Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Provides Supplementary Update on 2020 Hedge Position
March 31 2020 - 6:00AM
Viper Energy Partners LP (NASDAQ: VNOM) (“Viper” or the “Company”)
today provided an update to its oil hedge position for the
remainder of 2020. The Company has now hedged the majority of its
production through collars to protect cash flow downside through an
anticipated extended weak commodity price environment.
DERIVATIVES UPDATE
As of March 31, 2020, the Company had the following outstanding
derivative contracts. The Company’s derivative contracts are based
upon reported settlement prices on commodity exchanges, with crude
oil derivative settlements based on New York Mercantile Exchange
West Texas Intermediate pricing. When aggregating multiple
contracts, the weighted average contract price is disclosed.
|
Crude Oil (Bbls/day, $/Bbl) |
|
Q2 2020 |
|
Q3 2020 |
|
Q4 2020 |
|
FY 2021 |
Costless Collars - WTI (Cushing) |
14,000 |
|
|
|
14,000 |
|
|
|
14,000 |
|
|
|
10,000 |
|
Long Put Price ($/Bbl) |
$ |
28.86 |
|
|
|
$ |
28.86 |
|
|
|
$ |
28.66 |
|
|
|
$ |
30.00 |
|
Ceiling Price ($/Bbl) |
$ |
32.33 |
|
|
|
$ |
32.33 |
|
|
|
$ |
32.33 |
|
|
|
$ |
43.05 |
|
Swaps – WTI
(Cushing) |
|
1,000 |
|
|
|
|
1,000 |
|
|
|
|
1,000 |
|
|
|
|
— |
|
$ |
27.45 |
|
|
|
$ |
27.45 |
|
|
|
$ |
27.45 |
|
|
|
$ |
— |
|
Basis Swaps
– WTI (Midland-Cushing) |
|
4,000 |
|
|
|
|
4,000 |
|
|
|
|
4,000 |
|
|
|
|
— |
|
$ |
(2.60 |
) |
|
|
$ |
(2.60 |
) |
|
|
$ |
(2.60 |
) |
|
|
$ |
— |
|
|
Natural Gas (Mmbtu/day, $/Mmbtu) |
|
Mar 2020 |
|
Q2 2020 |
|
Q3 2020 |
|
Q4 2020 |
Natural Gas
Basis Swaps – Waha Hub |
25,000 |
|
|
|
25,000 |
|
|
|
25,000 |
|
|
|
25,000 |
|
|
$ |
(2.07 |
) |
|
|
$ |
(2.07 |
) |
|
|
$ |
(2.07 |
) |
|
|
$ |
(2.07 |
) |
|
About Viper Energy Partners LP
Viper is a limited partnership formed by Diamondback Energy,
Inc. (“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 and the Eagle Ford Shale.
For more information, please visit www.viperenergy.com.
About Diamondback Energy, Inc.
Diamondback is an independent oil and natural gas company
headquartered in Midland, Texas focused on the acquisition,
development, exploration and exploitation of unconventional,
onshore oil and natural gas reserves in the Permian Basin in West
Texas. For more information, please visit
www.diamondbackenergy.com.
Forward-Looking Statements
This news release contains forward-looking
statements within the meaning of the federal securities laws.
All statements, other than historical facts, that address
activities that Viper assumes, plans, expects, believes, intends or
anticipates (and other similar expressions) will, should or may
occur in the future are forward-looking statements. The
forward-looking statements are based on management’s current
beliefs, based on currently available information, as to the
outcome and timing of future events and commodity prices.
These forward-looking statements involve certain risks and
uncertainties that could cause the results to differ materially
from those expected by the management of Viper. Information
concerning these risks and other factors can be found in Viper’s
filings with the Securities and Exchange Commission, including its
Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on
the Securities and Exchange Commission’s web site at
http://www.sec.gov. Viper undertakes no obligation to update
or revise any forward-looking statement.
Investor Contact:Adam Lawlis+1
432.221.7467alawlis@viperenergy.com
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