Workflow
Viper(VNOM) - 2024 Q3 - Quarterly Results
VNOMViper(VNOM)2024-11-04 21:04

Production and Operations - Q3 2024 average production reached 26,978 bo/d (49,370 boe/d), a 2.4% increase from Q2 2024[2] - Viper's average daily production guidance for Q4 2024 is set at 29,250 to 29,750 bo/d (52,500 to 53,000 boe/d)[2] - The company turned to production 330 gross horizontal wells in Q3 2024, with an average lateral length of 11,866 feet[11] - Total production for Q3 2024 included 2,482 MBbls of oil, 6,150 MMcf of natural gas, and 1,035 MBbls of natural gas liquids, resulting in combined volumes of 4,542 MBoe[29] - Average daily oil production increased to 26,978 bo/d, up 21.1% from 22,141 bo/d in Q3 2023[29] Financial Performance - Consolidated net income for Q3 2024 was 109.0million,withnetincomeattributabletoViperEnergy,Inc.at109.0 million, with net income attributable to Viper Energy, Inc. at 48.9 million, or 0.52percommonshare[2]−TotaloperatingincomeforQ32024was0.52 per common share[2] - Total operating income for Q3 2024 was 209.6 million[6] - Net income attributable to Viper Energy, Inc. was 48,917,000inQ32024,adecreaseof37.948,917,000 in Q3 2024, a decrease of 37.9% compared to 78,599,000 in Q3 2023[27] - Net income for Q3 2024 was 109,045,adecreaseof47.4109,045, a decrease of 47.4% compared to 207,213 in Q3 2023[28] - Adjusted EBITDA for Q3 2024 was 104,371,reflectingadecreasefromthepreviousyear[32]CashFlowandDividends−CashavailablefordistributiontocommonsharesinQ32024was104,371, reflecting a decrease from the previous year[32] Cash Flow and Dividends - Cash available for distribution to common shares in Q3 2024 was 75.4 million, or 0.73perClassAcommonshare[2]−Declaredatotalbase−plus−variablecashdividendof0.73 per Class A common share[2] - Declared a total base-plus-variable cash dividend of 0.61 per Class A common share for Q3 2024, implying a 4.7% annualized yield based on the November 1, 2024 share closing price of 52.16[2]−Cashandcashequivalentsincreasedsignificantlyto52.16[2] - Cash and cash equivalents increased significantly to 168,649,000 as of September 30, 2024, up from 25,869,000attheendof2023[24]−Thecompanyreportedanetcashprovidedbyoperatingactivitiesof25,869,000 at the end of 2023[24] - The company reported a net cash provided by operating activities of 202,974 for Q3 2024, down from 239,728inQ32023[28]−Thecompanyincurredanetcashusedininvestingactivitiesof239,728 in Q3 2023[28] - The company incurred a net cash used in investing activities of 244,844 in Q3 2024, compared to 52,292inQ32023[28]DebtandLiabilities−AsofSeptember30,2024,Viperhadacashbalanceof52,292 in Q3 2023[28] Debt and Liabilities - As of September 30, 2024, Viper had a cash balance of 168.6 million and total long-term debt of 830.4million,resultinginnetdebtof830.4 million, resulting in net debt of 661.7 million[7] - Following the TWR IV acquisition on October 1, 2024, pro forma net debt was approximately 1.1billion[8]−Long−termdebtdecreasedto1.1 billion[8] - Long-term debt decreased to 821,505,000 as of September 30, 2024, down from 1,083,082,000attheendof2023,areductionof24.21,083,082,000 at the end of 2023, a reduction of 24.2%[25] - Total liabilities decreased to 870,502,000 as of September 30, 2024, down from 1,116,539,000attheendof2023,adeclineof22.01,116,539,000 at the end of 2023, a decline of 22.0%[25] Revenue and Income Sources - Viper Energy reported oil income of 186,750,000 for Q3 2024, an increase of 11.0% from 168,008,000inQ32023[27]−Thecompanyreportedatotalroyaltyincomeof168,008,000 in Q3 2023[27] - The company reported a total royalty income of 208,158,000 for Q3 2024, an increase of 6.9% from 195,614,000inQ32023[27]−AverageunhedgedrealizedpricesinQ32024were195,614,000 in Q3 2023[27] - Average unhedged realized prices in Q3 2024 were 75.24 per barrel of oil, 0.13perMcfofnaturalgas,and0.13 per Mcf of natural gas, and 19.89 per barrel of natural gas liquids, leading to a total equivalent realized price of 45.83/boe[5]ShareholderInformation−Theweightedaveragenumberofcommonsharesoutstandingincreasedto93,695,000inQ32024from70,925,000inQ32023[27]−TheweightedaverageClassAcommonsharesoutstandingfordilutedearningspersharewas93,747[36]−AdjustednetincomeattributabletoViperEnergy,Inc.forthesameperiodwas45.83/boe[5] Shareholder Information - The weighted average number of common shares outstanding increased to 93,695,000 in Q3 2024 from 70,925,000 in Q3 2023[27] - The weighted average Class A common shares outstanding for diluted earnings per share was 93,747[36] - Adjusted net income attributable to Viper Energy, Inc. for the same period was 45,622 thousand, or 0.49perdilutedshare[36]OtherFinancialMetrics−Totaloperatingexpensesperbarrelofoilequivalent(boe)were0.49 per diluted share[36] Other Financial Metrics - Total operating expenses per barrel of oil equivalent (boe) were 4.16, compared to 3.71inQ32023[29]−TheaveragesalespriceforoilinQ32024was3.71 in Q3 2023[29] - The average sales price for oil in Q3 2024 was 75.24 per Bbl, down from 82.48perBblinQ32023[29]−Proceedsfromborrowingsunderthecreditfacilityamountedto82.48 per Bbl in Q3 2023[29] - Proceeds from borrowings under the credit facility amounted to 375,000 in Q3 2024, significantly higher than 69,000inQ32023[28]−Pre−taxincomeattributabletoViperEnergy,Inc.forthethreemonthsendedSeptember30,2024,was69,000 in Q3 2023[28] - Pre-tax income attributable to Viper Energy, Inc. for the three months ended September 30, 2024, was 66,111 thousand, with an effective cash tax rate of 23.3%[35] - Adjusted net income excluding non-cash and non-recurring items was $101,678 thousand for the three months ended September 30, 2024[36]