (in USD Per share)	$ 17.07	$ 19.14

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS - Additional Information (Details) - USD ($)	3 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Feb. 19, 2021	Oct. 29, 2020	Jul. 31, 2020	Apr. 30, 2020	Feb. 13, 2020	Oct. 31, 2019	May 28, 2019
Limited Partners' Capital Account [Line Items]
Amount of shares repurchased			$ 14,741,000
Change in ownership of consolidated subsidiaries, net			91,134,000
Limited Partners
Limited Partners' Capital Account [Line Items]
Change in ownership of consolidated subsidiaries, net		$ 0	$ (330,924,000)	$ 0
Common Units
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units issued (in shares)	43,700,000	43,700,000	42,356,637	43,700,000
Units outstanding (in shares)	43,700,000	43,700,000	42,356,637	43,700,000
Authorized amount in repurchase program						$ 100,000,000.0
Amount of shares repurchased			$ 14,700,000
Remaining authorized repurchase amount			$ 85,300,000
Partners' capital, cash distribution (in USD per common unit)						$ 0.20	$ 0.29	$ 0.29	$ 0.29	$ 0.34	$ 0.25
Partners' capital, cash distribution, period of record date after quarter end	65 days		60 days
Common Units \| Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Units outstanding (in shares)			0
Class B Units
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units issued (in shares)	107,815,152	107,815,152	107,815,152	107,815,152							107,815,152
Units outstanding (in shares)	107,815,152	107,815,152	107,815,152	107,815,152	107,815,152
Class B Units \| Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Units outstanding (in shares)			107,815,152

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS - Changes in Number of Partnership's units (Details) - Common Units	12 Months Ended
	Dec. 31, 2020 shares
Increase (Decrease) in Partners' Capital
Units outstanding, begging balance (in shares)	43,700,000
Common units vested and issued under the LTIP (in shares)	459,708
Units repurchased for tax withholding (in shares)	(153,071)
Repurchased units as part of unit buyback (in shares)	(1,650,000)
Units outstanding, ending balance (in shares)	42,356,637

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS - Ownership Interest in Subsidiary Changes (Details) - USD ($)	7 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the period		$ 34,691,000	$ 28,802,000
Change in ownership of consolidated subsidiaries, net		91,134,000
Limited Partners
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the period		34,691,000	28,802,000
Change in ownership of consolidated subsidiaries, net	$ 0	(330,924,000)	0
Change from net income (loss) attributable to the Partnership's unitholders and transfers to non-controlling interest		$ (296,233,000)	$ 28,802,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS - Schedule of Partnership Cash Distributions (Details) - $ / shares	Oct. 29, 2020	Jul. 31, 2020	Apr. 30, 2020	Feb. 13, 2020	Oct. 31, 2019	May 28, 2019
Common Units
Distribution Made to Limited Partner [Line Items]
Partners' capital, cash distribution (in USD per common unit)	$ 0.20	$ 0.29	$ 0.29	$ 0.29	$ 0.34	$ 0.25

EARNINGS PER COMMON UNIT (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share
Net income (loss) attributable to Rattler Midstream LP	$ 34,691	$ 28,802
Less: net income allocated to participating securities	(2,238)	(751)
Net income attributable to common unitholders	$ 32,453	$ 28,051
Basic weighted average common units outstanding (in shares)	43,739,000	43,622,000
Effect of dilutive securities:
Potential common units issuable (in shares)	0	0
Diluted weighted average common units outstanding (in shares)	43,739,000	43,622,000
Net income per common unit, basic (in USD per share)	$ 0.74	$ 0.64
Net income per common unit, diluted (in USD per share)	$ 0.74	$ 0.64

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 27, 2019	Jan. 01, 2019
Related Party Transaction [Line Items]
Property, plant and equipment, net	$ 997,875	$ 955,708
Asset retirement obligation	15,128	11,347	$ 561
Revenue from related parties	379,089	409,120	169,396
Crude oil gathering
Related Party Transaction [Line Items]
Revenue from related parties	10,006	9,864	14,462
Natural gas gathering
Related Party Transaction [Line Items]
Revenue from related parties	20,479	14,317	6,447
Produced water gathering and disposal
Related Party Transaction [Line Items]
Revenue from related parties	281,106	271,634	72,264
Sourced water gathering
Related Party Transaction [Line Items]
Revenue from related parties	67,336	112,748	75,912
Surface revenue
Related Party Transaction [Line Items]
Revenue from related parties	162	557	311
Equity Contribution Agreement
Related Party Transaction [Line Items]
Number of units exchanged (in shares)				38,000,000
Fasken Center Agreements
Related Party Transaction [Line Items]
Related party transaction amount	$ 7,800	$ 5,200	$ 2,600
General Partner \| Asset Contribution Agreement
Related Party Transaction [Line Items]
Property, plant and equipment, net					$ 297,600
Asset retirement obligation					$ 3,300

INCOME TAXES - Narrative (Details) - USD ($)	5 Months Ended	7 Months Ended		12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	May 27, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 28, 2019
Operating Loss Carryforwards [Line Items]
Elimination of current and deferred tax liabilities							$ 31,100,000
Income tax expense	$ 18,182,000	$ 10,200,000	$ 8,071,000	$ 10,229,000	$ 26,253,000	$ 17,359,000
Deferred tax assets				73,264,000
Net noncurrent deferred tax liabilities		$ 7,827,000	7,827,000		$ 7,827,000
Federal NOLs with indefinite carryforward life				74,700,000
State income tax expense	$ 270,000		$ 189,000	206,000		$ 425,000
Unrecognized tax benefits material impact on the effective tax rate				0
Unrecognized tax benefits, income tax penalties and interest expense				0
State \| Tax Sharing Agreement
Operating Loss Carryforwards [Line Items]
State income tax expense				$ 200,000

INCOME TAXES - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended		12 Months Ended
	May 27, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current income tax provision:
Federal	$ 7,694		$ 0	$ 0		$ 11,089
State	270		189	206		425
Total current income tax provision	7,964		189	206		11,514
Deferred income tax provision:
Federal	9,983		7,600	9,648		5,689
State	235		282	375		156
Total deferred income tax provision	10,218		7,882	10,023	$ 26,253	5,845
Total provision for income taxes	$ 18,182	$ 10,200	$ 8,071	$ 10,229	$ 26,253	$ 17,359

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Reconciliation of Statutory Federal Income Tax Amount to Recorded Expense (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended		12 Months Ended
	May 27, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense at the federal statutory rate	$ 17,677		$ 26,679	$ 32,536		$ 16,867
Impact of nontaxable noncontrolling interest	0		(18,982)	(23,103)		0
State income tax expense, net of federal tax effect	505		372	458		492
Other, net	0		2	338		0
Total provision for income taxes	$ 18,182	$ 10,200	$ 8,071	$ 10,229	$ 26,253	$ 17,359

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Net operating loss and other carryforwards (indefinite life)	$ 15,684	$ 232
Investment in the Operating Company	57,580	0
Total deferred tax assets	73,264	232
Deferred tax liabilities
Investment in the Operating Company	0	8,059
Total deferred tax liabilities	0	8,059
Net deferred tax assets (liabilities)	$ 73,264
Net deferred tax assets (liabilities)		$ (7,827)

FAIR VALUE MEASUREMENTS - Nonrecurring Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
5.625% Senior Notes due 2025
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Interest rate	5.625%
Reported Value Measurement \| 5.625% Senior Notes due 2025 \| Nonrecurring
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Senior notes due	$ 490,947	$ 0
Reported Value Measurement \| Rattler Credit Facility \| Nonrecurring
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Revolving credit facility	79,000	424,000
Estimate of Fair Value Measurement \| 5.625% Senior Notes due 2025 \| Nonrecurring
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Senior notes due	528,125	0
Estimate of Fair Value Measurement \| Rattler Credit Facility \| Nonrecurring
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Revolving credit facility	$ 79,000	$ 424,000

COMMITMENTS AND CONTINGENCIES - Minimum Future Payments with Commitments (Details) $ in Thousands	1 Months Ended
	Dec. 31, 2020 USD ($)
Water Services Agreement
Other Commitments [Line Items]
Term	14 years
Volume Commitment Agreements
Other Commitments [Line Items]
2021	$ 4,563
2022	4,563
2023	4,563
2024	4,563
2025	4,561
Thereafter	32,850
Total	55,663
Equity Method Investments
Other Commitments [Line Items]
2021	57,400
2022	7,000
2023	7,800
Total	$ 72,200

SUBSEQUENT EVENTS (Details) - Common Unit - $ / shares	Feb. 17, 2021	Oct. 29, 2020	Jul. 31, 2020	Apr. 30, 2020	Feb. 13, 2020	Oct. 31, 2019	May 28, 2019
Subsequent Event [Line Items]
Partners' capital, cash distribution (in USD per common unit)		$ 0.20	$ 0.29	$ 0.29	$ 0.29	$ 0.34	$ 0.25
Subsequent Event
Subsequent Event [Line Items]
Partners' capital, cash distribution (in USD per common unit)	$ 0.20

SEGMENT INFORMATION (Details) $ in Thousands	5 Months Ended	7 Months Ended		12 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	May 27, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment				2
Segment Reporting Information [Line Items]
Total revenues				$ 423,905	$ 447,673	$ 184,467
Direct operating expenses				131,393	106,311	33,714
Cost of goods sold (exclusive of depreciation and amortization)				38,370	62,856	38,852
Real estate operating expenses				2,361	2,643	1,872
Depreciation, amortization and accretion				53,123	42,336	25,134
Impairment				918	0	0
(Gain) loss on disposal of property, plant and equipment				(729)	1,524	2,577
(Income) loss from equity method investments				9,881	6,329	0
Segment profit				188,588	225,674	82,318
General and administrative expenses				(16,367)	(12,663)	(1,999)
Interest income (expense), net				(17,287)	(1,039)	0
Net income (loss) before income taxes				154,934	211,972	80,319
Provision for (benefit from) income taxes	$ 18,182	$ 10,200	$ 8,071	10,229	26,253	17,359
Net income (loss)				144,705	185,719	62,960
Segment assets		1,636,393	1,636,393	1,808,588	1,636,393	604,017
Capital expenditures				136,820	241,786	164,876
Equity method investments		479,558	479,558	532,927	479,558
Revenues—related party
Segment Reporting Information [Line Items]
Total revenues				379,089	409,120	169,396
Revenues—third party
Segment Reporting Information [Line Items]
Total revenues				31,124	24,324	3,292
Rental income—related party
Segment Reporting Information [Line Items]
Total revenues				7,495	4,771	2,383
Rental income—third party
Segment Reporting Information [Line Items]
Total revenues				5,340	7,890	8,125
Other real estate income—related party
Segment Reporting Information [Line Items]
Total revenues				306	379	228
Other real estate income—third party
Segment Reporting Information [Line Items]
Total revenues				551	1,189	1,043
Midstream Services
Segment Reporting Information [Line Items]
Total revenues				410,213	433,444	172,688
Direct operating expenses				131,393	106,311	33,714
Cost of goods sold (exclusive of depreciation and amortization)				38,370	62,856	38,852
Real estate operating expenses				0	0	0
Depreciation, amortization and accretion				45,092	34,775	18,088
Impairment				918
(Gain) loss on disposal of property, plant and equipment				(729)	1,524	2,577
(Income) loss from equity method investments				9,881	6,329
Segment profit				185,288	221,649	79,457
Net income (loss) before income taxes				185,288	221,649	79,457
Net income (loss)				185,288	221,649	79,457
Segment assets		1,433,776	1,433,776	1,529,312	1,433,776	456,454
Capital expenditures				136,174	241,786	164,876
Equity method investments		479,558	479,558	532,927	479,558
Midstream Services \| Revenues—related party
Segment Reporting Information [Line Items]
Total revenues				379,089	409,120	169,396
Midstream Services \| Revenues—third party
Segment Reporting Information [Line Items]
Total revenues				31,124	24,324	3,292
Midstream Services \| Rental income—related party
Segment Reporting Information [Line Items]
Total revenues				0	0	0
Midstream Services \| Rental income—third party
Segment Reporting Information [Line Items]
Total revenues				0	0	0
Midstream Services \| Other real estate income—related party
Segment Reporting Information [Line Items]
Total revenues				0	0	0
Midstream Services \| Other real estate income—third party
Segment Reporting Information [Line Items]
Total revenues				0	0	0
Real Estate Operations
Segment Reporting Information [Line Items]
Total revenues				13,692	14,229	11,779
Direct operating expenses				0	0	0
Cost of goods sold (exclusive of depreciation and amortization)				0	0	0
Real estate operating expenses				2,361	2,643	1,872
Depreciation, amortization and accretion				8,031	7,561	7,046
Impairment				0
(Gain) loss on disposal of property, plant and equipment				0	0	0
(Income) loss from equity method investments				0	0
Segment profit				3,300	4,025	2,861
Net income (loss) before income taxes				3,300	4,025	2,861
Net income (loss)				3,300	4,025	2,861
Segment assets		110,676	110,676	102,439	110,676	105,467
Capital expenditures				646	0	0
Equity method investments		$ 0	$ 0	0	0
Real Estate Operations \| Revenues—related party
Segment Reporting Information [Line Items]
Total revenues				0	0	0
Real Estate Operations \| Revenues—third party
Segment Reporting Information [Line Items]
Total revenues				0	0	0
Real Estate Operations \| Rental income—related party
Segment Reporting Information [Line Items]
Total revenues				7,495	4,771	2,383
Real Estate Operations \| Rental income—third party
Segment Reporting Information [Line Items]
Total revenues				5,340	7,890	8,125
Real Estate Operations \| Other real estate income—related party
Segment Reporting Information [Line Items]
Total revenues				306	379	228
Real Estate Operations \| Other real estate income—third party
Segment Reporting Information [Line Items]
Total revenues				$ 551	$ 1,189	$ 1,043