Business
Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports First Quarter 2024 Financial and Operating Results
MIDLAND, Texas, April 30, 2024 (GLOBE NEWSWIRE) -- Viper Energy, Inc., (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc.
About this update from Viper Energy, Inc.
[{"type":"text","content":"MIDLAND, Texas, April 30, 2024 (GLOBE NEWSWIRE) -- Viper Energy, Inc., (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the first quarter ended March 31, 2024. FIRST QUARTER HIGHLIGHTS Q1 2024 average production of 25,407 bo/d (46,132 boe/d)Q1 2024 consolidated net income (including non-controlling interest) of $99.6 million; net income attributable to Viper Energy, Inc. of $43.4 million, or $0.49 per common shareQ1 2024 cash available for distribution to Viper’s common shares (as defined and reconciled below) of $72.1 million, or $0.79 per Class A common shareDeclared Q1 2024 base cash dividend of $0.27 per Class A common share; implies a 2.7% annualized yield based on the April 26, 2024 share closing price of $39.71Q1 2024 variable cash dividend of $0.32 per Class A common share; total base-plus-variable dividend of $0.59 per Class A common share implies a 5.9% annualized yield based on the April 26, 2024 share closing price of $39.71Total Q1 2024 return of capital of $54.1 million, or $0.59 per Class A common share, represents 75% of cash available for distribution375 total gross (7.0 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q1 2024 with an average lateral length of 10,872 feetOn April 23, 2024, signed definitive agreement to sell 100% of Viper’s non-Permian assets for cash consideration of approximately $90.3 million; expected to close May 1, 2024 with current production of approximately 450 bo/dInitiating average daily production guidance for Q2 2024 of 26,000 to 26,500 bo/d (46,500 to 47,250 boe/d), the midpoint of which represents approximately 3.3% growth relative to Q1 2024Narrowing full year 2024 average daily production guidance to 25,750 to 26,750 bo/d (46,000 to 48,000 boe/d); the reduction of 250 bo/d at the midpoint reflects the loss of approximately 450 bo/d of production contribution from the non-Permian assets for the remaining seven months of 2024 following an expected May 1, 2024 close “The first quarter was a strong start to the year for Viper and a period which uniquely highlighted the benefits of Viper’s business model and high quality assets. Despite commodity prices declining during the quarter, Viper’s continued production growth, along wi...