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• A Realty Income (O) for oil and gas royalties.
• The Franco-Nevada (FNV) of the oil and gas industry.

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• Mineral and Royalty Interests: The company acquires, owns, and manages mineral and royalty interests in oil and natural gas properties, primarily in the Permian Basin, which generate revenue from production.

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Viper Energy (VNOM) sells primarily to other companies, specifically oil and natural gas exploration and production (E&P) companies that operate wells on the properties where Viper Energy holds mineral and royalty interests. These operators pay royalties to Viper Energy based on the production from those wells.

The major customer, which is the primary operator on Viper Energy's acreage and thus the main source of its royalty income, is its parent company:

• Diamondback Energy, Inc. (Symbol: FANG)

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Kaes Van't Hof, Chief Executive Officer and Director

Mr. Van't Hof has served as Chief Executive Officer of Viper Energy since February 2025 and as a director since November 2023. Prior to that, he was the company's President from March 2017 to February 2025. He joined Diamondback Energy, Inc., Viper's parent company, in July 2016 and held various leadership roles, including President of Diamondback since February 2022 and Chief Financial Officer and Executive Vice President of Business Development from March 2019 to February 2022. Earlier in his career, Mr. Van't Hof served as Chief Executive Officer for Bison Drilling and Field Services from September 2012 to June 2016. He also worked as an analyst for Wexford Capital, LP, where he was involved in developing operating models and business plans for Viper's initial public offering, and for Citigroup Global Markets, Inc. in the Investment Banking - Financial Institutions Group.

Jenna Dick, Executive Vice President, Chief Financial Officer, and Assistant Secretary

Ms. Dick has served as Chief Financial Officer, Executive Vice President, and Assistant Secretary of Viper Energy since February 2017. She previously held the role of Chief Financial Officer, Senior Vice President, and Assistant Secretary from February 2014 to February 2017. Prior to her time at Viper, Ms. Dick held a key management position as Controller/Tax Director at Hiland Partners, a publicly traded midstream energy master limited partnership, from June 2006 to November 2007. She brings over 25 years of accounting experience, including public company experience in both audit and tax. Since March 2021, Ms. Dick has also served as a director of The Bank7 Corp.

Austen Gilfillian, President

Mr. Gilfillian has served as President of Viper Energy since February 2025. He previously held the positions of Vice President of Viper from April 2024 to February 2025 and General Manager of Viper from February 2022 to February 2024. Before these roles, he served in various capacities within Diamondback Energy's finance group, which he joined in September 2017.

Will Krueger, Vice President, General Counsel and Secretary

Mr. Krueger has served as Vice President, General Counsel and Secretary of Viper Energy since February 2026. Prior to his current position, he was Vice President of Legal from September 2024 to February 2026. Before joining Viper, Mr. Krueger served on the Board of Managers and as Vice President of Legal, General Counsel, and Secretary of Endeavor Energy Resources from February 2022 to September 2024, and as Associate General Counsel from December 2016 to February 2022.

Travis D. Stice, Director

Mr. Stice has served as a director of Viper Energy since February 2014 and was instrumental in its formation, with the partnership being established by the leadership of Diamondback Energy, Inc.. He previously served as Chief Executive Officer of Viper from February 2014 until February 2025. He has also served as Chief Executive Officer of Diamondback Energy since January 2012 and as a director of Diamondback since November 2012. His extensive career in the oil and gas industry includes roles such as President and Chief Operating Officer of Diamondback, Production Manager at Apache Corporation, Vice President at Laredo Petroleum Holdings, Inc., and Development Manager at ConocoPhillips/Burlington Resources Mid-Continent Business Unit. He held various positions of increasing responsibility at Burlington Resources until its acquisition by ConocoPhillips in March 2006. He began his career with Mobil Oil in 1985.

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The key risks to Viper Energy (VNOM) are primarily driven by the nature of its business as a mineral and royalty interest holder in the oil and natural gas industry.

1. Commodity Price Volatility: Viper Energy's revenue and cash flows are highly susceptible to fluctuations in oil and natural gas prices. These prices are influenced by global economic conditions, supply and demand dynamics, and geopolitical events, all of which are outside the company's control. A significant or prolonged decline in commodity prices can negatively impact the company's financial performance and profitability.

2. Dependence on Third-Party Operators and Lack of Control Over Development: As an owner of mineral and royalty interests, Viper Energy does not directly operate its properties. Its revenue generation and growth are reliant on the drilling and completion activities undertaken by third-party operators, including its parent company, Diamondback Energy, Inc. Viper Energy has limited or no control over the timing, pace, or scope of these development activities, which introduces uncertainty regarding its production volumes and future cash flows.

3. Geographic Concentration Risk: Viper Energy's assets are predominantly concentrated within the Permian Basin. While this basin is a prolific oil and natural gas region, this high geographic concentration exposes the company to localized risks. These can include regional regulatory changes (such as those impacting emissions or water rights), environmental issues specific to the area, or economic downturns that disproportionately affect the Permian Basin, thereby magnifying their potential impact on the company.

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The addressable market for Viper Energy, Inc. (VNOM) is primarily derived from oil and natural gas production within the Permian Basin, where the company holds mineral and royalty interests. This market is located in the United States, specifically spanning West Texas and southeastern New Mexico.

For 2026, the estimated addressable market for oil and natural gas production in the Permian Basin is approximately $165.7 billion USD.

• Oil Production: Crude oil production in the Permian Basin is projected to reach 6.6 million barrels per day (b/d) in 2026. Based on an anticipated average West Texas Intermediate (WTI) crude oil price of approximately $55 per barrel through much of 2026, the annual value of crude oil production in the Permian Basin is estimated to be around $132.5 billion USD.
• Natural Gas Production: Marketed natural gas production in the Permian Basin is expected to grow to 25.8 billion cubic feet per day (Bcf/d) in 2026. Using the 2025 Henry Hub spot price of $3.52 per million British thermal units (MMBtu) as a benchmark, the annual value of natural gas production in the Permian Basin is estimated to be approximately $33.2 billion USD.

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Here are 3-5 expected drivers of future revenue growth for Viper Energy (symbol: VNOM) over the next 2-3 years:

1. Increased Production Volumes: Viper Energy anticipates continued growth in its production. The company raised its total production guidance for 2024 by 1,000 barrels of oil equivalent per day (BOEPD), and expects mid-single-digit organic production growth for 2026. This is supported by the turning of new horizontal wells to production on its acreage. For instance, 381 gross wells were brought online in Q4 2024, contributing to a 9% year-over-year increase in proved reserves.
2. Strategic Acquisitions and Dropdown Transactions: Acquisitions of mineral and royalty interests are a significant driver. Viper Energy completed the Quinn Ranch acquisition for $211 million and has a $1.0 billion dropdown transaction with Diamondback Energy expected to close in Q2 2025. These transactions are projected to substantially increase production, with post-transaction production expected to reach 47,000 to 49,000 barrels per day. Additionally, Diamondback Energy's larger Endeavor deal may present further dropdown opportunities for Viper. In 2025, Viper expanded its Permian Basin acreage by nearly 2.5 times through large mineral acquisitions.
3. Favorable Commodity Prices, particularly Oil: As a royalty interest holder, Viper Energy directly benefits from higher commodity prices. The company has full participation in increasing oil prices until they reach the mid-$90s, and stronger oil prices have already contributed to higher projected free cash flow for 2024.
4. Organic Production Growth on Existing Acreage: Beyond acquisitions, Viper Energy has demonstrated consistent organic growth. For the full year 2023, average oil production increased by 13% compared to the prior year. The company aims for mid-single-digit organic production growth in 2026.

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Share Repurchases

• Viper Energy has approximately $1.2 billion remaining under its share repurchase authorization as of February/March 2026, following a $1.0 billion increase in the program.
• In the fourth quarter of 2025, the company repurchased approximately 2.4 million shares (Class A and Class B with OpCo units) for an aggregate of about $94 million.
• Since the inception of its common stock repurchase program in November 2020 through February 20, 2026, Viper Energy has repurchased approximately 18.9 million shares for a total of $525 million, which has retired over 22% of shares.

Share Issuance

• In March 2026, a secondary public offering of approximately 17.4 million Class A common shares was completed by selling stockholders (including Diamondback Energy, EnCap Investments, and Oaktree Capital Management), generating roughly $798 million in gross proceeds for the selling stockholders. Viper Energy did not receive any proceeds from this offering.
• Between 2016 and 2025, Viper Energy issued approximately $2.8 billion in equity to fund acquisitions.

Outbound Investments

• Viper Energy completed the all-equity Sitio Acquisition, valued at approximately $4.0 billion, and an $873 million cash-and-equity "2025 Drop Down" from a Diamondback affiliate, significantly expanding its Permian Basin footprint.
• In November 2023, Viper acquired mineral and royalty interests from affiliates of Warwick Capital Partners and GRP Energy Capital for approximately $750 million in cash and 9.02 million common units, adding roughly 4,600 net royalty acres in the Permian Basin and other major basins.
• Other acquisitions include approximately 203 net royalty acres in the Midland Basin for about $41.2 million in the first half of 2024, and 660 net royalty acres in the Southern Delaware Basin from Diamondback subsidiaries for $74.5 million in March 2023.

Capital Expenditures

• As a mineral and royalty interest owner, Viper Energy's business model entails zero direct exploration and development capital expenditures, as these costs are borne by the operators of its acreage.
• For Viper Energy, capital expenditures are primarily focused on the acquisition of new mineral and royalty interests to grow its reserve base, particularly within the Permian Basin.
• Between 2016 and 2025, approximately $6 billion was allocated to reserve acquisitions, contributing to a negative investing cash flow of $5.8 billion over the same period.