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Jun 30, 2024
Viper Energy Q2 2024 Earnings Report
Viper Energy's financial performance improved in Q2 2024 with increased production and net income, alongside a boosted base dividend and strategic asset divestiture.
Key Takeaways
Viper Energy reported a strong Q2 2024, marked by a 3.7% increase in average production to 47,473 boe/d. The company's consolidated net income reached $122.2 million, with $56.9 million attributable to Viper Energy, Inc., or $0.62 per common share. Viper also increased its annual base dividend by 11% and closed the divestiture of non-Permian assets for $90.2 million.
Average production increased by 3.7% to 47,473 boe/d.
Consolidated net income was $122.2 million, with $56.9 million attributable to Viper Energy, Inc. ($0.62 per share).
The annual base dividend was increased by 11% to $1.20 per share.
Non-Permian assets were divested for approximately $90.2 million.
Viper Energy
Viper Energy
Viper Energy Revenue by Segment
Revenue by Segment
Royalty Income Revenue
CapyFin.comLease Bonus Income Revenue
CapyFin.comOil Income Revenue
CapyFin.comNatural Gas Income Revenue
CapyFin.comNatural Gas Liquids Income Revenue
CapyFin.com Forward Guidance
Viper Energy anticipates continued production growth in Q3 2024, with average daily production expected to be between 26,500 and 27,000 bo/d (47,500 to 48,500 boe/d). Full year 2024 average daily production is also expected to increase, ranging from 26,000 to 26,750 bo/d (46,750 to 48,250 boe/d).
Positive Outlook
- Q3 2024 net production is guided at 26.50 - 27.00 MBo/d.
- Q3 2024 net production is guided at 47.50 - 48.50 MBoe/d.
- Full year 2024 net production is guided at 26.00 - 26.75 MBo/d.
- Full year 2024 net production is guided at 46.75 - 48.25 MBoe/d.
- Strong activity levels are expected across acreage position due to Diamondback's continued large-scale development.
Challenges Ahead
- Depletion costs are expected to be $11.00 - $11.50 per boe.
- Cash G&A is expected to be $1.00 - $1.20 per boe.
- Non-Cash Share-Based Compensation is expected to be $0.10 - $0.20 per boe.
- Interest Expense is expected to be $4.00 - $4.25 per boe.
- Cash Tax Rate is expected to be 20% - 22% of Pre-Tax Income Attributable to Viper Energy, Inc.
Revenue & Expenses
Visualization of income flow from segment revenue to net income