Tranche Update on Rattler Midstream LP's Equity Buyback Plan announced on November 4, 2020.

Rattler Midstream LP owns, operates, develops and acquires midstream and energy-related infrastructure assets. The Company owns crude oil, natural gas and water-related midstream assets in the in the Midland and Delaware Basins of the Permian Basin that provide services to Diamondback Energy, Inc. and third-party customers under primarily long-term, fixed-fee contracts. Its crude oil gathering system consists of approximately 159 miles of crude oil pipelines, which have 305,000 barrels per day (Bbl/d) of crude oil throughput capacity and over 118,000 Bbl of crude oil storage. It owns water gathering pipeline systems spanning a total of approximately 583 miles that connect the overwhelming majority of Diamondback operated crude oil and natural gas wells to its produced water disposal well sites. It has a total of approximately 141 produced water disposal wells with an aggregate capacity of 3.5 one million barrels per day (MMBbl/d) located across the Midland and Delaware Basins.