Viper Energy Partners (VNOM) investor relations material

Executive summary

• Q1 2026 production exceeded expectations, averaging 65,000 bo/d (130,711 boe/d), with 655+ gross horizontal wells turned to production and strong contributions from Diamondback and third-party operators.

• Net income attributable to common shares was $97 million ($0.53–$0.54 per share), with adjusted net income of $221 million ($1.22 per share).

• Announced the Riverbend acquisition for $337 million in cash and 3.7 million Class A shares, adding over 3,000 net royalty acres and ~1,000–2,000 bo/d, expected to close early Q3 2026.

• Completed divestiture of all non-Permian assets for $610 million, focusing the portfolio on the Permian Basin and reducing net debt by $600 million.

• Maintains a capital-light, high-margin royalty model with strategic relationships driving long-term growth.

Financial highlights

• Q1 2026 operating income was $511 million, with royalty income up 103% year-over-year to $496 million.

• Cash available for distribution was $204–$418 million, with a 90% payout ratio and $0.68/share dividend (5.5% yield).

• Share repurchases totaled $96 million in Q1 2026; $1.14 billion remains under the $1.75 billion buyback program.

• Net debt at quarter-end was $1.58–$1.6 billion, with $1.48 billion available under the credit facility.

• Depletion expense increased to $206 million, reflecting higher production and asset base.

Outlook and guidance

• Full-year 2026 production guidance: 64,500–66,500 bo/d (126,000–130,000 boe/d); Q2 2026 guidance: 64,000–65,000 bo/d.

• Riverbend acquisition expected to add ~1,000 bo/d to 2026 production midpoint.

• At $80 WTI and midpoint production, distributable cash flow is projected at $4.40/share (8.8% yield).

• Organic production growth expected to exceed 5% relative to pro forma 2025 exit rate.

• Unit cost guidance for 2026: depletion $16.25–$18.25/boe, cash G&A $0.70–$0.90/boe, interest expense $1.90–$2.40/boe.