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Sep 30, 2024
Viper Energy Q3 2024 Earnings Report
Viper Energy's financial performance remained strong, driven by increased production and strategic acquisitions.
Key Takeaways
Viper Energy reported a solid third quarter in 2024, marked by increased production, strategic acquisitions including the Tumbleweed Acquisitions, and a strong free cash flow conversion despite commodity price volatility. The company's average production was 49,370 boe/d, and it declared a total base-plus-variable dividend of $0.61 per Class A common share.
Average production increased by 2.4% from the previous quarter to 49,370 boe/d.
Net income attributable to Viper Energy, Inc. was $48.9 million, or $0.52 per common share.
Cash available for distribution to Viper's common shares was $75.4 million, or $0.73 per Class A common share.
The company closed the acquisition of mineral and royalty interest-owning subsidiaries of Tumbleweed-Q Royalty Partners, LLC and MC Tumbleweed Royalty, LLC on September 3, 2024.
Revenue by Segment
Forward Guidance
Viper Energy is initiating average daily production guidance for Q4 2024 of 29,250 to 29,750 bo/d (52,500 to 53,000 boe/d) and increasing full year 2024 average daily production guidance to 27,000 to 27,250 bo/d (48,750 to 49,250 boe/d).
Positive Outlook
- Q4 2024 Net Production - MBo/d between 29.25 and 29.75
- Q4 2024 Net Production - MBoe/d between 52.50 and 53.00
- Full Year 2024 Net Production - MBo/d between 27.00 and 27.25
- Full Year 2024 Net Production - MBoe/d between 48.75 and 49.25
- Depletion share costs between $11.50 and $12.00 per boe
Challenges Ahead
- Cash G&A share costs between $0.80 and $1.00 per boe
- Non-Cash Share-Based Compensation between $0.10 and $0.20 per boe
- Interest Expense between $4.00 and $4.25 per boe
- Production and Ad Valorem Taxes ~7% of Revenue
Historical Earnings Impact
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Avg. Return Before/After Earnings
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