Diamondback Energy acquired a 10% stake in EPIC Crude Holdings from Ares Management.

Diamondback Energy, through its subsidiary Rattler Midstream Operating, acquired a 10% stake in EPIC Crude Holdings, an operator of a crude oil pipeline, from Ares Management. Financial terms were not disclosed. “Diamondback’s transportation on and equity option in the EPIC Crude Oil Pipeline are important steps as we make progress on our broader long-term takeaway strategy,” stated Travis Stice, Chief Executive Officer of Diamondback. “Our agreements secure a firm solution for a majority of our Midland Basin barrels and we are excited to be aligned with some of the Permian’s largest producers on this project.”