Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports Third Quarter 2024 Financial and Operating Results

Core Viewpoint - Viper Energy, Inc. reported strong financial and operational results for Q3 2024, highlighting production growth and successful acquisitions, while maintaining a robust cash dividend policy and positive outlook for future production. Financial Performance - Q3 2024 average production was 26,978 barrels of oil per day (bo/d), a 2.4% increase from Q2 2024 [2] - Consolidated net income for Q3 2024 was $109.0 million, with net income attributable to Viper Energy of$48.9 million, or $0.52 per common share [2][5] - Cash available for distribution to common shares was$75.4 million, equating to $0.73 per Class A common share [2] - Declared a base cash dividend of$0.30 per Class A common share, implying a 2.3% annualized yield [2] - Total return of capital for Q3 2024 was $62.4 million, representing 83$75.24 per barrel of oil, $0.13 per Mcf of natural gas, and$19.89 per barrel of natural gas liquids, leading to a total equivalent realized price of $45.83 per barrel of oil equivalent (boe) [4][25] - Average hedged realized prices were slightly lower, at$74.27 per barrel of oil and $0.56 per Mcf of natural gas [4][25] Debt and Liquidity - As of September 30, 2024, the company had a cash balance of$168.6 million and total long-term debt of $830.4 million, resulting in net debt of$661.7 million [6] - Following the Tumbleweed IV acquisition, pro forma net debt as of October 1, 2024, was approximately $1.1 billion [7] Guidance and Future Outlook - The company increased its full-year 2024 average daily production guidance to 27,000 to 27,250 bo/d [2] - Viper Energy's CEO emphasized the company's strategy of consolidating high-quality mineral and royalty assets and maintaining strong free cash flow despite commodity price volatility [2][3]