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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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