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Viper Energy Partners
Viper Energy Partners (VNOM) investor relations material
Viper Energy Partners Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
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.
Q4 2025 average production reached 66,413 bo/d (134,000 boe/d), with full-year 2025 averaging 48,973 bo/d (95,126 boe/d).
Strategic relationship with Diamondback Energy remains central, with increased exposure to other leading Permian operators.
Non-Permian divestiture enabled full repayment of $500 million term loan and revolver, reducing pro forma net debt to $1.6 billion.
Board approved a 15% increase in base dividend to $1.52/share annually and expanded share repurchase authorization by $1 billion.
Financial highlights
Q4 2025 cash available for distribution was $145 million ($0.85/share), with a 90% payout ratio to Class A stockholders.
Proved reserves at year-end 2025 reached 406.0 MMBoe, a 107% increase over year-end 2024, with a reserve replacement ratio of 705%.
Net debt as of 12/31/2025 was $2.2 billion, reduced to $1.6 billion pro forma for the non-Permian divestiture.
Liquidity stood at $1.4 billion at year-end 2025, increasing to $1.5 billion pro forma.
Achieved investment grade rating, providing unique access to capital.
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).
Expect mid-single digit organic production growth in 2026, driven by Diamondback's development of concentrated royalty interests.
Wide 2026 oil production guidance reflects strong near-term visibility but less certainty in the second half due to reliance on DUCs and permits.
Lease bonus income expected to remain strong in 2026, supported by proactive management and deep rights leasing.
At $65 WTI and midpoint production, distributable cash flow per share is projected at $3.65, or an 8.0% yield.
Breakdown 2025 proved reserve additions?
How will 100% CAD return be executed in 2026?
Assess future well development pipeline
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Next Viper Energy Partners earnings date
Q1 20265 May, 2026
Viper Energy Partners
Next Viper Energy Partners earnings date
Q1 20265 May, 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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