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Viper Energy Partners Lp (VNOM) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Viper Energy Partners Lp

CIK: 1602065 Ticker: VNOM


Exhibit 99.1
viperlogoa30.gif

VIPER ENERGY PARTNERS LP, A SUBSIDIARY OF DIAMONDBACK ENERGY, INC., REPORTS SECOND QUARTER 2021 FINANCIAL AND OPERATING RESULTS

MIDLAND, Texas, August 2, 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 second quarter ended June 30, 2021.

SECOND QUARTER HIGHLIGHTS
Q2 2021 average production of 16,516 bo/d (27,352 boe/d)
Q2 2021 consolidated net income (including non-controlling interest) of $42.4 million; adjusted net income (as defined and reconciled below) of $51.0 million
Q2 2021 cash distribution of $0.33 per common unit, representing approximately 70% of total cash available for distribution of $0.47 per common unit; $0.33 distribution implies a 7.3% annualized yield based on the July 30, 2021 unit closing price of $18.01
Consolidated adjusted EBITDA (as defined and reconciled below) of $83.3 million and cash available for distribution to Viper’s common units (as reconciled below) of $30.3 million
Repurchased 403,163 common units in Q2 2021 for an aggregate of $6.8 million; from the end of the second quarter through July 30, 2021, Viper repurchased an additional 294,921 common units for an aggregate of $5.1 million
Ended the second quarter of 2021 with total long-term debt of $541.9 and net debt of $499.5 million (as defined and reconciled below); net debt down $130.3 million since June 30, 2020, or an approximately 21% reduction over the past twelve months
184 total gross (3.3 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q2 2021 with an average lateral length of 8,638 feet
Initiating average daily production guidance for the second half of 2021 of 15,500 to 16,250 bo/d (25,750 to 27,000 boe/d)
Increasing full year 2021 average daily production guidance to 15,750 to 16,250 bo/d (26,250 to 27,000 boe/d), an increase of approximately 2% at the midpoint
As of July 12, 2021, there were approximately 467 gross horizontal wells in the process of active development on Viper’s acreage in which Viper expects to own an average 1.8% net royalty interest (8.3 net 100% royalty interest wells)
Approximately 496 gross (7.2 net 100% royalty interest) line-of-sight wells on Viper’s acreage that are not currently in the process of active development, but for which Viper has visibility to the potential of future development in coming quarters, based on Diamondback’s current completion schedule and third party operators’ permits
A portion of distributions paid in 2021 are reasonably estimated to not constitute dividends for U.S. federal income tax purposes. Approximately 80% are estimated to constitute non-taxable reductions to tax basis.


The following information was filed by Viper Energy Partners Lp (VNOM) on Monday, August 2, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes To Unitholders' Equity (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Acquisitions
Acquisitions - 2020 Activity (Details)
Commitments And Contingencies
Debt
Debt (Tables)
Debt - Financial Covenants (Details)
Debt - Narrative (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 (Details)
Income Taxes (Tables)
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 (Accrued Liabilities) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Unitholders??? Equity And Distributions
Unitholders??? Equity And Distributions (Tables)
Unitholders??? Equity And Distributions - Narrative (Details)
Unitholders??? Equity And Distributions - Ownership Interest In Subsidiary Changes (Details)
Unitholders??? Equity And Distributions - Partnership Distributions (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: 0001602065-21-000045
Submitted to the SEC: Tue Aug 03 2021 4:22:25 PM EST
Accepted by the SEC: Tue Aug 03 2021
Period: Wednesday, June 30, 2021
Industry: Crude Petroleum And Natural Gas

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