Viper Energy Partners LP, A Subsidiary Of Diamondback Energy, Inc., Reports Third Quarter 2016 Financial And Operating Results

MIDLAND, Texas, Nov. 07, 2016 (GLOBE NEWSWIRE) -- Viper Energy Partners LP (NASDAQ:VNOM) ("Viper" or the "Company"), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) ("Diamondback"), today announced financial and operating results for the third quarter ended September 30, 2016.

HIGHLIGHTS
  • As previously announced, the Board of Directors of Viper's general partner declared a cash distribution for the three months ended September 30, 2016 of $0.207 per common unit, payable on November 18, 2016, to unitholders of record at the close of business on November 11, 2016.
  • Also disclosed, Viper's Q3 2016 average daily production was 6,255 boe/d (75% oil), up 16% from Q2 2016 average daily production of 5,380 boe/d. Viper's Q3 2016 average realized prices were $41.97 per barrel of oil, $2.39 per Mcf of natural gas and $12.56 per barrel of natural gas liquids.
  • During the third quarter of 2016, the operators of Viper's Spanish Trail mineral interests brought online 20 gross horizontal wells, consisting of 14 Lower Spraberry wells, three Wolfcamp A wells, two Wolfcamp B wells and one Middle Spraberry well.
  • As of September 30th, there were approximately 20 horizontal wells in various stages of drilling or completion in Spanish Trail. Additionally, there is active development on the Company's mineral acreage in Loving, Reeves, Midland, Howard and Glasscock counties.
  • There are approximately 95 active well permits and five active rigs currently on Viper's mineral acreage.
  • In October 2016, Viper's lenders approved a borrowing base increase to $275 million from $175 million previously.

"Viper's strong third quarter reflects the meaningful return to drilling activity from operators across its mineral acreage. With the Company's assets located in some of the most active and economic parts of the Permian Basin, we expect a strong finish to 2016 as operators continue to accelerate completions following the difficult first half of the year," stated Travis Stice, Chief Executive Officer of Viper's general partner.

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