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Viper Energy Partners LP, A Subsidiary of Diamondback Energy, Inc., Reports Fourth Quarter and Full Year 2021 Financial and Operating Results
MIDLAND, Texas, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Viper Energy Partners LP (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc.
About this update from Diamondback Energy, Inc.
[{"type":"text","content":"MIDLAND, Texas, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Viper Energy Partners LP (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the fourth quarter and the full year ended December 31, 2021. FOURTH QUARTER HIGHLIGHTS Q4 2021 average production of 18,370 bo/d (31,359 boe/d)Q4 2021 consolidated net income (including non-controlling interest) of $117.0 million; net income attributable to Viper Energy Partners LP of $39.5 million, or $0.50 per common unitAdjusted net income (as defined and reconciled below) of $84.4 million, or $1.07 per common unitQ4 2021 cash distribution of $0.47 per common unit, representing approximately 70% of total cash available for distribution; $0.47 distribution is up 24% quarter over quarter and implies a 7.2% annualized yield based on the February 18, 2022 unit closing price of $26.21Q4 2021 cash available for distribution of $0.67 per common unit represents a Company record; 12% higher than the previous record of $0.60 per common unit generated in Q2 2018Repurchased 574,200 common units in Q4 2021 for an aggregate of $12.4 million; from the end of the fourth quarter through January 31, 2022, Viper repurchased an additional 1,580,200 common units for an aggregate of $39.3 millionConsolidated adjusted EBITDA (as defined and reconciled below) of $123.9 million and cash available for distribution to Viper’s common units (as reconciled below) of $52.8 millionEnded the fourth quarter of 2021 with total long-term debt of $783.9 million and net debt of $744.5 million (as defined and reconciled below)179 total gross (5.1 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q4 2021 with an average lateral length of 10,048 feetAs previously announced, completed acquisition of certain mineral and royalty interests from Swallowtail Royalties LLC and Swallowtail Royalties II LLC (“Swallowtail”); added approximately 2,313 net royalty acres primarily in the Northern Midland Basin, roughly 62% of which are operated by DiamondbackIn addition to the Swallowtail acquisition, acquired 350 Diamondback-operated net royalty acres for an aggregate purchase price of $49.1 million during Q4 2021Subsequent to the end of the fourth quarter of 2021, divested 325 net royalty acres for ...