Here are 1-2 brief analogies to describe Viper Energy (VNOM):

• Similar to American Tower (AMT), but for oil and gas mineral rights instead of cell towers.
• Similar to Dolby (DLB), but for underground oil and gas reserves instead of audio technology.

• Oil Royalty Income: Revenue generated from a percentage share of oil produced by third-party operators on properties where Viper Energy owns mineral and royalty interests.
• Natural Gas Royalty Income: Revenue generated from a percentage share of natural gas produced by third-party operators on properties where Viper Energy owns mineral and royalty interests.
• Natural Gas Liquids (NGL) Royalty Income: Revenue generated from a percentage share of natural gas liquids produced by third-party operators on properties where Viper Energy owns mineral and royalty interests.

• Diamondback Energy, Inc. (FANG)

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. Prior to this, he was President from March 2017 to February 2025 and a director since November 2023. He joined Diamondback Energy, Viper's parent company, in July 2016 as Vice President of Strategy and Corporate Development, advancing to Senior Vice President of Strategy and Corporate Development in February 2017. Before his tenure at Diamondback, Mr. Van't Hof was CEO of 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, including for Viper's initial public offering, from August 2011 to August 2012. He previously worked in the Investment Banking-Financial Institutions Group of Citigroup Global Markets, Inc. from February 2010 to July 2011. Mr. Van't Hof was also a professional tennis player from May 2008 to January 2010. He received a Bachelor of Science in Accounting and Business Administration from the University of Southern California.

Teresa L. 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. Prior to this, she was Chief Financial Officer, Senior Vice President, and Assistant Secretary from February 2014 to February 2017. She has also served as Diamondback Energy's Executive Vice President and Chief Accounting Officer since March 2019. Her roles at Diamondback Energy also include Executive Vice President and Chief Financial Officer from February 2017 to February 2019, Assistant Secretary since October 2012, Chief Financial Officer and Senior Vice President from November 2009 to February 2017, and Corporate Controller from November 2007 until November 2009. From June 2006 to November 2007, Ms. Dick was the Controller/Tax Director at Hiland Partners, a publicly traded midstream energy master limited partnership. She has over 25 years of accounting experience, including in public company audit and tax. Since March 2021, Ms. Dick has served as a director of The Bank7 Corp. (Nasdaq: BSVN). She is a Certified Public Accountant and holds a Bachelor of Business Administration in Accounting from the University of Northern Colorado.

Austen Gilfillian President

Mr. Gilfillian has served as President of Viper Energy since February 2025. He previously held the position of Vice President of Viper from April 2024 to February 2025, and General Manager from February 2022 to February 2024. Before his roles at Viper, he served in various capacities within Diamondback Energy's finance group, which he joined in September 2017. Mr. Gilfillian earned a Bachelor of Science in Business Administration and Economics from Trinity University.

Al Barkmann Executive Vice President and Chief Engineer

Mr. Barkmann has served as Executive Vice President and Chief Engineer of Viper Energy. He holds a Bachelor of Science in Petroleum from Louisiana State University.

Matt Zmigrosky Executive Vice President, General Counsel, and Secretary

Mr. Zmigrosky has served as Executive Vice President, General Counsel, and Secretary for Viper Energy's General Partner. He received a Bachelor of Science in Management degree in finance from Tulane University and a Juris Doctorate degree from Southern Methodist University Dedman School of Law.

The key risks to Viper Energy's (VNOM) business are primarily related to its operational model and market exposure:

1. Commodity Price Volatility: Viper Energy's revenue is directly and heavily dependent on the fluctuating prices of oil and natural gas. Sustained lower commodity prices can significantly impact its royalty revenue and overall financial performance.
2. Lack of Control Over Acreage Development/Third-Party Reliance: As a mineral and royalty interest owner, Viper Energy relies on third-party operators, predominantly Diamondback Energy, for drilling and production activities on its acreage. This means Viper Energy has no direct control over the pace, methods, or costs of these operations, which can affect its production volumes and ultimately its cash flow.
3. Asset Concentration in the Permian Basin: Viper Energy's asset portfolio is highly concentrated in the Permian Basin. While a prolific region, this geographic concentration exposes the company to region-specific risks, including potential regulatory changes, infrastructure constraints, environmental issues, or other operational challenges unique to that area.

Viper Energy (NASDAQ: VNOM) primarily focuses on owning, acquiring, and exploiting mineral and royalty interests in oil and natural gas properties, predominantly within the Permian Basin in the United States. The company generates revenue through royalty payments from the production of crude oil, natural gas, and natural gas liquids (NGLs) from these properties.

The addressable market for Viper Energy can be contextualized by the overall value of oil and natural gas production in the Permian Basin, from which the company derives its royalties. The U.S. oil and gas market size is projected to be approximately $1.61 trillion in 2025 and is expected to grow to around $2.24 trillion by 2034. The Permian Basin segment alone accounted for a significant 44% share of the U.S. oil and gas market in 2024.

Based on this, the estimated addressable market for oil and gas production in the Permian Basin, which is the primary region for Viper Energy's operations, is approximately $708.4 billion in 2025 (44% of $1.61 trillion). This market size is for the United States, specifically concentrated in the Permian Basin, which spans West Texas and southeastern New Mexico.

For additional context, the Permian Basin's oil and natural gas activity contributed an estimated $181.8 billion in Gross Domestic Product (GDP) in a report from August 2023. Furthermore, the Texas oil and natural gas industry, encompassing the Permian Basin, paid $26.3 billion in state and local taxes and state royalties in fiscal year 2023. Private royalty income from onshore oil and gas production in the continental U.S. was estimated at $21–22 billion in 2011 and 2012, with private mineral owners accounting for roughly 75% of total production in recent years. Royalty rates in the Permian Basin typically range from 18% to 20%.

1. Organic Production Growth in the Permian Basin: Viper Energy anticipates mid-single-digit organic oil production growth in 2026, with an implied 20% year-over-year increase in oil production for the fourth quarter of 2025. This growth is primarily driven by development activity from both Diamondback Energy (its parent company) and third-party operators within its core Permian Basin acreage.
2. Accretive Acquisitions: The completion of strategic acquisitions, such as the Sitio Royalties Corp. acquisition, is expected to significantly increase Viper's scale and inventory depth, supporting its production profile for the next decade. This expansion through acquisitions is a key component of their growth strategy.
3. Strategic Focus on High-Value Permian Assets: Viper Energy's strategy includes divesting non-Permian Basin assets to concentrate on its higher-margin and higher-growth Permian operations. This focus is intended to enhance overall value and drive more efficient revenue generation from its core assets.
4. Favorable Commodity Prices: As a mineral and royalty interest company, Viper Energy's revenue is directly influenced by the prices of oil and natural gas. Strong oil price realizations, particularly at levels approximating the West Texas Intermediate (WTI) benchmark, are expected to contribute positively to the company's revenue outcomes.

Share Repurchases

• Since the initiation of its common stock repurchase program on November 9, 2020, through October 31, 2025, Viper Energy repurchased approximately 16.9 million shares for an aggregate purchase price of about $448 million.
• As of October 31, 2025, approximately $302 million remained on its current share buyback authorization.
• During the third quarter of 2025, Viper repurchased 2.4 million shares of Class A common stock for an aggregate purchase price of approximately $90 million.

Share Issuance

• On January 30, 2025, Viper Energy announced an underwritten public offering of 22 million shares of its Class A common stock, with an option for underwriters to purchase an additional 3.3 million shares.
• The net proceeds from this offering were primarily intended to fund a portion of the cash consideration for a pending acquisition of mineral and royalty interests from its parent company, Diamondback Energy.
• Recent stock issuance, particularly related to the Sitio acquisition, has impacted Viper Energy's share price.

Outbound Investments

• Viper Energy completed the acquisition of Sitio Royalties in an all-equity transaction valued at approximately $4.1 billion, including $1.1 billion in net debt.
• On May 1, 2025, Viper Energy's operating subsidiary acquired all equity interests of certain mineral and royalty subsidiaries from Diamondback Energy for $1.0 billion.

Capital Expenditures

• As a mineral and royalty company, Viper Energy generally incurs no drilling and completion costs or exploration losses.
• The company's business model is characterized by zero capital expenditures and limited operating costs.
• Viper Energy's net change in investments for the twelve months ending June 30, 2025, was reported as $0 million.