$VNOM
Viper Energy Inc

2024 Q1 Form 10-Q Financial Statement

#000160206524000028 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q1
Revenue $205.4M $169.0M
YoY Change 21.56% -16.32%
Cost Of Revenue $14.41M $12.89M
YoY Change 11.79% -7.09%
Gross Profit $191.0M $156.1M
YoY Change 22.37% -17.0%
Gross Profit Margin 92.99% 92.37%
Selling, General & Admin $5.033M $2.764M
YoY Change 82.09% 41.53%
% of Gross Profit 2.64% 1.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $46.93M $30.99M
YoY Change 51.46% 13.05%
% of Gross Profit 24.57% 19.85%
Operating Expenses $66.47M $46.64M
YoY Change 42.51% 7.87%
Operating Profit $138.9M $122.3M
YoY Change 13.58% -22.91%
Interest Expense -$19.59M -$9.686M
YoY Change 102.23% 0.43%
% of Operating Profit -14.1% -7.92%
Other Income/Expense, Net -$26.82M -$24.65M
YoY Change 8.82% -11.97%
Pretax Income $112.1M $97.67M
YoY Change 14.78% -25.25%
Income Tax $12.53M $9.406M
% Of Pretax Income 11.18% 9.63%
Net Earnings $43.36M $33.97M
YoY Change 27.65% 104.56%
Net Earnings / Revenue 21.11% 20.1%
Basic Earnings Per Share $0.49 $0.47
Diluted Earnings Per Share $0.49 $0.47
COMMON SHARES
Basic Shares Outstanding 87.54M shares 72.68M shares
Diluted Shares Outstanding 87.63M shares 72.82M shares

Balance Sheet

Concept 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.01M $9.106M
YoY Change 119.69% -72.46%
Cash & Equivalents $20.01M $9.106M
Short-Term Investments
Other Short-Term Assets $4.697M $3.445M
YoY Change 36.34% 264.94%
Inventory
Prepaid Expenses
Receivables $165.1M $83.04M
Other Receivables $0.00 $0.00
Total Short-Term Assets $189.8M $133.3M
YoY Change 42.43% -2.51%
LONG-TERM ASSETS
Property, Plant & Equipment $3.742B $2.837B
YoY Change 31.89% -0.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.239M $170.0K
YoY Change 2981.76% -91.2%
Total Long-Term Assets $3.823B $2.886B
YoY Change 32.44% 0.77%
TOTAL ASSETS
Total Short-Term Assets $189.8M $133.3M
Total Long-Term Assets $3.823B $2.886B
Total Assets $4.013B $3.020B
YoY Change 32.88% 0.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.00K $436.0K
YoY Change -96.1% 3014.29%
Accrued Expenses $32.33M $17.76M
YoY Change 82.04% -25.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $54.89M $29.77M
YoY Change 84.36% -19.76%
LONG-TERM LIABILITIES
Long-Term Debt $1.094B $695.2M
YoY Change 57.31% -3.59%
Other Long-Term Liabilities $0.00 $2.383M
YoY Change -100.0%
Total Long-Term Liabilities $1.094B $697.5M
YoY Change 56.77% -3.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.89M $29.77M
Total Long-Term Liabilities $1.094B $697.5M
Total Liabilities $1.148B $727.3M
YoY Change 57.9% -4.06%
SHAREHOLDERS EQUITY
Retained Earnings -$21.76M
YoY Change
Common Stock $1.101B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.080B $667.7M
YoY Change
Total Liabilities & Shareholders Equity $4.013B $3.020B
YoY Change 32.88% 0.62%

Cashflow Statement

Concept 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $43.36M $33.97M
YoY Change 27.65% 104.56%
Depreciation, Depletion And Amortization $46.93M $30.99M
YoY Change 51.46% 13.05%
Cash From Operating Activities $115.4M $107.2M
YoY Change 7.65% -21.05%
INVESTING ACTIVITIES
Capital Expenditures $1.908M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$20.35M -$1.200M
YoY Change 1595.42% -103.76%
Cash From Investing Activities -$20.35M -$116.6M
YoY Change -82.55% -464.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$101.0M $267.0K
YoY Change -37913.11% -100.15%
NET CHANGE
Cash From Operating Activities $115.4M $107.2M
Cash From Investing Activities -$20.35M -$116.6M
Cash From Financing Activities -$101.0M $267.0K
Net Change In Cash -$5.864M -$9.073M
YoY Change -35.37% 42.17%
FREE CASH FLOW
Cash From Operating Activities $115.4M $107.2M
Capital Expenditures $1.908M
Free Cash Flow $105.3M
YoY Change

Facts In Submission

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CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</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%">Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on the previously reported total assets, total liabilities, stockholders’ equity, results of operations or cash flows.</span></div>
CY2024Q1 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-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 Company’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 Company reports for assets and liabilities and the Company’s disclosure of contingent assets and liabilities as of the date of the financial statements.</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%">Making accurate estimates and assumptions is particularly difficult in the oil and natural gas industry given the challenges resulting from volatility in oil and natural gas prices. For instance, the war in Ukraine and the Israel-Hamas war, rising interest rates, global supply chain disruptions and recent measures to combat persistent inflation and instability in the financial sector have contributed to recent pricing and economic volatility. The financial results of companies in the oil and natural gas industry have been and may continue to be impacted materially as a result of changing market conditions. Such circumstances generally increase uncertainty in the Company’s accounting estimates, particularly those involving financial forecasts.</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 Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in each particular circumstance. Nevertheless, actual results may differ significantly from the Company’s estimates. Any effects on the Company’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, estimates of third party operated royalty income related to expected sales volumes and prices, the recoverability of costs of unevaluated properties, the fair value determination of assets and liabilities, including those acquired by the Company, fair value estimates of commodity derivatives and estimates of income taxes, including deferred tax valuation allowances.</span></div>
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CY2024Q1 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
3736045000 usd
CY2023Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
3762631000 usd
CY2024Q1 us-gaap Land
Land
5688000 usd
CY2023Q4 us-gaap Land
Land
5688000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3741733000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3768319000 usd
CY2024Q1 vnom Mineral Properties Net Royalty Acres
MineralPropertiesNetRoyaltyAcres
34346 acre
CY2023Q4 vnom Mineral Properties Net Royalty Acres
MineralPropertiesNetRoyaltyAcres
34217 acre
CY2024Q1 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
CY2023Q1 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6641000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6903000 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
3162000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
3365000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
1093547000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
1083082000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
43360000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
33967000 usd
CY2024Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
56000 usd
CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
72000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
43304000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
33895000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87537000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72732000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
92000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
83000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
87629000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72815000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.47
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.49
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.47
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12529000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9406000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.112
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.096
CY2024Q1 vnom Deferred Income Tax Assets Recognized Increase
DeferredIncomeTaxAssetsRecognizedIncrease
28200000 usd
CY2024Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
10800000 usd
CY2024Q1 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
0 usd
CY2023Q1 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
0 usd
CY2024Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-7492000 usd
CY2023Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-15103000 usd
CY2024Q1 vnom Cash Receipts From Payments On Derivatives Net
CashReceiptsFromPaymentsOnDerivativesNet
-2754000 usd
CY2023Q1 vnom Cash Receipts From Payments On Derivatives Net
CashReceiptsFromPaymentsOnDerivativesNet
-2215000 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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