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Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Reports Second Quarter 2022 Financial and Operating Results; Enhances Capital Return Program and Increases Buyback Authorization to $750 Million
MIDLAND, Texas, Aug. 01, 2022 (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, Aug. 01, 2022 (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 second quarter ended June 30, 2022. Additionally, the Company announced today that beginning in the third quarter of 2022, the Board of Directors of Viper’s General Partner (the “Board”) has approved a base annual distribution of $1.00 per common unit as well as a return of capital commitment of at least 75% of cash available for distribution. Viper’s base distribution is expected to be supplemented by additional return of capital in the form of variable distributions and opportunistic unit repurchases. As part of this enhanced capital return program, the Board also increased the authorization of its common unit repurchase program to $750.0 million, up from $250.0 million previously. SECOND QUARTER HIGHLIGHTS Q2 2022 average production of 19,758 bo/d (33,560 boe/d), an increase of 9% from Q1 2022 and 20% year over yearQ2 2022 consolidated net income (including non-controlling interest) of $171.6 million; net income attributable to Viper Energy Partners LP of $34.0 million, or $0.44 per common unitAdjusted net income (as defined and reconciled below) of $167.0 million, or $2.18 per common unitQ2 2022 cash distribution of $0.81 per common unit, representing approximately 70% of total cash available for distribution (as defined and reconciled below) of $1.16 per common unit; $0.81 distribution is up 21% quarter over quarter and implies a 10.5% annualized yield based on the July 29, 2022 unit closing price of $30.74Repurchased 1.0 million common units in Q2 2022 for an aggregate of $28.9 million (average price of $28.38 per unit); repurchased 0.8 million common units to date in Q3 2022 for $20.1 million (average price of $26.51 per unit)Q2 2022 Consolidated Adjusted EBITDA (as defined and reconciled below) of $215.1 million and cash available for distribution to Viper’s common units (as defined and reconciled below) of $88.0 millionEnded the second quarter of 2022 with total long-term debt of $680.4 million and net debt (as defined and reconciled below) of $676.0 million180 total gross (5.7 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q2 2022 with...