Viper(US:VNOM)2024-11-04 21:04Production and Operations - Q3 2024 average production reached 26,978 bo/d (49,370 boe/d), a 2.4% increase from Q2 2024[2] - Viper's average daily production guidance for Q4 2024 is set at 29,250 to 29,750 bo/d (52,500 to 53,000 boe/d)[2] - The company turned to production 330 gross horizontal wells in Q3 2024, with an average lateral length of 11,866 feet[11] - Total production for Q3 2024 included 2,482 MBbls of oil, 6,150 MMcf of natural gas, and 1,035 MBbls of natural gas liquids, resulting in combined volumes of 4,542 MBoe[29] - Average daily oil production increased to 26,978 bo/d, up 21.1% from 22,141 bo/d in Q3 2023[29] Financial Performance - Consolidated net income for Q3 2024 was $109.0 million, with net income attributable to Viper Energy, Inc. at $48.9 million, or $0.52 per common share[2] - Total operating income for Q3 2024 was $209.6 million[6] - Net income attributable to Viper Energy, Inc. was $48,917,000 in Q3 2024, a decrease of 37.9% compared to $78,599,000 in Q3 2023[27] - Net income for Q3 2024 was $109,045, a decrease of 47.4% compared to $207,213 in Q3 2023[28] - Adjusted EBITDA for Q3 2024 was $104,371, reflecting a decrease from the previous year[32] Cash Flow and Dividends - Cash available for distribution to common shares in Q3 2024 was $75.4 million, or $0.73 per Class A common share[2] - Declared a total base-plus-variable cash dividend of $0.61 per Class A common share for Q3 2024, implying a 4.7% annualized yield based on the November 1, 2024 share closing price of $52.16[2] - Cash and cash equivalents increased significantly to $168,649,000 as of September 30, 2024, up from $25,869,000 at the end of 2023[24] - The company reported a net cash provided by operating activities of $202,974 for Q3 2024, down from $239,728 in Q3 2023[28] - The company incurred a net cash used in investing activities of $244,844 in Q3 2024, compared to $52,292 in Q3 2023[28] Debt and Liabilities - As of September 30, 2024, Viper had a cash balance of $168.6 million and total long-term debt of $830.4 million, resulting in net debt of $661.7 million[7] - Following the TWR IV acquisition on October 1, 2024, pro forma net debt was approximately $1.1 billion[8] - Long-term debt decreased to $821,505,000 as of September 30, 2024, down from $1,083,082,000 at the end of 2023, a reduction of 24.2%[25] - Total liabilities decreased to $870,502,000 as of September 30, 2024, down from $1,116,539,000 at the end of 2023, a decline of 22.0%[25] Revenue and Income Sources - Viper Energy reported oil income of $186,750,000 for Q3 2024, an increase of 11.0% from $168,008,000 in Q3 2023[27] - The company reported a total royalty income of $208,158,000 for Q3 2024, an increase of 6.9% from $195,614,000 in Q3 2023[27] - Average unhedged realized prices in Q3 2024 were $75.24 per barrel of oil, $0.13 per Mcf of natural gas, and $19.89 per barrel of natural gas liquids, leading to a total equivalent realized price of $45.83/boe[5] Shareholder Information - The weighted average number of common shares outstanding increased to 93,695,000 in Q3 2024 from 70,925,000 in Q3 2023[27] - The weighted average Class A common shares outstanding for diluted earnings per share was 93,747[36] - Adjusted net income attributable to Viper Energy, Inc. for the same period was $45,622 thousand, or $0.49 per diluted share[36] Other Financial Metrics - Total operating expenses per barrel of oil equivalent (boe) were $4.16, compared to $3.71 in Q3 2023[29] - The average sales price for oil in Q3 2024 was $75.24 per Bbl, down from $82.48 per Bbl in Q3 2023[29] - Proceeds from borrowings under the credit facility amounted to $375,000 in Q3 2024, significantly higher than $69,000 in Q3 2023[28] - Pre-tax income attributable to Viper Energy, Inc. for the three months ended September 30, 2024, was $66,111 thousand, with an effective cash tax rate of 23.3%[35] - Adjusted net income excluding non-cash and non-recurring items was $101,678 thousand for the three months ended September 30, 2024[36]