Viper Energy announces 11% increase in base dividend

“The 11% increase in our base dividend announced today highlights our Board’s belief in a sustainable and growing base dividend that can be maintained through the cycle. This belief and commitment to our shareholders is supported by Viper’s strong balance sheet and durable cash flow profile. Relative to a year ago when we last increased our base dividend, Viper has grown oil production per share by 14% while maintaining our cash margins and conversion of Adjusted EBITDA into cash available for distribution at both around 80%. Importantly, at current production levels the annual fixed amount of the increased base dividend is protected down to below $30 WTI,” stated Travis Stice, Chief Executive Officer of Viper. Stice continued, “Viper today also announced an increase to our production guidance range for full year 2024. This increase is due to both outperformance seen during the first half of the year, as well as an increase in expectations for the remainder of 2024. The midpoint of the guidance range we have provided for Q3 2024 implies 1.5% growth relative to Q2, despite losing roughly 150 bo/d of quarterly production contribution from the non-Permian assets we divested during the second quarter. Overall, we continue to see strong activity levels across our acreage position and benefit from Diamondback’s continued large-scale development of Viper’s high concentration royalty acreage.”