Filing Details

Accession Number:
0000898432-20-000111
Form Type:
13G Filing
Publication Date:
2020-02-13 17:11:41
Filed By:
Hite Hedge Asset Management Llc
Company:
Rattler Midstream Lp (NASDAQ:RTLR)
Filing Date:
2020-02-13
SEC Url:
13G Filing
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
HITE Hedge Asset Management 0 2,380,436 0 2,380,436 2,380,436 5.4%
James M. Jampel 0 2,380,436 0 2,380,436 2,380,436 5.4%
HITE Hedge 0 392,254 0 392,254 392,254 0.9%
HITE MLP 0 198,096 0 198,096 198,096 0.5%
HITE Hedge QP 0 400,898 0 400,898 400,898 0.9%
HITE MLP Advantage 0 123,314 0 123,314 123,314 0.3%
HITE Energy 0 93,454 0 93,454 93,454 0.2%
HITE Hedge Offshore Ltd 0 1,172,420 0 1,172,420 1,172,420 2.7%
Filing
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

______________

SCHEDULE 13G*
Under the Securities Exchange Act of 1934


Rattler Midstream LP
(Name of Issuer)

Common units representing limited partner interests
(Title of Class of Securities)

75419T103
(CUSIP Number)

December 31, 2019
(Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule is filed:


[X]
Rule 13d-1(b)


[   ]
Rule 13d-1(c)


[   ]
Rule 13d-1(d)

*
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of such Act but shall be subject to all other provisions of such Act.

CUSIP No. 75419T103
1
NAME OF REPORTING PERSONS
HITE Hedge Asset Management LLC
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☒
(b) ☐
3
SEC USE ONLY
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
 
NUMBER OF
SHARES
BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
0
 
6
SHARED VOTING POWER
2,380,436*
 
7
SOLE DISPOSITIVE POWER
0
 
8
SHARED DISPOSITIVE POWER
2,380,436*

9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,380,436*
 
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 ☐
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.4%**
 
12
TYPE OF REPORTING PERSON
IA
 
*
Comprised of common units representing limited partner interests held by HITE Hedge LP, HITE MLP LP, HITE Hedge QP LP, HITE MLP Advantage LP, HITE Energy LP, and HITE Hedge Offshore Ltd., for all of which HITE Hedge Asset Management LLC is the investment adviser.
**
Percentage ownership is based upon 43,700,000 common units representing limited partner interests issued and outstanding as of November 1, 2019, as reported in the Issuer’s Form 10-Q as filed with the Securities and Exchange Commission on November 6, 2019.

CUSIP No. 75419T103
1
NAME OF REPORTING PERSONS
James M. Jampel
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☒
(b) ☐
3
SEC USE ONLY
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
 
NUMBER OF
SHARES
BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
0
 
6
SHARED VOTING POWER
2,380,436*
 
7
SOLE DISPOSITIVE POWER
0
 
8
SHARED DISPOSITIVE POWER
2,380,436*

9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,380,436*
 
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 ☐
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.4%**

12
TYPE OF REPORTING PERSON
IN
 
*
Comprised of common units representing limited partner interests held by HITE Hedge LP, HITE MLP LP, HITE Hedge QP LP, HITE MLP Advantage LP, HITE Energy LP, and HITE Hedge Offshore Ltd., for all of which HITE Hedge Asset Management LLC is the investment adviser.
**
Percentage ownership is based upon 43,700,000 common units representing limited partner interests issued and outstanding as of November 1, 2019, as reported in the Issuer’s Form 10-Q as filed with the Securities and Exchange Commission on November 6, 2019.


CUSIP No. 75419T103
1
NAME OF REPORTING PERSONS
HITE Hedge LP
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☒
(b) ☐
3
SEC USE ONLY
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
 
NUMBER OF
SHARES
BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
0
 
6
SHARED VOTING POWER
392,254
 
7
SOLE DISPOSITIVE POWER
0
 
8
SHARED DISPOSITIVE POWER
392,254

9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
392,254
 
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 ☐
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.9%*

12
TYPE OF REPORTING PERSON
PN
 
*
Percentage ownership is based upon 43,700,000 common units representing limited partner interests issued and outstanding as of November 1, 2019, as reported in the Issuer’s Form 10-Q as filed with the Securities and Exchange Commission on November 6, 2019.

CUSIP No. 75419T103
1
NAME OF REPORTING PERSONS
HITE MLP LP
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☒
(b) ☐
3
SEC USE ONLY
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
 
NUMBER OF
SHARES
BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
0
 
6
SHARED VOTING POWER
198,096
 
7
SOLE DISPOSITIVE POWER
0
 
8
SHARED DISPOSITIVE POWER
198,096

9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
198,096
 
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 ☐
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.5%*

12
TYPE OF REPORTING PERSON
PN
 
*
Percentage ownership is based upon 43,700,000 common units representing limited partner interests issued and outstanding as of November 1, 2019, as reported in the Issuer’s Form 10-Q as filed with the Securities and Exchange Commission on November 6, 2019.

CUSIP No. 75419T103
1
NAME OF REPORTING PERSONS
HITE Hedge QP LP
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☒
(b) ☐
3
SEC USE ONLY
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
 
NUMBER OF
SHARES
BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
0
 
6
SHARED VOTING POWER
400,898
 
7
SOLE DISPOSITIVE POWER
0
 
8
SHARED DISPOSITIVE POWER
400,898

9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
400,898
 
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 ☐
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.9%*

12
TYPE OF REPORTING PERSON
PN
 
*
Percentage ownership is based upon 43,700,000 common units representing limited partner interests issued and outstanding as of November 1, 2019, as reported in the Issuer’s Form 10-Q as filed with the Securities and Exchange Commission on November 6, 2019.


CUSIP No. 75419T103
1
NAME OF REPORTING PERSONS
HITE MLP Advantage LP
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☒
(b) ☐
3
SEC USE ONLY
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
 
NUMBER OF
SHARES
BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
0
 
6
SHARED VOTING POWER
123,314
 
7
SOLE DISPOSITIVE POWER
0
 
8
SHARED DISPOSITIVE POWER
123,314

9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
123,314
 
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 ☐
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.3%*

12
TYPE OF REPORTING PERSON
PN
 
*
Percentage ownership is based upon 43,700,000 common units representing limited partner interests issued and outstanding as of November 1, 2019, as reported in the Issuer’s Form 10-Q as filed with the Securities and Exchange Commission on November 6, 2019.


CUSIP No. 75419T103
1
NAME OF REPORTING PERSONS
HITE Energy LP
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☒
(b) ☐
3
SEC USE ONLY
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
 
NUMBER OF
SHARES
BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
0
 
6
SHARED VOTING POWER
93,454
 
7
SOLE DISPOSITIVE POWER
0
 
8
SHARED DISPOSITIVE POWER
93,454

9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
93,454
 
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 ☐
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.2%*

12
TYPE OF REPORTING PERSON
PN
 
*
Percentage ownership is based upon 43,700,000 common units representing limited partner interests issued and outstanding as of November 1, 2019, as reported in the Issuer’s Form 10-Q as filed with the Securities and Exchange Commission on November 6, 2019.

CUSIP No. 75419T103
1
NAME OF REPORTING PERSONS
HITE Hedge Offshore Ltd.
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☒
(b) ☐
3
SEC USE ONLY
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
 
NUMBER OF
SHARES
BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
0
 
6
SHARED VOTING POWER
1,172,420
 
7
SOLE DISPOSITIVE POWER
0
 
8
SHARED DISPOSITIVE POWER
1,172,420
 
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,172,420
 
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 ☐
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.7%*

12
TYPE OF REPORTING PERSON
CO
 
*
Percentage ownership is based upon 43,700,000 common units representing limited partner interests issued and outstanding as of November 1, 2019, as reported in the Issuer’s Form 10-Q as filed with the Securities and Exchange Commission on November 6, 2019.
Item 1(a).
Name of Issuer:
 
 
 
Rattler Midstream LP
 
 
Item 1(b).
Address of Issuer’s Principal Executive Offices:
 
 
 
500 West Texas, Suite 1200
 
 
Midland, TX

 
Item 2(a).
Name of Person Filing:
 
 
 
This Schedule 13G is filed by:
 
 
HITE Hedge Asset Management LLC
 
 
James M. Jampel
 
 
HITE Hedge LP
 
 
HITE MLP LP
 
 
HITE Hedge QP LP
 
 
HITE MLP Advantage LP
 
 
HITE Energy LP
 
 
HITE Hedge Offshore Ltd.

 
Item 2(b).
Address of Principal Business Office or, if None, Residence:
   
 
The address of the principal business office of each Reporting Person is:
 
300 Crown Colony Drive
 
 
Suite 108
 
 
Quincy, MA 02169

 
Item 2(c).
Citizenship:
 
 
HITE Hedge Asset Management LLC is a Delaware limited liability company
 
James M. Jampel is a citizen of the United States
 
HITE Hedge LP is a Delaware limited partnership
 
HITE MLP LP is a Delaware limited partnership
 
HITE Hedge QP LP is a Delaware limited partnership
 
HITE MLP Advantage LP is a Delaware limited partnership
 
HITE Energy LP is a Delaware limited partnership
 
HITE Hedge Offshore Ltd. is a Cayman Islands exempted company

Item 2(d).
Title of Class of Securities:
 
 
Common units representing limited partner interests (“common units”)
 
Item 2(e).
CUSIP Number:
  
 
75419T103
 
Item 3.
If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:
  

 
(a) 
 ☐
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
       
 
(b) 
 ☐
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

 
(c) 
 ☐
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
       
 
(d) 
 ☐
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
       
 
(e) 
 ☐
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
       
 
(f) 
 ☐
An employee benefit plan or endowment fund in accordance with § 240.13d‑1(b)(1)(ii)(F);
       
 
(g) 
 ☐
A parent holding company or control person in accordance with § 240.13d‑1(b)(1)(ii)(G);
       
 
(h) 
 ☐
A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
       
 
(i) 
 ☐
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
       

(j) 
 ☐
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J);
       

(k) 
 ☒
Group, in accordance with § 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution.

Item 4.
Ownership.
  
 
(a) Amount beneficially owned:
 
HITE Hedge Asset Management LLC: 2,380,436 common units
 
James M. Jampel: 2,380,436 common units
 
HITE Hedge LP: 392,254 common units
 
HITE MLP LP: 198,096 common units
 
HITE Hedge QP LP: 400,898 common units
 
HITE MLP Advantage LP: 123,314 common units
 
HITE Energy LP: 93,454 common units
 
HITE Hedge Offshore Ltd.: 1,172,420 common units
       
 
(b) Percent of class:
 
HITE Hedge Asset Management LLC: 5.4%
 
James M. Jampel: 5.4%
 
HITE Hedge LP: 0.9%
 
HITE MLP LP: 0.5%
 
HITE Hedge QP LP: 0.9%
 
HITE MLP Advantage LP: 0.3%
 
HITE Energy LP: 0.2%
 
HITE Hedge Offshore Ltd.: 2.7%
       
 
The percentage ownership is based upon 43,700,000 common units issued and outstanding as of November 1, 2019, as reported in the Issuer’s Form 10-Q as filed with the Securities and Exchange Commission on November 6, 2019.  
 

 
(c) Number of shares as to which the person has:
  

     
 
(i) Sole power to vote or to direct the vote: 0
     
 
(ii) Shared power to vote or to direct the vote:
 
HITE Hedge Asset Management LLC: 2,380,436 common units
 
James M. Jampel: 2,380,436 common units
 
HITE Hedge LP: 392,254 common units
 
HITE MLP LP: 198,096 common units
 
HITE Hedge QP LP: 400,898 common units
 
HITE MLP Advantage LP: 123,314 common units
 
HITE Energy LP: 93,454 common units
 
HITE Hedge Offshore Ltd.: 1,172,420 common units
     
 
(iii) Sole power to dispose or to direct the disposition of: 0
       
 
(iv) Shared power to dispose or to direct the disposition of:
 
HITE Hedge Asset Management LLC: 2,380,436 common units
 
James M. Jampel: 2,380,436 common units
 
HITE Hedge LP: 392,254 common units
 
HITE MLP LP: 198,096 common units
 
HITE Hedge QP LP: 400,898 common units
 
HITE MLP Advantage LP: 123,314 common units
 
HITE Energy LP: 93,454 common units
 
HITE Hedge Offshore Ltd.: 1,172,420 common units
     
 
Mr. Jampel disclaims beneficial ownership of the securities.
     
Item 5.
Ownership of Five Percent or Less of a Class.
     
 
Not applicable.
     
Item 6.
Ownership of More than Five Percent on Behalf of Another Person.
     
 
Not applicable.
     
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
     
 
Not applicable.
     
Item 8.
Identification and Classification of Members of the Group.
     
 
For a list of the members of the group filing this Schedule 13G, refer to Exhibit A hereto.
   
Item 9.
Notice of Dissolution of Group.
     
 
Not applicable.
     
Item 10.
Certifications.
     
 
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
  




the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated:  February 13, 2020
 
HITE Hedge Asset Management LLC
       
 
By: /s/ James E. Conant, Attorney-in-Fact for James M. Jampel, Managing Member
       
 
Individual
       
 
By: /s/ James E. Conant, Attorney-in-Fact for James M. Jampel
       
 
HITE Hedge LP
       
 
By:
HITE Hedge Capital LP, its General Partner
       
   
By:
HITE Hedge Capital LLC, its General Partner
       
     
By: /s/ James E. Conant, Attorney-in-Fact for James M. Jampel, Manager

 
HITE MLP LP
       
 
By:
HITE Hedge Capital LP, its General Partner
       
   
By:
HITE Hedge Capital LLC, its General Partner
       
     
By: /s/ James E. Conant, Attorney-in-Fact for James M. Jampel, Manager

 
HITE Hedge QP LP
       

By:
HITE Hedge Capital LP, its General Partner 
     
    By:
HITE Hedge Capital LLC, its General Partner
       
      By: /s/ James E. Conant, Attorney-in-Fact for James M. Jampel, Manager

 
HITE MLP Advantage LP
       
 
By:
HITE Hedge Capital LP, its General Partner
       
   
By:
HITE Hedge Capital LLC, its General Partner



LIST OF EXHIBITS
Exhibit No.
 
          Description
A
 
Group Members
B
 
Joint Filing Agreement

Exhibit A
Group Members

HITE Hedge Asset Management LLC
James M. Jampel
HITE Hedge LP
HITE MLP LP
HITE Hedge QP LP
HITE MLP Advantage LP
HITE Energy LP
HITE Hedge Offshore Ltd.


Exhibit B
Joint Filing Agreement

In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing on behalf of each of them of a single statement on Schedule 13G (including amendments thereto) with respect to the common units representing limited partner interests of Rattler Midstream LP, a Delaware corporation, and that this Agreement may be included as an exhibit to such joint filing.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of February 13, 2020.

 
HITE Hedge Asset Management LLC
       
 
By: /s/ James E. Conant, Attorney-in-Fact for James M. Jampel, Managing Member
       
 
Individual
       
 
By: /s/ James E. Conant, Attorney-in-Fact for James M. Jampel
       
 
HITE Hedge LP
       
 
By:
HITE Hedge Capital LP, its General Partner
       
   
By:
HITE Hedge Capital LLC, its General Partner
       
     
By: /s/ James E. Conant, Attorney-in-Fact for James M. Jampel, Manager

 
HITE MLP LP
       
 
By:
HITE Hedge Capital LP, its General Partner
       
   
By:
HITE Hedge Capital LLC, its General Partner
       
     
By: /s/ James E. Conant, Attorney-in-Fact for James M. Jampel, Manager

 
HITE Hedge QP LP
       

By:
HITE Hedge Capital LP, its General Partner 
     
    By:
HITE Hedge Capital LLC, its General Partner
       
      By: /s/ James E. Conant, Attorney-in-Fact for James M. Jampel, Manager

 
HITE MLP Advantage LP
       
 
By:
HITE Hedge Capital LP, its General Partner
       
   
By:
HITE Hedge Capital LLC, its General Partner
       
      By: /s/ James E. Conant, Attorney-in-Fact for James M. Jampel, Manager

 
HITE Energy LP
       

By: HITE Hedge Capital LP, its General Partner 
       
 

By:  HITE Hedge Capital LLC, its General Partner
       
   
        By: /s/ James E. Conant, Attorney-in-Fact for James M. Jampel, Manager
       
 
HITE Hedge Offshore Ltd.
       
 
By:
HITE Hedge Capital LP, its General Partner
       
   
By:
HITE Hedge Capital LLC, its General Partner
       
     
By: /s/ James E. Conant, Attorney-in-Fact for James M. Jampel, Manager


B-2