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Viper Energy Partners LP, A Subsidiary Of Diamondback Energy, Inc., Reports Third Quarter 2023 Financial And Operating Results; Announces Filing For Conversion Into A Delaware Corporation
MIDLAND, Texas, Nov. 06, 2023 (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, Nov. 06, 2023 (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 third quarter ended September 30, 2023. The Company today also announced that following the approval by the Board of Directors of Viper’s General Partner, the Company has filed with the Delaware Secretary of State to convert from a Delaware limited partnership into a Delaware corporation. This conversion will become effective on November 13, 2023. THIRD QUARTER HIGHLIGHTS Q3 2023 average production of 22,141 bo/d (40,446 boe/d), an increase of 4.7% from Q2 2023 and 11.4% year over year; highest in Company historyReceived $97.4 million in lease bonus incomeQ3 2023 consolidated net income (including non-controlling interest) of $207.2 million; net income attributable to Viper Energy Partners LP of $78.6 million, or $1.11 per common unitQ3 2023 cash available for distribution to Viper’s common units (as defined and reconciled below) of $59.4 million, or $0.84 per common unitDeclared Q3 2023 base cash distribution of $0.27 per common unit; implies a 3.8% annualized yield based on the November 3, 2023 unit closing price of $28.32Q3 2023 variable cash distribution of $0.30 per common unit; total base-plus-variable distribution of $0.57 per common unit implies an 8.1% annualized yield based on the November 3, 2023 unit closing price of $28.32Repurchased 0.4 million common units in Q3 2023 for $9.6 million, excluding excise tax (average price of $26.22 per unit)Total Q3 2023 return of capital to LP unitholders of $44.5 million, or $0.63 per common unit, represents 75% of cash available for distribution from unit repurchases and the declared base-plus-variable distributionIncreased borrowing base from $1.0 billion to $1.3 billion upon consummation of the GRP Acquisition and increased the aggregate elected commitment amount from $750.0 million to $850.0 million; extended maturity from June 2, 2025 to September 22, 2028210 total gross (6.0 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q3 2023 with an average lateral length of 10,912 feetInitiating average daily production guidance for Q4 2023 of 24,250 to 24,750 bo/d (43,250 to 44,250 boe/d); including co...