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UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS UNITHOLDERS’ EQUITY AND DISTRIBUTIONS
The Partnership has general partner and limited partner units. At September 30, 2020, the Partnership had a total of 43,996,243 common units issued and outstanding and 107,815,152 Class B units issued and outstanding, of which no common units and 107,815,152 Class B units, representing approximately 71% of the Partnership’s total units outstanding, were beneficially owned by Diamondback. Diamondback also beneficially owns 107,815,152 Operating Company units, representing a 71% economic, non-voting interest in the Operating Company. The Operating Company units and the Partnership’s Class B units beneficially owned by Diamondback are exchangeable from time to time for the Partnership’s common units (that is, one Operating Company unit and one Partnership Class B unit, together, will be exchangeable for one Partnership common unit).

The following table summarizes changes in the ownership interest in consolidated subsidiaries during the period:
Three Months Ended September 30, 2020Nine Months Ended September 30, 2020
(In thousands)
Net income attributable to the Partnership$9,218 $25,071 
Change in ownership of consolidated subsidiaries — (329,034)
Change from net income (loss) attributable to the Partnership's unitholders and transfers to non-controlling interest$9,218 $(303,963)

There were no changes in the ownership interests in consolidated subsidiaries during the period between the closing of the IPO on May 28, 2019 and September 30, 2019. See Note 2—Summary of Significant Accounting Policies—Non-controlling Interest for a discussion of the changes in the ownership interests in consolidated subsidiaries during the nine months ended September 30, 2020.

On February 13, 2020, the board of directors of the General Partner revised the Partnership’s cash distribution policy to provide for the Operating Company to distribute $0.29 per Operating Company unit each quarter to its unitholders (including Diamondback and the Partnership), and for the Partnership to pay, to the extent legally available, cash distributions of $0.29 per common unit to common unitholders of record on the applicable record date within 65 days after the end of each quarter beginning with the quarter ended December 31, 2019. On October 29, 2020, the board of directors of the General Partner further revised the Partnership’s cash distribution policy, reducing the quarterly distribution per Operating Company unit and Partnership common unit to $0.20 beginning with the quarter ended September 30, 2020. The board of directors of the General Partner may change the Partnership’s distribution policy at any time and from time to time. The partnership agreement does not require the Partnership to pay cash distributions on the Partnership’s common units on a quarterly or other basis.
The following table presents cash distributions approved by the board of directors of the General Partner for the periods indicated:
Declaration Date
Quarter(1)
Amount per Common UnitPayment Date
October 31, 2019
Q3 2019(2)
$0.34 November 22, 2019
February 13, 2020Q4 2019$0.29 March 10, 2020
April 30, 2020Q1 2020$0.29 May 26, 2020
July 31, 2020Q2 2020$0.29 August 24, 2020
October 29, 2020Q3 2020$0.20 November 23, 2020
(1)    Distributions are shown for the quarter in which they were generated.
(2)    The Q3 2019 distribution also includes amounts attributable to Q2 2019 commencing upon the closing of the IPO.