Viper Energy Inc (NAS:VNOM)
$ 54.45 -0.33 (-0.6%) Market Cap: 5.61 Bil Enterprise Value: 6.29 Bil PE Ratio: 23.37 PB Ratio: 4.00 GF Score: 79/100
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Q1 2024 Viper Energy Inc Earnings Call Transcript

May 01, 2024 / 03:00PM GMT
Release Date Price: $37.13 (-2.70%)

Key Points

Positve
  • Viper Energy Inc (VNOM) reported a strong start to the year with increased cash available for distribution per share quarter over quarter.
  • The company declared a combined base plus variable dividend for the first quarter of $0.59 a share, reflecting strong financial and operational results.
  • Viper Energy Inc (VNOM) initiated production guidance for the second quarter that implies over 3% growth relative to the first quarter.
  • The successful test of the Wolfcamp D in Spanish Trail by Diamondback, which derisks a substantial amount of net inventory for Viper Energy Inc (VNOM), boosting confidence in extended outlook for potential organic production growth.
  • Viper Energy Inc (VNOM) continues to maintain best in class cash margins and free cash flow generation, enabling substantial capital return to shareholders.
Negative
  • Despite positive production guidance, the midpoint of the full year 2024 production guidance was reduced by 250 barrels of oil per day due to the divestiture of non-Permian assets.
  • The company increased its guidance for cash G&A slightly due to increased costs associated with conversion to a corporation.
  • There are ongoing challenges with the volatility in commodity prices which impacted the sector during the quarter.
  • The divestiture of non-Permian assets resulted in the loss of production contribution for significant parts of the year.
  • Operational risks remain with reliance on third-party operators for a portion of production, which can introduce variability in production outcomes.
Operator

Good day, ladies and gentlemen, and thank you for standing by, and welcome to the Viper Energy First Quarter 2024 earnings conference call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question. You will need to press star one one on your telephone keypad. At this time, I would like to turn the conference over to Mr. Adam Lawlis, Vice President of Investor Relations. Sir, please begin.

Adam Lawlis
Viper Energy Inc - Investor Relations

Yes, good morning and welcome to Viper Energy First Quarter 2024 conference call. During our call today, we will reference an updated investor presentation, which can be found on Viper's website. Representing Viper today are Travis Stice, CEO, Kaes Vanât Hof, President and Austin deal filling Vice President.

During this conference call, the participants may make certain forward-looking statements relating to the Company's financial condition, results of operations, plans, objectives, future performance and business. We

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