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VIPER Energy Partners Viper Energy Partners LP , a Subsidiary of Diamondback Energy , Inc. , Reports Third Quarter 2021 Financial and Operating Results November 1 , 2021 MIDLAND , Texas , Nov. 01 , 2021 ( 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 , 2021 . THIRD QUARTER HIGHLIGHTS • Q3 2021 average production of 16,087 bo / d ( 27,620 boe / d ) • Q3 2021 consolidated net income ( including non - controlling interest ) of $ 73.4 million ; net income attributable to Viper • Energy Partners LP of $ 16.8 million , or $ 0.26 per common unit Adjusted net income ( as defined and reconciled below ) of $ 57.7 million , or $ 0.90 per common unit • Q3 2021 cash distribution of $ 0.38 per common unit , representing approximately 70 % of total cash available for distribution of $ 0.54 per common unit ; $ 0.38 distribution is up 15 % quarter over quarter and implies a 6.9 % annualized yield based on the October 29 , 2021 unit closing price of $ 22.05 • Consolidated adjusted EBITDA ( as defined and reconciled below ) of $ 92.6 million and cash available for distribution to Viper's common units ( as reconciled below ) of $ 34.3 million • Repurchased 765,512 common units in Q3 2021 for an aggregate of $ 13.7 million • Ended the third quarter of 2021 with total long - term debt of $ 571.9 and net debt of $ 530.4 million ( as defined and reconciled below ) • 223 total gross ( 3.1 net 100 % royalty interest ) horizontal wells turned to production on Viper's acreage during Q3 2021 with an average lateral length of 10,163 feet • As previously announced , closed acquisition from Swallowtail Royalties LLC and Swallowtail Royalties II LLC ; adds approximately 2,313 net royalty acres in the Northern Midland Basin , roughly 62 % of which are operated by Diamondback • Initiating average daily production guidance for Q4 2021 and Q1 2022 of 17,000 to 17,750 bo / d ( 28,250 to 29,500 boe / d ) • Increasing full year 2021 average daily production guidance to 16,250 to 16,500 bo / d ( 27,250 to 27,750 boe / d ) • As of October 11 , 2021 , there were approximately 570 gross horizontal wells in the process of active development on Viper's acreage in which Viper expects to own an average 1.7 % net royalty interest ( 9.5 net 100 % royalty interest wells ) • Approximately 492 gross ( 9.3 net 100 % royalty interest ) line - of - sight wells on Viper's acreage that are not currently in the process of active development , but for which Viper has visibility to the potential of future development in coming quarters , based on Diamondback's current completion schedule and third party operators ' permits • Approximately 60 % of distributions paid in 2021 are reasonably estimated to constitute non - taxable reductions to the tax basis , and not dividends , for U.S. federal income tax purposes " During the third quarter , Viper saw third party operated net wells turned to production on our acreage rebound to their highest level since the first quarter of 2020. As a result of our continued strong production , and further enhanced by our high - margin exposure to increasing commodity prices , Viper's cash available for distribution increased 15 % quarter over quarter to $ 0.54 per common unit , " stated Travis Stice , Chief Executive Officer of Viper's General Partner . Mr. Stice continued , " Following the recent closing of the Swallowtail acquisition , Viper has unprecedented , high confidence visibility into Diamondback's forward development plan that is expected to bolster oil production for Viper not only for the next several quarters , but also for years to come . With a tailwind to cash flows as our defensive hedges placed in 2020 roll off at the end of this year , we look forward to continuing to generate robust amounts of free cash flow and subsequently using that cash to both reduce debt and increase returns to unitholders . " FINANCIAL UPDATE Viper's third quarter 2021 average unhedged realized prices were $ 67.67 per barrel of oil , $ 3.61 per Mcf of natural gas and $ 30.66 per barrel of natural gas liquids , resulting in a total equivalent realized price of $ 50.24 / boe . During the third quarter of 2021 , the Company recorded total operating income of $ 128.0 million and consolidated net income ( including non - controlling interest ) of $ 73.4 million . As of September 30 , 2021 , the Company had a cash balance of $ 41.5 million and total long - term debt outstanding ( excluding debt issuance , discounts and premiums ) of $ 571.9 million , resulting in net debt ( as defined and reconciled below ) of $ 530.4 million . Viper's outstanding long - term debt as of September 30 , 2021 consisted of $ 479.9 million in aggregate principal amount of its 5.375 % Senior Notes due 2027 and $ 92.0 million in borrowings on its revolving credit facility , leaving $ 408.0 million available for future borrowings and $ 449.5 million of total liquidity . THIRD QUARTER 2021 CASH DISTRIBUTION & CAPITAL RETURN PROGRAM