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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Viper Energy Inc | NASDAQ:VNOM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.54 | -1.43% | 37.25 | 37.25 | 37.73 | 37.98 | 37.05 | 37.89 | 591,820 | 01:00:00 |
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QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934
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Delaware
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46-5001985
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(State or Other Jurisdiction of
Incorporation or Organization)
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(IRS Employer
Identification Number)
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500 West Texas, Suite 1200
Midland, Texas
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79701
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(Address of Principal Executive Offices)
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(Zip Code)
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Large Accelerated Filer
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o
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Accelerated Filer
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ý
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Non-Accelerated Filer
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o
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Smaller Reporting Company
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o
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Emerging Growth Company
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ý
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Page
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PART I. FINANCIAL INFORMATION
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PART II. OTHER INFORMATION
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Basin
|
A large depression on the earth’s surface in which sediments accumulate.
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Bbl
|
Stock tank barrel, or 42 U.S. gallons liquid volume, used in this report in reference to crude oil or other liquid hydrocarbons.
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BOE
|
Barrels of oil equivalent, with six thousand cubic feet of natural gas being equivalent to one barrel of oil.
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BOE/d
|
BOE per day.
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British Thermal Unit or Btu
|
The quantity of heat required to raise the temperature of one pound of water by one degree Fahrenheit.
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Completion
|
The process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas or oil, or in the case of a dry hole, the reporting of abandonment to the appropriate agency.
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Crude oil
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Liquid hydrocarbons retrieved from geological structures underground to be refined into fuel sources.
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Gross acres or gross wells
|
The total acres or wells, as the case may be, in which a working interest is owned.
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Horizontal wells
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Wells drilled directionally horizontal to allow for development of structures not reachable through traditional vertical drilling mechanisms.
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MBOE
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One thousand barrels of crude oil equivalent, determined using a ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or natural gas liquids.
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Mcf
|
Thousand cubic feet of natural gas.
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MMBtu
|
Million British Thermal Units.
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Net acres or net wells
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The sum of the fractional working interest owned in gross acres.
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Oil and natural gas properties
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Tracts of land consisting of properties to be developed for oil and natural gas resource extraction.
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Prospect
|
A specific geographic area which, based on supporting geological, geophysical or other data and also preliminary economic analysis using reasonably anticipated prices and costs, is deemed to have potential for the discovery of commercial hydrocarbons.
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Proved reserves
|
The estimated quantities of oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be commercially recoverable in future years from known reservoirs under existing economic and operating conditions.
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Reserves
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The estimated remaining quantities of oil and natural gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and natural gas or related substances to the market and all permits and financing required to implement the project. Reserves are not assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).
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Reservoir
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A porous and permeable underground formation containing a natural accumulation of producible natural gas and/or oil that is confined by impermeable rock or water barriers and is separate from other reservoirs.
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Royalty interest
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An interest that gives an owner the right to receive a portion of the resources or revenues without having to carry any costs of development.
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Wellbore
|
The hole drilled by the bit that is equipped for oil or natural gas production on a completed well.
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Working interest
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An operating interest that gives the owner the right to drill, produce and conduct operating activities on the property and receive a share of production and requires the owner to pay a share of the costs of drilling and production operations.
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Diamondback
|
Diamondback Energy, Inc., a Delaware corporation.
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Exchange Act
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The Securities Exchange Act of 1934, as amended.
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GAAP
|
Accounting principles generally accepted in the United States.
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General Partner
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Viper Energy Partners GP LLC, a Delaware limited liability company, and the General Partner of the Partnership.
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IPO
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The Partnership’s initial public offering.
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LTIP
|
Viper Energy Partners LP Long Term Incentive Plan.
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Partnership
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Viper Energy Partners LP, a Delaware limited partnership.
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Partnership agreement
|
The first amended and restated agreement of limited partnership, dated June 23, 2014, entered into by the General Partner and Diamondback in connection with the closing of the IPO.
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Predecessor
|
Viper Energy Partners LLC, a Delaware limited liability company, and a wholly owned subsidiary of the Partnership.
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SEC
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United States Securities and Exchange Commission.
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Securities Act
|
The Securities Act of 1933, as amended.
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Wells Fargo
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Wells Fargo Bank, National Association.
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•
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our ability to execute our business strategies;
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•
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the volatility of realized oil and natural gas prices;
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•
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the level of production on our properties;
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•
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regional supply and demand factors, delays or interruptions of production;
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•
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our ability to replace our oil and natural gas reserves;
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•
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our ability to identify, complete and integrate acquisitions of properties or businesses, including our recent and pending acquisitions;
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•
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general economic, business or industry conditions;
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•
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competition in the oil and natural gas industry;
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•
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the ability of our operators to obtain capital or financing needed for development and exploration operations;
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•
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title defects in the properties in which we invest;
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•
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uncertainties with respect to identified drilling locations and estimates of reserves;
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•
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the availability or cost of rigs, equipment, raw materials, supplies, oilfield services or personnel;
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•
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restrictions on the use of water;
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•
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the availability of transportation facilities;
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•
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the ability of our operators to comply with applicable governmental laws and regulations and to obtain permits and governmental approvals;
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•
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federal and state legislative and regulatory initiatives relating to hydraulic fracturing;
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•
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future operating results;
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•
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exploration and development drilling prospects, inventories, projects and programs;
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•
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operating hazards faced by our operators; and
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•
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the ability of our operators to keep pace with technological advancements.
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September 30,
|
December 31,
|
||||
|
2017
|
2016
|
||||
|
|
|
||||
|
(In thousands, except unit amounts)
|
|||||
Assets
|
|
|
||||
Current assets:
|
|
|
||||
Cash and cash equivalents
|
$
|
4,438
|
|
$
|
9,213
|
|
Restricted cash
|
—
|
|
500
|
|
||
Royalty income receivable
|
17,199
|
|
10,043
|
|
||
Royalty income receivable—related party
|
3,646
|
|
3,470
|
|
||
Other current assets
|
147
|
|
187
|
|
||
Total current assets
|
25,430
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|
23,413
|
|
||
Property and equipment:
|
|
|
||||
Oil and natural gas interests, full cost method of accounting ($487,899 and $252,232 excluded from depletion at September 30, 2017 and December 31, 2016, respectively)
|
1,065,392
|
|
760,818
|
|
||
Accumulated depletion and impairment
|
(177,534
|
)
|
(148,948
|
)
|
||
Oil and natural gas interests, net
|
887,858
|
|
611,870
|
|
||
Other assets
|
34,929
|
|
35,266
|
|
||
Total assets
|
$
|
948,217
|
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$
|
670,549
|
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Liabilities and Unitholders’ Equity
|
|
|
||||
Current liabilities:
|
|
|
||||
Accounts payable
|
$
|
110
|
|
$
|
1,780
|
|
Other accrued liabilities
|
2,747
|
|
371
|
|
||
Total current liabilities
|
2,857
|
|
2,151
|
|
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Long-term debt
|
35,500
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|
120,500
|
|
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Total liabilities
|
38,357
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|
122,651
|
|
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Commitments and contingencies (Note 10)
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|
|
||||
Unitholders’ equity:
|
|
|
||||
Common units (113,882,045 units issued and outstanding as of September 30, 2017 and 87,800,356 units issued and outstanding as of December 31, 2016 )
|
909,860
|
|
547,898
|
|
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Total unitholders’ equity
|
909,860
|
|
547,898
|
|
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Total liabilities and unitholders’ equity
|
$
|
948,217
|
|
$
|
670,549
|
|
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Three Months Ended September 30,
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Nine Months Ended September 30,
|
||||||||||
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2017
|
2016
|
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2017
|
2016
|
||||||||
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(In thousands, except per unit amounts)
|
||||||||||||
Operating income:
|
|
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|
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|
||||||||
Royalty income
|
$
|
42,211
|
|
$
|
19,992
|
|
|
$
|
110,194
|
|
$
|
50,914
|
|
Lease bonus
|
322
|
|
5
|
|
|
2,613
|
|
309
|
|
||||
Total operating income
|
42,533
|
|
19,997
|
|
|
112,807
|
|
51,223
|
|
||||
Costs and expenses:
|
|
|
|
|
|
||||||||
Production and ad valorem taxes
|
2,825
|
|
1,429
|
|
|
7,668
|
|
4,134
|
|
||||
Gathering and transportation
|
205
|
|
70
|
|
|
492
|
|
247
|
|
||||
Depletion
|
11,068
|
|
6,751
|
|
|
28,587
|
|
21,485
|
|
||||
Impairment
|
—
|
|
—
|
|
|
—
|
|
47,469
|
|
||||
General and administrative expenses
|
1,368
|
|
1,153
|
|
|
5,064
|
|
4,109
|
|
||||
Total costs and expenses
|
15,466
|
|
9,403
|
|
|
41,811
|
|
77,444
|
|
||||
Income (loss) from operations
|
27,067
|
|
10,594
|
|
|
70,996
|
|
(26,221
|
)
|
||||
Other income (expense):
|
|
|
|
|
|
||||||||
Interest expense
|
(859
|
)
|
(658
|
)
|
|
(2,114
|
)
|
(1,544
|
)
|
||||
Other income
|
399
|
|
266
|
|
|
526
|
|
612
|
|
||||
Total other income (expense), net
|
(460
|
)
|
(392
|
)
|
|
(1,588
|
)
|
(932
|
)
|
||||
Net income (loss)
|
$
|
26,607
|
|
$
|
10,202
|
|
|
$
|
69,408
|
|
$
|
(27,153
|
)
|
|
|
|
|
|
|
||||||||
Net income attributable to common limited partners per unit:
|
|
|
|
|
|
||||||||
Basic and Diluted
|
$
|
0.24
|
|
$
|
0.12
|
|
|
$
|
0.69
|
|
$
|
(0.33
|
)
|
Weighted average number of limited partner units outstanding:
|
|
|
|
|
|
||||||||
Basic
|
110,377
|
|
84,996
|
|
|
101,095
|
|
81,496
|
|
||||
Diluted
|
110,424
|
|
85,003
|
|
|
101,143
|
|
81,496
|
|
|
Limited Partners
|
|||||
|
Common
|
|
|
|||
|
Units
|
|
Amount
|
|||
|
|
|
(In thousands)
|
|||
Balance at December 31, 2015
|
79,726
|
|
|
$
|
495,144
|
|
Net proceeds from the issuance of common units - public
|
6,050
|
|
|
93,564
|
|
|
Net proceeds from the issuance of common units - Diamondback
|
2,000
|
|
|
31,200
|
|
|
Unit-based compensation
|
24
|
|
|
2,974
|
|
|
Distributions to public
|
|
|
(6,397
|
)
|
||
Distributions to Diamondback
|
|
|
(40,253
|
)
|
||
Net loss
|
|
|
(27,153
|
)
|
||
Balance at September 30, 2016
|
87,800
|
|
|
$
|
549,079
|
|
|
|
|
|
|||
Balance at December 31, 2016
|
87,800
|
|
|
$
|
547,898
|
|
Net proceeds from the issuance of common units - public
|
25,175
|
|
|
369,896
|
|
|
Net proceeds from the issuance of common units - Diamondback
|
700
|
|
|
10,067
|
|
|
Common units issued for acquisition
|
175
|
|
|
3,050
|
|
|
Unit-based compensation
|
32
|
|
|
2,039
|
|
|
Distributions to public
|
|
|
(27,640
|
)
|
||
Distributions to Diamondback
|
|
|
(64,858
|
)
|
||
Net income
|
|
|
69,408
|
|
||
Balance at September 30, 2017
|
113,882
|
|
|
$
|
909,860
|
|
|
Nine Months Ended September 30,
|
|||||
|
2017
|
2016
|
||||
|
(In thousands)
|
|||||
Cash flows from operating activities:
|
|
|
||||
Net income (loss)
|
$
|
69,408
|
|
$
|
(27,153
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
||||
Depletion
|
28,587
|
|
21,485
|
|
||
Impairment
|
—
|
|
47,469
|
|
||
Amortization of debt issuance costs
|
434
|
|
280
|
|
||
Non-cash unit-based compensation
|
2,039
|
|
2,974
|
|
||
Changes in operating assets and liabilities:
|
|
|
||||
Restricted cash
|
500
|
|
—
|
|
||
Royalty income receivable
|
(7,156
|
)
|
(549
|
)
|
||
Royalty income receivable—related party
|
(176
|
)
|
—
|
|
||
Accounts payable—related party
|
—
|
|
(4
|
)
|
||
Accounts payable and other accrued liabilities
|
367
|
|
1,707
|
|
||
Other current assets
|
54
|
|
345
|
|
||
Net cash provided by operating activities
|
94,057
|
|
46,554
|
|
||
Cash flows from investing activities:
|
|
|
||||
Acquisition of mineral interests
|
(301,133
|
)
|
(137,786
|
)
|
||
Net cash used in investing activities
|
(301,133
|
)
|
(137,786
|
)
|
||
Cash flows from financing activities:
|
|
|
||||
Proceeds from borrowings under credit facility
|
220,500
|
|
98,000
|
|
||
Repayment on credit facility
|
(305,500
|
)
|
(78,000
|
)
|
||
Debt issuance costs
|
(180
|
)
|
(35
|
)
|
||
Proceeds from public offerings
|
380,412
|
|
125,580
|
|
||
Public offering costs
|
(433
|
)
|
(444
|
)
|
||
Distributions to partners
|
(92,498
|
)
|
(46,650
|
)
|
||
Net cash provided by financing activities
|
202,301
|
|
98,451
|
|
||
Net increase (decrease) in cash
|
(4,775
|
)
|
7,219
|
|
||
Cash and cash equivalents at beginning of period
|
9,213
|
|
539
|
|
||
Cash and cash equivalents at end of period
|
$
|
4,438
|
|
$
|
7,758
|
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
||||
Interest paid, net of capitalized interest
|
$
|
1,781
|
|
$
|
1,251
|
|
|
September 30,
|
December 31,
|
||||
|
2017
|
2016
|
||||
|
|
|
||||
|
(in thousands)
|
|||||
Oil and natural gas interests:
|
|
|
||||
Subject to depletion
|
$
|
577,493
|
|
$
|
508,586
|
|
Not subject to depletion
|
487,899
|
|
252,232
|
|
||
Gross oil and natural gas interests
|
1,065,392
|
|
760,818
|
|
||
Accumulated depletion and impairment
|
(177,534
|
)
|
(148,948
|
)
|
||
Oil and natural gas interests, net
|
$
|
887,858
|
|
$
|
611,870
|
|
|
|
|
||||
Balance of acquisition costs not subject to depletion
|
|
|
||||
Incurred in 2017
|
$
|
250,227
|
|
|
||
Incurred in 2016
|
$
|
162,984
|
|
|
||
Incurred in 2015
|
$
|
32,067
|
|
|
||
Incurred in 2014
|
$
|
42,621
|
|
|
||
Total not subject to depletion
|
$
|
487,899
|
|
|
Financial Covenant
|
|
Required Ratio
|
Ratio of total debt to EBITDAX
|
Not greater than 4.0 to 1.0
|
|
Ratio of current assets to liabilities, as defined in the credit agreement
|
Not less than 1.0 to 1.0
|
|
Phantom
Units |
|
Weighted Average
Grant-Date Fair Value |
|||
Unvested at December 31, 2016
|
21,048
|
|
|
$
|
16.23
|
|
Granted
|
103,190
|
|
|
$
|
16.79
|
|
Vested
|
(32,176
|
)
|
|
$
|
16.49
|
|
Unvested at September 30, 2017
|
92,062
|
|
|
$
|
16.77
|
|
|
Common Units
|
|
Balance at December 31, 2016
|
87,800,356
|
|
Common units issued in public offerings
|
25,875,000
|
|
Common units vested and issued under the LTIP
|
32,176
|
|
Common units issued for acquisition
|
174,513
|
|
Balance at September 30, 2017
|
113,882,045
|
|
|
|
Amount per Common Unit
|
|
Declaration Date
|
|
Unitholder Record Date
|
|
Payment Date
|
||
Q4 2016
|
|
$
|
0.258
|
|
|
February 3, 2017
|
|
February 17, 2017
|
|
February 24, 2017
|
Q1 2017
|
|
$
|
0.302
|
|
|
April 28, 2017
|
|
May 18, 2017
|
|
May 25, 2017
|
Q2 2017
|
|
$
|
0.332
|
|
|
July 28, 2017
|
|
August 17, 2017
|
|
August 24, 2017
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
2016
|
|
2017
|
2016
|
||||
|
(In thousands, except per unit amounts)
|
||||||||
Net income (loss) attributable to the period
|
26,607
|
|
10,202
|
|
|
69,408
|
|
(27,153
|
)
|
Weighted average common units outstanding
|
|
|
|
|
|
||||
Basic weighted average common units outstanding
|
110,377
|
|
84,996
|
|
|
101,095
|
|
81,496
|
|
Effect of dilutive securities:
|
|
|
|
|
|
||||
Potential common units issuable
|
47
|
|
7
|
|
|
48
|
|
—
|
|
Diluted weighted average common units outstanding
|
110,424
|
|
85,003
|
|
|
101,143
|
|
81,496
|
|
Net income per common unit, basic
|
$0.24
|
$0.12
|
|
$0.69
|
$(0.33)
|
||||
Net income per common unit, diluted
|
$0.24
|
$0.12
|
|
$0.69
|
$(0.33)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
2016
|
|
2017
|
2016
|
||||
Royalty income
|
|
|
|
|
|
||||
Oil sales
|
85
|
%
|
90
|
%
|
|
88
|
%
|
91
|
%
|
Natural gas sales
|
7
|
%
|
4
|
%
|
|
6
|
%
|
4
|
%
|
Natural gas liquid sales
|
8
|
%
|
6
|
%
|
|
6
|
%
|
5
|
%
|
|
100
|
%
|
100
|
%
|
|
100
|
%
|
100
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||
|
2017
|
2016
|
|
2017
|
2016
|
||||||||
|
(unaudited, in thousands, except production data)
|
||||||||||||
Operating Results:
|
|
|
|
|
|
||||||||
Operating income:
|
|
|
|
|
|
||||||||
Royalty income
|
$
|
42,211
|
|
$
|
19,992
|
|
|
$
|
110,194
|
|
$
|
50,914
|
|
Lease bonus
|
322
|
|
5
|
|
|
2,613
|
|
309
|
|
||||
Total operating income
|
42,533
|
|
19,997
|
|
|
112,807
|
|
51,223
|
|
||||
Costs and expenses:
|
|
|
|
|
|
||||||||
Production and ad valorem taxes
|
2,825
|
|
1,429
|
|
|
7,668
|
|
4,134
|
|
||||
Gathering and transportation
|
205
|
|
70
|
|
|
492
|
|
247
|
|
||||
Depletion
|
11,068
|
|
6,751
|
|
|
28,587
|
|
21,485
|
|
||||
Impairment
|
—
|
|
—
|
|
|
—
|
|
47,469
|
|
||||
General and administrative expenses
|
1,368
|
|
1,153
|
|
|
5,064
|
|
4,109
|
|
||||
Total costs and expenses
|
15,466
|
|
9,403
|
|
|
41,811
|
|
77,444
|
|
||||
Income (loss) from operations
|
27,067
|
|
10,594
|
|
|
70,996
|
|
(26,221
|
)
|
||||
Other income (expense):
|
|
|
|
|
|
||||||||
Interest expense
|
(859
|
)
|
(658
|
)
|
|
(2,114
|
)
|
(1,544
|
)
|
||||
Other income
|
399
|
|
266
|
|
|
526
|
|
612
|
|
||||
Total other income (expense), net
|
(460
|
)
|
(392
|
)
|
|
(1,588
|
)
|
(932
|
)
|
||||
Net income (loss)
|
$
|
26,607
|
|
$
|
10,202
|
|
|
$
|
69,408
|
|
$
|
(27,153
|
)
|
|
|
|
|
|
|
||||||||
Production Data:
|
|
|
|
|
|
||||||||
Oil (Bbls)
|
794,375
|
|
430,732
|
|
|
2,077,570
|
|
1,236,003
|
|
||||
Natural gas (Mcf)
|
1,236,349
|
|
315,030
|
|
|
2,460,535
|
|
1,008,745
|
|
||||
Natural gas liquids (Bbls)
|
159,806
|
|
92,221
|
|
|
393,913
|
|
221,582
|
|
||||
Combined volumes (BOE)
|
1,160,239
|
|
575,458
|
|
|
2,881,572
|
|
1,625,709
|
|
||||
Daily combined volumes (BOE/d)
|
12,611
|
|
6,255
|
|
|
10,555
|
|
5,933
|
|
||||
% Oil
|
68
|
%
|
75
|
%
|
|
72
|
%
|
76
|
%
|
||||
|
|
|
|
|
|
||||||||
Average sales prices:
|
|
|
|
|
|
||||||||
Oil, realized ($/Bbl)
|
$
|
45.33
|
|
$
|
41.97
|
|
|
$
|
46.51
|
|
$
|
37.64
|
|
Natural gas realized ($/Mcf)
|
2.55
|
|
2.39
|
|
|
2.62
|
|
1.89
|
|
||||
Natural gas liquids ($/Bbl)
|
19.10
|
|
12.56
|
|
|
18.07
|
|
11.25
|
|
||||
Average price realized ($/BOE)
|
36.38
|
|
34.74
|
|
|
38.24
|
|
31.32
|
|
||||
|
|
|
|
|
|
||||||||
Average Costs ($/BOE)
|
|
|
|
|
|
||||||||
Production and ad valorem taxes
|
$
|
2.43
|
|
$
|
2.48
|
|
|
$
|
2.66
|
|
$
|
2.54
|
|
Gathering and transportation expense
|
0.18
|
|
0.12
|
|
|
0.17
|
|
0.15
|
|
||||
General and administrative - cash component
|
0.75
|
|
0.19
|
|
|
1.05
|
|
0.70
|
|
||||
Total operating expense - cash
|
$
|
3.36
|
|
$
|
2.79
|
|
|
$
|
3.88
|
|
$
|
3.39
|
|
|
|
|
|
|
|
||||||||
General and administrative - non-cash component
|
$
|
0.43
|
|
$
|
1.81
|
|
|
$
|
0.71
|
|
$
|
1.83
|
|
Interest expense
|
0.74
|
|
1.14
|
|
|
0.73
|
|
0.95
|
|
||||
Depletion
|
9.54
|
|
11.73
|
|
|
9.92
|
|
13.22
|
|
|
Change in prices
|
Production volumes
(1)
|
Total net dollar effect of change
|
||||||
|
|
|
(in thousands)
|
||||||
Effect of changes in price:
|
|
|
|
||||||
Oil
|
$
|
3.36
|
|
794,375
|
|
$
|
2,669
|
|
|
Natural gas liquids
|
6.54
|
|
159,806
|
|
1,045
|
|
|||
Natural gas
|
0.16
|
|
1,236,349
|
|
198
|
|
|||
Total income due to change in price
|
|
|
$
|
3,912
|
|
||||
|
|
|
|
||||||
|
Change in production volumes
(1)
|
Prior period average prices
|
Total net dollar effect of change
|
||||||
|
|
|
(in thousands)
|
||||||
Effect of changes in production volumes:
|
|
|
|
||||||
Oil
|
363,643
|
|
$
|
41.97
|
|
$
|
15,256
|
|
|
Natural gas liquids
|
67,585
|
|
12.56
|
|
849
|
|
|||
Natural gas
|
921,319
|
|
2.39
|
|
2,202
|
|
|||
Total income due to change in production volumes
|
|
|
18,307
|
|
|||||
Total change in income
|
|
|
$
|
22,219
|
|
(1)
|
Production volumes are presented in Bbls for oil and natural gas liquids and Mcf for natural gas.
|
|
Change in prices
|
Production volumes
(1)
|
Total net dollar effect of change
|
||||||
|
|
|
(in thousands)
|
||||||
Effect of changes in price:
|
|
|
|
||||||
Oil
|
$
|
8.87
|
|
2,077,570
|
|
$
|
18,433
|
|
|
Natural gas liquids
|
6.82
|
|
393,913
|
|
2,686
|
|
|||
Natural gas
|
0.73
|
|
2,460,535
|
|
1,796
|
|
|||
Total income due to change in price
|
|
|
$
|
22,915
|
|
||||
|
|
|
|
||||||
|
Change in production volumes
(1)
|
Prior period average prices
|
Total net dollar effect of change
|
||||||
|
|
|
(in thousands)
|
||||||
Effect of changes in production volumes:
|
|
|
|
||||||
Oil
|
841,567
|
|
$
|
37.64
|
|
$
|
31,682
|
|
|
Natural gas liquids
|
172,331
|
|
11.25
|
|
1,939
|
|
|||
Natural gas
|
1,451,790
|
|
1.89
|
|
2,744
|
|
|||
Total income due to change in production volumes
|
|
|
36,365
|
|
|||||
Total change in income
|
|
|
$
|
59,280
|
|
(1)
|
Production volumes are presented in Bbls for oil and natural gas liquids and Mcf for natural gas.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||
|
2017
|
2016
|
|
2017
|
2016
|
||||||||
|
(In thousands)
|
||||||||||||
Net income (loss)
|
$
|
26,607
|
|
$
|
10,202
|
|
|
$
|
69,408
|
|
$
|
(27,153
|
)
|
Interest expense
|
859
|
|
658
|
|
|
2,114
|
|
1,544
|
|
||||
Non-cash unit-based compensation expense
|
503
|
|
1,044
|
|
|
2,039
|
|
2,974
|
|
||||
Depletion
|
11,068
|
|
6,751
|
|
|
28,587
|
|
21,485
|
|
||||
Impairment
|
—
|
|
—
|
|
|
—
|
|
47,469
|
|
||||
Adjusted EBITDA
|
$
|
39,037
|
|
$
|
18,655
|
|
|
$
|
102,148
|
|
$
|
46,319
|
|
Financial Covenant
|
|
Required Ratio
|
Ratio of total debt to EBITDAX
|
Not greater than 4.0 to 1.0
|
|
Ratio of current assets to liabilities, as defined in the credit agreement
|
Not less than 1.0 to 1.0
|
|
Nine Months Ended September 30,
|
|||||
|
2017
|
2016
|
||||
|
|
|
||||
|
(in thousands)
|
|||||
Cash Flow Data:
|
|
|
||||
Net cash flows provided by operating activities
|
$
|
94,057
|
|
$
|
46,554
|
|
Net cash flows used in investing activities
|
(301,133
|
)
|
(137,786
|
)
|
||
Net cash flows provided by financing activities
|
202,301
|
|
98,451
|
|
||
Net increase (decrease) in cash
|
$
|
(4,775
|
)
|
$
|
7,219
|
|
Exhibit Number
|
Description
|
3.1
|
|
3.2
|
|
4.1
|
|
31.1*
|
|
31.2*
|
|
32.1**
|
|
101.INS*
|
XBRL Instance Document.
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase.
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB*
|
XBRL Taxonomy Extension Labels Linkbase Document.
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
*
|
Filed herewith.
|
**
|
The certifications attached as Exhibit 32.1 accompany this Quarterly Report on Form 10-Q pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed “filed” by the Registrant for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
|
|
|
VIPER ENERGY PARTNERS LP
|
|
|
|
|
|
|
|
By:
|
VIPER ENERGY PARTNERS GP LLC
|
|
|
|
its General Partner
|
|
|
|
|
Date:
|
October 25, 2017
|
By:
|
/s/ Travis D. Stice
|
|
|
|
Travis D. Stice
|
|
|
|
Chief Executive Officer
|
|
|
|
|
Date:
|
October 25, 2017
|
By:
|
/s/ Teresa L. Dick
|
|
|
|
Teresa L. Dick
|
|
|
|
Chief Financial Officer
|
1 Year Viper Energy Chart |
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