Deal Snapshot
RATTLER MIDSTREAM CLOSES ACQUISITION OF RELIANCE GATHERING
Friday 15 November 2019

A joint venture of US-based oil and natural gas company Diamondback Energy, Inc.'s (NASDAQ: FANG) Rattler Midstream LP (NASDAQ: RTLR) subsidiary and Oryx Midstream has closed the acquisition of Reliance Gathering, LLC for approximately USD 356m in cash, the companies said.
Oryx Midstream is a portfolio company of Stonepeak Infrastructure Partners. The deal covers a crude oil gathering system that includes over 230 miles of gathering and regional transportation pipelines and approximately 200,000 barrels of crude oil storage in Midland, Martin, Andrews, and Ector counties.


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Details
Date Published: 15/11/2019
Target: Reliance Gathering
Country: USA
Deal Size: 356m (USD)
Sector: Petroleum/Natural Gas/Coal
Type: JV
Financing: Cash
Status: Closed
Vendor:
Buyer: Rattler Midstream, Oryx Midstream
Buyer Advisor: Akin Gump Strauss Hauer and Feld , Shearman and Sterling
Comment:
Rattler owns 60% of the joint venture and funded its portion of the acquisition price with cash on hand and borrowings under its revolving credit facility

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