Viper Energy, Inc. (NASDAQ:VNOM) Q3 2024 Earnings Conference Call November 5, 2024 11:00 AM ET

Company Participants

Adam Lawlis - Vice President-Investor Relations
Travis Stice - Chief Executive Officer
Austen Gilfillian - Vice President

Conference Call Participants

Neal Dingmann - Truist Securities
Betty Jiang - Barclays
Leo Mariani - ROTH

Operator

Good day, and thank you for standing by. Welcome to the Viper Energy Third Quarter 2024 Earnings Conference 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, VP of Investor Relations. Please go ahead.

Adam Lawlis

Thank you, Stephen. Good morning, and welcome to Viper Energy Partners third quarter 2024 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 conditions, 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 third quarter 2024 conference call.

The third quarter marked a continuation of Viper delivering on its differentiated strategy and value proposition, and was highlighted by both continued organic production growth on our legacy asset base, and the closing of the Tumbleweed acquisition.

As we prepare to head into 2025, we look forward to further delivering on our strategy of consolidating high-quality mineral and royalty assets, through a disciplined focused approach. Looking specifically at current operations, activity remains strong across our acreage position, as represented by the substantial amount of work-in-progress and line-of-sight wells, and we continue to benefit from Diamondback's large-scale development of our high concentration royalty acreage.

Importantly, Diamondback's merger with Endeavor, which closed during the third quarter, only enhanced this alignment as Endeavor was previously the second largest third-party operator on Viper's royalty assets in terms of both production and acreage. Bigger picture, we continue to believe that Viper presents, a differentiated investment opportunity with zero capital or operating costs.