Viper Energy Partners LP (NASDAQ:VNOM) Q3 2022 Earnings Conference Call November 8, 2022 11:00 AM ET

Company Participants

Adam Lawlis - Vice President, Investor Relations

Travis Stice - Chief Executive Officer

Kaes Van't Hof - President

Austen Gilfillian - Vice President, Investor Relations

Conference Call Participants

Neal Dingmann - Truist Securities

Tim Rezvan - KeyBanc Capital Markets

Leo Mariani - MKM Partners

Operator

Good day and thank you for standing by. Welcome to the Viper Energy Partners Third Quarter 2022 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Adam Lawlis, Vice President of Investor Relations. Please go ahead.

Adam Lawlis

Thank you, Grishka. Good morning and welcome to Viper Energy Partners’ third quarter 2022 conference call. During our call today, we will reference an updated investor presentation, which can be found on Viper’s website. Representing Viper today are Travis Stice, CEO and Kaes Van’t Hof, President.

During this conference call, the participants may make certain forward-looking statements related to the company’s financial condition, results of operations, plans, objectives, future performance and businesses. We caution you that actual results could differ materially from those that are indicated in these forward-looking statements due to a variety of factors. Information concerning these factors can be found in the company’s filings with the SEC. In addition, we will make reference to certain non-GAAP measures. The reconciliations with the appropriate GAAP measures can be found in our earnings release issued yesterday afternoon.

I will now turn the call over to Travis Stice.

Travis Stice

Thank you, Adam. Welcome, everyone, and thank you for listening to Viper Energy Partners third quarter 2020 conference call. The third quarter was another strong quarter for Viper. Oil production set a company record for the second consecutive quarter on both an absolute and per unit basis. Importantly, this quarter marks our first quarter with our enhanced capital return program in place. And with the flexibility we now have in returning capital, we repurchased over 1.8 million units during the quarter at an average price of just below $28 per unit.

With our focus on increasing per unit metrics, these opportunistic repurchases helped drive oil production per unit, up 2% quarter-over-quarter despite absolute production staying relatively flat. On a year-over-year basis, oil production per unit has increased over 15%, further highlighting the success of both our unit repurchase program and the Swallowtail acquisition that we completed during the fourth quarter of last year.