Viper Energy Partners LP. (NASDAQ:VNOM) Q2 2023 Earnings Conference Call November 7, 2023 ET

Company Participants

Adam Lawlis - Vice President, Investor Relations

Travis Stice - Chief Executive Officer

Kaes Van’t Hof - President

Austen Gilfillian - General Manager

Conference Call Participants

Neal Dingmann - Truist Securities

Derrick Whitfield - Stifel

Paul Diamond - Citi

Leo Mariani - ROTH MKM

Operator

Good day. And thank you for standing by. Welcome to the Viper Energy Partners Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to Adam Lawlis, Vice President of Investor Relations. Please go ahead.

Adam Lawlis

Thank you, Anton [Ph]. Good morning, and welcome to Viper Energy Partners’ Third Quarter 2023 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, Kaes Van’t Hof, President; and Austen Gilfillian, General Manager.

During this conference call, the participants may make certain forward-looking statements relating 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’ll 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 2023 Conference Call. There were several important updates made yesterday with our earnings announcement, so I will start with our upcoming conversion into a Delaware corporation first.

The Board of Directors approved the conversion on November 2 and we expect that it will become effective on November 13. When completed, this conversion will deliver increased corporate governance rights to our limited partners and is intended to position Viper such that the value of our mineral and royalty assets can be fully recognized.

Further on that point, we expect the conversion to result in an increase in Viper’s trading liquidity and potential investor universe. Given Viper’s current status as a partnership, we estimate that approximately 2% of our public float is held by index funds. This compares to a select group of our peers averaging around 30% ownership.