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Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Reports Fourth Quarter and Full Year 2022 Financial and Operating Results
MIDLAND, Texas, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Viper Energy Partners LP (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc.
About this update from Viper Energy, Inc.
[{"type":"text","content":"MIDLAND, Texas, Feb. 21, 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 fourth quarter and full year ended December 31, 2022. FOURTH QUARTER HIGHLIGHTS Q4 2022 average production of 19,978 bo/d (34,935 boe/d), an increase of 1% from Q3 2022 and 9% year over year; highest in Company historyReceived $17.3 million in lease bonus incomeQ4 2022 consolidated net income (including non-controlling interest) of $145.2 million; net income attributable to Viper Energy Partners LP of $21.7 million, or $0.29 per common unitQ4 2022 cash available for distribution to Viper’s common units (as defined and reconciled below) of $66.4 million, or $0.91 per common unitQ4 2022 base cash distribution of $0.25 per common unit; implies a 3.3% annualized yield based on the February 17, 2023 unit closing price of $30.03Q4 2022 variable cash distribution of $0.24 per common unit; total base-plus-variable distribution of $0.49 per common unit implies a 6.5% annualized yield based on the February 17, 2023 unit closing price of $30.03Repurchased 1.0 million common units in Q4 2022 for $31.7 million (average price of $32.40 per unit)Total Q4 2022 return of capital to LP unitholders of $49.8 million, or $0.68 per common unit, represents 75% of cash available for distribution from unit repurchases and the declared base-plus-variable distribution272 total gross (4.6 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q4 2022 with an average lateral length of 10,630 feetDivested entire acreage position in the Eagle Ford Shale consisting of 681 net royalty acres of third party operated acreage for net proceeds of $53.8 million; estimated 2023 production of approximately 250 bo/d (500 boe/d) FULL YEAR 2022 HIGHLIGHTS Full year 2022 average production of 19,444 bo/d (33,649 boe/d)Received $27.8 million in lease bonus incomeFull year 2022 consolidated net income (including non-controlling interest) of $655.0 million; net income attributable to Viper Energy Partners LP of $151.7 million, or $2.00 per common unitDeclared distributions of $2.46 per common unit during the full year 2022Repurchased 5.4 million common units during the full year 2022 for $150.6 milli...