Exhibit 99.1
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VIPER ENERGY PARTNERS LP, A SUBSIDIARY OF DIAMONDBACK ENERGY, INC., REPORTS THIRD QUARTER 2017 FINANCIAL AND OPERATING RESULTS

MIDLAND, Texas, October 24, 2017 (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, 2017.
 
HIGHLIGHTS
Q3 2017 cash distribution of $0.337 per common unit, up 63% year over year and highest in Company history; implies a 7.4% annualized yield based on October 23 unit closing price of $18.16
Q3 2017 production of 12,611 boe/d (68% oil), up 20% over Q2 2017 and 102% year over year
Q3 2017 net income of $26.6 million and distributable cash flow (as defined below) of $38.3 million
Initiating average production guidance for Q4 2017/Q1 2018 of 13,000 to 14,000 boe/d, up 7% from Q3 production
Increasing full year 2017 production guidance to 11,000 to 11,500 boe/d, up 7% from the midpoint of prior guidance range of 10,000 to 11,000 boe/d and up 75% from full year 2016 production
Closed 17 acquisitions for an aggregate of approximately $179 million in Q3 2017, increasing Viper's mineral assets by 1,677 net royalty acres to 9,173 total net royalty acres; up 66% year over year
Nine gross horizontal wells completed on Viper's Spanish Trail mineral interests during Q3 2017 (12.2% average royalty interest)
There are approximately 319 active well permits and 22 active rigs currently on Viper's mineral acreage
Over 100 wells in Midland Basin (9.1% estimated average royalty interest) and over 50 wells in Delaware Basin (1.2% estimated average royalty interest) in various stages of drilling or waiting on completion across Viper's mineral acreage


“During the third quarter, Viper continued to expand its footprint in the most attractive areas of the Permian Basin via multiple large strategic acquisitions, while also continuing to see sustained volume outperformance on its existing acreage. As a mineral owner, Viper is uniquely positioned to grow production in line with premier Permian E&P operators without the burden of capital costs, providing superior free cash flow generation that is returned to unitholders in quarterly cash distributions,” stated Travis Stice, Chief Executive Officer of Viper’s general partner.

Mr. Stice continued, “Viper continues to be pleased with the outperformance of recent acquisitions, as volumes and activity levels have exceeded underwriting assumptions in the Delaware Basin. Viper looks to continue to be active in acquiring minerals with near term visibility and accretive cash flow growth. With activity



The following information was filed by Viper Energy Partners Lp (VNOM) on Tuesday, October 24, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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