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 endedDecember 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 tradedDelaware limited partnership formed by Diamondback to own and acquire mineral and royalty interests in oil and natural gas properties primarily in thePermian Basin . We operate in one reportable segment. SinceMay 10, 2018 , we have been treated as a corporation forU.S. federal income tax purposes. As ofMarch 31, 2022 , ourGeneral 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 ourGeneral 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. OnApril 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. OnMarch 31, 2022 ,OPEC and its non-OPEC allies, known collectively as OPEC+, agreed to continue their program (commenced inAugust 2021 ) of gradual monthly output increases, raising its output target by 432,000 Bbl per day forMay 2022 , which is expected to further boost oil supply in response to rising demand. In its report issued onApril 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 inChina . 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 endedMarch 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 theMidland 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 atMarch 31, 2022 . 16
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Cash Distributions on Common Units
OnApril 27, 2022 , the board of directors of ourGeneral Partner declared a cash distribution for the three months endedMarch 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 onMay 19, 2022 to eligible common unitholders of record at the close of business onMay 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 thePermian 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
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
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 ofApril 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. 17
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Comparison of the Three Months Ended
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) 18
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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
Average costs ($/BOE): Production and ad valorem taxes $
4.88
General and administrative - cash component(4) 0.59 0.81 Total operating expense - cash $
5.47
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
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. 19
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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
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$10.61 , respectively. The rate decrease largely resulted from higherSEC oil prices utilized in the reserve calculations in the 2022 period, lengthening the economic life of the reserve base and resulting in higher projected remaining reserve volumes on our wells.
Derivative Instruments
The following table shows the net gain (loss) on derivative instruments and the net cash receipts (payments) on derivatives for the periods presented:
Three Months Ended March 31, 2022 2021 (In thousands) Gain (loss) on derivative instruments$ (18,359) $ (31,504) Net cash receipts (payments) on derivatives(1) $
(10,264)
(1)The three months ended
We recorded losses on our derivative instruments for the three months endedMarch 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." 20
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Comparison of the Three Months Ended
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 21
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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. 22
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Table of Contents 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
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 endedMarch 31, 2022 remained consistent with the three months endedDecember 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$9.97 , respectively. The rate decrease largely resulted from higherSEC oil prices utilized in the reserve calculations in the 2022 period, lengthening the economic life of the reserve base and resulting in higher projected remaining reserve volumes on our wells.
Derivative Instruments
The following table shows the net gain (loss) on derivative instruments and the net cash receipts (payments) on derivatives for the periods presented:
Three Months Ended December 31, March 31, 2022 2021 (In thousands) Gain (loss) on derivative instruments$ (18,359) $ (1,240) Net cash receipts (payments) on derivatives(1) $
(10,264)
(1)The first quarter of 2022 includes cash paid on commodity contracts
terminated prior to their contractual maturity of
We recorded losses on our derivative instruments for the three months endedMarch 31, 2022 andDecember 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." 23
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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 theOperating 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. AtMarch 31, 2022 , we had approximately$285.1 million of liquidity consisting of$33.1 million in cash and cash equivalents and$252.0 million available under theOperating Company's credit agreement. Our working capital requirements are supported by our cash and cash equivalents and theOperating Company's credit agreement. We may draw on theOperating Company's credit agreement to meet short-term cash requirements, or issue debt or equity securities as part of our longer-term liquidity and capital management program. Because of the alternatives available to us as discussed above, we believe that our short-term and long-term liquidity are adequate to fund not only our current operations, but also our near-term and long-term funding requirements including our acquisitions of mineral and royalty interests, distributions, debt service obligations and repayment of debt maturities, common unit and senior note repurchases and any amounts that may ultimately be paid in connection with contingencies.
In order to mitigate volatility in oil and natural gas prices, we have entered into commodity derivative contracts as discussed further in Item 3. Quantitative and Qualitative Disclosures About Market Risk-Commodity Price Risk .
Continued prolonged volatility in the capital, financial and/or credit markets due to the COVID-19 pandemic, the Russian-Ukrainian military conflict, the depressed commodity markets and, or adverse macroeconomic conditions may limit our access to, or increase our cost of, capital or make capital unavailable on terms acceptable to us or at all. Although we expect that our sources of funding will be adequate to fund our short-term and long-term liquidity requirements, we cannot assure you that the needed capital will be available on acceptable terms or at all. Cash Flows
The following table presents our cash flows for the periods indicated:
Three Months Ended March 31, 2022 2021 (In thousands) Cash Flow Data: Net cash provided by (used in) operating activities$ 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 endedMarch 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 24
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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 endedMarch 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 endedMarch 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 endedMarch 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 theOperating Company's revolving credit facility. Net cash used in financing activities during the three months endedMarch 31, 2021 , was primarily related to the repayment of$27.0 million of borrowings under theOperating 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 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 ofMarch 31, 2022 , based on theOperating Company's oil and natural gas reserves and other factors. AtMarch 31, 2022 , theOperating 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 inMay 2022 . During the three months endedMarch 31, 2022 , the weighted average interest rate on borrowings under theOperating Company's revolving credit facility was 2.58%.
As of
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
Capital Requirements
Repurchases of Securities
OnNovember 15, 2021 , the board of directors of ourGeneral 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 endedMarch 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 ofMarch 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 onMay 19, 2022 to common unitholders of record at the close of business onMay 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. 25
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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
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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