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March 31, 2020, 6:00 a.m. EDT

Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Provides Supplementary Update on 2020 Hedge Position

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MIDLAND, Texas, Mar 31, 2020 (GLOBE NEWSWIRE via COMTEX) -- Viper Energy Partners LP /zigman2/quotes/206725468/composite VNOM +0.58% ("Viper" or the "Company") today provided an update to its oil hedge position for the remainder of 2020. The Company has now hedged the majority of its production through collars to protect cash flow downside through an anticipated extended weak commodity price environment.

DERIVATIVES UPDATE

As of March 31, 2020, the Company had the following outstanding derivative contracts. The Company's derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing. When aggregating multiple contracts, the weighted average contract price is disclosed.







                                            Crude Oil (Bbls/day, $/Bbl)
                                            Q2 2020         Q3 2020         Q4 2020         FY 2021
        Costless Collars - WTI (Cushing)    14,000          14,000          14,000          10,000
        Long Put Price ($/Bbl)              $     28.86     $     28.86     $     28.66     $   30.00
        Ceiling Price ($/Bbl)               $     32.33     $     32.33     $     32.33     $   43.05
        Swaps - WTI (Cushing)                     1,000           1,000           1,000         --
                                            $     27.45     $     27.45     $     27.45     $   --
        Basis Swaps - WTI (Midland-Cushing)       4,000           4,000           4,000         --
        $                                   (2.60 )       $ (2.60 )       $ (2.60 )       $ --
        








                                           Natural Gas (Mmbtu/day, $/Mmbtu)
                                           Mar 2020       Q2 2020       Q3 2020       Q4 2020
        Natural Gas Basis Swaps - Waha Hub 25,000         25,000        25,000        25,000
                                           $   (2.07 )    $   (2.07 )   $   (2.07 )   $   (2.07 )
        


About Viper Energy Partners LP

Viper is a limited partnership formed by Diamondback Energy, Inc. ("Diamondback") to own, acquire and exploit oil and natural gas properties in North America, with a focus on oil-weighted basins, primarily the Permian Basin and the Eagle Ford Shale. For more information, please visit www.viperenergy.com .

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com .

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than historical facts, that address activities that Viper assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events and commodity prices. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of Viper. Information concerning these risks and other factors can be found in Viper's filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission's web site at http://www.sec.gov . Viper undertakes no obligation to update or revise any forward-looking statement.

Investor Contact:

Adam Lawlis

+1 432.221.7467

alawlis@viperenergy.com

https://ml.globenewswire.com/media/62ada66f-f559-42f3-9bde-d6386f499f38/small/viper-energy-logo.jpg

(C) Copyright 2020 GlobeNewswire, Inc. All rights reserved.

/zigman2/quotes/206725468/composite
US : U.S.: Nasdaq
$ 10.35
+0.06 +0.58%
Volume: 277,801
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
1.16%
Market Cap
$1.64 billion
Rev. per Employee
N/A
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