Viper Energy Partners (VNOM) Q1 2025 Earnings Call May 06, 2025 11:00 AM ET Company Participants Chip Seale - Director of Investor RelationsKaes Van’t Hof - CEO & DirectorAusten Gilfillian - PresidentDerrick Whitfield - Managing DirectorZach Parham - Executive Director Conference Call Participants Greta Drefke - Equity Research AnalystPaul Diamond - AnalystLeo Mariani - Managing Director, Senior Research AnalystTim Rezvan - Managing Director & Equity Research Analyst Operator and thank you for standing by. ...

Expand Energy (EXE) Q1 2025 Earnings Call April 30, 2025 09:00 AM ET Speaker0 Good day and welcome to the Expand Energy twenty twenty five First Quarter Earnings Teleconference. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please note that this event is being recorded. I would now like to turn the conference over to Chris Ayers, Vice President, Investor Relations and Special Projects. Please go ahead. Speaker1 Thank ...

Core Insights - Berry Corporation has strengthened its hedge and liquidity position, raising the average hedged price for 2026 and 2027 by $6 per barrel on 2.3 million barrels per day (MBbls/d) [1][6] - The company is 73% hedged for the remainder of 2025 and 63% hedged for 2026 based on its production guidance [1][6] - As of March 31, 2025, Berry had $120 million in liquidity, which includes $39 million in cash, $49 million available for borrowings, and $32 million for delayed draw borrowings [3] Hedging and Financial Position - Berry's hedging strategy has resulted in a favorable position, with a balance of 2025 oil hedged at an average price of $74.69 per barrel Brent [6] - The company has converted 2.3 MBbls/d of collars and puts into swaps, raising the floor price by $6 per barrel on average [6] - The mark-to-market (MTM) value for crude oil as of April 21, 2025, is $105 million [6] Liquidity and Upcoming Events - As of April 22, 2025, Berry's liquidity position is $119 million, with $14 million in letters of credit and no outstanding borrowings under its credit facility [3] - Berry's executives will participate in several upcoming investor events, including the ONE Houlihan Lokey Global Conference and the Louisiana Energy Conference [7]

Financial Data and Key Metrics Changes - The company reported a net loss of approximately $7.4 million for Q4 2024, compared to a net income of $22.7 million in the prior quarter, primarily due to a noncash unrealized loss on commodity derivatives [37] - Adjusted net income for Q4 was $5.1 million, while full-year adjusted net income was $35.8 million, up 48% compared to 2023 [38] - Fourth quarter adjusted EBITDA was $21.8 million, slightly below expectations, with full-year adjusted EBITDA at $103 million, up 17% from 2023 [39] Business Line Data and Key Metrics Changes - Average daily production for Q4 was approximately 18.5 MBoe per day, a decrease of 0.5 MBoe per day from the prior quarter, primarily impacted by gas volumes in East Texas [17] - Oil volumes increased incrementally from the previous quarter despite platform shutdowns at Beta, with current production rates at Beta showing a 9% increase from Q4 2024 volumes [20] Market Data and Key Metrics Changes - The company anticipates production guidance for 2025 to be between 19,000 to 21,000 barrels of oil equivalent per day, representing a 7% increase from 2024 oil production [21] - Lease operating expenses for Q4 were approximately $35.1 million, a $1.8 million increase from the prior quarter, driven by unplanned workovers at Beta [22] Company Strategy and Development Direction - The company announced a definitive merger agreement with Juniper Capital to combine with certain portfolio companies, which is expected to enhance scale, operating margins, and provide new core areas for potential M&A activity [8][9] - The company plans to focus on maximizing the value of its existing asset base through accretive capital projects and cost reduction efforts [15] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting strong results from recent wells and the anticipated benefits from the Juniper transaction [50] - The company remains committed to exploiting the long-term value potential of the Beta field, expecting strong growth in oil production from the area in 2025 [49] Other Important Information - The company has generated positive free cash flow for 10 consecutive quarters, illustrating strong sustainable cash-generating potential [43] - As of March 5, the company has hedged approximately 70% to 75% of forecasted PDP crude oil production for 2025 [46] Q&A Session Summary Question: Insights on C-Sand versus D-Sand dynamics at Beta - Management indicated that historical development primarily comes from vertical wells drilled in the '80s, with expectations for good results from the C-Sand despite limited analog data [55][56] Question: Planned new drills and risk appetite - Management confirmed that the upcoming wells will be drilled in the same fault blocks as previous successful wells, indicating low risk for the new drills [60][61] Question: Oil price impact on CapEx plans - Management stated that they are comfortable with their current CapEx plans but will reassess if oil prices continue to decline significantly [66][68] Question: Potential for Magnify with Juniper assets - Management acknowledged the potential for Magnify services to expand into the Wyoming area, given the aggregation of assets from the Juniper transaction [74][75]