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Mar 31, 2023
Viper Energy Q1 2023 Earnings Report
Reported financial and operating results for the first quarter ended March 31, 2023.
Key Takeaways
Viper Energy Partners LP reported a strong start to the year with record oil production and strong free cash flow conversion despite commodity price volatility. The company opportunistically repurchased over one million common units and completed a drop down transaction of certain royalty interests from Diamondback. Production guidance for 2023 was increased by over two percent at the midpoint.
Q1 2023 average production of 20,111 bo/d (34,967 boe/d), an increase of 1% from Q4 2022 and 11% year over year; highest in Company history
Consolidated net income (including non-controlling interest) of $88.3 million; net income attributable to Viper Energy Partners LP of $34.0 million, or $0.47 per common unit
Cash available for distribution to Viper’s common units of $50.8 million, or $0.70 per common unit
Repurchased 1.1 million common units in Q1 2023 for $32.7 million
Forward Guidance
Viper Energy Partners provided guidance for Q2 and Q3 2023, as well as full year 2023 net production.
Positive Outlook
- Q2 2023 / Q3 2023 Net Production - MBo/d: 21.00 - 22.50
- Q2 2023 / Q3 2023 Net Production - MBoe/d: 36.25 - 38.75
- Full Year 2023 Net Production - MBo/d: 20.50 - 22.50
- Full Year 2023 Net Production - MBoe/d: 35.25 - 38.75
- Depletion: $9.75 - $10.75
Challenges Ahead
- Cash G&A: $0.60 - $0.80
- Non-Cash Unit-Based Compensation: $0.10 - $0.20
- Interest Expense: $3.00 - $3.50
- Production and Ad Valorem Taxes (% of Revenue): 7% - 8%
- Cash Tax Rate (% of Pre-Tax Income Attributable to Viper Energy Partners LP): 20% - 22%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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