Viper Energy Partners LP, a subsidiary of Diamondback Energy, reported average daily production of 27,575 boe/d (17,441 bo/d), a 6% increase from fourth quarter 2019 following 2020 average production guidance of 22,500-27,000 boe/d (14,000-17,000 bo/d). Forward production guidance has been reduced for second and third quarter to 22,000-24,500 boe/d (13,500-15,000 bo/d).
A total of 192 gross horizontal wells (4.6 net 100% royalty interest) turned to production on Viper’s acreage during the first quarter with an average lateral length of 9,306 ft. Diamondback is operator of 78 wells with average royalty interest of 3.8%, and the balance are operated by third parties with average royalty interest of 1.4%.
There are 569 gross (9.5 net 100% royalty interest) wells currently in the process of active development on Viper royalty acreage including 37 active rigs and a further 429 gross (8.2 net 100% royalty interest) line-of-sight wells which have not yet started development. Diamondback has 77 gross horizontal operated wells in development in which Viper expects to own an average 6.6% net royalty interest (5.1 net 100% royalty interest wells).
Total operating income for the quarter was $78.7 million and consolidated net loss (including non-controlling interest) was $123.9 million.