Viper(US:VNOM)2025-05-05 22:29Investment Highlights - Q1 2025 cash available for distribution was $0.76/share, and total return of capital to Class A shareholders was $0.57/share[9] - Q1 2025 average production reached 31,311 Bo/d (57,378 Boe/d)[9] - The company closed the Drop Down acquisition on May 1, 2025, for approximately $1 billion cash and 69.6 million OpCo units[9] - The board authorized a $750 million share repurchase program, with 13.7 million shares repurchased through May 2, 2025, for $325 million at an average of $23.74/share[9] - The company holds approximately 60,420 net royalty acres in the Permian Basin[9] 2025 Outlook - Q2 2025 average production is guided to be between 40,000 - 43,000 Bo/d (72,500 - 78,000 Boe/d)[9] - Expected average daily production for 2025 is projected to be 41,000 - 43,500 Bo/d (74,500 - 79,000 Boe/d)[9] - Net debt of $1.0 billion is expected after the Drop Down, with a leverage ratio of less than 1.0x at $50 WTI by year-end 2025[9] - A base dividend of $0.30/share implies a 2.9% annualized yield, representing approximately 40% of estimated cash available for distribution assuming $50 WTI[9] Financial Position - Market Cap is $12.6 billion, Net Debt is $1.0 billion, and Enterprise Value is $13.6 billion[16] - The company has current liquidity of $1.0 billion[13] - The company is committed to returning at least 75% of cash available for distribution to Class A shareholders[36]