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Viper Energy Partners Lp (VNOM) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Viper Energy Partners Lp

CIK: 1602065 Ticker: VNOM


Exhibit 99.1
viperlogoa301.gif

VIPER ENERGY PARTNERS LP, A SUBSIDIARY OF DIAMONDBACK ENERGY, INC., REPORTS FOURTH QUARTER AND FULL YEAR 2020 FINANCIAL AND OPERATING RESULTS

MIDLAND, Texas, February 22, 2021
(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 fourth quarter and the full year ended December 31, 2020.
FOURTH QUARTER HIGHLIGHTS
Q4 2020 average production of 17,359 bo/d (27,699 boe/d), an increase of 10% from Q3 2020 average daily oil production and 5% year over year
Q4 2020 cash distribution of $0.14 per common unit, representing approximately 50% of cash available for distribution; $0.28 per unit of cash available for distribution implies a 7.0% annualized distributable cash flow yield based on the February 19, 2021 unit closing price of $15.96
Q4 2020 consolidated net loss (including non-controlling interest) of $(52.7) million; adjusted net income (as defined and reconciled below) of $14.2 million
Consolidated adjusted EBITDA (as defined and reconciled below) of $51.0 million and cash available for distribution to Viper’s common units (as reconciled below) of $18.4 million
Repurchased 2,045,000 common units in Q4 2020 for an aggregate of $24.0 million
Generated $42.0 million in one-time proceeds from asset sales during the fourth quarter of 2020, including the divestiture of 352 net royalty acres for an aggregate of $36.3 million
Ended the fourth quarter of 2020 with net debt of $544.8 million (as defined and reconciled below); total debt down $109.6 million since March 31, 2020, or a 16% reduction over the past nine months
80 total gross (2.1 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q4 2020 with an average lateral length of 10,012 feet
Q3 2020 and Q4 2020 distributions reasonably estimated to not constitute dividends for U.S. federal income tax purposes; instead should generally constitute non-taxable reductions to the tax basis

FULL YEAR 2020 HIGHLIGHTS
Full year 2020 average production of 16,272 bo/d (26,551 boe/d), an increase of 16% from full year 2019 average daily oil production
Proved reserves as of December 31, 2020 of 99,392 Mboe (73% PDP, 57,530 Mbo), up 12% year over year with oil up 6% from year end 2019
514 total gross (13.8 net 100% royalty interest) horizontal wells turned to production during 2020 with an average lateral length of 9,395 feet
Generated $49.4 million in one-time proceeds from asset sales during 2020
All 2020 quarterly distributions reasonably estimated to not constitute dividends for U.S. federal income tax purposes; instead should generally constitute non-taxable reductions to the tax basis



The following information was filed by Viper Energy Partners Lp (VNOM) on Monday, February 22, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Viper Energy Partners Lp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Statement Of Consolidated Unitholders' Equity
Acquisitions And Divestitures
Acquisitions And Divestitures - 2018 Activity (Details)
Acquisitions And Divestitures - 2019 Activity (Details)
Acquisitions And Divestitures - 2020 Activity (Details)
Commitments And Contingencies
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Financial Covenants (Details)
Debt - Schedule Of Debt (Details)
Derivatives
Derivatives (Tables)
Derivatives - Gains And Losses On Derivative Instruments Included In Statement Of Operations (Details)
Derivatives - Open Derivative Positions (Details)
Earnings Per Common Unit
Earnings Per Common Unit (Details)
Earnings Per Common Unit (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Of Financial Instruments Not Recorded At Fair Value (Details)
Fair Value Measurements - Recurring Measurements (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Components Of Provision For Income Taxes (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Reconciliation Of Statutory Federal Income Tax (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)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Accrued Liabilities (Details)
Summary Of Significant Accounting Policies - Concentrations (Details)
Summary Of Significant Accounting Policies - Income Taxes (Details)
Summary Of Significant Accounting Policies - Oil And Natural Gas Properties, And Debt Issuance Costs (Details)
Supplemental Information On Oil And Natural Gas Operations (Unaudited)
Supplemental Information On Oil And Natural Gas Operations (Unaudited) (Tables)
Supplemental Information On Oil And Natural Gas Operations (Unaudited) - Aggregate Capitalized Costs Related To Oil And Natural Gas Production Activities (Details)
Supplemental Information On Oil And Natural Gas Operations (Unaudited) - Average First-Day-Of-The-Month Price For Oil, Natural Gas And Natural Gas Liquids (Details)
Supplemental Information On Oil And Natural Gas Operations (Unaudited) - Changes In Estimated Proved Reserves (Details)
Supplemental Information On Oil And Natural Gas Operations (Unaudited) - Costs Incurred In Crude Oil And Natural Gas Activities (Details)
Supplemental Information On Oil And Natural Gas Operations (Unaudited) - Principal Changes In Standardized Measure Of Discounted Future Net Cash Flows (Details)
Supplemental Information On Oil And Natural Gas Operations (Unaudited) - Standardized Measure Of Discounted Future Net Cash Flows (Details)
Unitholders??? Equity And Distributions
Unitholders??? Equity And Distributions (Tables)
Unitholders??? Equity And Distributions - Additional Information (Details)
Unitholders??? Equity And Distributions - Ownership Interest In Subsidiary Changes (Details)
Unitholders??? Equity And Distributions - Schedule Of Partnership Cash Distributions (Details)
Ticker: VNOM
CIK: 1602065
Form Type: 10-K Annual Report
Accession Number: 0001602065-21-000006
Submitted to the SEC: Thu Feb 25 2021 4:21:59 PM EST
Accepted by the SEC: Thu Feb 25 2021
Period: Thursday, December 31, 2020
Industry: Crude Petroleum And Natural Gas

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