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Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports Second Quarter 2024 Financial and Operating Results; Increases Base Dividend
MIDLAND, Texas, Aug. 05, 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, Aug. 05, 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 second quarter ended June 30, 2024. SECOND QUARTER HIGHLIGHTS Q2 2024 average production of 26,352 bo/d (47,473 boe/d), an increase of 3.7% from Q1 2024Q2 2024 consolidated net income (including non-controlling interest) of $122.2 million; net income attributable to Viper Energy, Inc. of $56.9 million, or $0.62 per common shareQ2 2024 cash available for distribution to Viper’s common shares (as defined and reconciled below) of $78.4 million, or $0.86 per Class A common shareIncreasing annual base dividend 11% to $1.20 per share; declared Q2 2024 base cash dividend of $0.30 per Class A common share; implies a 3.0% annualized yield based on the August 2, 2024 share closing price of $40.25Q2 2024 variable cash dividend of $0.34 per Class A common share; total base-plus-variable dividend of $0.64 per Class A common share implies a 6.4% annualized yield based on the August 2, 2024 share closing price of $40.25Total Q2 2024 return of capital of $58.8 million, or $0.64 per Class A common share, represents 75% of cash available for distributionOn May 1, 2024, closed divestiture of non-Permian assets for cash proceeds of approximately $90.2 million375 total gross (6.1 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q2 2024 with an average lateral length of 12,037 feetInitiating average daily production guidance for Q3 2024 of 26,500 to 27,000 bo/d (47,500 to 48,500 boe/d), the midpoint of which represents approximately 1.5% growth relative to Q2 2024Increasing full year 2024 average daily production guidance to 26,000 to 26,750 bo/d (46,750 to 48,250 boe/d) “The 11% increase in our base dividend announced today highlights our Board’s belief in a sustainable and growing base dividend that can be maintained through the cycle. This belief and commitment to our shareholders is supported by Viper’s strong balance sheet and durable cash flow profile. Relative to a year ago when we last increased our base dividend, Viper has grown oil production per share by 14% while maintaining our cash margins(1) and conversion of Adjusted EBITDA into cash available for distributi...