The following discussion and analysis should be read in conjunction with our
unaudited condensed consolidated financial statements and notes thereto
presented in this report as well as our audited financial statements and notes
thereto included in our   Annual Report on Form 10-K   for the year ended
December 31, 2021. The following discussion contains "forward-looking
statements" that reflect our future plans, estimates, beliefs, and expected
performance. Actual results and the timing of events may differ materially from
those contained in these forward-looking statements due to a number of factors.
See "  Part II. Item 1A. Risk Factors  " and "  Cautionary Statement Regarding
Forward-Looking Statements  ."

Overview

We are a publicly traded Delaware limited partnership formed by Diamondback to
own and acquire mineral and royalty interests in oil and natural gas properties
primarily in the Permian Basin. We operate in one reportable segment. Since May
10, 2018, we have been treated as a corporation for U.S. federal income tax
purposes.

As of March 31, 2022, our General Partner held a 100% General Partner interest
in us, and Diamondback owned 731,500 of our common units and beneficially owned
all of our 90,709,946 outstanding Class B units, representing approximately 55%
of our total units outstanding. Diamondback also owns and controls our General
Partner.

Recent Developments

Commodity Prices

During 2021 and the first quarter of 2022, NYMEX WTI, has ranged from $47.62 to
$123.70 per Bbl, and the NYMEX Henry Hub price of natural gas has ranged from
$2.45 to $6.31 per MMBtu. On April 13, 2022, the closing NYMEX WTI price for
crude oil was $104.25 per Bbl and the closing NYMEX Henry Hub price of natural
gas was $7.00 per MMBtu. The Russian-Ukrainian military conflict and the
COVID-19 pandemic have contributed to economic and pricing volatility in the
first quarter of 2022 as industry and market participants evaluate global demand
and production outlooks. On March 31, 2022, OPEC and its non-OPEC allies, known
collectively as OPEC+, agreed to continue their program (commenced in August
2021) of gradual monthly output increases, raising its output target by 432,000
Bbl per day for May 2022, which is expected to further boost oil supply in
response to rising demand. In its report issued on April 12, 2022, OPEC noted
its expectation that world oil demand will rise by 3.7 million Bbls per day in
2022, down 480,000 Bbls per day from its previous forecast due to the impact of
the Russian-Ukrainian military conflict, rising inflation and the resurgence of
the Omicron coronavirus variant in China. Although this demand outlook is
expected to underpin oil prices, already seen at a seven-year high in the first
quarter of 2022, we cannot predict any future volatility in commodity prices or
demand for crude oil.

Although demand for oil and natural gas and commodity prices have recently
increased, Diamondback and certain of our other operators have kept production
on our acreage relatively flat during 2022, using excess cash flow for debt
repayment and/or return to their stockholders rather than expanding their
drilling programs. Diamondback also indicated that it intends to continue
exercising capital discipline and will maintain its fourth quarter 2021 oil
production levels flat in 2022. We cannot reasonably predict whether production
levels will remain at current levels or the impact the full extent of the events
above and subsequent recovery may have on our industry and our business.

Due to the improved commodity prices and industry conditions, we were not
required to record an impairment on our proved oil and natural gas interests for
the quarter ended March 31, 2022, based on the results of the quarterly ceiling
test. If commodity prices fall below current levels, we may be required to
record impairments in future periods and such impairments could be material.
Further, if commodity prices decrease, our production, proved reserves and cash
flows may be adversely impacted. Our business may also be adversely impacted by
any pipeline capacity and storage constraints.

Acquisitions and Divestitures Update



In the first quarter of 2022, we had insignificant acquisitions and divested 325
net royalty acres of third party operated acreage located entirely in Upton and
Reagan counties in the Midland Basin for an aggregate sales price of
$29.3 million, subject to post-closing adjustments. This brought our footprint
of mineral and royalty interests to a total of 26,708 net royalty acres at
March 31, 2022.

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Cash Distributions on Common Units



On April 27, 2022, the board of directors of our General Partner declared a cash
distribution for the three months ended March 31, 2022 of $0.67 per common unit,
maintaining our distribution from the fourth quarter of 2021 of 70% of cash
available for distribution. The distribution is payable on May 19, 2022 to
eligible common unitholders of record at the close of business on May 12, 2022.
We expect to continue to generate robust amounts of free cash flow and
subsequently use that cash to both reduce debt and increase our return on
capital to unitholders.

Production and Operational Update



Third party operated net wells turned to production on our acreage during the
first quarter of 2022 are at their highest level since the second quarter of
2019, and third party operated gross wells turned to production during the
quarter were the highest in the Partnership's history. There are currently 44
rigs operating on our mineral and royalty acreage, eight of which are operated
by Diamondback. Our production and free cash flow outlook is expected to be
driven by Diamondback's continued focus on developing our acreage, as well as
our exposure to other well-capitalized operators in the Permian Basin. We have
increased our production outlook for 2022 and have a high level of visibility
into Diamondback's anticipated forward development plan that is expected to
bolster oil production for Viper not only for the next several quarters, but in
the coming years.

The following table summarizes our gross well information as of the dates
indicated:

                                                                                        Third Party
                                                         Diamondback Operated            Operated               Total

Horizontal wells turned to production (first quarter 2022)(1): Gross wells

                                                                 45                     230                275
Net 100% royalty interest wells                                            2.0                     1.9                3.9
Average percent net royalty interest                                    4.4  %                  0.8  %             1.4  %

Horizontal producing well count (as of April 13, 2022): Gross wells

                                                              1,384                   4,357              5,741
Net 100% royalty interest wells                                          104.2                    60.4              164.6
Average percent net royalty interest                                    7.5  %                  1.4  %             2.9  %

Horizontal active development well count (as of April 13, 2022)(2): Gross wells

                                                                 91                     382                473
Net 100% royalty interest wells                                            6.8                     3.7               10.5
Average percent net royalty interest                                    7.5  %                  1.0  %             2.2  %

Line of sight wells (as of April 13, 2022)(3):
Gross wells                                                                167                     511                678
Net 100% royalty interest wells                                            9.4                     3.6               13.0
Average percent net royalty interest                                    5.6  %                  0.7  %             1.9  %


(1) Average lateral length of 10,519.
(2) The total 473 gross wells currently in the process of active development are
those wells that have been spud and are expected to be turned to production
within approximately the next six to eight months.
(3) The total 678 gross line-of-sight wells are those that are not currently in
the process of active development, but for which we have reason to believe that
they will be turned to production within approximately the next 15 to 18 months.
The expected timing of these line-of-sight wells is based primarily on
permitting by third party operators or Diamondback's current expected completion
schedule. Existing permits or active development of our royalty acreage does not
ensure that those wells will be turned to production given the volatility in oil
prices.

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Comparison of the Three Months Ended March 31, 2022 and 2021

Results of Operations

The following table summarizes our income and expenses for the periods indicated:



                                                                              Three Months Ended March 31,
                                                                                2022                   2021
                                                                                     (In thousands)

Operating income:
Oil income                                                               $        155,051          $   78,344
Natural gas income                                                                 15,190               9,044
Natural gas liquids income                                                         22,848               9,124
Royalty income                                                                    193,089              96,512
Lease bonus income                                                                  8,682                 325

Other operating income                                                                132                 139
Total operating income                                                            201,903              96,976
Costs and expenses:
Production and ad valorem taxes                                                    13,870               6,649

Depletion                                                                          27,411              24,886

General and administrative expenses                                                 1,953               2,221

Total costs and expenses                                                           43,234              33,756
Income (loss) from operations                                                     158,669              63,220
Other income (expense):
Interest expense, net                                                              (9,645)             (7,860)

Gain (loss) on derivative instruments, net                                        (18,359)            (31,504)

Other income, net                                                                       6                  38
Total other expense, net                                                          (27,998)            (39,326)
Income (loss) before income taxes                                                 130,671              23,894
Provision for (benefit from) income taxes                                           2,630                  35
Net income (loss)                                                                 128,041              23,859
Net income (loss) attributable to non-controlling interest                        111,436              26,879
Net income (loss) attributable to Viper Energy Partners LP               $         16,605          $   (3,020)



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The following table summarizes our production data, average sales prices and average costs for the periods indicated:



                                                                      Three Months Ended March 31,
                                                                        2022                  2021
Production data:
Oil (MBbls)                                                                1,633               1,395
Natural gas (MMcf)                                                         3,729               3,262
Natural gas liquids (MBbls)                                                  586                 407
Combined volumes (MBOE)(1)                                                 2,841               2,346

Average daily oil volumes (BO/d)                                          18,144              15,500
Average daily combined volumes (BOE/d)                                    31,567              26,066

Average sales prices:
Oil ($/Bbl)                                                       $        94.95          $    56.16
Natural gas ($/Mcf)                                               $         4.07          $     2.77
Natural gas liquids ($/Bbl)                                       $        38.99          $    22.42
Combined ($/BOE)(2)                                               $        67.97          $    41.14

Oil, hedged ($/Bbl)(3)                                            $        92.05          $    45.45
Natural gas, hedged ($/Mcf)(3)                                    $         3.71          $     2.77
Natural gas liquids ($/Bbl)(3)                                    $        38.99          $    22.42
Combined price, hedged ($/BOE)(3)                                 $        

65.82 $ 34.77



Average costs ($/BOE):
Production and ad valorem taxes                                   $         

4.88 $ 2.83



General and administrative - cash component(4)                              0.59                0.81
Total operating expense - cash                                    $         

5.47 $ 3.64



General and administrative - non-cash unit compensation expense   $         0.10          $     0.13
Interest expense, net                                             $         3.39          $     3.35
Depletion                                                         $         9.65          $    10.61


(1)Bbl equivalents are calculated using a conversion rate of six Mcf per one
Bbl.
(2)Realized price net of all deducts for gathering, transportation and
processing.
(3)Hedged prices reflect the impact of cash settlements of our matured commodity
derivative transactions on our average sales prices.
(4)Excludes non-cash unit-based compensation expense for the respective periods
presented.

Royalty Income

Our royalty income is a function of oil, natural gas liquids and natural gas production volumes sold and average prices received for those volumes.

Royalty income increased $96.6 million during the first quarter of 2022 compared to the same period in 2021. As discussed in "- Recent Developments ", the record high oil prices and to a lesser extent, the continuing recovery in natural gas and natural gas liquids prices, contributed approximately $77.9 million of the total increase.



The 21% increase in production volumes during the first quarter of 2022 compared
to the same period in 2021 contributed the remaining $18.7 million of the total
increase in royalty income. This production growth is primarily attributable to
new well additions between periods.

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Lease Bonus Income



Lease bonus income increased during the first quarter of 2022 compared to the
same period in 2021 due primarily to leasing certain assets we acquired in the
Swallowtail Acquisition to Diamondback.

Production and Ad Valorem Taxes

The following table presents production and ad valorem taxes for the three months ended March 31, 2022 and 2021:



                                                                                Three Months Ended March 31,
                                                          2022                                                                2021
                                    Amount                                 Percentage of               Amount                                 Percentage of
                                (In thousands)          Per BOE           Royalty Income           (In thousands)          Per BOE           Royalty Income
Production taxes              $         9,870          $  3.47                       5.1  %       $        4,823          $  2.05                       5.0  %
Ad valorem taxes                        4,000             1.41                       2.1                   1,826             0.78                       1.9
Total production and ad
valorem taxes                 $        13,870          $  4.88                       7.2  %       $        6,649          $  2.83                       6.9  %



In general, production taxes are directly related to production revenues and are
based upon current year commodity prices. Production taxes as a percentage of
royalty income for the first quarter of 2022 remained consistent with the same
period in 2021. Ad valorem taxes are based, among other factors, on property
values driven by prior year commodity prices. Ad valorem taxes as a percentage
of royalty income for first quarter of 2022 compared to the same period in 2021
increased due to higher valuations assigned to our oil and natural gas interests
period over period driven by higher commodity prices.

Depletion



The $2.5 million, or 10%, increase in depletion expense for the first quarter of
2022 compared to the same period in 2021 was due primarily to higher production
volumes, which was partially offset by a decrease in the depletion rate to $9.65
from $10.61, respectively. The rate decrease largely resulted from higher SEC
oil prices utilized in the reserve calculations in the 2022 period, lengthening
the economic life of the reserve base and resulting in higher projected
remaining reserve volumes on our wells.

Derivative Instruments

The following table shows the net gain (loss) on derivative instruments and the net cash receipts (payments) on derivatives for the periods presented:



                                                                        Three Months Ended March 31,
                                                                           2022                  2021
                                                                               (In thousands)
Gain (loss) on derivative instruments                               $       (18,359)         $ (31,504)
Net cash receipts (payments) on derivatives(1)                      $       

(10,264) $ (14,942)

(1)The three months ended March 31, 2022 includes cash paid on commodity contracts terminated prior to their contractual maturity of $4.2 million.



We recorded losses on our derivative instruments for the three months ended
March 31, 2022 and 2021 primarily due to market prices being higher than the
strike prices on our derivative contracts. We are required to recognize all
derivative instruments on our balance sheet as either assets or liabilities
measured at fair value. We have not designated our derivative instruments as
hedges for accounting purposes. As a result, we mark our derivative instruments
to fair value and recognize the cash and non-cash changes in fair value on
derivative instruments in our condensed consolidated statements of operations
under the line item captioned "Gain (loss) on derivative instruments, net."

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Comparison of the Three Months Ended March 31, 2022 and December 31, 2021



As noted in "-  Recent Developments  ", the markets for oil and natural gas are
highly volatile and are influenced by a number of factors which can lead to
significant changes in our results of operations and management's operational
strategy on a quarterly basis. As a result, beginning with the first quarter of
2022, we have elected to change our results of operations discussion to focus on
a comparison of the current quarter's results of operations with those of the
immediately preceding quarter. We believe the change in our discussion will
provide investors with a more meaningful analysis of material operational and
financial changes which occurred during the quarter based on current market and
operational trends.

Results of Operations

The following table summarizes our income and expenses for the periods
indicated:

                                                                                Three Months Ended
                                                                                               December 31,
                                                                       March 31, 2022              2021
                                                                                  (In thousands)

Operating income:
Oil income                                                           $       155,051          $    125,063
Natural gas income                                                            15,190                18,546
Natural gas liquids income                                                    22,848                20,306
Royalty income                                                               193,089               163,915
Lease bonus income                                                             8,682                 1,731

Other operating income                                                           132                   141
Total operating income                                                       201,903               165,787
Costs and expenses:
Production and ad valorem taxes                                               13,870                 9,132

Depletion                                                                     27,411                28,757

General and administrative expenses                                            1,953                 1,682

Total costs and expenses                                                      43,234                39,571
Income (loss) from operations                                                158,669               126,216
Other income (expense):
Interest expense, net                                                         (9,645)               (9,883)

Gain (loss) on derivative instruments, net                                   (18,359)                1,240

Other income, net                                                                  6                     2
Total other expense, net                                                     (27,998)               (8,641)
Income (loss) before income taxes                                            130,671               117,575
Provision for (benefit from) income taxes                                      2,630                   580
Net income (loss)                                                            128,041               116,995
Net income (loss) attributable to non-controlling interest                   111,436                77,530
Net income (loss) attributable to Viper Energy Partners LP           $        16,605          $     39,465



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The following table summarizes our production data, average sales prices and average costs for the periods indicated:

Three Months Ended


                                                                  March 31, 2022            December 31, 2021
Production data:
Oil (MBbls)                                                           1,633                            1,690
Natural gas (MMcf)                                                    3,729                            3,844
Natural gas liquids (MBbls)                                             586                              554
Combined volumes (MBOE)(1)                                            2,841                            2,885

Average daily oil volumes (BO/d)                                     18,144                           18,370
Average daily combined volumes (BOE/d)                               31,567                           31,359

Average sales prices:
Oil ($/Bbl)                                                           94.95                            74.00
Natural gas ($/Mcf)                                                    4.07                             4.82
Natural gas liquids ($/Bbl)                                           38.99                            36.65
Combined ($/BOE)(2)                                                   67.97                            56.82

Oil, hedged ($/Bbl)(3)                                                92.05                            55.42
Natural gas, hedged ($/Mcf)(3)                                         3.71                             4.82
Natural gas liquids ($/Bbl)(3)                                        38.99                            36.65
Combined price, hedged ($/BOE)(3)                                     65.82                            45.94

Average costs ($/BOE):
Production and ad valorem taxes                                $       4.88               $             3.17

General and administrative - cash component(4)                         0.59                             0.48
Total operating expense - cash                                 $       5.47               $             3.65

General and administrative - non-cash unit compensation
expense                                                        $       0.10               $             0.10
Interest expense, net                                          $       3.39               $             3.43
Depletion                                                      $       9.65               $             9.97


(1)Bbl equivalents are calculated using a conversion rate of six Mcf per one
Bbl.
(2)Realized price net of all deducts for gathering, transportation and
processing.
(3)Hedged prices reflect the impact of cash settlements of our matured commodity
derivative transactions on our average sales prices.
(4)Excludes non-cash unit-based compensation expense for the respective periods
presented.

Royalty Income

Our royalty income is a function of oil, natural gas liquids and natural gas production volumes sold and average prices received for those volumes.



Royalty income increased $29.2 million during the first quarter of 2022,
compared to the fourth quarter of 2021. As discussed in "-  Recent
Developments  ", the record high oil prices and to a lesser extent, the
continuing recovery in natural gas and natural gas liquids prices, partially
offset by a decrease in average natural gas prices, contributed approximately
$32.8 million of the total increase.

The 2% decrease in production volumes during the first quarter of 2022 compared
to the fourth quarter of 2021 offset approximately $3.6 million of the total
increase in royalty income. The decrease in production is primarily due to
having two fewer days of production in the first quarter of 2022 compared to the
fourth quarter of 2021.
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Lease Bonus Income

Lease bonus income increased during the first quarter of 2022 compared to the
fourth quarter of 2021 due primarily to leasing certain assets we acquired in
the Swallowtail Acquisition to Diamondback.

Production and Ad Valorem Taxes

The following table presents production and ad valorem taxes for the three months ended March 31, 2022 and December 31, 2021:



                                                                                     Three Months Ended
                                                     March 31, 2022                                                     December 31, 2021
                                    Amount                                 Percentage of                Amount                                 Percentage of
                                (In thousands)          Per BOE           Royalty Income            (In thousands)          Per BOE           Royalty Income
Production taxes              $         9,870          $  3.47                       5.1  %       $         8,702          $  3.02                       5.3  %
Ad valorem taxes                        4,000             1.41                       2.1                      430             0.15                       0.3
Total production and ad
valorem taxes                 $        13,870          $  4.88                       7.2  %       $         9,132          $  3.17                       5.6  %



In general, production taxes are directly related to production revenues and are
based upon current year commodity prices. Production taxes as a percentage of
royalty income for the three months ended March 31, 2022 remained consistent
with the three months ended December 31, 2021. Ad valorem taxes are based, among
other factors, on property values driven by prior year commodity prices. Ad
valorem taxes as a percentage of royalty income for the first quarter of 2022
compared to the fourth quarter of 2021. The increase is primarily due to the
fourth quarter of 2021 including a downward revision to ad valorem taxes accrued
for the full year of 2021 based on actual assessments received from our tax
jurisdictions. Additionally, ad valorem tax accrued in the first quarter of 2022
increased due to higher expected valuations of our oil and natural gas interests
in 2022 driven by higher commodity prices.

Depletion



The $1.3 million, or 5%, decrease in depletion expense for the first quarter of
2022 compared to the fourth quarter of 2021 was due primarily to a decrease in
production, coupled with a decline in the depletion rate to $9.65 from $9.97,
respectively. The rate decrease largely resulted from higher SEC oil prices
utilized in the reserve calculations in the 2022 period, lengthening the
economic life of the reserve base and resulting in higher projected remaining
reserve volumes on our wells.

Derivative Instruments

The following table shows the net gain (loss) on derivative instruments and the net cash receipts (payments) on derivatives for the periods presented:



                                                                          Three Months Ended
                                                                                         December 31,
                                                                 March 31, 2022              2021
                                                                            (In thousands)
Gain (loss) on derivative instruments                          $       (18,359)         $     (1,240)
Net cash receipts (payments) on derivatives(1)                 $       

(10,264) $ (31,397)

(1)The first quarter of 2022 includes cash paid on commodity contracts terminated prior to their contractual maturity of $4.2 million.



We recorded losses on our derivative instruments for the three months ended
March 31, 2022 and December 31, 2021 primarily due to market prices being higher
than the strike prices on our derivative contracts. We are required to recognize
all derivative instruments on our balance sheet as either assets or liabilities
measured at fair value. We have not designated our derivative instruments as
hedges for accounting purposes. As a result, we mark our derivative instruments
to fair value and recognize the cash and non-cash changes in fair value on
derivative instruments in our condensed consolidated statements of operations
under the line item captioned "Gain (loss) on derivative instruments, net."
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Liquidity and Capital Resources

Overview of Sources and Uses of Cash



As we pursue our business and financial strategy, we regularly consider which
capital resources, including cash flow and equity and debt financings, are
available to meet our future financial obligations and liquidity requirements.
Our future ability to grow proved reserves will be highly dependent on the
capital resources available to us. Our primary sources of liquidity have been
cash flows from operations, proceeds from sales of non-core assets and
investments, equity and debt offerings and borrowings under the Operating
Company's credit agreement. Our primary uses of cash have been distributions to
our unitholders, repayment of debt, capital expenditures for the acquisition of
our mineral interests and royalty interests in oil and natural gas properties
and repurchases of our common units and senior notes. At March 31, 2022, we had
approximately $285.1 million of liquidity consisting of $33.1 million in cash
and cash equivalents and $252.0 million available under the Operating Company's
credit agreement.

Our working capital requirements are supported by our cash and cash equivalents
and the Operating Company's credit agreement. We may draw on the Operating
Company's credit agreement to meet short-term cash requirements, or issue debt
or equity securities as part of our longer-term liquidity and capital management
program. Because of the alternatives available to us as discussed above, we
believe that our short-term and long-term liquidity are adequate to fund not
only our current operations, but also our near-term and long-term funding
requirements including our acquisitions of mineral and royalty interests,
distributions, debt service obligations and repayment of debt maturities, common
unit and senior note repurchases and any amounts that may ultimately be paid in
connection with contingencies.

In order to mitigate volatility in oil and natural gas prices, we have entered into commodity derivative contracts as discussed further in Item 3. Quantitative and Qualitative Disclosures About Market Risk-Commodity Price Risk .



Continued prolonged volatility in the capital, financial and/or credit markets
due to the COVID-19 pandemic, the Russian-Ukrainian military conflict, the
depressed commodity markets and, or adverse macroeconomic conditions may limit
our access to, or increase our cost of, capital or make capital unavailable on
terms acceptable to us or at all. Although we expect that our sources of funding
will be adequate to fund our short-term and long-term liquidity requirements, we
cannot assure you that the needed capital will be available on acceptable terms
or at all.

Cash Flows

The following table presents our cash flows for the periods indicated:



                                                                   Three Months Ended March 31,
                                                                     2022                2021
                                                                          (In thousands)
Cash Flow Data:
Net cash provided by (used in) operating activities              $  135,838          $  54,659
Net cash provided by (used in) investing activities                  31,957                (74)
Net cash provided by (used in) financing activities                (174,177)           (61,979)
Net increase (decrease) in cash and cash equivalents             $   (6,382)         $  (7,394)



Operating Activities

Our operating cash flow is sensitive to many variables, the most significant of
which are the volatility of prices for oil and natural gas and the volumes of
oil and natural gas sold by our producers as discussed in "-  Result    s of
Operations  " above. Prices for these commodities are determined primarily by
prevailing market conditions. Regional and worldwide economic activity, extreme
weather conditions and other substantially variable factors influence market
conditions for these products. These factors are beyond our control and are
difficult to predict. The increase in net cash provided by operating activities
during the three months ended March 31, 2022 compared to the same period in 2021
was primarily driven by (i) higher royalty income, (ii) an increase in lease
bonus income and (iii) a decrease in cash paid for derivative settlements. These
increases in cash flow were partially offset by (i) changes in our working
capital accounts, most notably through an increase in our accounts receivable in
2022 compared to 2021 due primarily to higher market prices for our oil sales
and the timing of our receipt of
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royalty income payments from our operators and (ii) an increase in production and ad valorem expenses due to the corresponding increase in royalty income.

Investing Activities



Net cash provided by investing activities during the three months ended March
31, 2022, was primarily related to proceeds from the divestitures of oil and
natural gas interests. There were no significant acquisitions or divestitures of
oil and natural gas interests during the three months ended March 31, 2021.

Financing Activities



Consistent with our previously announced strategy to return cash flow to
unitholders, net cash used in financing activities during the three months ended
March 31, 2022, was primarily related to distributions of $78.9 million to our
unitholders and $39.3 million of common unit repurchases during the first
quarter of 2022 as discussed below. Additionally, we made net repayments of
$56.0 million on the Operating Company's revolving credit facility.

Net cash used in financing activities during the three months ended March 31,
2021, was primarily related to the repayment of $27.0 million of borrowings
under the Operating Company's revolving credit facility, distributions of $21.9
million to our unitholders and $13.0 million of repurchases of our common units
during the first quarter of 2021 as discussed below.

Capital Resources

The Operating Company's Revolving Credit Facility

The Operating Company's credit agreement, as amended to date, provides for a
revolving credit facility in the maximum credit amount of $2.0 billion, with a
borrowing base of $580.0 million as of March 31, 2022, based on the Operating
Company's oil and natural gas reserves and other factors. At March 31, 2022, the
Operating Company had elected a commitment amount of $500.0 million on its
credit agreement with $248.0 million of outstanding borrowings. The borrowing
base of $580.0 million is expected to be reaffirmed by the lenders during the
regularly scheduled (semi-annual) spring 2022 redetermination in May 2022.
During the three months ended March 31, 2022, the weighted average interest rate
on borrowings under the Operating Company's revolving credit facility was 2.58%.

As of March 31, 2022, the Operating Company was in compliance, and expects to be in compliance, with all financial maintenance covenants under its credit agreement.

See Note 6- Debt of the notes to the condensed consolidated financial statements included elsewhere in this report for additional discussion of our outstanding debt at March 31, 2022.

Capital Requirements

Repurchases of Securities



On November 15, 2021, the board of directors of our General Partner approved an
increase of the authorization of its common unit repurchase program to
$150.0 million of our outstanding common units and extended the authorization
indefinitely. During the three months ended March 31, 2022, we repurchased
approximately $39.3 million of common units under the repurchase program, which
includes approximately $37.3 million for the repurchase of 1.5 million common
units from an affiliate in a privately negotiated transaction. As of March 31,
2022, $40.7 million remains available for use to repurchase units under the
repurchase program. See Note 7-  Unitholders' Equity and Distributions   of the
notes to our condensed consolidated financial statements included elsewhere in
this report for further discussion of the unit repurchase program.

We may also from time to time opportunistically repurchase some of the outstanding Notes in open market purchases or in privately negotiated transactions.

Cash Distributions



The distribution for the first quarter of 2022 of $0.67 per common unit is
payable on May 19, 2022 to common unitholders of record at the close of business
on May 12, 2022. See Note 7-  Unitholders' Equity and Distributions   of the
notes to the condensed consolidated financial statements included elsewhere in
this report for further discussion of our distributions.
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Critical Accounting Estimates

There have been no changes to our critical accounting estimates from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021.

Recent Accounting Pronouncements



See Note 2-  Summary of Significant Accounting Policies   to the notes of our
condensed consolidated financial statements included elsewhere in this report
for a listing of our significant accounting policies.

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