Viper Energy, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a substantial increase in total current assets, which rose to $320.2 million from $143.5 million at the end of 2023. Cash and cash equivalents saw a remarkable increase to $168.6 million, up from $25.9 million. Total assets also grew to $4.2 billion, compared to $3.97 billion at the end of the previous year.
For the three months ended September 30, 2024, Viper Energy reported operating income of $209.6 million, a decrease from $293.2 million in the same period of 2023. Oil income increased to $186.8 million from $168.0 million, while royalty income rose to $208.2 million from $195.6 million. However, net income for the quarter fell to $109.0 million, down from $207.2 million in the prior year, with net income attributable to Viper Energy decreasing to $48.9 million from $78.6 million.
For the nine months ended September 30, 2024, total operating income was $631.7 million, slightly up from $623.0 million in 2023. However, net income for this period decreased to $330.8 million from $375.4 million, although net income attributable to Viper Energy increased to $149.2 million from $143.1 million.
The company made strategic acquisitions, including the purchase of Tumbleweed-Q Royalties, LLC for approximately $113.6 million and the acquisition of additional royalty interests in the Permian Basin. These acquisitions were funded through cash on hand and borrowings. Viper Energy also divested non-Permian assets for approximately $87.2 million in Q2 2024.
Viper Energy's long-term debt decreased to $821.5 million from $1.08 billion at the end of 2023. The company completed a public offering of approximately 11.5 million shares of Class A Common Stock, generating net proceeds of about $475.9 million, which were used to repay debt and fund acquisitions.
The company’s liquidity as of September 30, 2024, was approximately $1.0 billion, consisting of $168.6 million in cash and $850.0 million available under its revolving credit facility. The average daily oil production increased to 26,978 BO/d for the nine months ended September 30, 2024, compared to 21,139 BO/d in the same period of 2023.
Overall, Viper Energy's financial performance reflects a mix of growth in certain revenue streams and strategic acquisitions, alongside challenges in net income and operational costs.
About Viper Energy, Inc.
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