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Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Reports Second Quarter 2021 Financial and Operating Results
MIDLAND, Texas, Aug. 02, 2021 (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, Aug. 02, 2021 (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 second quarter ended June 30, 2021. SECOND QUARTER HIGHLIGHTS Q2 2021 average production of 16,516 bo/d (27,352 boe/d)Q2 2021 consolidated net income (including non-controlling interest) of $42.4 million; adjusted net income (as defined and reconciled below) of $51.0 millionQ2 2021 cash distribution of $0.33 per common unit, representing approximately 70% of total cash available for distribution of $0.47 per common unit; $0.33 distribution implies a 7.3% annualized yield based on the July 30, 2021 unit closing price of $18.01Consolidated adjusted EBITDA (as defined and reconciled below) of $83.3 million and cash available for distribution to Viper’s common units (as reconciled below) of $30.3 millionRepurchased 403,163 common units in Q2 2021 for an aggregate of $6.8 million; from the end of the second quarter through July 30, 2021, Viper repurchased an additional 294,921 common units for an aggregate of $5.1 millionEnded the second quarter of 2021 with total long-term debt of $541.9 and net debt of $499.5 million (as defined and reconciled below); net debt down $130.3 million since June 30, 2020, or an approximately 21% reduction over the past twelve months184 total gross (3.3 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q2 2021 with an average lateral length of 8,638 feetInitiating average daily production guidance for the second half of 2021 of 15,500 to 16,250 bo/d (25,750 to 27,000 boe/d)Increasing full year 2021 average daily production guidance to 15,750 to 16,250 bo/d (26,250 to 27,000 boe/d), an increase of approximately 2% at the midpointAs of July 12, 2021, there were approximately 467 gross horizontal wells in the process of active development on Viper’s acreage in which Viper expects to own an average 1.8% net royalty interest (8.3 net 100% royalty interest wells)Approximately 496 gross (7.2 net 100% royalty interest) line-of-sight wells on Viper’s acreage that are not currently in the process of active development, but for which Viper has visibility to the potential of future development in coming quarters, based on Diamondback’s...