Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Announces Increased Authorization of Common Unit Repurchase Program
November 15 2021 - 3:01PM
Viper Energy Partners LP (NASDAQ: VNOM) (“Viper” or the “Company”)
today announced that the Board of Directors of Viper’s General
Partner (the “Board”) increased the authorization of its common
unit repurchase program to $150.0 million and extended the
authorization indefinitely. As of September 30, 2021, Viper had
expended approximately $57.4 million, or roughly 38%, of the
increased authorized amount.
The Company intends to purchase common units under the
repurchase program opportunistically with cash on hand, free cash
flow from operations and proceeds from potential liquidity events
such as the sale of assets. This repurchase program may be
suspended from time to time, modified, extended or discontinued by
the Board at any time. Purchases under the repurchase program may
be made from time to time in open market transactions in compliance
with Rule 10b-18 under the Securities Exchange Act of 1934, as
amended, or privately negotiated transactions, and will be subject
to market conditions, applicable legal requirements, contractual
obligations and other factors. Any common units purchased as part
of this program will be retired.
“The Board has approved an increase to Viper’s common unit
repurchase program, and extended it indefinitely, to supplement our
return of capital to unitholders. While we continue to remain
focused on both returning capital through our existing distribution
policy as well as reducing debt, we intend to be flexible and plan
to opportunistically repurchase our common units when we expect the
return on that repurchase to represent the best use of capital for
our unitholders. Overall, this decision reflects the confidence we
have in our multi-year forward outlook that is underscored by
Diamondback’s expected development plan,” stated Travis Stice,
Chief Executive Officer of Viper’s General Partner.
About Viper Energy Partners LP
Viper is a limited partnership formed by Diamondback to own,
acquire and exploit oil and natural gas properties in North
America, with a focus on owning and acquiring mineral and royalty
interests in oil-weighted basins, primarily the Permian Basin. 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,
including specifically the statements regarding the current adverse
industry and macroeconomic conditions, depressed commodity prices,
production levels on properties in which Viper has mineral and
royalty interests, any potential regulatory action that may impose
production limits on Viper’s royalty acreage, the acquisitions or
dispositions, Diamondback’s plans for the acreage discussed above,
development activity by other operators, Viper’s cash distribution
policy and the impact of the ongoing COVID-19 pandemic. 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 Contacts:Adam Lawlis+1
432.221.7467alawlis@viperenergy.com
Austen Gilfillian +1 432.221.7420agilfillian@viperenergy.com
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