Viper Energy, Inc. (NASDAQ:VNOM) Q1 2024 Earnings Conference Call May 1, 2024 11:00 AM ET
Company Participants
Adam Lawlis - VP, IR
Travis Stice - CEO
Kaes Van't Hof - President
Austen Gilfillian - VP
Al Barkmann - Chief Engineer
Conference Call Participants
Neal Dingmann - Truist Securities
Chris Baker - Evercore ISI
Betty Jiang - Barclays
Paul Diamond - Citi
Derrick Whitfield - Stifel
Leo Mariani - ROTH MKM
Operator
Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Viper Energy First Quarter 2024 Earnings Conference Call. [Operator Instructions]
At this time, I would like to turn the conference over to Mr. Adam Lawlis, Vice President of Investor Relations. Sir, please begin.
Adam Lawlis
Thank you, Howard. Good morning and welcome to Viper Energy's first quarter 2024 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, Vice President. 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's first quarter 2024 conference call.
The first quarter was a strong start to the year for Viper in the period, which uniquely highlighted the benefits of Viper's business model and high-quality assets. Despite commodity prices declining during the quarter, Viper's continued production growth, along with our best-in-class cost structure, allowed for us to increase our cash available for distribution per share quarter-over-quarter. Importantly, as a result of our strong financial and operational results, our Board has declared a combined base plus variable dividend for the first quarter of $0.59 a share.
Looking specifically at operations. Both activity and well productivity trends across our acreage position continue to be encouraging. As a result, we have initiated production guidance for the second quarter that implies over 3% growth relative to the first quarter.