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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 $90.3 million.
Viper Energy
Viper Energy
Viper Energy Revenue by Segment
Revenue by Segment
Royalty Income Revenue
CapyFin.com Forward Guidance
Viper Energy initiated average daily production guidance for Q2 2024 of 26,000 to 26,500 bo/d (46,500 to 47,250 boe/d) and narrowed full year 2024 average daily production guidance to 25,750 to 26,750 bo/d (46,000 to 48,000 boe/d).
Positive Outlook
- Q2 2024 Net Production - MBo/d: 26.00 - 26.50
- Q2 2024 Net Production - MBoe/d: 46.50 - 47.25
- Full Year 2024 Net Production - MBo/d: 25.75 - 26.75
- Full Year 2024 Net Production - MBoe/d: 46.00 - 48.00
- Based on the midpoint of the guidance range for Q2, oil production is expected to grow over three percent relative to Q1 2024.
Challenges Ahead
- Share costs ($/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
- Cash Tax Rate (% of Pre-Tax Income Attributable to Viper Energy, Inc.): 20% - 22%