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Viper Energy Partners Lp (VNOM) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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VNOM Quarterly Reports

Viper Energy Partners Lp

CIK: 1602065 Ticker: VNOM



Exhibit 99.1
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VIPER ENERGY PARTNERS LP, A SUBSIDIARY OF DIAMONDBACK ENERGY, INC., REPORTS FIRST QUARTER 2020 FINANCIAL AND OPERATING RESULTS

MIDLAND, Texas, May 4, 2020
(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, 2020.
 
FIRST QUARTER HIGHLIGHTS
Q1 2020 cash distribution of $0.10 per common unit; implies a 4.7% annualized yield based on the May 1, 2020 unit closing price of $8.60
Due to the current uncertainty in the commodity markets, Viper is temporarily reducing its distribution policy to 25% of cash available for distribution from 100% previously with retained cash flow expected to be used to strengthen the balance sheet; the Board of Directors of Viper’s General Partner intends to review this distribution policy quarterly
Q1 2020 consolidated net loss (including non-controlling interest) of $(123.9) million including a $142.5 million reduction of the Company’s deferred tax asset; adjusted net income (as defined and reconciled below) of $14.2 million
Consolidated adjusted EBITDA (as defined and reconciled below) of $70.2 million and cash available for distribution to Viper’s common limited partner units (as reconciled below) of $26.2 million
Q1 2020 average production of 17,441 bo/d (27,575 boe/d), an increase of 6% from Q4 2019 average daily oil production
192 total gross (4.6 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q1 2020 with an average lateral length of 9,306 feet
Closed 35 acquisitions for an aggregate purchase price of approximately $63.4 million in Q1 2020, increasing Viper’s mineral and royalty interests to a total of 24,714 net royalty acres at March 31, 2020
Initiating average production guidance for Q2 2020 and Q3 2020 of 13,500 to 15,000 bo/d (22,000 to 24,500 boe/d)
Reaffirming previously revised full year 2020 average production guidance of 14,000 to 17,000 bo/d (22,500 to 27,000 boe/d)
As of April 22, 2020, there were approximately 569 gross horizontal wells currently in the process of active development on Viper’s acreage, in which Viper expects to own an average 1.7% net royalty interest (9.5 net 100% royalty interest wells)
Approximately 429 gross (8.2 net 100% royalty interest) line-of-sight wells which have not yet begun the process of active development, but for which we have visibility to the potential of future development in coming quarters, based on Diamondback’s current completion schedule and third party operators’ permits



The following information was filed by Viper Energy Partners Lp (VNOM) on Monday, May 4, 2020 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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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Consolidated Statements Of Unitholders' Equity (Unaudited)
Acquisitions
Acquisitions (Details)
Commitments And Contingencies
Debt
Debt (Tables)
Debt - Financial Covenants (Details)
Debt - Narrative (Details)
Debt - Schedule Of Debt (Details)
Derivatives
Derivatives (Tables)
Derivatives - Derivative Assets And Liabilities On Consolidated Balance Sheet (Details)
Derivatives - Gains And Losses On Derivative Instruments Included In Statement Of Operations (Details)
Derivatives - Offsetting Derivative Instruments (Details)
Derivatives - Open Derivative Positions (Details)
Earnings Per Unit
Earnings Per Unit (Details)
Earnings Per Unit (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Changes In Fair Value Of The Partnership's Investment (Details)
Fair Value Measurements - Fair Value Of Financial Instruments Not Recorded At Fair Value (Details)
Income Taxes
Income Taxes (Details)
Oil And Natural Gas Interests
Oil And Natural Gas Interests (Details)
Oil And Natural Gas Interests (Tables)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Details)
Related Party Transactions
Related Party Transactions (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Accrued Liabilities) (Details)
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Unit-Based Compensation
Unit-Based Compensation (Tables)
Unit-Based Compensation - Additional Disclosures (Details)
Unit-Based Compensation - Phantom Units (Details)
Unitholders??? Equity And Partnership Distributions
Unitholders??? Equity And Partnership Distributions (Tables)
Unitholders??? Equity And Partnership Distributions - Additional Information (Details)
Unitholders??? Equity And Partnership Distributions - Partnership Distributions (Details)
Unitholders??? Equity And Partnership Distributions - Schedule Of Changes In Common Units (Details)

Material Contracts, Statements, Certifications & more

Viper Energy Partners Lp provided additional information to their SEC Filing as exhibits

Ticker: VNOM
CIK: 1602065
Form Type: 10-Q Quarterly Report
Accession Number: 0001602065-20-000021
Submitted to the SEC: Thu May 07 2020 8:05:24 PM EST
Accepted by the SEC: Fri May 08 2020
Period: Tuesday, March 31, 2020
Industry: Crude Petroleum And Natural Gas

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