Viper Energy Partners LP, which is working to consolidate fragmented property in the Permian Basin, expects its oil-weighted third quarter output to increase about 9% sequentially.

Production between July and September averaged 21,265 boe/d and was 64% weighted to oil, the subsidiary of Midland, TX-based Diamondback Energy Inc. said. In addition, 25 acquisitions were completed across the Permian between July and September at a cost of $193.6 million, lifting interests by 1,272 net royalty acres to 17,142 total.

The partnership has said it expects full-year output to increase by 26% year/year and average 21,500-22,000 boe/d. Viper is accelerating development within the Spanish Trail formation and from the purchase in September of Santa Elena Minerals LP to give it a more contiguous leasehold for Diamondback in West Texas. Diamondback operates about 52% of Viper’s holdings.

The package of acquisitions in West Texas and southeastern New Mexico during the quarter “highlight Viper’s unique ability to leverage our scale to aggressively consolidate the fragmented private minerals market in the Permian Basin,” Viper general partner CEO Travis Stice said. He also is CEO of Diamondback.

“To date in 2019, our acquisition machine has now acquired over 9,000 net royalty acres for approximately $1.2 billion across more than 100 transactions, and importantly, we have more than doubled our exposure to Diamondback-operated properties.”

Minus the latest acquisitions, Viper’s organic output increased sequentially by 7%, “driven primarily by 10 wells turned to production in Spanish Trail in which Viper owned an average net royalty interest of 22%,” Stice said. A “significant portion of Diamondback’s expected 2020 completions will be wells on Viper’s acreage.”

At the end of September Viper was developing 387 gross horizontal wells in which it would hold an average 2.1% net royalty interest; the majority interest is held by Diamondback.

Viper was launched in 2014 by Diamondback as the first U.S.-listed master limited partnership whose revenue is derived only from owning mineral rights.