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Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Reports Third Quarter 2021 Financial and Operating Results
MIDLAND, Texas, Nov. 01, 2021 (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, Nov. 01, 2021 (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 third quarter ended September 30, 2021. THIRD QUARTER HIGHLIGHTS Q3 2021 average production of 16,087 bo/d (27,620 boe/d)Q3 2021 consolidated net income (including non-controlling interest) of $73.4 million; net income attributable to Viper Energy Partners LP of $16.8 million, or $0.26 per common unitAdjusted net income (as defined and reconciled below) of $57.7 million, or $0.90 per common unitQ3 2021 cash distribution of $0.38 per common unit, representing approximately 70% of total cash available for distribution of $0.54 per common unit; $0.38 distribution is up 15% quarter over quarter and implies a 6.9% annualized yield based on the October 29, 2021 unit closing price of $22.05Consolidated adjusted EBITDA (as defined and reconciled below) of $92.6 million and cash available for distribution to Viper’s common units (as reconciled below) of $34.3 millionRepurchased 765,512 common units in Q3 2021 for an aggregate of $13.7 millionEnded the third quarter of 2021 with total long-term debt of $571.9 and net debt of $530.4 million (as defined and reconciled below)223 total gross (3.1 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q3 2021 with an average lateral length of 10,163 feetAs previously announced, closed acquisition from Swallowtail Royalties LLC and Swallowtail Royalties II LLC; adds approximately 2,313 net royalty acres in the Northern Midland Basin, roughly 62% of which are operated by DiamondbackInitiating average daily production guidance for Q4 2021 and Q1 2022 of 17,000 to 17,750 bo/d (28,250 to 29,500 boe/d)Increasing full year 2021 average daily production guidance to 16,250 to 16,500 bo/d (27,250 to 27,750 boe/d)As of October 11, 2021, there were approximately 570 gross horizontal wells in the process of active development on Viper’s acreage in which Viper expects to own an average 1.7% net royalty interest (9.5 net 100% royalty interest wells)Approximately 492 gross (9.3 net 100% royalty interest) line-of-sight wells on Viper’s acreage that are not currently in the process of active development, but for which Viper has visibil...