2020 Q4 Form 10-Q Financial Statement

#000160206520000053 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $76.32M $62.94M $71.79M
YoY Change -17.68% -12.32% -7.63%
Cost Of Revenue $5.540M $5.050M $4.730M
YoY Change -11.5% 6.77% -5.96%
Gross Profit $70.79M $57.89M $67.06M
YoY Change -18.11% -13.67% -7.75%
Gross Profit Margin 92.75% 91.97% 93.41%
Selling, General & Admin $2.010M $1.810M $1.810M
YoY Change -11.45% 0.0% 38.17%
% of Gross Profit 2.84% 3.13% 2.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.30M $24.80M $18.70M
YoY Change 5.6% 32.62% 13.33%
% of Gross Profit 39.98% 42.84% 27.89%
Operating Expenses $30.30M $31.64M $25.23M
YoY Change 4.34% 25.39% 10.34%
Operating Profit $40.49M $31.30M $46.56M
YoY Change -29.47% -32.76% -15.12%
Interest Expense -$24.15M -$8.238M -$3.827M
YoY Change 164.51% 115.26% 3.13%
% of Operating Profit -59.64% -26.32% -8.22%
Other Income/Expense, Net $180.0K -$15.12M -$2.938M
YoY Change -68.97% 414.57% -10.15%
Pretax Income -$52.69M $16.18M $43.62M
YoY Change -207.86% -62.9% -15.43%
Income Tax $0.00 $0.00 -$7.480M
% Of Pretax Income 0.0% -17.15%
Net Earnings -$27.62M -$764.0K $7.946M
YoY Change -1305.59% -109.61% 238.7%
Net Earnings / Revenue -36.19% -1.21% 11.07%
Basic Earnings Per Share
Diluted Earnings Per Share -$410.7K -$11.20K $126.8K
COMMON SHARES
Basic Shares Outstanding 67.86M shares 67.84M shares 62.63M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.10M $7.400M $20.00M
YoY Change 430.56% -63.0% 19.05%
Cash & Equivalents $19.12M $7.374M $19.95M
Short-Term Investments
Other Short-Term Assets $665.0K $371.0K $252.0K
YoY Change 67.51% 47.22% 72.6%
Inventory
Prepaid Expenses
Receivables $32.21M $32.11M $43.29M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $53.99M $54.76M $77.53M
YoY Change -25.69% -29.36% 23.54%
LONG-TERM ASSETS
Property, Plant & Equipment $2.405B $2.538B $1.743B
YoY Change -5.6% 45.64% 25.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.327M $8.057M $21.48M
YoY Change -89.8% -62.5% -7.98%
Total Long-Term Assets $2.407B $2.546B $1.929B
YoY Change -11.26% 31.95% 28.1%
TOTAL ASSETS
Total Short-Term Assets $53.99M $54.76M $77.53M
Total Long-Term Assets $2.407B $2.546B $1.929B
Total Assets $2.461B $2.601B $2.007B
YoY Change -11.64% 29.59% 27.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.00K $95.00K
YoY Change
Accrued Expenses $18.26M $20.83M $5.400M
YoY Change 37.49% 285.76% 14.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $44.90M $44.19M $5.370M
YoY Change 234.26% 722.89% 14.01%
LONG-TERM LIABILITIES
Long-Term Debt $555.6M $597.9M $409.5M
YoY Change -5.32% 46.01% 38.11%
Other Long-Term Liabilities $5.500M
YoY Change
Total Long-Term Liabilities $555.6M $603.4M $409.5M
YoY Change -5.32% 47.35% 38.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.90M $44.19M $5.370M
Total Long-Term Liabilities $555.6M $603.4M $409.5M
Total Liabilities $600.5M $647.6M $414.9M
YoY Change 0.06% 56.09% 37.73%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $635.3M $727.5M $776.8M
YoY Change
Total Liabilities & Shareholders Equity $2.461B $2.601B $2.007B
YoY Change -11.64% 29.59% 27.91%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$27.62M -$764.0K $7.946M
YoY Change -1305.59% -109.61% 238.7%
Depreciation, Depletion And Amortization $28.30M $24.80M $18.70M
YoY Change 5.6% 32.62% 13.33%
Cash From Operating Activities $53.40M $27.30M $62.50M
YoY Change -26.34% -56.32% -2.65%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $40.80M $8.200M -$188.8M
YoY Change -120.06% -104.34% -25.32%
Cash From Investing Activities $40.80M $8.200M -$188.8M
YoY Change -120.06% -104.34% -26.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -82.50M -37.80M 133.3M
YoY Change -171.99% -128.36% -24.77%
NET CHANGE
Cash From Operating Activities 53.40M 27.30M 62.50M
Cash From Investing Activities 40.80M 8.200M -188.8M
Cash From Financing Activities -82.50M -37.80M 133.3M
Net Change In Cash 11.70M -2.300M 7.000M
YoY Change -171.78% -132.86% -143.48%
FREE CASH FLOW
Cash From Operating Activities $53.40M $27.30M $62.50M
Capital Expenditures $0.00 $0.00
Free Cash Flow $53.40M $62.50M
YoY Change -26.34% -9.29%

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CY2019Q3 us-gaap General Partners Capital Account Distribution Amount
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ProfitLoss
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us-gaap Profit Loss
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us-gaap Share Based Compensation
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PaymentsToAcquireMineralRights
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IncreaseDecreaseInDepositOtherAssets
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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ProceedsFromSaleOfPropertyPlantAndEquipment
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ProceedsFromSaleOfOtherInvestments
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ProceedsFromSaleOfOtherInvestments
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ProceedsFromLinesOfCredit
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ProceedsFromLinesOfCredit
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RepaymentsOfLinesOfCredit
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RepaymentsOfLinesOfCredit
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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PaymentsOfDebtIssuanceCosts
349000 USD
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
19697000 USD
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
0 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
0 USD
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ProceedsFromIssuanceOfCommonLimitedPartnersUnits
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
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PaymentsOfStockIssuanceCosts
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vnom Repurchased Shares For Tax Withholding
RepurchasedSharesForTaxWithholding
384000 USD
vnom Repurchased Shares For Tax Withholding
RepurchasedSharesForTaxWithholding
353000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
60000 USD
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PaymentsOfDividendsPreferredStockAndPreferenceStock
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PaymentsOfDividendsCommonStock
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PaymentsOfDividendsCommonStock
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us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
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PaymentsOfCapitalDistribution
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2724000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
InterestPaidNet
19196000 USD
us-gaap Interest Paid Net
InterestPaidNet
10882000 USD
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Basis of Presentation </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements and related notes thereto were prepared in accordance with GAAP. All material intercompany balances and transactions have been eliminated upon consolidation. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These condensed consolidated financial statements have been prepared by the Partnership without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to SEC rules and regulations, although the Partnership believes the disclosures are adequate to make the information presented not misleading. This report should be read in conjunction with the Partnership’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2019, which contains a summary of the Partnership’s significant accounting policies and other disclosures.</span></div>
us-gaap Use Of Estimates
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain amounts included in or affecting the Partnership’s financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the financial statements are prepared. These estimates and assumptions affect the amounts the Partnership reports for assets and liabilities and the Partnership’s disclosure of contingent assets and liabilities at the date of the financial statements. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Making accurate estimates and assumptions is particularly difficult as the oil and gas industry experiences challenges resulting from negative pricing pressure from the effects of COVID-19 and actions by OPEC members and other exporting nations on the supply and demand in global oil and natural gas markets. Many companies in the oil and natural gas industry have changed near term business plans in response to changing market conditions. The aforementioned circumstances generally increase uncertainty in the Partnership’s accounting estimates, particularly those involving financial forecasts. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in each particular circumstance. Nevertheless, actual results may differ significantly from the Partnership’s estimates. Any effects on the Partnership’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas interests, the recoverability of costs of unevaluated properties, fair value estimates of commodity derivatives, unit–based compensation and estimate of income taxes.</span></div>
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 USD
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InterestPayableCurrent
10771000 USD
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InterestPayableCurrent
6718000 USD
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TaxesPayableCurrent
5186000 USD
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TaxesPayableCurrent
5632000 USD
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DerivativeInstrumentsAndHedgesLiabilities
4731000 USD
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0 USD
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143000 USD
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20831000 USD
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OtherAccruedLiabilitiesCurrent
13282000 USD
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ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent
18900000 USD
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RevenueFromContractWithCustomerExcludingAssessedTax
62584000 USD
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RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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171857000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
201950000 USD
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1478621000 USD
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CapitalizedCostsProvedProperties
1316692000 USD
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2930869000 USD
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OilAndGasPropertyFullCostMethodGross
2868459000 USD
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OilAndGasPropertyFullCostMethodDepletion
398678000 USD
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OilAndGasPropertyFullCostMethodDepletion
326474000 USD
CY2020Q3 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
2532191000 USD
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OilAndGasPropertyFullCostMethodNet
2541985000 USD
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Land
5688000 USD
CY2019Q4 us-gaap Land
Land
5688000 USD
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PropertyPlantAndEquipmentNet
2537879000 USD
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PropertyPlantAndEquipmentNet
2547673000 USD
CY2020Q3 vnom Mineral Properties Net Royalty Acres
MineralPropertiesNetRoyaltyAcres
24696 acre
CY2019Q4 vnom Mineral Properties Net Royalty Acres
MineralPropertiesNetRoyaltyAcres
24304 acre
CY2020Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2133000 USD
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2458000 USD
CY2020Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
6425000 USD
CY2019Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
7268000 USD
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
597880000 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
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vnom Dedication Period Remaining
DedicationPeriodRemaining
P4Y
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-764000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
7946000 USD
us-gaap Net Income Loss
NetIncomeLoss
-164685000 USD
us-gaap Net Income Loss
NetIncomeLoss
43990000 USD
CY2020Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
2000 USD
CY2019Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
27000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
26000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
90000 USD
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-766000 USD
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
7919000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-164711000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
43900000 USD
CY2020Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
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67847000 shares
CY2019Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
62645000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
67832000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
60267000 shares
CY2020Q3 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
0 shares
CY2019Q3 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
33000 shares
us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
0 shares
us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
29000 shares
CY2020Q3 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
67847000 shares
CY2019Q3 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
62678000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
67832000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
60296000 shares
CY2020Q3 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
-0.01
CY2019Q3 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
0.13
us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
-2.43
us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
0.73
CY2020Q3 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
-0.01
CY2019Q3 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
0.13
us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
-2.43
us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
0.73
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.171
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.320
vnom Discreteincometaxbenefitrelatedtodeferredtaxesrecordedduringtheperiod
Discreteincometaxbenefitrelatedtodeferredtaxesrecordedduringtheperiod
142500000 USD
vnom Discreteincometaxbenefitrelatedtodeferredtaxesrecordedduringtheperiod
Discreteincometaxbenefitrelatedtodeferredtaxesrecordedduringtheperiod
42400000 USD
vnom Discreteincometaxbenefitrelatedtodeferredtaxesrecordedduringtheperiod
Discreteincometaxbenefitrelatedtodeferredtaxesrecordedduringtheperiod
42400000 USD
CY2020Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-5084000 USD
CY2019Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
0 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-47469000 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
0 USD
CY2020Q3 vnom Cash Receipts From Payments On Derivatives Net
CashReceiptsFromPaymentsOnDerivativesNet
-16164000 USD
CY2019Q3 vnom Cash Receipts From Payments On Derivatives Net
CashReceiptsFromPaymentsOnDerivativesNet
0 USD
vnom Cash Receipts From Payments On Derivatives Net
CashReceiptsFromPaymentsOnDerivativesNet
-18718000 USD
vnom Cash Receipts From Payments On Derivatives Net
CashReceiptsFromPaymentsOnDerivativesNet
0 USD

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