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Investor Relations14 Oct 2025
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Viper Energy Partners (VNOM) investor relations material
Viper Energy Partners Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary5 Aug, 2025
Executive summary
Achieved strong Q2 2025 oil production growth, averaging 41,615 bo/d (79,286 boe/d), with robust per-share gains and net income of $37 million.
Closed a $1 billion drop down acquisition from Diamondback and announced a $4.1 billion all-equity merger with Sitio Royalties, expanding mineral and royalty interests by 34,300 net acres.
Confident in continued organic growth into 2026, with over 15% expected year-over-year growth in Diamondback-operated net oil production.
Unique business model enables sustained per share growth with minimal operating costs and no CapEx, supporting robust capital returns.
Board authorized a $750 million share repurchase program, with $326 million repurchased through August 1, 2025.
Financial highlights
Q2 2025 returned $0.56 per share to stockholders, representing 75% of cash available for distribution via base plus variable dividend.
Q2 2025 base dividend was $0.33/share, variable dividend $0.20/share, totaling $0.53/share (5.8% annualized yield).
Net debt as of June 30, 2025, was $1.1 billion; liquidity stood at $1.2 billion.
Pro forma net debt target set at $1.5 billion, representing approximately one turn of leverage at $50 WTI.
Q2 2025 payout ratio to Class A shareholders was 75%.
Outlook and guidance
Q3 2025 production guidance: 46,000–49,000 bo/d (86,000–92,000 boe/d); full-year 2025: 41,000–43,500 bo/d (76,500–81,500 boe/d).
Pro forma 2025 production post-Sitio acquisition estimated at 64,000–68,000 bo/d (122,000–130,000 boe/d).
Oil production per share for 2026 projected to be 15% higher than 2025.
Once net debt is at or below $1.5 billion, all excess cash will be returned to shareholders.
Depletion cost guidance for 2025: $16.50–$17.50/boe; cash G&A: $0.80–$1.00/boe; production and ad valorem taxes: ~7% of revenue.
Assess upside to '26 growth from 3rd-party activity.
Evaluate VNOM's underperformance since Sitio announcement.
When might the board consider raising the base dividend?
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Next Viper Energy Partners earnings date
Q3 20254 Nov, 2025
Next Viper Energy Partners earnings date
Q3 20254 Nov, 2025
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Frequently asked questions
Viper Energy Partners LP is a limited partnership focused on owning and acquiring mineral and royalty interests in oil and natural gas properties, primarily in the Permian Basin. The company generates revenue by leasing its mineral interests to oil and gas exploration and production companies, earning royalties on the production. The company is headquartered in Midland, Texas, and its shares are listed on the NASDAQ.
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