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

Core Insights - Viper Energy, Inc. reported strong financial and operational results for Q4 and full year 2024, highlighting significant production growth and a successful acquisition strategy [1][6][18] Fourth Quarter Highlights - Average production for Q4 2024 was 29,859 barrels of oil per day (bo/d) or 56,109 barrels of oil equivalent per day (boe/d) [5] - Consolidated net income for Q4 2024 was $272.8 million, with net income attributable to Viper of$ 210.1 million, translating to $2.04 per Class A common share [5][36] - A one-time tax benefit of$ 155.9 million was recorded due to the reversal of the valuation allowance against deferred tax assets [5][8] - Cash available for distribution to Class A common shares was $89.0 million, or$ 0.86 per share [5] - Declared a total cash dividend of $0.65 per Class A common share for Q4 2024, which includes a base dividend of$ 0.30 and a variable dividend of $0.35 [10][11] Full Year 2024 Highlights - Full year average production was 27,156 bo/d (49,784 boe/d) [5] - Consolidated net income for the full year was$ 603.6 million, with net income attributable to Viper of $359.2 million, or$ 3.82 per share [5][36] - Total dividends declared during 2024 amounted to $2.49 per Class A common share [5] - Proved reserves as of December 31, 2024, were 195,873 thousand barrels of oil equivalent (Mboe), reflecting a 9% increase year-over-year [5][18] 2025 Outlook - The company initiated average daily production guidance for Q1 2025 of 30,000 to 31,000 bo/d (54,000 to 56,000 boe/d) [5][24] - Following the anticipated closing of a significant acquisition (Drop Down) in Q2 2025, average daily production for the remainder of 2025 is expected to be in the range of 47,000 to 49,000 bo/d (85,000 to 88,000 boe/d) [5][6] Financial Update - Average unhedged realized prices for Q4 2024 were$ 69.91 per barrel of oil, $0.84 per Mcf of natural gas, and$ 22.15 per barrel of natural gas liquids, resulting in a total equivalent realized price of $43.56 per boe [7] - The company had a cash balance of$ 26.9 million and total long-term debt of $1.1 billion as of December 31, 2024 [9] Operations Update - A total of 381 gross horizontal wells were turned to production in Q4 2024, with an average lateral length of 10,818 feet [5][12] - As of December 31, 2024, there were approximately 867 gross horizontal wells in active development on Viper's acreage [5][16]