Viper Energy, Inc.

Welcome to the Viper Energy third quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. 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 Wallace, VP of Investor Relations. Please go ahead.

Thank you, Stephen. Good morning, and welcome to Viper Energy Partners' third 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 Travis Tsai, CEO of Case Vantoff President, and Austin Gilfillan, Vice President. During this conference call, the participants may make certain forward-looking statements relating to the company's financial condition, 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 Dice.

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 acquisitions. 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 and 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 site 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, alignment with a parent operating company that has helped Viper deliver consistent organic growth, and a current size and scale that positions us as a strategic consolidator in what remains a highly fragmented minerals and royalty space. In addition to these attributes, Our market presence and acquisition strategy has been greatly enhanced now that we are one year post-conversion to a Delaware corporation. Looking back 12 months later, we've witnessed a dramatic change in our investor base and trading liquidity. On this point, Viper was added to the S&P MidCap 400 in September following being added to the Russell 1000 during the second quarter. both of which are milestones that demonstrate the continued execution of our strategy in highlighting the advantage nature of mineral ownership and the unique value proposition that Viper presents within the space, as well as in the energy complex more broadly. Operator, please open the line for questions.