Rattler Midstream, subsidiary of Midland-based Diamondback Energy, said Monday it invested $104 million to acquire a minority interest in a joint venture that bought a majority interest in a Midland Basin gas gathering and processing company from West Texas Gas. The assets consist primarily of an interconnected gas gathering system and six major gas processing plants servicing Midland Basin.
Rattler CEO Travis Stice said it’s the sixth significant JV in which Rattler has participated with Diamondback as a major customer. He added, “The JV is an attractive opportunity to invest in a growing gas gathering and processing system in the core of the Midland Basin.”