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Viper Energy Partners LP, a subsidiary of Diamondback energy reported better than expected second quarter earnings after the market close Wednesday. $VNOM increased full year production guidance.

Viper Mineral Assets

Viper Energy Partners LP NASDAQ: $VNOM Beat Earnings After Close Wednesday

$1.35 Beat $0.38 EPS and $526.3 million Beat $477 million forecast in revenue 

Earnings

EPS of $1.35 on total operating income of $75.41 million beat forecast EPS of 38 cents andl operating income of $69 million.

Viper Energy Partners LP (NASDAQ): $VNOM

Market Reaction - After hours $38.20 +$2.26 (+6.29%)

Highlights

  • Total production rose 56% year-over-year to 16,323 barrels per day.
  • Q2 2018 production of 16,323 boe/d (71% oil), up 16% over Q1 2018 and 56% year over year
  • As of August 7, 2018, there were 32 active rigs on Viper's mineral acreage and approximately 367 active permits which had been filed in the past six months
  • Initiating average production guidance for Q3 2018/Q4 2018 of 17,500 to 19,000 boe/d, the midpoint of which is up 12% from Q2 2018 production
  • Its aggregated realized price of oil, natural gas and natural liquids was during Q2 was $50.10 per boe vs. $49.09 in Q1.

Outlook

  • Viper raised its full year 2018 up 5% from its previous outlook to 16,500 to 17,000 boe/d (70% - 73% oil).
  • Guidance and implies 52% annualized growth over full year 2017 production

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. For more information, please visit www.viperenergy.com.

About Diamindback

Diamondback Energy is an independent oil and natural gas company headquartered in Midland, TX. Diamondback’s growth strategy is focused on the acquisition, development, exploration and exploitation of unconventional, long-life, onshore oil and natural gas reserves in the major oil producing Permian Basin in West Texas. The Company’s operations are directed primarily at the large acreage areas of the Clearfork, Spraberry, Wolfcamp, Cline, Strawn and Atoka formations, collectively known as the Wolfberry Trend.

Source Diamondback Energy, Viper Energy

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