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Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Reports Fourth Quarter and Full Year 2019 Financial and Operating Results
MIDLAND, Texas, Feb. 11, 2020 (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. 11, 2020 (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, 2019.\n FOURTH QUARTER HIGHLIGHTS Q4 2019 cash distribution of $0.45 per common unit; implies an 8.1% annualized yield based on the February 7, 2020 unit closing price of $22.11Q4 2019 consolidated net income (including non-controlling interest) of $48.5 million, consolidated adjusted EBITDA (as defined and reconciled below) of $85.3 million and cash available for distribution to Viper’s common limited partner units (as reconciled below) of $30.7 millionQ4 2019 average production of 16,476 bo/d (26,137 boe/d), an increase of 20% from Q3 2019 average daily oil production123 total gross (3.4 net 100% royalty interest) horizontal wells turned to production during Q4 2019 with an average lateral length of 8,895 feetClosed nine acquisitions for an aggregate purchase price of approximately $912.9 million in Q4 2019, increasing Viper’s mineral interests to a total of 24,304 net royalty acres at December 31, 2019Initiating average production guidance for 1H 2020 of 16,500 to 18,000 bo/d (26,000 to 28,500 boe/d), the midpoint of which is up 5% from Q4 2019 average daily oil productionInitiating full year 2020 average production guidance of 17,000 to 19,000 bo/d (27,000 to 30,000 boe/d), the midpoint of which is up 28% from full year 2019 average daily oil productionAs of January 15, 2020, there were approximately 497 gross horizontal wells currently in the process of active development on Viper’s acreage, in which Viper expects to own an average 2.0% net royalty interest (9.9 net 100% royalty interest wells)Approximately 420 gross (10.4 net 100% royalty interest) line-of-sight wells which are expected to be turned to production on Viper’s acreage within the next 12 to 15 months, but which have not yet begun the process of active development; based on Diamondback’s current completion schedule and third party operators’ permitsQ3 2019 and Q4 2019 distributions reasonably estimated to not constitute dividends for U.S. federal income tax purposes; instead should generally constitute non-taxable reductions to the tax basis FULL YEAR 2019 HIGHLIGHTS Full y...