Intangible lease assets, net

224,990

^[1]

Real estate assets, net

99,664

93,023

^[1]

8,754

10,954

^[1]

Other assets

3,931

^[1]

Total assets

1,306,248

604,017

^[1]

Current liabilities:

Accounts payable—third party

104

100

^[1]

Other accrued liabilities

73,066

51,804

^[1]

Taxes payable

108

11,514

^[1]

Short-term lease liability

742

Total current liabilities

74,020

63,418

^[1]

Long-term debt

103,000

^[1]

Asset retirement obligations

9,520

561

^[1]

Deferred income taxes

4,560

12,912

^[1]

Total liabilities

191,100

76,891

^[1]

Commitment and contingencies (Note 17)

Unitholders' equity:

Limited partners member's equity—Diamondback

527,125

^[1]

General partner—Diamondback

1,000

^[1]

Common units—public (43,700,000 units issued and outstanding as of September 30, 2019)

738,699

^[1]

Class B units—Diamondback (107,815,152 units issued and outstanding as of September 30, 2019)

1,000

^[1]

Total Rattler Midstream LP unitholders’ equity

740,699

527,126

^[1]

Non-controlling interest

374,449

^[1]

Total equity

1,115,148

527,126

^[1]

Total liabilities and unitholders’ equity

$ 1,306,248

$ 604,017

^[1]

[1]	See Note 1 for information regarding the basis of financial statement presentation.

Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

4 Months Ended

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

^[1]

Sep. 30, 2019

Sep. 30, 2018

^[1]

Revenues:

$ 115,415

$ 49,301

$ 322,365

$ 132,964

Costs and expenses:

Cost of goods sold (exclusive of depreciation and amortization)

29,789

8,458

76,381

24,656

17,350

10,850

46,252

24,368

742

553

1,963

1,371

General and administrative expenses

11,736

6,039

31,798

17,830

3,240

729

7,677

1,409

(Gain) loss on sale of property, plant and equipment

(4)

2,568

Total costs and expenses

62,857

26,629

164,067

72,202

Income from operations

52,558

22,672

158,298

60,762

Other income (expense):

Interest expense, net

(553)

(638)

Expense from equity investments

(631)

(695)

Total other income (expense)

(1,184)

(1,333)

Provision for income taxes

51,374

22,672

156,965

60,762

3,294

4,892

$ 4,700

22,850

13,114

Net income attributable to non-controlling interest subsequent to initial public offering

48,080

17,780

68,120

134,115

47,648

36,549

51,786

Net income attributable to Rattler Midstream LP

$ 11,531

$ 16,334

Net income attributable to common limited partners per unit - subsequent to initial public offering:

Basic (in dollars per share)

$ 0.26

$ 0.37

Diluted (in dollars per share)

$ 0.26

$ 0.37

Weighted average number of limited partner units outstanding:

Basic (in shares)

43,700

43,564

Diluted (in shares)

44,836

44,710

Revenues—related party

Revenues:

$ 104,866

46,369

296,508

124,170

Revenues—third party

Revenues:

Rental income—related party

6,840

(82)

15,405

279

Revenues:

Rental income—third party

1,399

672

3,370

1,683

Revenues:

Other real estate income—related party

1,894

2,087

5,999

6,053

Revenues:

Other real estate income—third party

111

707

265

779

Revenues:

Beginning balance at Dec. 31, 2017

$ 305

$ (452)

$ 818

$ 0

[1]	See Note 1 for information regarding the basis of financial statement presentation.

Consolidated Statements of Changes in Unitholders' Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

Total

General Partner

Limited Partners Member's Equity

Limited Partners

Common Units

Limited Partners

Class B Units

Limited Partners

Non-Controlling Interest

^[1]

$ 292,608

$ 0

$ 292,608

$ 0

Beginning balance (in shares) at Dec. 31, 2017

^[1]

Increase (Decrease) in Partners' Capital [Roll Forward]

175,100

Ending balance at Mar. 31, 2018

14,396

^[1]

482,104

$ 0

Ending balance (in shares) at Mar. 31, 2018

^[1]

Beginning balance at Dec. 31, 2017

^[1]

292,608

$ 0

Beginning balance (in shares) at Dec. 31, 2017

^[1]

Increase (Decrease) in Partners' Capital [Roll Forward]

Ending balance at Sep. 30, 2018

^[1]

47,648

^[1]

516,791

$ 0

Ending balance (in shares) at Sep. 30, 2018

^[1]

Beginning balance at Mar. 31, 2018

^[1]

482,104

$ 0

Beginning balance (in shares) at Mar. 31, 2018

^[1]

Increase (Decrease) in Partners' Capital [Roll Forward]

3,417

Ending balance at Jun. 30, 2018

15,472

^[1]

500,993

$ 0

Ending balance (in shares) at Jun. 30, 2018

^[1]

Increase (Decrease) in Partners' Capital [Roll Forward]

(1,982)

Ending balance at Sep. 30, 2018

17,780

^[1]

17,780

^[1]

516,791

$ 0

Ending balance (in shares) at Sep. 30, 2018

^[1]

Beginning balance at Dec. 31, 2018

^[1]

527,126

527,125

$ 0

$ 1

Beginning balance (in shares) at Dec. 31, 2018

^[1]

Increase (Decrease) in Partners' Capital [Roll Forward]

458,674

Ending balance at Mar. 31, 2019

39,356

1,025,156

1,025,155

$ 0

$ 1

Ending balance (in shares) at Mar. 31, 2019

Beginning balance at Dec. 31, 2018

^[1]

527,126

527,125

$ 0

$ 1

Beginning balance (in shares) at Dec. 31, 2018

^[1]

Increase (Decrease) in Partners' Capital [Roll Forward]

Ending balance at Sep. 30, 2019

134,115

1,115,148

1,000

$ 738,699

$ 1,000

374,449

Ending balance (in shares) at Sep. 30, 2019

43,700

107,815

Beginning balance at May. 28, 2019

1,018,083

1,018,082

$ 0

$ 1

Beginning balance (in shares) at May. 28, 2019

Increase (Decrease) in Partners' Capital [Roll Forward]

Net proceeds from the offering - public (in shares)

20,040

$ 4,803

15,237

Distributions

(726,513)

43,700

Net proceeds from the offering - public

719,627

$ 719,627

Net proceeds from the offering - General Partner

1,000

Net proceeds from the offering - Diamondback (in shares)

107,815

Net proceeds from the offering - Diamondback

999

$ 999

Unit-based compensation

831

Elimination of current and deferred tax liabilities

31,094

Allocation of net investment to unitholder

(322,663)

322,663

Ending balance at Jun. 30, 2019

1,065,161

1,000

$ 725,261

$ 1,000

337,900

Ending balance (in shares) at Jun. 30, 2019

43,700

107,815

Beginning balance at May. 28, 2019

1,018,083

1,018,082

$ 0

$ 1

Beginning balance (in shares) at May. 28, 2019

Increase (Decrease) in Partners' Capital [Roll Forward]

Ending balance at Sep. 30, 2019

68,120

1,115,148

1,000

$ 738,699

$ 1,000

374,449

Ending balance (in shares) at Sep. 30, 2019

43,700

107,815

Beginning balance at Jun. 30, 2019

1,065,161

1,000

$ 725,261

$ 1,000

337,900

Beginning balance (in shares) at Jun. 30, 2019

43,700

107,815

Increase (Decrease) in Partners' Capital [Roll Forward]

Net proceeds from the offering - public

48,080

$ 11,531

36,549

(251)

Unit-based compensation

2,158

Ending balance at Sep. 30, 2019

$ 1,115,148

$ 1,000

$ 0

$ 738,699

$ 1,000

$ 374,449

Ending balance (in shares) at Sep. 30, 2019

43,700

107,815

[1]	See Note 1 for information regarding the basis of financial statement presentation.

Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

^[1]

Cash flows from operating activities:

Adjustments to reconcile net income to net cash provided by operating activities:

$ 134,115

$ 47,648

Provision for deferred income taxes

22,850

13,114

(Gain) loss on sale of property, plant and equipment

31,798

17,830

(4)

2,568

Unit-based compensation expense

2,989

Expense from equity method investment

695

Changes in operating assets and liabilities:

Accounts receivable—related party

(45,297)

16,911

Accounts receivable—third party

(1,045)

(11)

Accounts payable, accrued liabilities and taxes payable

30,791

16,945

Other assets, including inventory

(13,028)

420

Net cash provided by operating activities

163,864

115,425

Cash flows from investing activities:

Additions to property, plant and equipment

(187,544)

(108,959)

Contributions to equity method investments

(76,141)

Proceeds from the sale of fixed assets

Net cash used in investing activities

(263,667)

(108,959)

Cash flows from financing activities:

Proceeds from borrowings from credit facility

112,000

Payments on credit facility

(9,000)

Debt issuance costs

(3,929)

Net proceeds from initial public offering—public

719,376

Net proceeds from initial public offering—General Partner

1,000

Net proceeds from initial public offering—Diamondback

999

Distribution to Diamondback (Note 1)

(726,513)

Net cash provided by financing activities

93,933

Net (decrease) increase in cash

(5,870)

6,466

Cash at beginning of period

8,564

Cash at end of period

2,694

6,474

Supplemental disclosure of non-cash financing activity:

Supplemental disclosure of non-cash investing activity:

456,055

176,535

Increase in long term assets and inventory

456,055

176,535

Change in accrued liabilities related to property, plant and equipment

$ 4,083

$ (7,253)

[1]	See Note 1 for information regarding the basis of financial statement presentation.

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Sep. 30, 2019
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 to own, operate, develop and acquire midstream infrastructure assets in the Midland and Delaware Basins of the Permian Basin. Unless the context requires otherwise, references to “we,” “us,” “our” or “the Partnership” are intended to mean the business and operations of the Partnership and its consolidated subsidiary, Rattler Midstream Partners LLC (the “Operating Company” and, prior to May 28, 2019 for accounting purposes, the “Predecessor”). On January 31, 2018, Diamondback, through its wholly-owned subsidiary Tall City Towers LLC (“Tall Towers”), acquired from Fasken Midland LLC (“Fasken Midland”) certain real property and related assets in Midland, Texas (the “Fasken Center”). Tall Towers was contributed to the Predecessor effective January 31, 2018, see Note 4—Acquisitions. The Predecessor’s assets, contributed from Diamondback, included (i) crude oil and natural gas gathering and transportation systems, (ii) saltwater gathering and disposal systems and (iii) fresh water sourcing and distribution systems. 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 (File No. 333-226645) 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 Partnership’s IPO of 38,000,000 common units representing limited partner interests, Diamondback owned all of the general and limited partner interests in the Partnership. On May 30, 2019, the underwriters purchased an additional 5,700,000 common units following the exercise in full of their over-allotment option on the same terms, at a price to the public of $17.50 per common unit. The Partnership received net proceeds of approximately $719.4 million from the sale of these common units after deducting offering expenses and underwriting discounts and commissions. In connection with the closing of the IPO, the Partnership (i) 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, (ii) 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 (iii) caused 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 September 30, 2019, 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 71% voting interest. Diamondback owns and controls the General Partner. As of September 30, 2019, the Partnership owned a 29% controlling membership interest in the Operating Company and Diamondback owned, through its ownership of the Operating Company units, a 71% 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. 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 SWD wells and related gathering systems, office buildings, surface land, 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 partners’ equity of the Partnership and its partially owned subsidiary. 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. Prior to 2018, the Partnership's operations comprised a single operating business segment; however, with the contribution of Tall Towers, the Partnership's operations are now reported in two operating business segments: (i) midstream services and (ii) real estate operations. See Note 19—Report of Operating Business Segments. These consolidated financial statements have been prepared by the Partnership without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to SEC rules and regulations, although the Partnership believes the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10–Q should be read in conjunction with the Partnership’s final prospectus dated May 22, 2019 and filed with the SEC pursuant to Rule 424(b) under the Securities Act on May 24, 2019, which contains a summary of the Partnership’s significant accounting policies and other disclosures.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIE	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIE	Sep. 30, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIE	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As of September 30, 2019, the Partnership's significant accounting policies are consistent with those discussed in Note 2—Summary of Significant Accounting Policies of its consolidated financial statements contained in the final prospectus dated May 22, 2019 and filed with the SEC pursuant to Rule 424(b) under the Securities Act on May 24, 2019. 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. Management evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods they consider reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from management’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 and (iii) asset retirement obligations (“ARO”). 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 bases 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 subject to margin tax in the state of Texas pursuant to the Tax Sharing Agreement with Diamondback, as discussed further in Note 14—Income Taxes. The Predecessor’s 2016 through 2018 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 September 30, 2019, the Partnership had no unrecognized tax benefits that would have a material impact on the effective tax rate. 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 three and nine months ended September 30, 2019, there was no interest or penalties associated with uncertain tax positions recognized in the Partnership’s consolidated financial statements. 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 nine months ended September 30, 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 fresh water assets, $228.3 million related to SWD assets, $35.8 million related to crude oil assets, $149.5 million related to the equity method investments in the EPIC and Gray Oak projects, $31.1 million related to elimination of current and deferred liabilities, and $(25.3) million in additional assets and liabilities, net, related to operations. Investments Equity investments in which the Partnership exercises significant influence but does not control are accounted for using the equity method. Under the equity method, generally the Partnership’s share of investees’ earnings or loss is recognized in the statement of operations. The Partnership reviews its investments to determine if a loss in value which is other than a temporary decline has occurred. If such loss has occurred, the Partnership recognizes an impairment provision. Recent Accounting Pronouncements Recently Adopted Pronouncements In February 2016, the FASB issued Accounting Standards Update ("ASU") 2016-02, “Leases (Topic 842)”. This update, codified in ASC Topic 842 "Leases" ("ASC Topic 842"), applies to any entity that enters into a lease, with some specified scope exemptions. Under this update, a lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. While there were no major changes to lessor accounting, changes were made to align key aspects with the revenue recognition guidance. This update was effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. Entities were required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In the normal course of business, the Partnership enters into lease agreements and land easements to support its midstream operations. The Partnership adopted this update effective January 1, 2019. Upon adoption effective January 1, 2019, the Partnership recognized approximately $1.2 million of right-of-use assets, of which the total amount relates to the Partnership’s operating leases. See Note 16—Leases. In January 2018, the FASB issued ASU 2018-01, “Leases - Land Easement Practical Expedient for Transition to Topic 842”. This update applies to any entity that holds land easements. The update allows entities to adopt a practical expedient to not evaluate existing or expired land easements under Topic 842 that were not previously accounted for as leases under the current leases guidance. An entity that elects this practical expedient should evaluate new or modified land easements under Topic 842 beginning at the date that the entity adopts Topic 842. The Partnership adopted this update effective January 1, 2019. It did not have a material impact on its financial position, results of operations or liquidity. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases”. This update provides clarification and corrects unintended application of certain sections in the new lease guidance. This update was effective for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Partnership adopted this update effective January 1, 2019. It did not have a material impact on its financial position, results of operations or liquidity. In July 2018, the FASB issued ASU 2018-11, “Lease (Topic 842): Targeted Improvements”. This update provides another transition method of allowing entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. This update was effective for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Partnership adopted this update effective January 1, 2019. It did not have a material impact on its financial position, results of operations or liquidity. In December 2018, the FASB issued ASU 2018-20, “Leases (Topic 842) - Narrow-Scope Improvements for Lessors”. This update provides a practical expedient for lessors to elect not to evaluate whether sales taxes and other similar taxes are lessor costs. The update also requires a lessor to exclude from variable payments those costs paid directly by the lessee to third parties and include lessor costs paid by the lessor and reimbursed by the lessee. The Partnership adopted this update effective January 1, 2019. It did not have a material impact on its financial position, results of operations or liquidity. In January 2019, the FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements”. This update clarifies certain presentation and transition disclosures under Topic 842. This update was effective for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Partnership adopted this update effective January 1, 2019. It did not have a material impact on its financial position, results of operations or liquidity. In June 2018, the FASB issued ASU 2018-07, “Stock Compensation - Improvements to Nonemployee Share-Based Payment Accounting”. This update applies the existing employee guidance to nonemployee share-based transactions, with the exception of specific guidance related to the attribution of compensation cost. This update was effective for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Partnership adopted this update effective January 1, 2019. It did not have a material impact on its financial position, results of operations or liquidity. In July 2018, the FASB issued ASU 2018-09, “Codification Improvements”. This update provides clarification and corrects unintended application of the guidance in various sections. This update was effective for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Partnership adopted this update effective January 1, 2019. It did not have a material impact on its financial position, results of operations or liquidity. In July 2019, the FASB issued ASU 2019-07, “Codification Updates to SEC Sections”. This update simplifies the guidance in various sections that was duplicative, redundant or outdated. The Partnership adopted this update effective July 2019. It did not have a material impact on its financial position, results of operations or liquidity. Accounting Pronouncements Not Yet Adopted 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. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This update will be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Partnership does not believe the adoption of this standard will have an impact on its financial statements since it does not have a history of credit losses. In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”. This update clarifies that receivables arising from operating leases are not in scope of this topic, but rather ASC Topic 842. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This update will be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Partnership does not believe the adoption of this standard will have an impact on its financial statements since it does not have a history of credit losses. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments”. This update clarifies guidance previously issued in ASU 2016-01, ASU 2016-13 and ASU 2017-12. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Partnership does not believe the updates to the referenced standards will have an impact on its financial position, results of operations or liquidity. In May 2019, the FASB issued ASU 2019-05, “Financial Instruments-Credit Losses (Topic 326)”. This update allows a fair value option to be elected for certain financial assets, other than held-to-maturity debt securities, that were previously required to be measured at amortized cost basis. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Partnership does not believe the adoption of this standard will have an impact on its financial position, results of operations or liquidity. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement”. This update modifies the fair value measurement disclosure requirements specifically related to Level 3 fair value measurements and transfers between levels. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This update will be applied prospectively. The Partnership does not believe the adoption of this standard will have an impact on its financial position, results of operations or liquidity.

REVENUE FROM CONTRACTS WITH CUSTOMERS

9 Months Ended

Sep. 30, 2019

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 fresh water, and collecting, recycling and disposing of produced water. The Partnership adopted ASC Topic 606, “Revenue from Contracts with Customers” (“ASC Topic 606”) on January 1, 2018, using the modified retrospective method. Under ASC Topic 606, performance obligations are the unit of account and generally

represent distinct goods or services that are promised to customers. The adoption of ASC Topic 606 did not have a material impact on the recognition, measurement and presentation of the Partnership’s revenues and expenses.

Performance Obligations: For gathering crude oil and natural gas, delivering fresh 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.

The Partnership began generating revenue from water sales during first quarter 2018 upon the contribution of fresh water assets from Diamondback. For its 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: The majority of the Partnership’s revenue agreements have a term greater than one year and, as such, the Partnership has utilized the practical expedient in ASC Topic 606, which states that the Partnership is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. 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.

The remainder of the Partnership’s revenue agreements, which relate to agreements with third parties, are short-term in nature with a term of one year or less. The Partnership has utilized an additional practical expedient in ASC Topic 606 which exempts it from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of an agreement that has an original expected duration of one year or less.

Contract Balances: Under the Partnership’s revenue agreements, the Partnership invoices customers after our 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 under ASC Topic 606.

The following is a summary of the Partnership’s types of revenue agreements:


•	Crude Oil Gathering Agreement. Under the crude oil gathering agreement, the Partnership receives a volumetric fee per Bbl for gathering and delivering crude oil produced by Diamondback within 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 Agreement. Under the produced and flowback water gathering and disposal agreement, 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.

•

Fresh water Purchase and Services Agreement. Under the fresh water purchase and services agreement, the Partnership receives a fee for sourcing, transporting and delivering all raw fresh water and recycled fresh water required by Diamondback 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 fresh water services the Partnership provides.

Real Estate Contracts: 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.

It is noted that surface revenue, rental and real estate income and amortization of out of market leases is outside the scope of ASC Topic 606.

Disaggregation of Revenue

In the following table, revenue is disaggregated by type of service and type of fee. The table also identifies the reportable segment to which the disaggregated revenues relate. For more information on reportable segments, see Note 19—Report of Operating Business Segments.



	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2019		2018		2019		2018		Segment
Type of Service:
Fresh water services	$	26,485	$	19,913	$	83,966	$	54,677	Midstream
Saltwater services	73,928		19,235		198,344		53,419		Midstream
Crude oil gathering	7,248		4,738		19,231		11,004		Midstream
Natural gas gathering	3,871		2,081		9,908		4,535		Midstream
Surface revenue (non ASC 606 revenues)	174		320		464		814		Midstream
Real estate contracts (non ASC 606 revenues)	3,709		3,014		10,452		8,515		Real Estate
Total revenues	$	115,415	$	49,301	$	322,365	$	132,964

ACQUISITIONS	9 Months Ended
ACQUISITIONS	Sep. 30, 2019
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS 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 SWD wells and one related gathering system, a field office, surface land, five hydraulic fracturing pits and one related fresh 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 SWD 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. Fresh Water Assets In connection with its business operations, Diamondback constructed and/or acquired various fresh water assets, including certain freshwater wells, fresh water transportation lines and related assets (the “Fresh Water Assets”), located in the Delaware and Midland Basins of the Permian Basin. Effective January 1, 2018, Diamondback contributed the Fresh 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 fresh 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 Fresh Water Assets was an asset contribution that did not result in a change in the reporting entity at the Predecessor. As a result, the Fresh 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 SWD 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.

EQUITY METHOD INVESTMENTS	9 Months Ended
EQUITY METHOD INVESTMENTS	Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENTS	EQUITY METHOD INVESTMENTS In October 2014, Diamondback obtained a 25% interest in HMW Fluid Management LLC (“HMW LLC”), which was formed to develop, own and operate an integrated water management system to gather, store, process, treat, distribute and dispose of water to exploration and production companies operating in Midland, Martin and Andrews Counties, Texas. On June 30, 2018, HMW LLC’s operating agreement was amended. As a result of the amendment, the Partnership no longer recognizes an equity investment in HMW LLC but instead consolidates its undivided interest in the salt water disposal assets owned by HMW LLC. In exchange for the Partnership’s 25% investment, the Partnership received a 50% undivided ownership interest in two of the four SWD wells and associated assets previously owned by HMW LLC. The Partnership’s basis in the assets is equivalent to its basis in the equity investment in HMW LLC. On February 1, 2019, Diamondback funded and the Predecessor acquired a 10% equity interest in EPIC Crude Holdings, LP (“EPIC”), which is building a pipeline (the “EPIC project”) that, once fully operational, will transport crude and natural gas liquids across Texas for delivery into the Corpus Christi market. As of September 30, 2019, the Partnership's total investment in the EPIC project was $89.2 million. During the nine months ended September 30, 2019, the Partnership recorded net expenses of $0.5 million related to the EPIC project. The EPIC project began initial operations during the third quarter of 2019. On February 15, 2019, Diamondback funded and the Predecessor acquired a 10% equity interest in Gray Oak Pipeline, LLC (“Gray Oak”), which is building a pipeline (the “Gray Oak project”) that, once operational, will transport crude from the Permian to Corpus Christi on the Texas Gulf Coast. As of September 30, 2019, the Partnership's total investment in the Gray Oak project was $114.5 million. During the nine months ended September 30, 2019, the Partnership recorded net expenses of $0.2 million related to the Gray Oak project. The Gray Oak project is anticipated to be operational in the fourth quarter of 2019. On March 29, 2019, the Predecessor executed a short-term promissory note to Gray Oak. The note allows for borrowing by Gray Oak of up to $123.0 million at 2.52% interest rate with a maturity date of March 31, 2022. During the three months ended September 30, 2019, there were no borrowings or repayments under this note. There were no outstanding loans at September 30, 2019. 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 for delivery to multiple Houston area locations (the "Wink to Webster project"). As of September 30, 2019, the Partnership's total investment in the Wink to Webster project was $21.2 million. During the nine months ended September 30, 2019, the Partnership recorded net income of less than $0.1 million related to interest. The Wink to Webster project is expected to begin service in the first half of 2021. No impairments were recorded for the Partnership’s equity method investments for the nine months ended September 30, 2019 or 2018. At September 30, 2019, there was $0.1 million of capitalized interest that was related to equity method investments that have not yet begun operations.

DEBT

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

DEBT

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



	September 30, 2019		December 31, 2018
	(in thousands)
Rattler revolving credit facility	$	103,000	$	—
Total long-term debt	$	103,000	$	—

Credit Agreement—Wells Fargo

The Partnership, as parent, and the Operating Company, as borrower, entered into a credit agreement, dated May 28, 2019, (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. 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 and Tall City, and is secured by substantially all of the assets of the Partnership, the Operating Company and Tall City. As of September 30, 2019, the Operating Company had $103.0 million of outstanding borrowings and $497.0 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 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 commencing with the fiscal quarter ending September 30, 2019		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) commencing with the fiscal quarter ending September 30, 2019		Not less than 2.50 to 1.00

For purposes of calculating the financial maintenance covenants prior to the fiscal quarter ending June 30, 2020, EBITDA (as defined in the Credit Agreement) will be annualized based on the actual EBITDA for the preceding fiscal quarters starting with the fiscal quarter ending September 30, 2019.

As of September 30, 2019, each of the Partnership and the Operating Company was in compliance with all financial 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.

UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS

The Partnership has general partner and limited partner units. At September 30, 2019, the Partnership had a total of 43,700,000 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 were owned by Diamondback, representing approximately 71% of the Partnership’s total units outstanding. The Operating Company units and the Partnership’s Class B units 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).

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



	Common Units
Balance at May 28, 2019	—
Common units issued in public offerings	43,700,000
Balance at September 30, 2019	43,700,000

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



	Class B Units
Balance at May 28, 2019	—
Units related to tax conversion	107,815,152
Balance at September 30, 2019	107,815,152

In connection with the closing of the Partnership's IPO, the board of directors of the General Partner adopted a policy pursuant to which the Partnership will pay, 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 will be prorated for the period from the closing of the IPO through September 30, 2019 and will total $0.34 per common unit. 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 (discussed below) does not require the Partnership to pay cash distributions on the Partnership's common units on a quarterly or other basis.

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Partnership Agreement In connection with the closing of the IPO, the General Partner and Energen Resources Corporation, a subsidiary of Energen, entered into the first amended and restated agreement of limited partnership of Rattler Midstream LP, dated May 28, 2019 (the “Partnership Agreement”). The Partnership Agreement requires the Partnership to reimburse the General Partner for all direct and indirect expenses incurred or paid on the Partnership’s behalf and all other expenses allocable to the Partnership or otherwise incurred by the General Partner in connection with operating the Partnership’s business. The Partnership Agreement does not set a limit on the amount of expenses for which its General Partner and its affiliates may be reimbursed. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for the Partnership or on its behalf and expenses allocated to the General Partner by its affiliates. The General Partner is entitled to determine the expenses that are allocable to the Partnership. For the three and nine months ended September 30, 2019, the General Partner allocated $0.2 million and $0.3 million, respectively, of such expenses to the Partnership. Services and Secondment Agreement In connection with the closing of the IPO, the Partnership entered into a services and secondment agreement with Diamondback, Diamondback E&P LLC, the General Partner and the Operating Company, dated as of May 28, 2019 (the “Services and Secondment Agreement”). Pursuant to the Services and Secondment Agreement, Diamondback and its subsidiaries second certain operational, construction, design and management employees and contractors of Diamondback to the General Partner, the Partnership and its subsidiaries, providing management, maintenance and operational functions with respect to the Partnership’s assets. The Services and Secondment Agreement requires the General Partner and the Partnership to reimburse Diamondback for the cost of the seconded employees and contractors, including their wages and benefits. For the three and nine months ended September 30, 2019, the General Partner and the Partnership paid Diamondback $1.0 million and $3.1 million under the Services and Secondment Agreement, respectively. Tax Sharing Agreement In connection with the closing of the IPO, the Operating Company entered into a tax sharing agreement with Diamondback (the “Tax Sharing Agreement”). Pursuant to the Tax Sharing Agreement, the Operating Company reimburses Diamondback for its share of state and local income and other taxes borne by Diamondback as a result of the Operating Company's results being included in a combined or consolidated tax return filed by Diamondback with respect to taxable periods including or beginning on May 28, 2019. The amount of any such reimbursement is limited to the tax the Operating Company would have paid had it not been included in a combined group with Diamondback. Diamondback may use its tax attributes to cause its combined or consolidated group, of which the Operating Company may be a member for this purpose, to owe less or no tax. In such a situation, the Operating Company agreed to reimburse Diamondback for the tax the Operating Company would have owed had the tax attributes not been available or used for the Operating Company’s benefit, even though Diamondback had no cash tax expense for that period. For the three and nine months ended September 30, 2019, the Partnership accrued state income tax expense of approximately $0.1 million for its share of Texas margin tax for which the Partnership's share of the Operating Company results are included in a combined tax return filed by Diamondback.

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	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 nine months ended September 30, 2019 and the three and nine months ended September 30, 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. In connection with the completion 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. For the nine months ended September 30, 2019, net income for the period prior to the IPO reflects income tax expense of $18.2 million and for the three and nine months ended September 30, 2019, net income for the period subsequent to the IPO reflects income tax expense of $3.3 million and $4.7 million, respectively. For the three and nine months ended September 30, 2018, net income of the Predecessor reflects income tax expense of $4.9 million and $13.1 million, respectively. Total income tax expense for these periods differed from applying the U.S. statutory corporate income tax rate 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 period subsequent to the IPO. The effective income tax rates for the three and nine months ended September 30, 2019, were 6.4% and 14.6%, respectively. The effective income tax rate for the three and nine months ended September 30, 2018 was 21.6%. The decrease in the effective income tax rates for the three and nine months ended September 30, 2019, as compared to the three and nine months ended September 30, 2018, is primarily due to net income attributable to the noncontrolling interest in 2019 periods subsequent to the Partnership’s IPO.

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	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. The Partnership estimates asset retirement obligations pursuant to the provisions of FASB ASC Topic 410, “Asset Retirement and Environmental Obligations.” The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with SWD wells. Given the unobservable nature of the inputs, including plugging costs and useful lives, the initial measurement of the ARO liability is deemed to use Level 3 inputs. See Note 7—Asset Retirement Obligations for further discussion of the Partnership’s asset retirement obligations.

REPORT OF OPERATING BUSINESS SEGMENTS

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

LEASES

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

LEASES

The Partnership leases certain compression assets and other equipment.

As discussed in Note 2—Summary of Significant Accounting Policies, the Partnership adopted ASC Topic 842 on January 1, 2019 using the optional transition method of adoption. The Partnership elected a package of practical expedients that together allows an entity to not reassess (i) whether a contract is or contains a lease, (ii) lease classification and (iii) initial direct costs. In addition, the Partnership elected the following practical expedients: (i) to not reassess certain land easements; (ii) to not apply the recognition requirements under the standard to short-term leases; (iii) to not reassess lease terms for lease terms on leases entered into prior to the effective date of adoption and (iv) lessor accounting policy election to exclude lessor costs paid directly by the lessee.

For leases where the Partnership is the lessee, the Partnership recorded a total of $1.2 million in right-of-use assets and corresponding new lease liabilities on its Consolidated Balance Sheet representing the present value of its future operating lease payments. Adoption of the standard did not require an adjustment to the opening balance of retained earnings. The discount rate used to determine present value was based on the rate of interest that the Partnership estimated it would have to pay to borrow (on a collateralized-basis over a similar term) an amount equal to the lease payments in a similar economic environment as of January 1, 2019. The Partnership is required to reassess the discount rate for any new and modified lease contracts as of the lease effective date.

The right-of-use assets and lease liabilities recognized upon adoption of ASC Topic 842 were based on the lease classifications, lease commitment amounts and terms recognized under the prior lease accounting guidance. Leases with an initial term of twelve months or less are considered short-term leases and are not recorded on the balance sheet.

The following table summarizes operating lease costs for the three and nine months ended September 30, 2019:



	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
	(in thousands)
Operating lease costs	$	460	$	1,570

For the nine months ended September 30, 2019, cash paid for operating lease liabilities, and reported in cash flows provided by operating activities on the Partnership’s Statement of Consolidated Cash Flows, was $1.5 million. During the nine months ended September 30, 2019, the Partnership recorded an additional $0.9 million of right-of-use assets in exchange for new lease liabilities.

The operating lease right-of-use assets were reported on the Consolidated Balance Sheet. As of September 30, 2019, the operating right-of-use assets were $0.7 million and the operating lease liabilities were $0.7 million, of which $0.7 million was classified as current. As of September 30, 2019, the weighted average remaining lease term was 0.7 years and the weighted average discount rate was 8.5%.

Schedule of Operating Lease Liability Maturities

The following table summarizes undiscounted cash flows owed by the Partnership to lessors pursuant to contractual agreements in effect as of September 30, 2019:



	As of September 30, 2019
	(In thousands)
2019 (October - December)	$	335
2020	426
Total lease payments	761
Less: interest	19
Present value of lease liabilities	$	742

For leases in which the Partnership is the lessor, the Partnership (i) retained classification of its historical leases as the Partnership is not required to reassess classification upon adoption of the new standard, (ii) expensed indirect leasing costs in connection with new or extended tenant leases, the recognition of which would have been deferred under prior accounting guidance and (iii) aggregated revenue from its lease components and non-lease components (comprised of tenant expense reimbursements) into revenue from rental properties.

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Cash Distribution On October 31, 2019, the board of directors of the General Partner approved a cash distribution for the third quarter of 2019 of $0.25 per common unit, totaling $0.34 per common unit as prorated for the period from the closing of the IPO through September 30, 2019, payable on November 22, 2019, to unitholders of record at the close of business on November 15, 2019. Recent Acquisitions Reliance Acquisition On October 3, 2019, the Partnership and Oryx Midstream, a portfolio company of Stonepeak Infrastructure Partners (“Oryx”), announced that OMOG JV LLC, their newly-formed joint venture entity (the “Joint Venture”), had entered into a definitive purchase and sale agreement with Reliance Midstream, LLC and other third-party sellers to acquire 100% of Reliance Gathering, LLC (“Reliance Gathering”) for $355 million in cash, subject to certain adjustments under the purchase and sale agreement (the “Pending Acquisition”). In accordance with their membership interests in the Joint Venture, the Partnership and Oryx will pay 60% and 40% of the purchase price, respectively. Reliance Gathering operates a crude oil gathering system with 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, Texas. The system has current throughput of over 110,000 Bbl/d primarily from six oil and gas operators, including Diamondback. The top three producers, who had contributed over 85% of the throughput through July 2019, have, on average, over ten years of dedication remaining. Over 160,000 gross acres in Northern Midland Basin are dedicated to the system under long-term, fixed-fee agreements, some of which benefit from minimum volume commitments. Diamondback operates approximately 38% of the dedicated acreage and produced approximately 35% of the throughput through July 2019. Pursuant to the limited liability company agreement entered into in connection with the formation of the Joint Venture, the Joint Venture will be managed by a board of managers consisting of designees of the Partnership and Oryx. Oryx will be the operator of the gathering system under an operating and management services agreement entered into with the Joint Venture. The Pending Acquisition is anticipated to close in the fourth quarter of 2019, subject to certain closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The Partnership intends to fund its portion of the purchase price for the Pending Acquisition with cash on hand and borrowings under its credit facility. The Partnership will account for the Joint Venture as an equity method investment. Other Acquisitions In October 2019, the Partnership acquired from third party sellers two SWD wells and two approved permits with an aggregate of 110,000 Bbl/d of additional disposal capacity and 12.7 miles of SWD gathering lines for a total of $15.3 million. One of these wells is in the Delaware Basin. The other well and both approved permits are in the Midland Basin. Amendment to Credit Agreement On October 23, 2019, the Partnership entered into a first amendment (the “First Amendment”) to the Credit Agreement, with the Operating Company, Wells Fargo Bank, National Association, as the administrative agent, and certain lenders from time to time party thereto. The First Amendment, among other things, provides the Operating Company with additional flexibility to make investments in joint ventures and other third parties, including investments in the Wink to Webster project and the Joint Venture. Pursuant to the First Amendment, the Joint Venture is designated as an unrestricted subsidiary under the Credit Agreement.

REPORT OF OPERATING BUSINESS SEGMENTS

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

The Partnership's operations are reported in two operating business segments: (i) midstream services and (ii) real estate operations. The following tables summarize the results of the Partnership's operating business segments during the periods presented:



	Three Months Ended September 30, 2019							Three Months Ended September 30, 2018
(In thousands)	Midstream Services		Real Estate Operations		Total			Midstream Services			Real Estate Operations			Total
Revenues—related party	$	104,866	$	—	$	104,866		$	46,369		$	—		$	46,369
Revenues—third party	6,840		—		6,840			(82		)	—			(82		)
Rental income—related party	—		1,399		1,399			—			672			672
Rental income—third party	—		1,894		1,894			—			2,087			2,087
Other real estate income—related party	—		111		111			—			707			707
Other real estate income—third party	—		305		305			—			(452		)	(452		)
Total revenues	111,706		3,709		115,415			46,287			3,014			49,301
Direct operating expenses	29,789		—		29,789			8,458			—			8,458
Cost of goods sold (exclusive of depreciation and amortization)	17,350		—		17,350			10,850			—			10,850
Real estate operating expenses	—		742		742			—			553			553
Depreciation, amortization and accretion	9,835		1,901		11,736			4,134			1,905			6,039
Segment profit	54,732		1,066		55,798			22,845			556			23,401
General and administrative expenses					(3,240		)							(729		)
Interest expense, net					(553		)							—
Expense from equity investments					(631		)							—
Net income before income taxes	54,732		1,066		51,374			22,845			556			22,672
Provision for income taxes					3,294									4,892
Net income	$	54,732	$	1,066	$	48,080		$	22,845		$	556		$	17,780

Segment assets	$	917,577	$	109,908	$	1,027,485		$	401,887		$	106,832		$	508,719



	Nine Months Ended September 30, 2019								Nine Months Ended September 30, 2018
(In thousands)	Midstream Services			Real Estate Operations		Total			Midstream Services		Real Estate Operations		Total
Revenues—related party	$	296,508		$	—	$	296,508		$	124,170	$	—	$	124,170
Revenues—third party	15,405			—		15,405			279		—		279
Rental income—related party	—			3,370		3,370			—		1,683		1,683
Rental income—third party	—			5,999		5,999			—		6,053		6,053
Other real estate income—related party	—			265		265			—		779		779
Other real estate income—third party	—			818		818			—		—		—
Total revenues	311,913			10,452		322,365			124,449		8,515		132,964
Direct operating expenses	76,381			—		76,381			24,656		—		24,656
Cost of goods sold (exclusive of depreciation and amortization)	46,252			—		46,252			24,368		—		24,368
Real estate operating expenses	—			1,963		1,963			—		1,371		1,371
(Gain) loss on sale of property, plant and equipment	(4		)	—		(4		)	2,568		—		2,568
Depreciation, amortization and accretion	26,028			5,770		31,798			12,722		5,108		17,830
Segment profit	163,256			2,719		165,975			60,135		2,036		62,171
General and administrative expenses						(7,677		)					(1,409		)
Interest expense, net						(638		)					—
Expense from equity investments						(695		)					—
Net income before income taxes	163,256			2,719		156,965			60,135		2,036		60,762
Provision for income taxes						22,850							13,114
Net income	$	163,256		$	2,719	$	134,115		$	60,135	$	2,036	$	47,648

Segment assets	$	917,577		$	109,908	$	1,027,485		$	401,887	$	106,832	$	508,719

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIE (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

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 SWD wells and related gathering systems, office buildings, surface land, 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 partners’ equity of the Partnership and its partially owned subsidiary.

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.

Prior to 2018, the Partnership's operations comprised a single operating business segment; however, with the contribution of Tall Towers, the Partnership's operations are now reported in two operating business segments: (i) midstream services and (ii) real estate operations. See Note 19—Report of Operating Business Segments.

These consolidated financial statements have been prepared by the Partnership without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to SEC rules and regulations, although the Partnership believes the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10–Q should be read in conjunction with the Partnership’s final prospectus dated May 22, 2019 and filed with the SEC pursuant to Rule 424(b) under the Securities Act on May 24, 2019, which contains a summary of the Partnership’s significant accounting policies and other disclosures.

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.

Management evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods they consider reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from management’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 and (iii) asset retirement obligations (“ARO”).

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 bases 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 subject to margin tax in the state of Texas pursuant to the Tax Sharing Agreement with Diamondback, as discussed further in Note 14—Income Taxes. The Predecessor’s 2016 through 2018 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 September 30, 2019, the Partnership had no unrecognized tax benefits that would have a material impact on the effective tax rate. 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 three and nine months ended September 30, 2019, there was no interest or penalties associated with uncertain tax positions recognized in the Partnership’s consolidated financial statements.

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.

Investments

Equity investments in which the Partnership exercises significant influence but does not control are accounted for using the equity method. Under the equity method, generally the Partnership’s share of investees’ earnings or loss is recognized in the statement of operations. The Partnership reviews its investments to determine if a loss in value which is other than a temporary decline has occurred. If such loss has occurred, the Partnership recognizes an impairment provision.

Recent Accounting Pronouncements

Recently Adopted Pronouncements

In February 2016, the FASB issued Accounting Standards Update ("ASU") 2016-02, “Leases (Topic 842)”. This update, codified in ASC Topic 842 "Leases" ("ASC Topic 842"), applies to any entity that enters into a lease, with some specified scope exemptions. Under this update, a lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. While there were no major changes to lessor accounting, changes were made to align key aspects with the revenue recognition guidance. This update was effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. Entities were required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In the normal course of business, the Partnership enters into lease agreements and land easements to support its midstream operations. The Partnership adopted this update effective January 1, 2019. Upon adoption effective January 1, 2019, the Partnership recognized approximately $1.2 million of right-of-use assets, of which the total amount relates to the Partnership’s operating leases. See Note 16—Leases.

In January 2018, the FASB issued ASU 2018-01, “Leases - Land Easement Practical Expedient for Transition to Topic 842”. This update applies to any entity that holds land easements. The update allows entities to adopt a practical expedient to not evaluate existing or expired land easements under Topic 842 that were not previously accounted for as leases under the current leases guidance. An entity that elects this practical expedient should evaluate new or modified land easements under Topic 842 beginning at the date that the entity adopts Topic 842. The Partnership adopted this update effective January 1, 2019. It did not have a material impact on its financial position, results of operations or liquidity.

In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases”. This update provides clarification and corrects unintended application of certain sections in the new lease guidance. This update was effective for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Partnership adopted this update effective January 1, 2019. It did not have a material impact on its financial position, results of operations or liquidity.

In July 2018, the FASB issued ASU 2018-11, “Lease (Topic 842): Targeted Improvements”. This update provides another transition method of allowing entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. This update was effective for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Partnership adopted this update effective January 1, 2019. It did not have a material impact on its financial position, results of operations or liquidity.

In December 2018, the FASB issued ASU 2018-20, “Leases (Topic 842) - Narrow-Scope Improvements for Lessors”. This update provides a practical expedient for lessors to elect not to evaluate whether sales taxes and other similar taxes are lessor costs. The update also requires a lessor to exclude from variable payments those costs paid directly by the lessee to third parties and include lessor costs paid by the lessor and reimbursed by the lessee. The Partnership adopted this update effective January 1, 2019. It did not have a material impact on its financial position, results of operations or liquidity.

In January 2019, the FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements”. This update clarifies certain presentation and transition disclosures under Topic 842. This update was effective for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Partnership adopted this update effective January 1, 2019. It did not have a material impact on its financial position, results of operations or liquidity.

In June 2018, the FASB issued ASU 2018-07, “Stock Compensation - Improvements to Nonemployee Share-Based Payment Accounting”. This update applies the existing employee guidance to nonemployee share-based transactions, with the exception of specific guidance related to the attribution of compensation cost. This update was effective for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Partnership adopted this update effective January 1, 2019. It did not have a material impact on its financial position, results of operations or liquidity.

In July 2018, the FASB issued ASU 2018-09, “Codification Improvements”. This update provides clarification and corrects unintended application of the guidance in various sections. This update was effective for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Partnership adopted this update effective January 1, 2019. It did not have a material impact on its financial position, results of operations or liquidity.

In July 2019, the FASB issued ASU 2019-07, “Codification Updates to SEC Sections”. This update simplifies the guidance in various sections that was duplicative, redundant or outdated. The Partnership adopted this update effective July 2019. It did not have a material impact on its financial position, results of operations or liquidity.

Accounting Pronouncements Not Yet Adopted

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. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This update will be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Partnership does not believe the adoption of this standard will have an impact on its financial statements since it does not have a history of credit losses.

In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”. This update clarifies that receivables arising from operating leases are not in scope of this topic, but rather ASC Topic 842. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This update will be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Partnership does not believe the adoption of this standard will have an impact on its financial statements since it does not have a history of credit losses.

In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments”. This update clarifies guidance previously issued in ASU 2016-01, ASU 2016-13 and ASU 2017-12. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Partnership does not believe the updates to the referenced standards will have an impact on its financial position, results of operations or liquidity.

In May 2019, the FASB issued ASU 2019-05, “Financial Instruments-Credit Losses (Topic 326)”. This update allows a fair value option to be elected for certain financial assets, other than held-to-maturity debt securities, that were previously required to be measured at amortized cost basis. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Partnership does not believe the adoption of this standard will have an impact on its financial position, results of operations or liquidity.

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement”. This update modifies the fair value measurement disclosure requirements specifically related to Level 3 fair value measurements and transfers between levels. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This update will be applied prospectively. The Partnership does not believe the adoption of this standard will have an impact on its financial position, results of operations or liquidity.

Revenue from contract with customers

The following is a summary of the Partnership’s types of revenue agreements:


•	Crude Oil Gathering Agreement. Under the crude oil gathering agreement, the Partnership receives a volumetric fee per Bbl for gathering and delivering crude oil produced by Diamondback within 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.

•

It is noted that surface revenue, rental and real estate income and amortization of out of market leases is outside the scope of ASC Topic 606.

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.

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

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Schedule of operating business segments

REPORT OF OPERATING BUSINESS SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

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



	Three Months Ended September 30, 2019							Three Months Ended September 30, 2018
(In thousands)	Midstream Services		Real Estate Operations		Total			Midstream Services			Real Estate Operations			Total
Revenues—related party	$	104,866	$	—	$	104,866		$	46,369		$	—		$	46,369
Revenues—third party	6,840		—		6,840			(82		)	—			(82		)
Rental income—related party	—		1,399		1,399			—			672			672
Rental income—third party	—		1,894		1,894			—			2,087			2,087
Other real estate income—related party	—		111		111			—			707			707
Other real estate income—third party	—		305		305			—			(452		)	(452		)
Total revenues	111,706		3,709		115,415			46,287			3,014			49,301
Direct operating expenses	29,789		—		29,789			8,458			—			8,458
Cost of goods sold (exclusive of depreciation and amortization)	17,350		—		17,350			10,850			—			10,850
Real estate operating expenses	—		742		742			—			553			553
Depreciation, amortization and accretion	9,835		1,901		11,736			4,134			1,905			6,039
Segment profit	54,732		1,066		55,798			22,845			556			23,401
General and administrative expenses					(3,240		)							(729		)
Interest expense, net					(553		)							—
Expense from equity investments					(631		)							—
Net income before income taxes	54,732		1,066		51,374			22,845			556			22,672
Provision for income taxes					3,294									4,892
Net income	$	54,732	$	1,066	$	48,080		$	22,845		$	556		$	17,780

Segment assets	$	917,577	$	109,908	$	1,027,485		$	401,887		$	106,832		$	508,719



	Nine Months Ended September 30, 2019								Nine Months Ended September 30, 2018
(In thousands)	Midstream Services			Real Estate Operations		Total			Midstream Services		Real Estate Operations		Total
Revenues—related party	$	296,508		$	—	$	296,508		$	124,170	$	—	$	124,170
Revenues—third party	15,405			—		15,405			279		—		279
Rental income—related party	—			3,370		3,370			—		1,683		1,683
Rental income—third party	—			5,999		5,999			—		6,053		6,053
Other real estate income—related party	—			265		265			—		779		779
Other real estate income—third party	—			818		818			—		—		—
Total revenues	311,913			10,452		322,365			124,449		8,515		132,964
Direct operating expenses	76,381			—		76,381			24,656		—		24,656
Cost of goods sold (exclusive of depreciation and amortization)	46,252			—		46,252			24,368		—		24,368
Real estate operating expenses	—			1,963		1,963			—		1,371		1,371
(Gain) loss on sale of property, plant and equipment	(4		)	—		(4		)	2,568		—		2,568
Depreciation, amortization and accretion	26,028			5,770		31,798			12,722		5,108		17,830
Segment profit	163,256			2,719		165,975			60,135		2,036		62,171
General and administrative expenses						(7,677		)					(1,409		)
Interest expense, net						(638		)					—
Expense from equity investments						(695		)					—
Net income before income taxes	163,256			2,719		156,965			60,135		2,036		60,762
Provision for income taxes						22,850							13,114
Net income	$	163,256		$	2,719	$	134,115		$	60,135	$	2,036	$	47,648

Segment assets	$	917,577		$	109,908	$	1,027,485		$	401,887	$	106,832	$	508,719

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Millions					9 Months Ended
	Sep. 30, 2019 shares	May 30, 2019 shares	May 28, 2019 USD ($) $ / shares shares	May 27, 2019 shares	Sep. 30, 2019 segment shares	Nov. 01, 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
Over-Allotment Option
Limited Partners' Capital Account [Line Items]
Number of shares issued (in shares)		5,700,000
IPO
Limited Partners' Capital Account [Line Items]
Number of shares issued (in shares)				38,000,000
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)	107,815,152		107,815,152		107,815,152
Units outstanding (in shares)	107,815,152		0		107,815,152	107,815,152
Diamondback Energy, Inc. \| Class B Units
Limited Partners' Capital Account [Line Items]
Units outstanding (in shares)	107,815,152				107,815,152
Rattler MIdstream LP
Limited Partners' Capital Account [Line Items]
Limited partners, ownership interest			71.00%
General partners, ownership interest	100.00%
Rattler MIdstream LP \| Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Limited partners, ownership interest	71.00%
Rattler Midstream Partners LLC
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	71.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIE (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Jan. 01, 2019
Contributed Assets [Line Items]
Unrecognized tax benefits material impact on the effective tax rate	$ 0	$ 0
Unrecognized tax benefits, income tax penalties and interest expense	0	0
Contribution of property		456,100,000
Capital contribution related to equity method investments		149,500,000
Capital contribution related to elimination of current and deferred liabilities		31,100,000
Capital contribution in additional assets and liabilities, net, related to operations		(25,300,000)
Right of use assets	$ 742,000	742,000
Office building
Contributed Assets [Line Items]
Contribution of property		9,200,000
Land
Contributed Assets [Line Items]
Contribution of property		18,100,000
Fresh water asset
Contributed Assets [Line Items]
Contribution of property		9,400,000
SWD assets
Contributed Assets [Line Items]
Contribution of property		228,300,000
Crude oil assets
Contributed Assets [Line Items]
Contribution of property		$ 35,800,000
Accounting Standards Update 2016-02
Contributed Assets [Line Items]
Right of use assets			$ 1,200,000

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Surface revenue (non ASC 606 revenues)

$ 174

$ 320

$ 464

$ 814

Real estate contracts (non ASC 606 revenues)

3,709

3,014

10,452

8,515

115,415

49,301

^[1]

322,365

132,964

^[1]

Fresh water services

26,485

19,913

83,966

54,677

Saltwater services

73,928

19,235

198,344

53,419

Crude oil gathering

7,248

4,738

19,231

11,004

Natural gas gathering

$ 3,871

$ 2,081

$ 9,908

$ 4,535

[1]	See Note 1 for information regarding the basis of financial statement presentation.

ACQUISITIONS (Details) $ in Millions				9 Months Ended	12 Months Ended
ACQUISITIONS (Details) $ in Millions	Jan. 01, 2019 USD ($) SWD pit well system	Jan. 31, 2018 USD ($) tower	Jan. 01, 2018 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)
Property, Plant and Equipment [Line Items]
Contribution of property				$ 456.1
Fresh Water Asset Contribution
Property, Plant and Equipment [Line Items]
Contribution of property			$ 32.8
Fresh 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		$ 110.0
Office Towers
Property, Plant and Equipment [Line Items]
Number of oil and gas properties acquired \| tower		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 \| SWD Wells
Property, Plant and Equipment [Line Items]
Number of oil and gas properties \| SWD	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 \| Fresh 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 \| SWD Wells
Property, Plant and Equipment [Line Items]
Number of oil and gas properties \| SWD	56
Energen \| Energen Contribution
Property, Plant and Equipment [Line Items]
Contribution of property	$ 279.0

REAL ESTATE ASSETS (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
REAL ESTATE ASSETS (Details) - USD ($) $ in Thousands	Jan. 31, 2018	Mar. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Real Estate [Line Items]
Payments to acquire real estate and real estate joint ventures			$ 456,100
Buildings, Gross			102,247	$ 92,349
Tenant improvements			4,446	4,160
Land improvements			484	484
Total real estate assets			107,177	96,993
Less: accumulated depreciation			(7,513)	(3,970)
Total investment in real estate, net			99,664	93,023
Finite-lived intangibles assets, net			$ 8,754	10,954
In-place lease intangibles
Real Estate [Line Items]
Intangible assets, weighted average useful lives (in years)			45 months
Finite-lived intangible assets, gross			$ 11,301	10,866
Less: accumulated amortization			(5,304)	(3,076)
Finite-lived intangibles assets, net			$ 5,997	7,790
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			(866)	(459)
Finite-lived intangibles assets, net			2,757	3,164
Tall Tower
Real Estate [Line Items]
Payments to acquire real estate and real estate joint ventures	$ 110,000		$ 110,000
Field office
Real Estate [Line Items]
Payments to acquire real estate and real estate joint ventures				$ 1,300
A-Street Building
Real Estate [Line Items]
Payments to acquire real estate and real estate joint ventures		$ 9,200
Buildings
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

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Dec. 31, 2018

Less: accumulated depreciation, amortization and accretion

$ 883,724,000

$ 415,888,000

^[1]

Land

88,509,000

70,373,000

^[1]

(53,166,000)

(28,317,000)

^[1]

Total property, plant and equipment, net

919,067,000

457,944,000

^[1]

Property, plant and equipment, assets

100,900,000

55,200,000

Capitalized internal costs

1,400,000

$ 0

1,400,000

$ 0

Capitalized interest related to property, plant and equipment

300,000

SWD systems

Payment to acquired property, plant and equipment

560,514,000

$ 560,514,000

220,084,000

1,500,000

Crude oil gathering systems

Property and equipment estimated useful lives (in years)

30 years

Natural gas gathering and compression systems

128,302,000

$ 128,302,000

66,760,000

Fresh water gathering systems

95,573,000

$ 95,573,000

60,350,000

Property and equipment estimated useful lives (in years)

30 years

$ 99,335,000

$ 68,694,000

Minimum | SWD systems

Property and equipment estimated useful lives (in years)

10 years

Minimum | Natural gas gathering and compression systems

Property and equipment estimated useful lives (in years)

10 years

Maximum | SWD systems

Property and equipment estimated useful lives (in years)

30 years

Maximum | Natural gas gathering and compression systems

Property and equipment estimated useful lives (in years)

30 years

[1]	See Note 1 for information regarding the basis of financial statement presentation.

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation, beginning of period	$ 561	$ 383
Liabilities incurred	7,798	136
Liabilities settled	(21)	0
Estimates revised	5	0
Accretion expense during period	1,177	25
Asset retirement obligation, end of period	$ 9,520	$ 544

EQUITY METHOD INVESTMENTS (Details)

3 Months Ended

9 Months Ended

Jun. 30, 2018

SWD

Sep. 30, 2019

USD ($)

Sep. 30, 2018

USD ($)

^[1]

Sep. 30, 2019

USD ($)

Sep. 30, 2018

USD ($)

Jul. 30, 2019

Mar. 29, 2019

USD ($)

Feb. 15, 2019

Feb. 01, 2019

Dec. 31, 2018

USD ($)

^[1]

Oct. 31, 2014

Schedule of Equity Method Investments [Line Items]

$ 224,990,000

$ 0

Equity method investment, other than temporary impairment

(631,000)

$ 0

(695,000)

$ 0

^[1]

$ 0

Equity method investment, capitalized interest

100,000

HMW Fluid Management LLC

Schedule of Equity Method Investments [Line Items]

Equity ownership percentage

25.00%

Epic Pipeline

Schedule of Equity Method Investments [Line Items]

Equity ownership percentage

10.00%

89,200,000

Schedule of Equity Method Investments [Line Items]

(500,000)

Gray Oak Pipeline

Equity ownership percentage

10.00%

114,500,000

Schedule of Equity Method Investments [Line Items]

(200,000)

Wink to Webster Project

2.52% Short-Term Promissory Note

21,200,000

Schedule of Equity Method Investments [Line Items]

Outstanding loans

SWD Wells | HMW Fluid Management LLC

Schedule of Equity Method Investments [Line Items]

Ownership percentage of oil and gas property

50.00%

Number of oil and gas properties | SWD

Gray Oak Pipeline | 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%

Amount of debt repayments

$ 0

HMW Fluid Management LLC | SWD Wells

Schedule of Equity Method Investments [Line Items]

Number of oil and gas properties | SWD

Joint Venture of Wink to Webster Project

Schedule of Equity Method Investments [Line Items]

Member ownership percentage

4.00%

Maximum | Wink to Webster Project

Schedule of Equity Method Investments [Line Items]

$ 100,000

[1]	See Note 1 for information regarding the basis of financial statement presentation.

DEBT (Details) - USD ($)

9 Months Ended

Sep. 30, 2019

Dec. 31, 2018

Total long-term debt

$ 103,000,000

$ 0

^[1]

Rattler Credit Facility

Rattler revolving credit facility

103,000,000

$ 0

Revolving credit facility maximum borrowing capacity

600,000,000.0

Available borrowings capacity

$ 497,000,000.0

Rattler Credit Facility | Minimum

Commitment fee on the unused portion of the borrowing base

0.25%

Rattler Credit Facility | Minimum | Base Rate

Rattler Credit Facility | Minimum | LIBOR

0.25%

Rattler Credit Facility | Maximum

1.25%

Commitment fee on the unused portion of the borrowing base

0.375%

Rattler Credit Facility | Maximum | Base Rate

Rattler Credit Facility | Maximum | LIBOR

1.25%

2.25%

[1]	See Note 1 for information regarding the basis of financial statement presentation.

DEBT Financial Covenants (Details) - Rattler Credit Facility	9 Months Ended
	Sep. 30, 2019
Maximum
Line of Credit Facility [Line Items]
Consolidated Total Leverage Ratio	5.0
Line Of Credit, Covenant Terms, Consolidated Total Leverage Ratio, For Three Fiscal Quarters Following Certain Acquisitions	5.50
Line Of Credit, Covenant Terms, Consolidated Total Leverage Ratio When Consolidated Senior Secured Leverage Ration Is Applicable	5.25
Consolidated Senior Secured Leverage, not greater than 3.50	3.5
Minimum
Line of Credit Facility [Line Items]
Consolidated Interest Coverage Ratio, not less than 2.50	2.5

UNIT-BASED COMPENSATION - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019 USD ($) shares	Sep. 30, 2019 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common units reserved for issuance (in shares) \| shares	15,151,515	15,151,515
Unit-based compensation expenses	$ 2.2	$ 3.0
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested phantom units	$ 39.1	$ 39.1
Unrecognized compensation cost related to unvested phantom units, period for recognition		2 years 7 months 24 days

UNIT-BASED COMPENSATION - Phantom Units (Details) - Phantom Share Units (PSUs) - $ / shares	4 Months Ended
	Sep. 30, 2019	May 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at May 28, 2019 (in shares)	0
Granted (in shares)	2,248,572
Forfeited (in shares)	(57,143)
Unvested at September 30, 2019 (in shares)	2,191,429
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested at May 28, 2019 (in USD Per share)	$ 19.20	$ 0
Granted (in USD Per share)	19.20
Forfeited (in USD Per share)	19.21
Unvested at September 30, 2019 (in USD Per share)	$ 19.20	$ 0

UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS (Details) - $ / shares			4 Months Ended	9 Months Ended
	Sep. 30, 2019	May 28, 2019	Sep. 30, 2019	Sep. 30, 2019	Oct. 31, 2019
Common Units
Limited Partners' Capital Account [Line Items]
Common units issued (in shares)	43,700,000		43,700,000	43,700,000
Conversion of stock, shares issued				1
Increase (Decrease) in Partners' Capital [Roll Forward]
Units outstanding, begging balance (in shares)			0
Units issued in public offerings (in shares)			43,700,000
Units outstanding, ending balance (in shares)	43,700,000	0	43,700,000	43,700,000
Partners' capital, cash distribution, period of record date after quarter end				60 days
Class B Units
Limited Partners' Capital Account [Line Items]
Common units issued (in shares)	107,815,152	107,815,152	107,815,152	107,815,152
Conversion of stock, shares converted				1
Increase (Decrease) in Partners' Capital [Roll Forward]
Units outstanding, begging balance (in shares)			0
Units related to tax conversion (in shares)			107,815,152
Units outstanding, ending balance (in shares)	107,815,152	0	107,815,152	107,815,152
Diamondback Energy, Inc. \| Common Units
Limited Partners' Capital Account [Line Items]
Common units issued (in shares)	0		0	0
Diamondback Energy, Inc. \| Class B Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Units outstanding, ending balance (in shares)	107,815,152		107,815,152	107,815,152
Rattler Midstream Partners LLC
Limited Partners' Capital Account [Line Items]
Conversion of stock, shares converted				1
Rattler Midstream Partners LLC \| Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Limited partners, ownership interest	71.00%
Subsequent Event \| Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital, cash distribution (in USD per common unit)					$ 0.25
Partners' capital, cash distribution, prorated (in USD per common unit)					$ 0.34

EARNINGS PER UNIT (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	4 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Earnings Per Share, Basic [Abstract]
Net income attributable to Rattler Midstream LP	$ 11,531	$ 16,334
Basic weighted average common units outstanding (in shares)	43,700	43,564
Effect of dilutive securities:
Effect of dilutive securities: Potential common units issuable (in shares)	1,136	1,146
Diluted weighted average common units outstanding (in shares)	44,836	44,710
Net income per common unit, basic (in USD per share)	$ 0.26	$ 0.37
Net income per common unit, diluted (in USD per share)	$ 0.26	$ 0.37

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

+ References + Details

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
LEASES (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Right of use assets	$ 742	$ 742
Operating lease liabilities	742	742
Operating lease costs	460	1,570
Cash paid for operating lease liabilities		1,500
Additional amount of operating lease right of use asset recorded		900
Short-term lease liability	$ 742	$ 742
Weighted average remaining lease term	8 months 12 days	8 months 12 days
Weighted average discount rate	8.50%	8.50%
Schedule of Operating Lease Liability Maturities:
2019 (October - December)	$ 335	$ 335
2020	426	426
Total lease payments	761	761
Less: interest	19	19
Operating lease liabilities	$ 742	$ 742
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Right of use assets			$ 1,200
Operating lease liabilities			1,200
Schedule of Operating Lease Liability Maturities:
Operating lease liabilities			$ 1,200

SUBSEQUENT EVENTS (Details) - Subsequent Event $ / shares in Units, bbl in Thousands, a in Thousands, $ in Millions		1 Months Ended
	Oct. 03, 2019 USD ($) a bbl / d operator mi bbl	Oct. 31, 2019 USD ($) bbl / d SWD permit mi $ / shares
Subsequent Event [Line Items]
Distance of gathering and regional transportation pipelines (in miles) \| mi		12.7
Number of additional disposal capacity \| bbl / d		110,000
Business Combination, Consideration Transferred \| $		$ 15.3
Reliance Acquisition
Subsequent Event [Line Items]
Percentage acquired	1
Purchase price \| $	$ 355.0
Purchase price, percentage	60.00%
Common Unit
Subsequent Event [Line Items]
Partners' capital, cash distribution (in USD per common unit) \| $ / shares		$ 0.25
Partners' capital, cash distribution, prorated (in USD per common unit) \| $ / shares		$ 0.34
Oryx \| Reliance Acquisition
Subsequent Event [Line Items]
Purchase price, percentage	40.00%
Reliance Gathering
Subsequent Event [Line Items]
Distance of gathering and regional transportation pipelines (in miles) \| mi	230
Number of crude oil storage (in bbl) \| bbl	200
Number of system throughput (in Bbl/d) \| bbl / d	110,000
Number of oil and gas operators \| operator	6
Percentage of throughput contributed by the top three producers	85.00%
Dedication period remaining (over)	10 years
Diamondback Energy, Inc.
Subsequent Event [Line Items]
Percentage of dedicated acreage operating	38.00%
Percentage of throughput produced	35.00%
Northern Midland Basin \| Reliance Gathering
Subsequent Event [Line Items]
Area of land \| a	160
SWD Wells
Subsequent Event [Line Items]
Number of oil and gas properties acquired \| SWD		2
Approved Permits
Subsequent Event [Line Items]
Number of oil and gas properties acquired \| permit		2

REPORT OF OPERATING BUSINESS SEGMENTS (Details)
$ in Thousands

1 Months Ended

2 Months Ended

3 Months Ended

4 Months Ended

5 Months Ended

9 Months Ended

Jun. 30, 2019

USD ($)

May 27, 2019

USD ($)

Sep. 30, 2019

USD ($)

Mar. 31, 2019

USD ($)

Sep. 30, 2018

USD ($)

Jun. 30, 2018

USD ($)

Mar. 31, 2018

USD ($)

Sep. 30, 2019

USD ($)

May 27, 2019

USD ($)

Sep. 30, 2019

USD ($)

segment

Sep. 30, 2018

USD ($)

Dec. 31, 2018

USD ($)

^[1]

Number of operating segments | segment

$ 115,415

$ 49,301

^[1]

$ 322,365

$ 132,964

^[1]

Cost of goods sold (exclusive of depreciation and amortization)

29,789

8,458

^[1]

76,381

24,656

^[1]

17,350

10,850

^[1]

46,252

24,368

^[1]

(Gain) loss on sale of property, plant and equipment

742

553

^[1]

1,963

1,371

^[1]

^[1]

(4)

2,568

^[1]

General and administrative expenses

11,736

6,039

^[1]

31,798

17,830

^[1]

(3,240)

(729)

^[1]

(7,677)

(1,409)

^[1]

Interest expense, net

(553)

^[1]

(638)

^[1]

Expense from equity investments

(631)

^[1]

(695)

^[1]

Provision for income taxes

51,374

22,672

^[1]

156,965

60,762

^[1]

3,294

4,892

^[1]

$ 4,700

$ 18,200

22,850

13,114

^[1]

$ 20,040

$ 26,639

48,080

$ 39,356

17,780

^[1]

$ 15,472

$ 14,396

68,120

$ 65,995

134,115

47,648

^[1]

1,306,248

$ 604,017

Midstream Services

111,706

46,287

311,913

124,449

Cost of goods sold (exclusive of depreciation and amortization)

29,789

8,458

76,381

24,656

17,350

10,850

46,252

24,368

(Gain) loss on sale of property, plant and equipment

(4)

2,568

9,835

4,134

26,028

12,722

54,732

22,845

163,256

60,135

54,732

22,845

163,256

60,135

Real Estate Operations

3,709

3,014

10,452

8,515

Cost of goods sold (exclusive of depreciation and amortization)

(Gain) loss on sale of property, plant and equipment

742

553

1,963

1,371

1,901

1,905

5,770

5,108

1,066

556

2,719

2,036

1,066

556

2,719

2,036

Revenues—related party

104,866

46,369

^[1]

296,508

124,170

^[1]

104,866

46,369

296,508

124,170

Revenues—third party

Revenues—third party | Midstream Services

6,840

(82)

^[1]

15,405

279

^[1]

Revenues—third party | Real Estate Operations

6,840

(82)

15,405

279

Rental income—related party

Rental income—related party | Midstream Services

1,399

672

^[1]

3,370

1,683

^[1]

Rental income—related party | Real Estate Operations

Rental income—third party

1,399

672

3,370

1,683

Rental income—third party | Midstream Services

1,894

2,087

^[1]

5,999

6,053

^[1]

Rental income—third party | Real Estate Operations

Other real estate income—related party

1,894

2,087

5,999

6,053

Other real estate income—related party | Midstream Services

111

707

^[1]

265

779

^[1]

Other real estate income—related party | Real Estate Operations

Other real estate income—third party

111

707

265

779

Other real estate income—third party | Midstream Services

305

(452)

^[1]

818

^[1]

Other real estate income—third party | Real Estate Operations

305

(452)

818

Operating Segments

55,798

23,401

165,975

62,171

Operating Segments | Midstream Services

1,027,485

508,719

1,027,485

508,719

54,732

22,845

163,256

60,135

Operating Segments | Real Estate Operations

917,577

401,887

917,577

401,887

1,066

556

2,719

2,036

Segment Reconciling Items

109,908

106,832

$ 109,908

109,908

106,832

General and administrative expenses

(3,240)

(729)

(7,677)

(1,409)

Interest expense, net

(553)

(638)

Expense from equity investments

$ (631)

$ 0

$ (695)

$ 0

[1]	See Note 1 for information regarding the basis of financial statement presentation.

Label	Element	Value
vnom_LimitedPartnersCapitalAccountDistributionAmount-RelatedParty	fang_Vnom_LimitedPartnersCapitalAccountDistributionAmountRelatedParty	$ 33,712,000
Member Units [Member] \| Limited Partner [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	26,639,000
vnom_LimitedPartnersCapitalAccountDistributionAmount-RelatedParty	fang_Vnom_LimitedPartnersCapitalAccountDistributionAmountRelatedParty	$ 33,712,000

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

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