The following is a summary of the Viper Energy, Inc. (VNOM) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Viper Energy continued its strong performance into the third quarter of 2024, with highlights including ongoing organic production growth and closing of the Tumbleweed acquisition.

• Notably, Diamondback's merger with Endeavor has enhanced operations, contributing to further growth.

Business Progress:

• The closing of the Tumbleweed acquisition marks significant progress in Viper Energy's strategy of consolidating high-quality mineral and royalty assets.

• Achieved key milestones by being added to the S&P MidCap 400 and Russell 1000, reflecting their strategy execution and increased market presence.

Opportunities:

• Anticipated benefits from Diamondback's merger with Endeavor, previously a significant third-party operator on Viper's royalty assets, should lead to optimized well planning and potentially boost output in 2026.

• Growing investor base and trading liquidity post conversion to a Delaware corporation support Viper Energy's ability to raise equity capital.

• Potential new consolidation opportunities in the mineral asset space are enhanced by Viper's unique market position.

Risks:

• The acquisitive and consolidation strategy involves risks related to integration and realizing anticipated synergies.

• The operational and financial impacts of raising leverage, even modestly, for the forthcoming substantial transaction.

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