Viper Energy Partners (VNOM) investor relations material

Executive summary

• Completed over $8 billion in mineral acquisitions in 2025, nearly 2.5x increase in Permian Basin acreage, and 7% year-over-year oil production per share growth.

• Achieved Q4 2025 cash available for distribution of $0.85/share, with a 90% payout ratio and total return of capital of $0.77/share.

• Closed divestiture of non-Permian assets in February 2026 for $617 million, refocusing on Permian Basin assets and enabling full repayment of $500 million term loan and revolver.

• Increased base dividend by 15% to $1.52/share annually and expanded share repurchase authorization by $1 billion, with $1.2 billion remaining under the $1.75 billion authorization as of February 2026.

• Returned 90% of available cash in Q4 2025 and positioned to return up to 100% of distributable cash post-divestiture.

Financial highlights

• Q4 2025 average production was 66,413 bo/d (134,000 boe/d); full-year 2025 averaged 48,973 bo/d (95,126 boe/d).

• Proved reserves at year-end 2025 reached 406.0 MMBoe, a 107% increase over year-end 2024, with a reserve replacement ratio of 705%.

• Q4 2025 adjusted EBITDA was $403 million; full-year 2025 adjusted EBITDA was $1.3 billion.

• Net debt as of 12/31/2025 was $2.2 billion, reduced to $1.6 billion pro forma for the non-Permian divestiture.

• Lease bonus income remained strong in 2025, with expectations for similar performance in 2026 due to proactive lease management and deep rights opportunities.

Outlook and guidance

• 2026 production guidance: Q1 62,500–64,500 bo/d (124,000–128,000 boe/d); full year 61,000–67,000 bo/d (120,000–132,000 boe/d), implying mid-single digit organic growth from Q4 2025 exit rate.

• At $65 WTI and midpoint production, distributable cash flow per share is projected at $3.65, or an 8.0% yield.

• Wide 2026 oil production guidance reflects strong near-term visibility but less certainty in the second half, dependent on new permits and activity.

• Well-positioned to generate strong free cash flow and pursue further Permian consolidation.