Viper Energy(VNOM)是一家专注于收购和持有北美油气矿权与特许权收入的上市公司，其大股东为页 岩油巨头Diamondback Energy。Sitio Royalties(STR)同样是一家专注于在美国产油盆地——尤其是北美 二叠纪盆地——整合矿权与特许权资产的上市平台。Viper宣布以全股票方式斥资约41亿美元(含净债务) 收购Sitio交易完成后，Viper所覆盖的油气资产面积、已投产井与待钻库存将显著扩大，并立即提升8– 10%的每股可分配现金。 通过以股换股完成对Sitio Royalties的并购，Viper Energy一举将自身油气资产的整体规模和现金流生成 能力提升至行业前列，同时显著降低分红盈亏平衡油价，强化了"高分红、低资本"油气资产经营模式的 吸引力。更加重要的是，在Diamondback的运营加持下，并购之后的新公司有望在二叠纪盆地及其他优 质油气区块继续滚动并购、扩大规模，对投资者而言提供了油价上行和稳定分红双重基准之下的潜在投 资回报率。 双方共同预计，交易完成后每股可分配现金将立即提升8%–10%。 股东回报方面，Viper董事会批准将年度基础股息提高10%至1.3 ...

Core Viewpoint - The company sees potential acquisition opportunities if international oil prices continue to decline, and it plans to adjust and optimize its oil and gas asset portfolio based on market conditions and its management capabilities [1][4]. Financial Performance - In Q1, the company reported revenue of 1068.54 billion yuan, a year-on-year decrease of 4.1%, and a net profit attributable to shareholders of 365.63 billion yuan, down 7.9% year-on-year [1]. - The average selling price of oil liquids fell by 7.7% to 72.65 USD/barrel, negatively impacting profit margins due to lower oil prices [1]. - The average Brent crude oil futures price decreased by 8.3% year-on-year to 74.98 USD/barrel, leading to a 1.9% decline in oil and gas sales revenue to 882.7 billion yuan, with oil sales revenue down 4.6% to 746.3 billion yuan [1]. Production and Cost Management - The company's total net production increased by 4.8% year-on-year to 188.8 million barrels of oil equivalent in Q1, supported by contributions from various oil and gas fields [2]. - The average cost per barrel of oil decreased by 2% year-on-year to 27.03 USD, helping to mitigate the impact of falling oil prices [2]. Strategic Outlook - The company maintains a positive long-term outlook for the oil industry, asserting that low oil prices will not affect its long-term development strategy or its investment plans and production targets for 2025 [4]. - The company emphasizes a low-cost strategy and aims to maintain a cost advantage among major global oil companies, regardless of oil price fluctuations [4]. - The company is committed to global oil and gas asset allocation and views potential declines in international oil prices as favorable for acquisitions, leveraging its strong cash flow and low cost structure [4].