Viper Energy, Inc. (VNOM) Q4 2024 Earnings Conference Call Transcript

For the period ending December 31, 2024

February 25, 2025 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and thank you for standing by. Welcome to the Viper Energy Fourth 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, Chip Seale, Director of Investor Relations. Please go ahead.

Chip Seale

Thank you, Lauren. Good morning, and welcome to Viper Energy's fourth 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 Kaes Van't Hof, CEO; and Austin Gilfillan, 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 will now turn the call over to Kaes.

Kaes Van't Hof

Thank you, Chip. I'd like to also note that Travis Stice, going CEO, is joining us for one more Viper call here. So it's good to have him in the room as well. But welcome, everyone. Thanks for listening to our fourth quarter 2024 conference call. The fourth quarter concluded a landmark year for Viper. For the full year, we continue to deliver strong organic production growth on our legacy assets and successfully executed on our differentiated acquisition strategy.

Looking ahead, we continue to be excited about the transformative drop-down transaction between Viper and Diamondback that was previously announced. And we recently closed the separate Quinn Ranch acquisition a couple of Fridays ago. On the drop-down, specifically, this transaction is unique in its value proposition to Viper given the alignment it provides with Diamondback's expected development over the years to come and the resulting organic growth that can be driven by Diamondback drill bit.