Profile: Viper Energy Partners LP (VNOM.O)
19 Jul 2019
Viper Energy Partners LP, incorporated on February 27, 2014, is engaged in owning, acquiring and exploiting oil and natural gas properties in North America. The Company's assets consist primarily of producing oil and natural gas properties principally located in the Permian Basin of West Texas. As of December 31, 2016, the Permian Basin consisted of approximately 85,000 square miles centered around Midland, Texas. As of December 31, 2016, the Company's assets consisted of mineral interests underlying 107,568 gross (30,442 net) acres in the Permian Basin. As of December 31, 2016, there were 545 vertical wells and 190 horizontal wells producing on this acreage.
As of December 31, 2016, its estimated proved oil and natural gas reserves of its assets was 31,435 thousand barrels of crude oil equivalent (MBOE). As of December 31, 2016, the Company's proved reserves were approximately 68% oil, 18% natural gas liquids and 14% natural gas. The Company's properties in Spanish Trail, which are not operated by Diamondback Energy, Inc. (Diamondback), are operated by RSP Permian, Inc. (RSP Permian). As of December 31, 2016, RSP Permian had drilled 49 horizontal wells on this acreage, 43 of which were producing and six were in various stages of completion. In addition to its mineral interests, the Company owns a minor equity interest in an entity that owns mineral, overriding royalty, net profits, leasehold and other similar interests.
As of December 31, 2016, the Company's proved developed reserves totaled 12,332 thousand barrels of oil, 15,933 million cubic feet of natural gas and 3,247 thousand barrels of natural gas liquids, for a total of 18,235 MBOE. Of the total proved developed reserves, 99% were producing and the remaining 1% was from a vertical well with behind-pipe reserves, as of December 31, 2016. Producing reserves were from 545 vertical wells and 190 horizontal wells, of which Diamondback was the operator of 278 vertical wells and 112 horizontal wells and RSP Permian was the operator of 98 vertical wells and 43 horizontal wells, as of December 31, 2016. The remaining 169 vertical wells and 35 horizontal wells were operated by various other companies, as of December 31, 2016.
As of December 31, 2016, the Company's proved undeveloped reserves totaled 9,012 thousand barrels of oil, 11,158 million cubic feet of natural gas and 2,329 thousand barrels of natural gas liquids, for a total of 13,200 MBOE. Its undeveloped reserves were from 86 horizontal wells, of which Diamondback is the operator of 66 horizontal wells and RSP Permian is the operator of 17 horizontal wells, with the remaining three horizontal wells operated by others, as of December 31, 2016. Diamondback also had a non-operated working interest in six of the horizontal wells that are operated by RSP Permian, as of December 31, 2016. Of the horizontal locations, 19 were Wolfcamp B wells, 45 were Lower Spraberry wells, three were Middle Spraberry wells, 16 were Wolfcamp A wells and three were Bone Spring or Wolfcamp in the Delaware Basin, as of December 31, 2016.
Viper Energy Partners LP
500 W Texas Ave Ste 1200
MIDLAND TX 79701-4203