Exhibit 99.1


MIDLAND, Texas, May 1, 2018 (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 first quarter ended March 31, 2018.
Q1 2018 cash distribution of $0.480 per common unit paid on April 27, 2018, up 4% quarter over quarter and 59% year over year; implies a 6.7% annualized yield based on April 30, 2018 unit closing price of $28.80
Announced proposed election to change tax status from pass-through partnership to a taxable entity; expected to be effective on or after May 10, 2018
Q1 2018 net income of $42.9 million and distributable cash flow (as defined below) of $55.0 million
Q1 2018 production of 14,122 boe/d (71% oil), up 14% over Q4 2017 and 66% year over year
Initiating average production guidance for Q2 2018/Q3 2018 of 15,250 to 16,250 boe/d, the midpoint of which is up 12% from Q1 2018 production
Raising full year 2018 production guidance to 15,500 to 16,500 boe/d (71% - 75% oil), up 5% from previous full year 2018 guidance and implies 45% annualized growth over full year 2017 production
Closed 21 acquisitions for an aggregate of approximately $158 million in Q1 2018, increasing Viper's mineral assets by 967 net royalty acres to 10,537 total net royalty acres; up 62% year over year
Revolving credit facility expected to be increased to $475 million from $400 million with Spring redetermination
There were approximately 1,075 active well permits and 27 active rigs on Viper's mineral acreage as of April 30, 2018

“During the first quarter, Viper continued its streak of eight consecutive quarterly distribution increases as a result of both higher production due to organic growth and accretive acquisitions, as well as the tailwind of increasing commodity prices. With strengthening oil prices resulting in continued acceleration across Viper's mineral acreage, we have the conviction to raise the midpoint of our full year production guidance by 5% and expect to achieve annualized production growth of 45% in 2018,” stated Travis Stice, Chief Executive Officer of Viper’s general partner.

Mr. Stice continued, “Viper continues to be active in the acquisition market, as we closed 21 deals for over $150 million during the quarter, including our previously announced entrance into the Eagle Ford which continues to outperform expectations. The broader access to capital provided via our recently announced,

The following information was filed by Viper Energy Partners Lp (VNOM) on Tuesday, May 1, 2018 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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