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Mar 31, 2024
Viper Energy Q1 2024 Earnings Report
Viper Energy's financial performance was highlighted by strong production and cost management.
Key Takeaways
Viper Energy reported a solid start to 2024 with average production of 46,132 boe/d and net income of $43.4 million, or $0.49 per share. The company announced a definitive agreement to sell its non-Permian assets for $90.3 million and initiated Q2 production guidance with growth expected despite the asset sale.
Average production reached 25,407 bo/d (46,132 boe/d).
Net income attributable to Viper Energy was $43.4 million, or $0.49 per common share.
Cash available for distribution to Viper’s common shares totaled $72.1 million, or $0.79 per Class A common share.
A definitive agreement was signed to sell non-Permian assets for approximately $90.3 million.
Revenue by Segment
Forward Guidance
Viper Energy initiated average daily production guidance for Q2 2024 of 26,000 to 26,500 bo/d (46,500 to 47,250 boe/d) and narrowed full year 2024 average daily production guidance to 25,750 to 26,750 bo/d (46,000 to 48,000 boe/d).
Positive Outlook
- Q2 2024 Net Production - MBo/d: 26.00 - 26.50
- Q2 2024 Net Production - MBoe/d: 46.50 - 47.25
- Full Year 2024 Net Production - MBo/d: 25.75 - 26.75
- Full Year 2024 Net Production - MBoe/d: 46.00 - 48.00
- Based on the midpoint of the guidance range for Q2, oil production is expected to grow over three percent relative to Q1 2024.
Challenges Ahead
- Share costs ($/boe)Depletion: $11.00 - $11.50
- Cash G&A: $1.00 - $1.20
- Non-Cash Share-Based Compensation: $0.10 - $0.15
- Interest Expense: $4.25 - $4.50
Historical Earnings Impact
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Avg. Return Before/After Earnings
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