MIDLAND, Texas, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Viper Energy Partners LP (NASDAQ: VNOM) today provided an operational update for the third quarter ended September 30, 2020.
THIRD QUARTER 2020 UPDATE
- Q3 2020 average production of 15,829 bo/d (26,409 boe/d)
- Q3 2020 hedged realized prices of $27.65 per barrel of oil, $12.44 per barrel of natural gas liquids and $0.16 per Mcf of natural gas, resulting in a total equivalent price of $19.11 per boe
- Q3 2020 unhedged realized prices of $36.80 per barrel of oil, $12.44 per barrel of natural gas liquids and $1.07 per Mcf of natural gas, resulting in a total equivalent price of $25.76 per boe
“Viper produced a strong third quarter, reflecting a 10% increase in oil production quarter over quarter as operators returned previously curtailed production and Diamondback resumed completion activity in areas where Viper has a significant mineral interest. Diamondback’s forward plan will continue to focus on areas where Viper has a high mineral interest, showcasing the differentiated relationship between the two companies as they navigate this severe industry downturn. With net debt decreasing from peak levels due to strong free cash flow generation, as well as an improved forward outlook for both production and realized pricing, Viper is on track to return a higher percentage of available cash flow to unitholders in the second half of 2020 as compared to the first half,” stated Travis Stice, Chief Executive Officer of Viper’s general partner.
DERIVATIVES UPDATE
Below is Viper’s hedge position as of October 12, 2020. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing. When aggregating multiple contracts, the weighted average contract price is disclosed.
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 owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin and the Eagle Ford Shale. For more information, please visit www.viperenergy.com.
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. For more information, please visit www.diamondbackenergy.com.
