Rattler Midstream LP

The call did not provide a full income statement with revenue, EPS, or gross margin figures, but management said first-quarter 2022 adjusted EBITDA rose 8% sequentially quarter-over-quarter. For 2022, operating CapEx is expected to be $80 million to $100 million, with most buildout work in Martin County; management said spend should normalize back toward $8 million to $12 million per quarter in 2023 and beyond. No formal next-quarter guidance figures were given on the call.

Travis Stice framed Q1 as another strong operational quarter and said the business is being reshaped by the full-quarter impact of recent transactions. His tone was constructive but cost-conscious: he emphasized controlling inflation-driven expense pressure, completing the centralized gathering system buildout, and leveraging the JV portfolio to grow cash flow over time. He also said Rattler will be selective on new deals, focusing on system efficiency and connectivity rather than large acquisitions.

No CFO spoke on this call. On financial priorities, management said the company is in a good debt position, does not need to pay down much more debt, and does not intend to sit on cash. Stice said the debate between distributions and unit buybacks has become harder as the stock price improved, but the distribution remains the primary return vehicle while buybacks stay available during periods of weakness.

Analysts asked about incremental M&A, participation in a Greenfield Permian gas pipeline, organic CapEx cadence, and capital returns. Management said large-scale M&A and new equity-method JVs are unlikely now, although small asset-level deals could improve system efficiency. On capital returns, Stice said the board will discuss a distribution increase as free cash flow visibility improves, while buybacks remain a tool if the units weaken.