Viper Energy Partners Reports Respectable First Quarter; We Expect Results to Improve From Here
Viper Energy Partners reported a respectable first quarter that was impacted somewhat negatively by the timing of parent Diamondback's drilling activity, but we expect results to recover over the next few quarters. Management reaffirmed its full-year guidance of 20,000 to 23,000 barrels of oil equivalent a day (boe/d), matching our expectations. We don't expect any material changes to our $36 fair value estimate or narrow moat rating.Production of 19,042 boe/d (67% oil) declined uncharacteristi...
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