Viper Energy, Inc. (NASDAQ:VNOM) Q2 2024 Earnings Conference Call August 6, 2024 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

Conference Call Participants

Neal Dingmann - Truist
Betty Jiang - Barclays
Paul Diamond - Citi
Leo Mariani - ROTH

Operator

Good day and thank you for standing by. Welcome to the Viper Energy Second Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ 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 first speaker today, Adam Lawlis, Vice President of Investor Relations. Please go ahead.

Adam Lawlis

Thank you, Jill. Good morning and welcome to Viper Energy's Second 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 Second Quarter 2024 Conference Call. The second quarter was a strong quarter for Viper with oil production growing roughly 4% quarter-over-quarter and our cash available for distribution increasing by almost 9% over the same period. As a result of the production outperformance, we have seen during the first half of the year as well as an increase in expectations for the remainder of 2024. We have increased our production guidance for the full year 2024.

In addition to updating our full year guidance range, we've also provided guidance for Q3 that implies 1.5% growth relative to Q2 despite losing roughly 150 barrels of oil per day of quarterly production from the non-Permian assets we divested during the second quarter.