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Jun 30, 2023
Viper Energy Q2 2023 Earnings Report
Announced financial and operating results for the second quarter ended June 30, 2023.
Key Takeaways
Viper Energy Partners LP reported Q2 2023 results, featuring record average production, increased base distribution, and strategic capital return through unit repurchases. The company's oil production increased by 5% quarter over quarter, marking a fifth consecutive company record. Viper also increased its annual base distribution by 8% to $1.08 per common unit.
Q2 2023 average production of 21,143 bo/d (37,681 boe/d), an increase of 5.1% from Q1 2023 and 7.0% year over year; highest in Company history
Q2 2023 consolidated net income (including non-controlling interest) of $79.9 million; net income attributable to Viper Energy Partners LP of $30.6 million, or $0.42 per common unit
Increasing annual base distribution by 8% to $1.08 per common unit; declared Q2 2023 base cash distribution of $0.27 per common unit
Repurchased 0.9 million common units in Q2 2023 for $24.3 million, excluding excise tax (average price of $26.61 per unit)
Viper Energy
Viper Energy
Forward Guidance
Viper Energy Partners provided guidance for Q3 2023 and updated guidance for the full year 2023, including net production estimates and unit costs.
Positive Outlook
- Q3 2023 Net Production - MBo/d: 21.75 - 22.25
- Q3 2023 Net Production - MBoe/d: 37.50 - 38.50
- Full Year 2023 Net Production - MBo/d: 21.00 - 21.50
- Full Year 2023 Net Production - MBoe/d: 36.50 - 37.50
- Q3 2023 Cash Taxes ($ - million): $8.0 - $12.0