Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Announces Its First Quarter 2018 Cash Distribution and P...
April 10 2018 - 4:01PM
Viper Energy Partners LP (NASDAQ:VNOM) (“Viper” or the “Company”)
today announced that production for the first quarter of 2018 was
14.1 Mboe/d (10.1 Mbo/d; 71% oil), an increase of approximately 14%
from Q4 2017 average daily production of 12.4 Mboe/d.
Viper's first quarter 2018 average realized prices were $61.43
per barrel of oil, $2.22 per Mcf of natural gas and $24.17 per
barrel of natural gas liquids, resulting in a total equivalent
price of $49.09/boe, up 17% year over year from $41.80/boe in Q1
2017 and up 12% from the Q4 2017 total equivalent price of
$43.76/boe.
The Board of Directors of Viper's general partner has declared a
cash distribution of $0.480 per common unit for the three-month
period ended March 31, 2018, payable on April 27, 2018 to common
unitholders of record as of the close of business on April 20,
2018.
The first quarter 2018 cash distribution increased 4% to $0.480
per unit from $0.460 per unit in the fourth quarter of 2017. When
annualized, this distribution represents an approximate 7.5% yield
based on the closing price for Viper's common units on April 9,
2018.
"During the first quarter, Viper achieved strong quarter over
quarter production growth due to increased activity levels across
our asset base and accretive acquisitions closed in the quarter,
leading to a record distribution. As recently announced,
Viper’s proposed tax status election to a taxable entity will
expand our investor base and allow us to continue to consolidate
the highly fragmented minerals market. Viper offers investors
a unique value proposition as the only exclusively onshore focused
high growth E&P income vehicle, with a 7.5% current yield that
will continue to grow with Diamondback and Permian Basin
production," stated Travis Stice, Chief Executive Officer of
Viper’s general partner.
This release serves as qualified notice to nominees as provided
for under Treasury Regulation Section 1.1446-4(b)(4) and (d).
Please note that 100 percent of Viper’s distributions to foreign
investors are attributable to income that is effectively connected
with a United States trade or business. Accordingly, all of Viper’s
distributions to foreign investors are subject to federal income
tax withholding at the highest effective tax rate for individuals
or corporations, as applicable. Nominees, and not Viper, are
treated as withholding agents responsible for withholding
distributions received by them on behalf of foreign
investors.
About Viper Energy Partners LP
Viper is a limited partnership formed by Diamondback to own,
acquire and exploit oil and natural gas properties in North
America, with a focus on oil-weighted basins, primarily the Permian
Basin in West Texas.
About Diamondback Energy, Inc.
Diamondback is an independent oil and natural gas Company
headquartered in Midland, Texas focused on the acquisition,
development, exploration and exploitation of unconventional,
onshore oil and natural gas reserves in the Permian Basin in West
Texas. Diamondback's activities are primarily focused on the
horizontal exploitation of multiple intervals within the Wolfcamp,
Spraberry, Clearfork, Bone Spring and Cline formations.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the federal securities laws. All statements, other than
historical facts, that address activities that Viper assumes,
plans, expects, believes, intends or anticipates (and other similar
expressions) will, should or may occur in the future are
forward-looking statements. The forward-looking statements are
based on management's current beliefs, based on currently available
information, as to the outcome and timing of future events,
including specifically the statements regarding any pending,
completed or future acquisitions discussed above. These
forward-looking statements involve certain risks and uncertainties
that could cause the results to differ materially from those
expected by the management of Viper. Information concerning these
risks and other factors can be found in Viper's filings with the
Securities and Exchange Commission, including its Forms 10-K, 10-Q
and 8-K, which can be obtained free of charge on the Securities and
Exchange Commission's web site at http://www.sec.gov. Viper
undertakes no obligation to update or revise any forward-looking
statement.
Investor Contact:Adam Lawlis+1
432.221.7467alawlis@viperenergy.com
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