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Viper Energy Partners (VNOM) investor relations material
Viper Energy Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 marked a transformative period with the closing of the Sitio Royalties (CTO) acquisition, driving record production of 56,087 bo/d and significant portfolio growth.
Announced and nearing close of non-Permian asset sale for $670 million, expected to close in Q1 2026, streamlining the portfolio and accelerating deleveraging.
Fourth quarter 2025 oil production guidance at 65,000–67,000 bo/d, with mid-single-digit organic growth expected in 2026, resulting in double-digit per-share growth.
Returned 85% of cash available for distribution to stockholders in Q3, with aggressive capital returns and a differentiated return of capital profile.
Reported a consolidated net loss of $197 million in Q3, primarily due to a $360 million non-cash impairment from a May 2025 transaction.
Financial highlights
Q3 2025 pro forma cash available for distribution was $0.97/share, with total return of capital to Class A stockholders at $0.83/share (85% payout ratio).
Combined base plus variable dividend yields exceeded 6% annualized, with a Q3 base dividend of $0.33/share and variable dividend of $0.25/share.
Repurchased 2.4 million shares for $90 million in Q3; 16.9 million shares repurchased YTD for $448 million.
Net proceeds from non-Permian asset sale expected to be about $610 million after taxes, used to pay down revolver and term loan to near zero.
Net debt as of September 30, 2025, was $2.2 billion, with pro forma net debt of $1.6 billion after divestiture and liquidity of $1.4–$1.5 billion.
Outlook and guidance
Q4 2025 production guidance: 65,000–67,000 bo/d (124,000–128,000 boe/d), with 2026 guidance for mid-single-digit organic growth from Q4 levels.
Plans to return nearly 100% of cash available for distribution to stockholders as net debt target of $1.5 billion is reached.
Majority of cash for distribution will continue to be allocated to base plus variable dividend, with opportunistic share buybacks.
Guidance for 2026 assumes maintenance activity levels from Diamondback, with flexibility to adjust based on commodity prices.
Full-year 2025 production guidance: 48,750–49,000 bo/d (92,750–93,500 boe/d).
Divestiture's impact on 2026 production?
How does divestiture aid $1.5B net debt target?
What is the 2026 organic oil production growth rate?
What triggers a pause in share repurchases?
What insulates Viper from Permian activity cuts?
Detail AI's near-term operational impact
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Next Viper Energy Partners earnings date
Q4 202524 Feb, 2026
Next Viper Energy Partners earnings date
Q4 202524 Feb, 2026
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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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