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Viper Energy Partners Lp (VNOM) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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Viper Energy Partners Lp

CIK: 1602065 Ticker: VNOM

Exhibit 99.1
viperlogoa30a.gif

VIPER ENERGY PARTNERS LP, A SUBSIDIARY OF DIAMONDBACK ENERGY, INC., REPORTS FIRST QUARTER 2022 FINANCIAL AND OPERATING RESULTS

MIDLAND, Texas, May 2, 2022
(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, 2022.

FIRST QUARTER HIGHLIGHTS
Q1 2022 average production of 18,144 bo/d (31,567 boe/d)
Q1 2022 consolidated net income (including non-controlling interest) of $128.0 million; net income attributable to Viper Energy Partners LP of $16.6 million, or $0.22 per common unit
Adjusted net income (as defined and reconciled below) of $136.0 million, or $1.76 per common unit
Q1 2022 cash distribution of $0.67 per common unit, representing approximately 70% of total cash available for distribution of $0.96 per common unit; $0.67 distribution is up 43% quarter over quarter and implies a 9.3% annualized yield based on the April 29, 2022 unit closing price of $28.73
Repurchased 1.6 million common units in Q1 2022 for an aggregate of $39.3 million
Increasing authorization for common unit repurchase program to $250.0 million, up from $150.0 million previously
Q1 2022 Consolidated Adjusted EBITDA (as defined and reconciled below) of $176.1 million and cash available for distribution to Viper’s common units (as defined and reconciled below) of $74.2 million
Ended the first quarter of 2022 with total long-term debt of $727.9 million and net debt (as defined and reconciled below) of $694.9 million
275 total gross (3.9 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q1 2022 with an average lateral length of 10,519 feet
Initiating average daily production guidance for Q2 2022 and Q3 2022 of 18,250 to 19,000 bo/d (31,000 to 32,250 boe/d)
Increasing full year 2022 average daily production guidance to 18,000 to 19,250 bo/d (30,500 to 32,750 boe/d), an increase of 1.4% at the midpoint
As of April 13, 2022, there were approximately 473 gross horizontal wells in the process of active development on Viper’s acreage in which Viper expects to own an average 2.2% net royalty interest (10.5 net 100% royalty interest wells)
Approximately 678 gross (13.0 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
Approximately 60% of distributions paid in 2022 are expected to be reasonably estimated to constitute non-taxable reductions to the tax basis, and not dividends, for U.S. federal income tax purposes



The following information was filed by Viper Energy Partners Lp (VNOM) on Monday, May 2, 2022 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 And Divestitures
Acquisitions And Divestitures - 2021 Activity (Details)
Acquisitions And Divestitures - 2022 Activity (Details)
Commitments And Contingencies
Debt
Debt (Tables)
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 (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: 0001602065-22-000023
Submitted to the SEC: Thu May 05 2022 4:02:23 PM EST
Accepted by the SEC: Thu May 05 2022
Period: Thursday, March 31, 2022
Industry: Crude Petroleum And Natural Gas

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