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, 2022.
FOURTH QUARTER HIGHLIGHTS
- Q4 2022 average production of
19,978 bo/d (34,935 boe/d), an increase of 1% from Q3 2022 and 9%
year over year; highest in Company history
- Received $17.3 million in lease
bonus income
- Q4 2022 consolidated net income
(including non-controlling interest) of $145.2 million; net income
attributable to Viper Energy Partners LP of $21.7 million, or $0.29
per common unit
- Q4 2022 cash available for
distribution to Viper’s common units (as defined and reconciled
below) of $66.4 million, or $0.91 per common unit
- Q4 2022 base cash distribution of
$0.25 per common unit; implies a 3.3% annualized yield based on the
February 17, 2023 unit closing price of $30.03
- Q4 2022 variable cash distribution
of $0.24 per common unit; total base-plus-variable distribution of
$0.49 per common unit implies a 6.5% annualized yield based on the
February 17, 2023 unit closing price of $30.03
- Repurchased 1.0 million common
units in Q4 2022 for $31.7 million (average price of $32.40 per
unit)
- Total Q4 2022 return of capital to
LP unitholders of $49.8 million, or $0.68 per common unit,
represents 75% of cash available for distribution from unit
repurchases and the declared base-plus-variable distribution
- 272 total gross (4.6 net 100%
royalty interest) horizontal wells turned to production on Viper’s
acreage during Q4 2022 with an average lateral length of 10,630
feet
- Divested entire acreage position in
the Eagle Ford Shale consisting of 681 net royalty acres of third
party operated acreage for net proceeds of $53.8 million;
estimated 2023 production of approximately 250 bo/d (500
boe/d)
FULL YEAR 2022 HIGHLIGHTS
- Full year 2022 average production
of 19,444 bo/d (33,649 boe/d)
- Received $27.8 million in lease
bonus income
- Full year 2022 consolidated net
income (including non-controlling interest) of $655.0 million; net
income attributable to Viper Energy Partners LP of $151.7 million,
or $2.00 per common unit
- Declared distributions of $2.46 per
common unit during the full year 2022
- Repurchased 5.4 million common
units during the full year 2022 for $150.6 million (average price
of $27.91 per unit)
- Generated full year 2022
consolidated adjusted EBITDA (as defined and reconciled below) of
$772.0 million
- Proved reserves as of
December 31, 2022 of 148,900 Mboe (72% PDP, 79,004 Mbo), up
16% year over year with oil up 14% from year end 2021
- 1,000 total gross (18.8 net 100%
royalty interest) horizontal wells turned to production on Viper’s
acreage during 2022 with an average lateral length of 10,516
feet
- Acquired 375 net royalty acres, 254
of which are operated by Diamondback, for an aggregate net purchase
price of $65.9 million
- Generated $113.0 million in
net proceeds from non-core asset sales
2023 OUTLOOK
- Initiating average daily production
guidance for the first half of 2023 of 19,750 to 20,750 bo/d
(34,000 to 35,750 boe/d)
- Initiating full year 2023 average
daily production guidance of 20,000 to 22,000 bo/d (34,500 to
38,000 boe/d), the midpoint of which implies 8% year over year
growth
- As of January 18, 2023, there
were approximately 477 gross horizontal wells in the process of
active development on Viper’s acreage in which Viper expects to own
an average 2.2% net royalty interest (10.3 net 100% royalty
interest wells)
- Approximately 501 gross (13.7 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 fourth quarter topped off a record year for
Viper with quarterly oil production setting a Company record on
both an absolute and per unit basis for the third consecutive
quarter. Additionally, as a result of our strong production and
continued best-in-class margins, further supported by our
disciplined capital allocation approach, we were able to deliver on
multiple return of capital and financial initiatives during the
quarter. During the fourth quarter, we reduced net debt by $100
million quarter over quarter, repurchased roughly 1 million units,
and are scheduled to pay a distribution that provides a greater
than 6% annualized yield,” stated Travis Stice, Chief Executive
Officer of Viper’s General Partner.
Mr. Stice continued, “Looking ahead to 2023,
Viper is uniquely positioned to continue to return substantial
amounts of capital as we can offer organic production growth with
almost zero exposure to inflationary cost pressures. We have
initiated average production guidance for the full year that
implies 8% year over year growth, even as Diamondback and most
other Permian operators maintain roughly flat activity levels, as
Diamondback continues to focus their development on Viper’s high
concentration royalty acreage.”
FINANCIAL UPDATE
Viper’s fourth quarter 2022 average unhedged
realized prices were $83.30 per barrel of oil, $3.74 per Mcf of
natural gas and $25.65 per barrel of natural gas liquids, resulting
in a total equivalent realized price of $57.92/boe.
Viper’s fourth quarter 2022 average hedged
realized prices were $82.71 per barrel of oil, $3.03 per Mcf of
natural gas and $25.65 per barrel of natural gas liquids, resulting
in a total equivalent realized price of $56.66/boe.
During the fourth quarter of 2022, the Company
recorded total operating income of $203.6 million and consolidated
net income (including non-controlling interest) of $145.2 million.
For the full year 2022, Viper generated $866.5 million in operating
income and $655.0 million in consolidated net income.
As of December 31, 2022, the Company had a
cash balance of $18.2 million and total long-term debt outstanding
(excluding debt issuance, discounts and premiums) of $582.4
million, resulting in net debt (as defined and reconciled below) of
$564.2 million. Viper’s outstanding long-term debt as of
December 31, 2022 consisted of $430.4 million in aggregate
principal amount of its 5.375% Senior Notes due 2027 and $152.0
million in borrowings on its revolving credit facility, leaving
$348.0 million available for future borrowings and $366.2 million
of total liquidity.
FOURTH QUARTER 2022 CASH DISTRIBUTION
& CAPITAL RETURN PROGRAM
Viper announced today that the Board of
Directors (the “Board”) of Viper Energy Partners General Partner
declared a base distribution of $0.25 per common unit for the
fourth quarter of 2022 payable on March 10, 2023 to eligible common
unitholders of record at the close of business on March 3,
2023.
The Board also declared a variable cash
distribution of $0.24 per common unit for the fourth quarter of
2022 payable on March 10, 2023 to eligible common unitholders of
record at the close of business on March 3, 2023.
During the fourth quarter of 2022, Viper
repurchased 1.0 million common units for an aggregate purchase
price of $31.7 million (average price of $32.40 per unit). In
total, since the initiation of Viper’s common unit repurchase
program through December 31, 2022, the Company repurchased
10.1 million common units for an aggregate of $220.6 million,
reflecting an average price of $21.95 per unit.
On November 25, 2022, Viper made a cash
distribution to its common unitholders and subsequently has
reasonably estimated that a portion of that distribution, as well
as a portion of the distribution payable on March 10, 2023, should
not constitute dividends for U.S. federal income tax purposes.
Rather, approximately 50% of distributions that have been paid, or
which are expected to be paid, related to 2022 are estimated to
constitute non-taxable reductions to the tax basis of each
distribution recipient’s ownership interest in Viper. The Form 8937
containing additional information may be found on
www.viperenergy.com under the “Investor Relations” section of the
site.
OPERATIONS UPDATE
During the fourth quarter of 2022, Viper
estimates that 272 gross (4.6 net 100% royalty interest) horizontal
wells with an average royalty interest of 1.7% were turned to
production on its acreage position with an average lateral length
of 10,630 feet. Of these 272 gross wells, Diamondback is the
operator of 42 gross wells, with an average royalty interest of
5.4%, and the remaining 230 gross wells, with an average royalty
interest of 1.0%, are operated by third parties.
Additionally, during the fourth quarter of 2022,
Viper acquired 200 net royalty acres for an aggregate net purchase
price of $24.4 million, subject to certain customary post-closing
adjustments. Of the acquired properties, approximately 143 net
royalty acres are operated by Diamondback.
Also during the fourth quarter of 2022, Viper
divested its entire position in the Eagle Ford Shale consisting of
681 net royalty acres of third party operated acreage for net
proceeds of $53.8 million, subject to certain customary
post-closing adjustments.
For the full year 2022, Viper acquired 375 net royalty acres for
an aggregate net purchase price of approximately
$65.9 million, subject to certain customary post-closing
adjustments. Of the acquired properties, approximately 254 net
royalty acres are operated by Diamondback. During the year, Viper
also divested 1,099 net royalty acres of non-core assets for an
aggregate net sales price of $113.0 million, subject to
certain customary post-closing adjustments.
As a result, Viper’s footprint of mineral and
royalty interests was 26,315 net royalty acres as of
December 31, 2022.
The following table summarizes Viper’s gross well
information:
|
Diamondback Operated |
|
Third Party Operated |
|
Total |
Horizontal wells
turned to production (fourth quarter
2022)(1): |
|
|
|
|
|
Gross wells |
42 |
|
|
230 |
|
|
272 |
|
Net 100% royalty interest wells |
2.3 |
|
|
2.3 |
|
|
4.6 |
|
Average percent net royalty interest |
5.4 |
% |
|
1.0 |
% |
|
1.7 |
% |
|
|
|
|
|
|
Horizontal wells
turned to production (year ended December 31,
2022)(2): |
|
|
|
|
|
Gross wells |
193 |
|
|
807 |
|
|
1,000 |
|
Net 100% royalty interest wells |
11.8 |
|
|
7.0 |
|
|
18.8 |
|
Average percent net royalty interest |
6.1 |
% |
|
0.9 |
% |
|
1.9 |
% |
|
|
|
|
|
|
Horizontal producing
well count (as of January 18,
2023): |
|
|
|
|
|
Gross wells |
1,575 |
|
|
3,624 |
|
|
5,199 |
|
Net 100% royalty interest wells |
114.9 |
|
|
59.5 |
|
|
174.4 |
|
Average percent net royalty interest |
7.3 |
% |
|
1.6 |
% |
|
3.4 |
% |
|
|
|
|
|
|
Horizontal active
development well count (as of January 18,
2023): |
|
|
|
|
|
Gross wells |
118 |
|
|
359 |
|
|
477 |
|
Net 100% royalty interest wells |
6.0 |
|
|
4.3 |
|
|
10.3 |
|
Average percent net royalty interest |
5.1 |
% |
|
1.2 |
% |
|
2.2 |
% |
|
|
|
|
|
|
Line of sight wells
(as of January 18,
2023): |
|
|
|
|
|
Gross wells |
190 |
|
|
311 |
|
|
501 |
|
Net 100% royalty interest wells |
9.9 |
|
|
3.8 |
|
|
13.7 |
|
Average percent net royalty interest |
5.2 |
% |
|
1.2 |
% |
|
2.7 |
% |
|
|
|
|
|
|
|
|
|
(1) Average lateral length of 10,630 feet.(2)
Average lateral length of 10,516 feet.
The 477 gross wells currently in the process of
active development are those wells that have been spud and are
expected to be turned to production within approximately the next
six to eight months. Further in regard to the active development on
Viper’s asset base, there are currently 44 gross rigs operating on
Viper’s acreage, 13 of which are operated by Diamondback. The 501
line-of-sight wells are those that are not currently in the process
of active development, but for which Viper has reason to believe
that they will be turned to production within approximately the
next 15 to 18 months. The expected timing of these line-of-sight
wells is based primarily on permitting by third party operators or
Diamondback’s current expected completion schedule. Existing
permits or active development of Viper’s royalty acreage does not
ensure that those wells will be turned to production.
YEAR END RESERVES UPDATE
Viper’s proved oil and natural gas reserve
estimates and their associated future net cash flows were prepared
by Viper’s internal reservoir engineers and audited by Ryder Scott
Company, L.P., independent petroleum engineers as of
December 31, 2022. Reference prices of $93.67 per barrel of
oil and natural gas liquids and $6.36 per MMbtu of natural gas were
used in accordance with applicable rules of the Securities and
Exchange Commission. Realized prices with applicable differentials
were $95.04 per barrel of oil, $5.74 per Mcf of natural gas and
$38.95 per barrel of natural gas liquids.
Proved reserves at year-end 2022 of 148,900 Mboe
(79,004 Mbo) represent a 16% increase over year-end 2021 reserves.
The year-end 2022 proved reserves have a PV-10 value (as defined
and reconciled below) of approximately $4.1 billion and a
standardized measure of discounted future net cash flows of $3.5
billion.
Proved developed reserves increased by 18% year
over year to 107,291 Mboe (54,817 Mbo) as of December 31,
2022, reflecting continued horizontal development by the operators
of Viper’s acreage.
Net proved reserve additions of 33,294 Mboe
resulted in a reserve replacement ratio of 271% (defined as the sum
of extensions, discoveries, revisions, purchases and divestitures,
divided by annual production). The organic reserve replacement
ratio was 280% (defined as the sum of extensions, discoveries and
revisions, divided by annual production).
Extensions and discoveries of 25,858 Mboe are
primarily attributable to the drilling of 636 new wells and from
199 new proved undeveloped locations added. The Company’s total
positive revisions of previous estimated quantities of 8,477 Mboe
were due to positive revisions of 15,484 MBOE attributable to price
and performance revisions which were largely offset by PUD
downgrades of 7,007 MBOE. The purchase of reserves in place of
1,006 Mboe resulted from multiple acquisitions of certain mineral
and royalty interests.
|
Oil (MBbls) |
|
Gas (MMcf) |
|
Liquids (MBbls) |
|
MBOE |
As of December 31, 2021 |
69,240 |
|
|
183,690 |
|
|
28,033 |
|
|
127,888 |
|
Purchase of reserves in place |
599 |
|
|
1,186 |
|
|
209 |
|
|
1,006 |
|
Extensions and discoveries |
15,714 |
|
|
29,177 |
|
|
5,281 |
|
|
25,858 |
|
Revisions of previous estimates |
1,453 |
|
|
15,248 |
|
|
4,483 |
|
|
8,477 |
|
Divestitures |
(905 |
) |
|
(3,469 |
) |
|
(564 |
) |
|
(2,047 |
) |
Production |
(7,097 |
) |
|
(15,868 |
) |
|
(2,540 |
) |
|
(12,282 |
) |
As of December 31, 2022 |
79,004 |
|
|
209,964 |
|
|
34,902 |
|
|
148,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
As the owner of mineral and royalty interests, Viper incurred no
exploration and development costs during the year ended
December 31, 2022.
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2020 |
|
|
(in thousands) |
Acquisition costs: |
|
|
|
|
|
Proved properties |
$ |
46,307 |
|
|
$ |
138,882 |
|
|
$ |
9,509 |
|
Unproved properties |
|
16,624 |
|
|
|
479,041 |
|
|
|
56,169 |
|
Total |
$ |
62,931 |
|
|
$ |
617,923 |
|
|
$ |
65,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GUIDANCE UPDATE
Below is Viper’s guidance for the full year
2023, as well as average production guidance for the first half of
2023.
|
|
|
Viper Energy Partners |
|
|
Q1 2023 / Q2 2023 Net
Production - MBo/d |
19.75 - 20.75 |
Q1 2023 / Q2 2023 Net
Production - MBoe/d |
34.00 - 35.75 |
Full Year 2023 Net Production
- MBo/d |
20.00 - 22.00 |
Full Year 2023 Net Production
- MBoe/d |
34.50 - 38.00 |
|
|
Unit costs ($/boe) |
|
Depletion |
$9.75 - $10.75 |
Cash G&A |
$0.60 - $0.80 |
Non-Cash Unit-Based
Compensation |
$0.10 - $0.20 |
Interest Expense(1) |
$2.50 - $3.00 |
|
|
Production and Ad Valorem
Taxes (% of Revenue) (2) |
7% - 8% |
Cash Tax Rate (% of Pre-Tax
Income Attributable to Viper Energy Partners LP)(3) |
20% - 22% |
Q1 2023 Cash Taxes ($ -
million)(4) |
$6.0 - $10.0 |
|
|
(1) Assumes $430.0 million in principal of
senior notes and current revolver balance.(2) Includes production
taxes of 4.6% for crude oil and 7.5% for natural gas and natural
gas liquids and ad valorem taxes.(3) Pre-tax income attributable to
Viper Energy Partners LP is reconciled below.(4) Attributable to
Viper Energy Partners LP.
CONFERENCE CALL
Viper will host a conference call and webcast
for investors and analysts to discuss its results for the fourth
quarter of 2022 on Wednesday, February 22, 2023 at 10:00 a.m. CT.
Access to the live audio-only webcast, and replay which will be
available following the call, may be found here. The live webcast
of the earnings conference call will also be available via Viper’s
website at www.viperenergy.com under the “Investor Relations”
section of the site.
About Viper Energy Partners LP
Viper is a limited partnership formed by
Diamondback to own, acquire and exploit oil and natural gas
properties in North America, with a focus on owning and acquiring
mineral and royalty interests in oil-weighted basins, primarily the
Permian Basin. For more information, please visit
www.viperenergy.com.
About Diamondback Energy, Inc.
Diamondback is an independent oil and natural
gas company headquartered in Midland, Texas focused on the
acquisition, development, exploration and exploitation of
unconventional, onshore oil and natural gas reserves primarily in
the Permian Basin in West Texas. For more information, please visit
www.diamondbackenergy.com.
Forward-Looking Statements
This news release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
and Section 21E of the Exchange Act, which involve risks,
uncertainties, and assumptions. All statements, other than
statements of historical fact, including statements regarding
Viper’s: future performance; business strategy; future operations;
estimates and projections of operating income, losses, costs and
expenses, returns, cash flow, and financial position; production
levels on properties in which Viper has mineral and royalty
interests, developmental activity by other operators; reserve
estimates and Viper’s ability to replace or increase reserves;
anticipated benefits of strategic transactions (such as
acquisitions or divestitures); and plans and objectives of
(including Diamondback’s plans for developing Viper’s acreage and
Viper’s cash distribution policy and common unit repurchase
program) are forward-looking statements. When used in this news
release, the words “aim,” “anticipate,” “believe,” “continue,”
“could,” “estimate,” “expect,” “forecast,” “future,” “guidance,”
“intend,” “may,” “model,” “outlook,” “plan,” “positioned,”
“potential,” “predict,” “project,” “seek,” “should,” “target,”
“will,” “would,” and similar expressions (including the negative of
such terms) as they relate to Viper are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. Although Viper believes
that the expectations and assumptions reflected in its
forward-looking statements are reasonable as and when made, they
involve risks and uncertainties that are difficult to predict and,
in many cases, beyond its control. Accordingly, forward-looking
statements are not guarantees of Viper’s future performance and the
actual outcomes could differ materially from what Viper expressed
in its forward-looking statements.
Factors that could cause the outcomes to differ
materially include (but are not limited to) the following: changes
in supply and demand levels for oil, natural gas, and natural gas
liquids, and the resulting impact on the price for those
commodities; the impact of public health crises, including epidemic
or pandemic diseases such as the COVID-19 pandemic, and any related
company or government policies or actions; actions taken by the
members of OPEC and Russia affecting the production and pricing of
oil, as well as other domestic and global political, economic, or
diplomatic developments, including any impact of the ongoing war in
Ukraine on the global energy markets and geopolitical stability;
concerns over economic slowdown or potential recession; rising
interest rates and their impact on the cost of capital; regional
supply and demand factors, including delays, curtailment delays or
interruptions of production on Viper’s mineral and royalty acreage,
or governmental orders, rules or regulations that impose production
limits on such acreage; federal and state legislative and
regulatory initiatives relating to hydraulic fracturing, including
the effect of existing and future laws and governmental
regulations; physical and transition risks relating to climate
change and the risks and other factors disclosed in Viper’s filings
with the Securities and Exchange Commission, including its Forms
10-K, 10-Q and 8-K, which can be obtained free of charge on the
Securities and Exchange Commission's web site at
http://www.sec.gov.
In light of these factors, the events
anticipated by Viper’s forward-looking statements may not occur at
the time anticipated or at all. Moreover, the new risks emerge from
time to time. Viper cannot predict all risks, nor can it assess the
impact of all factors on its business or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those anticipated by any forward-looking
statements it may make. Accordingly, you should not place undue
reliance on any forward-looking statements made in this news
release. All forward-looking statements speak only as of the date
of this news release or, if earlier, as of the date they were made.
Viper does not intend to, and disclaim any obligation to, update or
revise any forward-looking statements unless required by applicable
law.
Viper Energy Partners LP |
Consolidated Balance Sheets |
(unaudited, in thousands, except unit
amounts) |
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
18,179 |
|
|
$ |
39,448 |
|
Royalty income receivable (net of allowance for credit losses) |
|
81,657 |
|
|
|
68,568 |
|
Royalty income receivable—related party |
|
6,260 |
|
|
|
2,144 |
|
Derivative instruments |
|
9,328 |
|
|
|
— |
|
Other current assets |
|
3,196 |
|
|
|
989 |
|
Total current assets |
|
118,620 |
|
|
|
111,149 |
|
Property: |
|
|
|
Oil and natural gas interests, full cost method of accounting
($1,297,221 and $1,640,172 excluded from depletion at
December 31, 2022 and December 31, 2021, respectively) |
|
3,464,819 |
|
|
|
3,513,590 |
|
Land |
|
5,688 |
|
|
|
5,688 |
|
Accumulated depletion and impairment |
|
(720,234 |
) |
|
|
(599,163 |
) |
Property, net |
|
2,750,273 |
|
|
|
2,920,115 |
|
Derivative instruments |
|
442 |
|
|
|
— |
|
Deferred income taxes (net of
allowances) |
|
49,656 |
|
|
|
— |
|
Other assets |
|
1,382 |
|
|
|
2,757 |
|
Total assets |
$ |
2,920,373 |
|
|
$ |
3,034,021 |
|
Liabilities and Unitholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
1,129 |
|
|
$ |
69 |
|
Accounts payable—related party |
|
306 |
|
|
|
— |
|
Accrued liabilities |
|
19,600 |
|
|
|
20,509 |
|
Derivative instruments |
|
— |
|
|
|
3,417 |
|
Income taxes payable |
|
911 |
|
|
|
471 |
|
Total current liabilities |
|
21,946 |
|
|
|
24,466 |
|
Long-term debt, net |
|
576,895 |
|
|
|
776,727 |
|
Derivative instruments |
|
7 |
|
|
|
— |
|
Total liabilities |
|
598,848 |
|
|
|
801,193 |
|
Unitholders’ equity: |
|
|
|
General Partner |
|
649 |
|
|
|
729 |
|
Common units (73,229,645 units issued and outstanding as of
December 31, 2022 and 78,546,403 units issued and outstanding
as of December 31, 2021) |
|
689,178 |
|
|
|
813,161 |
|
Class B units (90,709,946 units issued and outstanding
December 31, 2022 and December 31, 2021) |
|
832 |
|
|
|
931 |
|
Total Viper Energy Partners LP unitholders’ equity |
|
690,659 |
|
|
|
814,821 |
|
Non-controlling interest |
|
1,630,866 |
|
|
|
1,418,007 |
|
Total equity |
|
2,321,525 |
|
|
|
2,232,828 |
|
Total liabilities and unitholders’ equity |
$ |
2,920,373 |
|
|
$ |
3,034,021 |
|
|
|
|
|
|
|
|
|
Viper Energy Partners LP |
Consolidated Statements of Operations |
(unaudited, in thousands, except per unit
data) |
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Operating
income: |
|
|
|
|
|
|
|
Royalty income |
$ |
186,148 |
|
|
$ |
163,915 |
|
|
$ |
837,976 |
|
|
$ |
501,534 |
|
Lease bonus income |
|
17,283 |
|
|
|
1,731 |
|
|
|
27,791 |
|
|
|
2,763 |
|
Other operating income |
|
194 |
|
|
|
141 |
|
|
|
700 |
|
|
|
620 |
|
Total operating income |
|
203,625 |
|
|
|
165,787 |
|
|
|
866,467 |
|
|
|
504,917 |
|
Costs and
expenses: |
|
|
|
|
|
|
|
Production and ad valorem taxes |
|
10,825 |
|
|
|
9,132 |
|
|
|
56,372 |
|
|
|
32,558 |
|
Depletion |
|
31,238 |
|
|
|
28,757 |
|
|
|
121,071 |
|
|
|
102,987 |
|
General and administrative expenses |
|
2,570 |
|
|
|
1,682 |
|
|
|
8,542 |
|
|
|
7,800 |
|
Total costs and expenses |
|
44,633 |
|
|
|
39,571 |
|
|
|
185,985 |
|
|
|
143,345 |
|
Income (loss) from
operations |
|
158,992 |
|
|
|
126,216 |
|
|
|
680,482 |
|
|
|
361,572 |
|
Other income
(expense): |
|
|
|
|
|
|
|
Interest expense, net |
|
(10,251 |
) |
|
|
(9,883 |
) |
|
|
(40,409 |
) |
|
|
(34,044 |
) |
Gain (loss) on derivative instruments, net |
|
1,228 |
|
|
|
1,240 |
|
|
|
(18,138 |
) |
|
|
(69,409 |
) |
Other income, net |
|
216 |
|
|
|
2 |
|
|
|
416 |
|
|
|
79 |
|
Total other expense, net |
|
(8,807 |
) |
|
|
(8,641 |
) |
|
|
(58,131 |
) |
|
|
(103,374 |
) |
Income (loss) before
income taxes |
|
150,185 |
|
|
|
117,575 |
|
|
|
622,351 |
|
|
|
258,198 |
|
Provision for (benefit from)
income taxes |
|
4,944 |
|
|
|
580 |
|
|
|
(32,653 |
) |
|
|
1,521 |
|
Net income
(loss) |
|
145,241 |
|
|
|
116,995 |
|
|
|
655,004 |
|
|
|
256,677 |
|
Net income (loss) attributable
to non-controlling interest |
|
123,535 |
|
|
|
77,530 |
|
|
|
503,331 |
|
|
|
198,738 |
|
Net income (loss)
attributable to Viper Energy Partners LP |
$ |
21,706 |
|
|
$ |
39,465 |
|
|
$ |
151,673 |
|
|
$ |
57,939 |
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common limited partner units: |
|
|
|
|
|
|
|
Basic |
$ |
0.29 |
|
|
$ |
0.50 |
|
|
$ |
2.00 |
|
|
$ |
0.85 |
|
Diluted |
$ |
0.29 |
|
|
$ |
0.50 |
|
|
$ |
2.00 |
|
|
$ |
0.85 |
|
Weighted average
number of common limited partner units outstanding: |
|
|
|
|
|
|
|
Basic |
|
73,823 |
|
|
|
78,986 |
|
|
|
75,612 |
|
|
|
68,319 |
|
Diluted |
|
73,884 |
|
|
|
79,058 |
|
|
|
75,679 |
|
|
|
68,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Viper Energy Partners LP |
Consolidated Statements of Cash Flows |
(unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
145,241 |
|
|
$ |
116,995 |
|
|
$ |
655,004 |
|
|
$ |
256,677 |
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
|
|
|
Provision for (benefit from) deferred income taxes |
|
— |
|
|
|
— |
|
|
|
(49,656 |
) |
|
|
— |
|
Depletion |
|
31,238 |
|
|
|
28,757 |
|
|
|
121,071 |
|
|
|
102,987 |
|
(Gain) loss on derivative instruments, net |
|
(1,228 |
) |
|
|
(1,240 |
) |
|
|
18,138 |
|
|
|
69,409 |
|
Net cash receipts (payments) on derivatives |
|
(4,027 |
) |
|
|
(31,397 |
) |
|
|
(31,319 |
) |
|
|
(92,585 |
) |
Other |
|
698 |
|
|
|
1,378 |
|
|
|
5,070 |
|
|
|
4,710 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Royalty income receivable |
|
12,558 |
|
|
|
(21,435 |
) |
|
|
(13,089 |
) |
|
|
(36,358 |
) |
Royalty income receivable—related party |
|
4,007 |
|
|
|
19,878 |
|
|
|
(4,116 |
) |
|
|
(146 |
) |
Accounts payable and accrued liabilities |
|
(3,461 |
) |
|
|
(5,158 |
) |
|
|
151 |
|
|
|
2,744 |
|
Accounts payable—related party |
|
306 |
|
|
|
— |
|
|
|
306 |
|
|
|
— |
|
Other |
|
1,223 |
|
|
|
(336 |
) |
|
|
(1,764 |
) |
|
|
(324 |
) |
Net cash provided by (used in)
operating activities |
|
186,555 |
|
|
|
107,442 |
|
|
|
699,796 |
|
|
|
307,114 |
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
Acquisitions of oil and natural gas interests |
|
(24,597 |
) |
|
|
(274,448 |
) |
|
|
(62,931 |
) |
|
|
(281,176 |
) |
Proceeds from sale of oil and natural gas interests |
|
53,757 |
|
|
|
— |
|
|
|
111,702 |
|
|
|
— |
|
Other |
|
(1,200 |
) |
|
|
— |
|
|
|
(1,200 |
) |
|
|
— |
|
Net cash provided by (used in)
investing activities |
|
27,960 |
|
|
|
(274,448 |
) |
|
|
47,571 |
|
|
|
(281,176 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
Proceeds from borrowings under credit facility |
|
43,000 |
|
|
|
243,000 |
|
|
|
272,000 |
|
|
|
330,000 |
|
Repayment on credit facility |
|
(136,000 |
) |
|
|
(31,000 |
) |
|
|
(424,000 |
) |
|
|
(110,000 |
) |
Repayment of senior notes |
|
— |
|
|
|
— |
|
|
|
(48,963 |
) |
|
|
— |
|
Repurchased units as part of unit buyback |
|
(31,661 |
) |
|
|
(12,437 |
) |
|
|
(150,593 |
) |
|
|
(45,999 |
) |
Distributions to public |
|
(35,718 |
) |
|
|
(29,840 |
) |
|
|
(182,835 |
) |
|
|
(75,942 |
) |
Distributions to Diamondback |
|
(47,553 |
) |
|
|
(34,772 |
) |
|
|
(234,103 |
) |
|
|
(100,685 |
) |
Other |
|
(20 |
) |
|
|
(37 |
) |
|
|
(142 |
) |
|
|
(2,985 |
) |
Net cash provided by (used in)
financing activities |
|
(207,952 |
) |
|
|
134,914 |
|
|
|
(768,636 |
) |
|
|
(5,611 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
6,563 |
|
|
|
(32,092 |
) |
|
|
(21,269 |
) |
|
|
20,327 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
11,616 |
|
|
|
71,540 |
|
|
|
39,448 |
|
|
|
19,121 |
|
Cash, cash equivalents and
restricted cash at end of period |
$ |
18,179 |
|
|
$ |
39,448 |
|
|
$ |
18,179 |
|
|
$ |
39,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Viper Energy Partners LP |
Selected Operating Data |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Production Data: |
|
|
|
|
|
|
|
Oil (MBbls) |
|
1,838 |
|
|
|
1,690 |
|
|
|
7,097 |
|
|
|
6,068 |
|
Natural gas (MMcf) |
|
4,155 |
|
|
|
3,844 |
|
|
|
15,868 |
|
|
|
13,672 |
|
Natural gas liquids (MBbls) |
|
683 |
|
|
|
554 |
|
|
|
2,540 |
|
|
|
1,913 |
|
Combined volumes (MBOE)(1) |
|
3,214 |
|
|
|
2,885 |
|
|
|
12,282 |
|
|
|
10,260 |
|
|
|
|
|
|
|
|
|
Average daily oil volumes (BO/d) |
|
19,978 |
|
|
|
18,370 |
|
|
|
19,444 |
|
|
|
16,625 |
|
Average daily combined volumes (BOE/d) |
|
34,935 |
|
|
|
31,359 |
|
|
|
33,649 |
|
|
|
28,110 |
|
|
|
|
|
|
|
|
|
Average sales
prices: |
|
|
|
|
|
|
|
Oil ($/Bbl) |
$ |
83.30 |
|
|
$ |
74.00 |
|
|
$ |
94.02 |
|
|
$ |
65.51 |
|
Natural gas ($/Mcf) |
$ |
3.74 |
|
|
$ |
4.82 |
|
|
$ |
5.24 |
|
|
$ |
3.60 |
|
Natural gas liquids ($/Bbl) |
$ |
25.65 |
|
|
$ |
36.65 |
|
|
$ |
34.47 |
|
|
$ |
28.66 |
|
Combined ($/BOE)(2) |
$ |
57.92 |
|
|
$ |
56.82 |
|
|
$ |
68.23 |
|
|
$ |
48.88 |
|
|
|
|
|
|
|
|
|
Oil, hedged ($/Bbl)(3) |
$ |
82.71 |
|
|
$ |
55.42 |
|
|
$ |
92.85 |
|
|
$ |
50.25 |
|
Natural gas, hedged ($/Mcf)(3) |
$ |
3.03 |
|
|
$ |
4.82 |
|
|
$ |
4.20 |
|
|
$ |
3.60 |
|
Natural gas liquids ($/Bbl)(3) |
$ |
25.65 |
|
|
$ |
36.65 |
|
|
$ |
34.47 |
|
|
$ |
28.66 |
|
Combined price, hedged ($/BOE)(3) |
$ |
56.66 |
|
|
$ |
45.94 |
|
|
$ |
66.21 |
|
|
$ |
39.86 |
|
|
|
|
|
|
|
|
|
Average Costs
($/BOE): |
|
|
|
|
|
|
|
Production and ad valorem taxes |
$ |
3.37 |
|
|
$ |
3.17 |
|
|
$ |
4.59 |
|
|
$ |
3.17 |
|
General and administrative - cash component(4) |
|
0.70 |
|
|
|
0.48 |
|
|
|
0.59 |
|
|
|
0.65 |
|
Total operating expense - cash |
$ |
4.07 |
|
|
$ |
3.65 |
|
|
$ |
5.18 |
|
|
$ |
3.82 |
|
|
|
|
|
|
|
|
|
General and administrative - non-cash unit compensation
expense |
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.11 |
|
|
$ |
0.11 |
|
Interest expense, net |
$ |
3.19 |
|
|
$ |
3.43 |
|
|
$ |
3.29 |
|
|
$ |
3.32 |
|
Depletion |
$ |
9.72 |
|
|
$ |
9.97 |
|
|
$ |
9.86 |
|
|
$ |
10.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Bbl equivalents are calculated using a conversion rate of
six Mcf per one Bbl.(2) Realized price net of all deducts for
gathering, transportation and processing.(3) Hedged prices reflect
the impact of cash settlements of our matured commodity derivative
transactions on our average sales prices.(4) Excludes non-cash
unit-based compensation expense for the respective periods
presented.
NON-GAAP FINANCIAL
MEASURESAdjusted EBITDA is a supplemental non-GAAP
financial measure that is used by management and external users of
our financial statements, such as industry analysts, investors,
lenders and rating agencies. Viper defines Adjusted EBITDA as net
income (loss) attributable to Viper Energy Partners LP plus net
income (loss) attributable to non-controlling interest (“net income
(loss)”) before interest expense, net, non-cash unit-based
compensation expense, depletion expense, non-cash (gain) loss on
derivative instruments, (gain) loss on extinguishment of debt and
provision for (benefit from) income taxes, if any. Adjusted EBITDA
is not a measure of net income as determined by United States’
generally accepted accounting principles (“GAAP”). Management
believes Adjusted EBITDA is useful because it allows them to more
effectively evaluate Viper’s operating performance and compare the
results of its operations from period to period without regard to
its financing methods or capital structure. Adjusted EBITDA should
not be considered as an alternative to, or more meaningful than,
net income, royalty income, cash flow from operating activities or
any other measure of financial performance or liquidity presented
as determined in accordance with GAAP. Certain items excluded from
Adjusted EBITDA are significant components in understanding and
assessing a company’s financial performance, such as a company’s
cost of capital and tax structure, as well as the historic costs of
depreciable assets, none of which are components of Adjusted
EBITDA.
Viper defines cash available for distribution
generally as an amount equal to its Adjusted EBITDA for the
applicable quarter less cash needed for income taxes payable, debt
service, contractual obligations, fixed charges and reserves for
future operating or capital needs that the Board may deem
appropriate, lease bonus income, distribution equivalent rights
payments and preferred distributions, if any. Management believes
cash available for distribution is useful because it allows them to
more effectively evaluate Viper’s operating performance excluding
the impact of non-cash financial items and short-term changes in
working capital. Viper’s computations of Adjusted EBITDA and cash
available for distribution may not be comparable to other similarly
titled measures of other companies or to such measure in its credit
facility or any of its other contracts. Viper further defines cash
available for variable distribution as 75 percent of cash available
for distribution less base distributions declared and repurchased
units as part of unit buyback for the applicable quarter.
The following tables present a reconciliation of
the GAAP financial measure of net income (loss) to the non-GAAP
financial measures of Adjusted EBITDA, cash available for
distribution and cash available for variable distribution:
Viper Energy Partners LP |
(unaudited, in thousands, except per unit
data) |
|
|
|
|
|
Three Months Ended December 31, 2022 |
|
Year EndedDecember 31, 2022 |
Net income (loss) attributable to Viper Energy Partners
LP |
$ |
21,706 |
|
|
$ |
151,673 |
|
Net income (loss) attributable to non-controlling interest |
|
123,535 |
|
|
|
503,331 |
|
Net income (loss) |
|
145,241 |
|
|
|
655,004 |
|
Interest expense, net |
|
10,251 |
|
|
|
40,409 |
|
Non-cash unit-based compensation expense |
|
323 |
|
|
|
1,304 |
|
Depletion |
|
31,238 |
|
|
|
121,071 |
|
Non-cash (gain) loss on derivative instruments |
|
(5,255 |
) |
|
|
(13,181 |
) |
(Gain) loss on extinguishment of debt |
|
— |
|
|
|
73 |
|
Provision for (benefit from) income taxes |
|
4,944 |
|
|
|
(32,653 |
) |
Consolidated Adjusted
EBITDA |
|
186,742 |
|
|
|
772,027 |
|
Less: Adjusted EBITDA attributable to non-controlling
interest(1) |
|
103,045 |
|
|
|
421,514 |
|
Adjusted EBITDA
attributable to Viper Energy Partners LP |
$ |
83,697 |
|
|
$ |
350,513 |
|
|
|
|
|
Adjustments to
reconcile Adjusted EBITDA to cash available for
distribution: |
|
|
|
Income taxes payable for the current period |
$ |
(4,944 |
) |
|
$ |
(17,003 |
) |
Debt service, contractual obligations, fixed charges and
reserves |
|
(4,426 |
) |
|
|
(16,691 |
) |
Lease bonus income(2) |
|
(7,818 |
) |
|
|
(8,491 |
) |
Distribution equivalent rights payments |
|
(56 |
) |
|
|
(365 |
) |
Preferred distributions |
|
(45 |
) |
|
|
(180 |
) |
Cash available for
distribution to Viper Energy Partners LP unitholders |
$ |
66,408 |
|
|
$ |
307,783 |
|
|
|
|
|
|
Three Months Ended December 31, 2022 |
|
Amounts |
|
Amounts PerCommon Unit |
Reconciliation to cash
available for variable distribution: |
|
|
|
Cash available for
distribution to Viper Energy Partners LP unitholders |
$ |
66,408 |
|
|
$ |
0.91 |
|
|
|
|
|
75% Committed Return of
Capital |
$ |
49,806 |
|
|
$ |
0.68 |
|
Less: |
|
|
|
Base distribution |
|
18,308 |
|
|
|
0.25 |
|
Repurchased units as part of unit buyback(2) |
|
14,143 |
|
|
|
0.19 |
|
Cash available for
variable distribution |
$ |
17,355 |
|
|
$ |
0.24 |
|
|
|
|
|
Total approved base
and variable distribution per unit |
|
|
$ |
0.49 |
|
|
|
|
|
Common limited partner units
outstanding |
|
|
|
73,230 |
|
|
|
|
|
|
|
(1) Does not take into account special income
allocation consideration.(2) Reflects amounts attributable to the
common unitholders’ ownership interest in Viper Energy Partners
LP.
The following table presents a reconciliation of
the GAAP financial measure of income (loss) before income taxes to
the non-GAAP financial measure of pre-tax income attributable to
Viper Energy Partners LP. Management believes this measure is
useful to investors given it provides the basis for income taxes
payable by Viper Energy Partners LP, which is an adjustment to
reconcile Adjusted EBITDA to cash available for distribution to
Viper Energy Partners LP unitholders.
Viper Energy Partners LP |
Pre-tax income attributable to Viper Energy Partners
LP |
(unaudited, in thousands) |
|
|
|
Three Months Ended |
|
December 31, 2022 |
Income (loss) before income taxes |
$ |
150,185 |
|
Less: Net income (loss) attributable to non-controlling
interest |
|
123,535 |
|
Pre-tax income attributable to Viper Energy Partners
LP |
$ |
26,650 |
|
|
|
Income taxes payable for the current period |
$ |
4,944 |
|
Effective cash tax rate attributable to Viper Energy
Partners LP |
|
18.6 |
% |
|
|
|
|
Adjusted net income (loss) is a non-GAAP
financial measure equal to net income (loss) attributable to Viper
Energy Partners, LP plus net income (loss) attributable to
non-controlling interest adjusted for non-cash (gain) loss on
derivative instruments, (gain) loss on extinguishment of debt, if
any, and related income tax adjustments. The Company’s computation
of adjusted net income may not be comparable to other similarly
titled measures of other companies or to such measure in our credit
facility or any of our other contracts. Management believes
adjusted net income helps investors in the oil and natural gas
industry to measure and compare the Company’s performance to other
oil and natural gas companies by excluding from the calculation
items that can vary significantly from company to company depending
upon accounting methods, the book value of assets and other
non-operational factors.
The following table presents a reconciliation of
the GAAP financial measure of net income (loss) attributable to
Viper Energy Partners LP to the non-GAAP financial measure of
adjusted net income (loss):
Viper Energy Partners LP |
Adjusted Net Income (Loss) |
(unaudited, in thousands, except per unit
data) |
|
|
|
Three Months Ended December 31, 2022 |
|
Amounts |
|
Amounts Per Diluted Unit |
Net income (loss) attributable to Viper Energy Partners
LP(a) |
$ |
21,706 |
|
|
$ |
0.29 |
|
Net income (loss) attributable to non-controlling interest |
|
123,535 |
|
|
|
1.67 |
|
Net income
(loss)(a) |
|
145,241 |
|
|
|
1.96 |
|
Non-cash (gain) loss on derivative instruments, net |
|
(5,255 |
) |
|
|
(0.07 |
) |
Adjusted income excluding above items(a) |
|
139,986 |
|
|
|
1.89 |
|
Income tax adjustment for above items |
|
173 |
|
|
|
— |
|
Adjusted net income
(loss)(a) |
|
140,159 |
|
|
|
1.89 |
|
Less: Adjusted net income (loss) attributed to non-controlling
interests |
|
119,212 |
|
|
|
1.61 |
|
Adjusted net income
(loss) attributable to Viper Energy Partners
LP(a) |
$ |
20,947 |
|
|
$ |
0.28 |
|
|
|
|
|
Weighted average
common units outstanding: |
|
|
|
Basic |
|
73,823 |
|
Diluted |
|
73,884 |
|
|
|
|
|
(a) The Partnership’s earnings (loss) per
diluted unit amount has been computed using the two-class method in
accordance with GAAP. The two-class method is an earnings
allocation which reflects the respective ownership among holders of
common units and participating securities. Diluted earnings per
share using the two-class method is calculated as (i) net income
attributable to Viper Energy Partners LP, (ii) plus the
reallocation of $0.1 million in earnings attributable to
participating securities, divided by (iii) diluted weighted average
common shares outstanding.
RECONCILIATION OF LONG-TERM DEBT TO NET
DEBT
The Company defines net debt as debt (excluding
debt issuance costs, discounts and premiums) less cash and cash
equivalents. Net debt should not be considered an alternative to,
or more meaningful than, total debt, the most directly comparable
GAAP measure. Management uses net debt to determine the Company's
outstanding debt obligations that would not be readily satisfied by
its cash and cash equivalents on hand. The Company believes this
metric is useful to analysts and investors in determining the
Company's leverage position because the Company has the ability to,
and may decide to, use a portion of its cash and cash equivalents
to reduce debt.
|
December 31, 2022 |
|
Net Q4 Principal
Borrowings/(Repayments) |
|
September 30, 2022 |
|
June 30, 2022 |
|
March 31, 2022 |
|
December 31, 2021 |
|
(in thousands) |
Total long-term debt(1) |
$ |
582,350 |
|
|
$ |
(93,000 |
) |
|
$ |
675,350 |
|
|
$ |
680,350 |
|
|
$ |
727,938 |
|
|
$ |
783,938 |
|
Cash and cash equivalents |
|
(18,179 |
) |
|
|
|
|
(11,616 |
) |
|
|
(4,312 |
) |
|
|
(33,066 |
) |
|
|
(39,448 |
) |
Net debt |
$ |
564,171 |
|
|
|
|
$ |
663,734 |
|
|
$ |
676,038 |
|
|
$ |
694,872 |
|
|
$ |
744,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes debt issuance costs, discounts
& premiums.
PV-10
PV-10 is the Company’s estimate of the present
value of the future net revenues from proved oil and natural gas
reserves after deducting estimated production and ad valorem taxes,
future capital costs and operating expenses, but before deducting
any estimates of future income taxes. The estimated future net
revenues are discounted at an annual rate of 10% to determine their
“present value.” The Company believes PV-10 to be an important
measure for evaluating the relative significance of its oil and
natural gas properties and that the presentation of the non-GAAP
financial measure of PV-10 provides useful information to investors
because it is widely used by professional analysts and investors in
evaluating oil and natural gas companies. Because there are many
unique factors that can impact an individual company when
estimating the amount of future income taxes to be paid, the
Company believes the use of a pre-tax measure is valuable for
evaluating the Company. The Company believes that PV-10 is a
financial measure routinely used and calculated similarly by other
companies in the oil and natural gas industry.
The following table reconciles the Company’s
standardized measure of discounted future net cash flows, a GAAP
financial measure to PV-10, a non-GAAP financial measure. PV-10
should not be considered as an alternative to the standardized
measure as computed under GAAP.
(in
thousands) |
December 31, 2022 |
Standardized measure of discounted future net cash flows after
taxes |
|
3,454,096 |
|
Add: Present value of future
income tax discounted at 10% |
|
647,757 |
|
PV-10 |
$ |
4,101,853 |
|
|
|
|
|
Derivatives
As of the filing date, the Company had the
following outstanding derivative contracts. The Company’s
derivative contracts are based upon reported settlement prices on
commodity exchanges, with crude oil derivative settlements based on
New York Mercantile Exchange West Texas Intermediate pricing and
Crude Oil Brent. When aggregating multiple contracts, the weighted
average contract price is disclosed.
|
Crude Oil (Bbls/day, $/Bbl) |
|
Q1 2023 |
|
Q2 2023 |
|
Q3 2023 |
|
Q4 2023 |
|
FY 2024 |
Deferred Premium Puts - WTI (Cushing) |
|
12,000 |
|
|
|
12,000 |
|
|
|
6,000 |
|
|
|
— |
|
|
|
— |
|
Strike |
$ |
54.50 |
|
|
$ |
55.00 |
|
|
$ |
55.00 |
|
|
$ |
— |
|
|
$ |
— |
|
Premium |
$ |
(1.82 |
) |
|
$ |
(1.82 |
) |
|
$ |
(1.88 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
Crude Oil (Bbls/day, $/Bbl) |
|
Q1 2023 |
|
Q2 2023 |
|
Q3 2023 |
|
Q4 2023 |
|
FY 2024 |
Midland-Cushing Basis Swabs |
|
4,000 |
|
|
|
4,000 |
|
|
|
4,000 |
|
|
|
4,000 |
|
|
|
— |
|
Swap Price |
$ |
1.05 |
|
|
$ |
1.05 |
|
|
$ |
1.05 |
|
|
$ |
1.05 |
|
|
$ |
— |
|
|
Natural Gas (Mmbtu/day, $/Mmbtu) |
|
Q1 2023 |
|
Q2 2023 |
|
Q3 2023 |
|
Q4 2023 |
|
FY 2024 |
Natural Gas Basis Swaps - Waha Hub |
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
Swap Price |
$ |
(1.33 |
) |
|
$ |
(1.33 |
) |
|
$ |
(1.33 |
) |
|
$ |
(1.33 |
) |
|
$ |
(1.20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:
Austen Gilfillian+1 432.221.7420agilfillian@viperenergy.com
Source: Viper Energy Partners LP; Diamondback Energy, Inc.
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