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Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Reports Second Quarter 2023 Financial and Operating Results; Increases Base Distribution
MIDLAND, Texas, July 31, 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, July 31, 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 second quarter ended June 30, 2023. SECOND QUARTER HIGHLIGHTS Q2 2023 average production of 21,143 bo/d (37,681 boe/d), an increase of 5.1% from Q1 2023 and 7.0% year over year; highest in Company historyReceived $2.4 million in lease bonus incomeQ2 2023 consolidated net income (including non-controlling interest) of $79.9 million; net income attributable to Viper Energy Partners LP of $30.6 million, or $0.42 per common unitQ2 2023 cash available for distribution to Viper’s common units (as defined and reconciled below) of $48.1 million, or $0.68 per common unitIncreasing annual base distribution by 8% to $1.08 per common unit; declared Q2 2023 base cash distribution of $0.27 per common unit; implies a 4.1% annualized yield based on the July 28, 2023 unit closing price of $26.63Q2 2023 variable cash distribution of $0.09 per common unit; total base-plus-variable distribution of $0.36 per common unit implies a 5.4% annualized yield based on the July 28, 2023 unit closing price of $26.63Repurchased 0.9 million common units in Q2 2023 for $24.3 million, excluding excise tax (average price of $26.61 per unit)Total Q2 2023 return of capital to LP unitholders of $36.1 million, or $0.51 per common unit, represents 75% of cash available for distribution from unit repurchases and the declared base-plus-variable distributionIncreased borrowing base from $580.0 million to $1.0 billion and increased the aggregate elected commitment amount from $500.0 million to $750.0 million285 total gross (5.9 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q2 2023 with an average lateral length of 11,403 feetInitiating average daily production guidance for Q3 2023 of 21,750 to 22,250 bo/d (37,500 to 38,500 boe/d), the midpoint of which implies 4.0% growth relative to Q2 2023Narrowing full year 2023 average daily production range to 21,000 to 21,500 bo/d (36,500 to 37,500 boe/d) “Viper’s announcement today to increase its annual base distribution is a natural progression of our enhanced return of capital program that was implemented with second quarter earnings last year. ...