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Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Reports Third Quarter 2022 Financial and Operating Results
MIDLAND, Texas, Nov. 07, 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, Nov. 07, 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 third quarter ended September 30, 2022. THIRD QUARTER HIGHLIGHTS Q3 2022 average production of 19,870 bo/d (34,489 boe/d)Q3 2022 consolidated net income (including non-controlling interest) of $210.1 million; net income attributable to Viper Energy Partners LP of $79.3 million, or $1.06 per common unitQ3 2022 cash available for distribution to Viper’s common units (as defined and reconciled below) of $79.2 million, or $1.07 per common unitQ3 2022 base cash distribution of $0.25 per common unit; implies a 2.9% annualized yield based on the November 4, 2022 unit closing price of $34.35Q3 2022 variable cash distribution of $0.24 per common unit; total base-plus-variable distribution of $0.49 per common unit implies a 5.7% annualized yield based on the November 4, 2022 unit closing price of $34.35Repurchased 1.8 million common units in Q3 2022 for $50.7 million (average price of $27.91 per unit)Total Q3 2022 return of capital to LP unitholders of $59.4 million, or $0.80 per common unit, represents 75% of cash available for distribution from unit repurchases and the declared base-plus-variable distribution273 total gross (4.8 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q3 2022 with an average lateral length of 10,880 feetInitiating average daily production guidance for Q4 2022 and Q1 2023 of 19,250 to 20,250 bo/d (33,250 to 35,000 boe/d)Narrowing full year 2022 average daily production guidance to 19,250 to 19,500 bo/d (33,250 to 33,750 boe/d)As of October 20, 2022, 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 1.8% net royalty interest (10.6 net 100% royalty interest wells)Approximately 520 gross (11.9 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 visibility to the potential of future development in coming quarters, based on Diamondback’s current completion schedule and third party operators’ permits “The third quarter was another strong quar...