Viper Energy, Inc.

Viper Energy, Inc. (NASDAQ: VNOM) is a publicly traded Delaware corporation focused on owning and acquiring mineral and royalty interests in oil and natural gas properties, primarily in the Permian Basin. The company operates in a single reportable segment and generates revenue through royalty income from mineral and royalty interests leased to working interest owners who bear the costs of operation and development.

As of December 31, 2025, Viper's asset base consisted of mineral interests and royalty interests underlying approximately 4.46 million gross royalty acres and 96,003 net royalty acres, with the majority positioned in the core of the Midland and Delaware Basins. The company's properties contained 43,355 gross productive wells, with Diamondback Energy serving as the operator of approximately 35 percent of net royalty acreage. Fourth quarter 2025 net production reached approximately 134,000 barrels of oil equivalent per day, while full-year 2025 production averaged 95,126 BOE/d. For 2025, royalty income totaled 1.3 billion dollars.

Viper's proved reserves as of December 31, 2025, totaled 406,035 million barrels of oil equivalent, with approximately 78 percent classified as proved developed producing reserves. The reserve composition was approximately 48 percent oil, 26 percent natural gas, and 26 percent natural gas liquids. The company employs no direct employees, with Diamondback providing management, operating, and administrative services under a services and secondment agreement.

The company has executed significant transactions to expand its footprint. In August 2025, Viper completed the acquisition of Sitio Royalties Corp. in an all-equity transaction valued at approximately 4.0 billion dollars, adding approximately 34,300 net royalty acres. In May 2025, the company acquired mineral and royalty interests from Endeavor Energy Resources representing approximately 24,446 net royalty acres in the Permian Basin. Subsequently, in February 2026, Viper divested non-Permian assets in the Denver-Julesburg, Eagle Ford, and Williston basins for approximately 617 million dollars in net cash proceeds.

Viper's business model emphasizes generating robust free cash flow, managing capital structure, and reducing debt while maintaining a conservative leverage profile. The company's competitive advantages include its oil-rich resource base in the Permian Basin, sustainable high-margin business unburdened by capital expenses, and access to Diamondback's management expertise and industry relationships.