Permian Basin-focused producer Diamondback Energy Inc.'s midstream arm Rattler Midstream Partners LP filed for an initial public offering of $100 million of its common units, to be listed on the Nasdaq Global Select Market under the symbol RTLR.
Rattler Midstream owns and operates infrastructure assets in the Midland and Delaware basins of the Permian. Following the IPO, Rattler would be the only publicly traded pure-play Permian midstream operator, according to an Aug. 7 SEC filing.
Rattler Midstream is Diamondback's primary provider of crude oil, natural gas and water-related midstream services, with assets that include 528 miles of pipeline, about 216,000 barrels per day of crude gathering capacity, 36,000 Mcf/d of gas compression and 150,000 Mcf/d of gas gathering. The partnership also has a 15-year acreage dedication from Diamondback, composed of 209,000 gross acres in the Permian.