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Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Provides Supplementary Update on 2020 Hedge Position
MIDLAND, Texas, March 31, 2020 (GLOBE NEWSWIRE) -- Viper Energy Partners LP (NASDAQ: VNOM) (“Viper” or the “Company”) today provided an update to its oil
About this update from Viper Energy, Inc.
[{"type":"text","content":"MIDLAND, Texas, March 31, 2020 (GLOBE NEWSWIRE) -- Viper Energy Partners LP (NASDAQ: VNOM) (“Viper” or the “Company”) today provided an update to its oil hedge position for the remainder of 2020. The Company has now hedged the majority of its production through collars to protect cash flow downside through an anticipated extended weak commodity price environment.\n DERIVATIVES UPDATE As of March 31, 2020, the Company had the following outstanding derivative contracts. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing. When aggregating multiple contracts, the weighted average contract price is disclosed. Crude Oil (Bbls/day, $/Bbl) Q2 2020 Q3 2020 Q4 2020 FY 2021Costless Collars - WTI (Cushing)14,000 14,000 14,000 10,000 Long Put Price ($/Bbl)$28.86 $28.86 $28.66 $30.00 Ceiling Price ($/Bbl)$32.33 $32.33 $32.33 $43.05 Swaps – WTI (Cushing) 1,000 1,000 1,000 — $27.45 $27.45 $27.45 $— Basis Swaps – WTI (Midland-Cushing) 4,000 4,000 4,000 — $(2.60) $(2.60) $(2.60) $— Natural Gas (Mmbtu/day, $/Mmbtu) Mar 2020 Q2 2020 Q3 2020 Q4 2020Natural Gas Basis Swaps – Waha Hub25,000 25,000 25,000 25,000 $(2.07) $(2.07) $(2.07) $(2.07) About Viper Energy Partners LP Viper is a limited partnership formed by Diamondback Energy, Inc. (“Diamondback”) to own, acquire and exploit oil and natural gas properties in North America, with a focus on oil-weighted basins, primarily the Permian Basin and the Eagle Ford Shale. For more information, please visit www.viperenergy.com. About Diamondback Energy, Inc. Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com. Forward-Looking Statements This news release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than historical facts, that address activities that Viper assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-lookin...