Viper Energy, Inc. · NASDAQ:VNOM
Viper Energy — Q2 2025 Earnings Presentation
20 slides from Viper Energy's earnings presentation, Aug 6, 2025
Slide 1: Investor Presentation August 2025
Investor Presentation August 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks, uncertainties, and assumptions that could cause the
Slide 3: Forward Looking Statements
Forward Looking Statements Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the joint information statement/proxy statement/prospectus and other relevant materials filed
Slide 4: Viper: Investment Highlights
Viper: Investment Highlights 2Q ’25 cash available for distribution(1) of $0.74/share; total return of capital to Class A shareholders of $0.56/share 2Q ‘25 average production of 41,615 bo/d (79,286 boe/d) 302 total gross (6.5 net 100% royalty interest) horizontal wells with average lateral of
Slide 5: Viper Energy Overview
Viper Energy Overview Differentiated Investment Opportunity Viper Mineral and Royalty Assets Unique Relationship with Primary Operator Diamondback relationship and ownership reduces uncertainty around pace of development Minimal Exposure to Cost Inflation Zero capital requirements means insulate
Slide 6: Viper Per Share Growth
Viper Per Share Growth Viper is focused on increasing per share value for shareholders and maximizing long-term returns A combination of organic growth, accretive acquisitions, and an opportunistic share repurchase program have driven production per share to a Company record With Viper’s low c
Slide 7: Durable Cash Available for Distribution
Durable Cash Available for Distribution Viper is uniquely positioned to generate free cash flow through commodity price cycles with high leverage to increasing oil prices; hedging strategy provides mostly uncapped exposure to upside At $65 WTI and production held flat at the midpoint of our Q3 2
Slide 8: Return of Capital Framework
Return of Capital Framework Return of Capital Framework Q2 2025 Return of Capital to Class A Shareholders Reconciliation ♦ Viper is committed to returning at least 75% of cash available for distribution to Class A shareholders $MM $ / Share ♦ Should Viper’s net debt be at or below $1.5 billion, Vipe
Slide 9: Portfolio Overview
Portfolio Overview 302 gross (6.5 net) horizontal wells turned to production during Q2 2025 Near-term inventory of 29.6 net wells currently in the process of active development and an additional 33.0 net line-of-sight wells not currently being developed 69 gross rigs currently operating on Vip
Slide 10: Diamondback Activity on Viper's Acreage
Diamondback Activity on Viper’s Acreage Higher exposure to Diamondback’s completions with a higher average NRI supports Viper’s production despite lower gross Diamondback activity levels Viper has high confidence visibility into Diamondback’s expected forward development for years to come, with
Slide 11: Significant Alignment with Diamondback Development
Significant Alignment with Diamondback Development Significant exposure to Diamondback’s completions with a high average NRI supports Viper’s production profile; recently closed drop down expected to further Viper’s alignment with Diamondback for years to come Diamondback’s continued focus on Vi
Slide 12: Significant Weighting to Leading Operators
Significant Weighting to Leading Operators Viper has a significant weighting to leading operators in the Permian Basin, both in terms of current production and net wells in the process of active development Viper’s top five operators make up >85% of both existing production and current net wells
Slide 13: Financial Overview
Financial Overview Financial Strategy Viper Capitalization ($MM) Maintain Financial Flexibility VNOM Capitalization & Leverage 6/30/2025 ♦ Investment grade credit ratings Cash $28 Rev olv ing Credit Facility 325 ♦ Revolving credit facility of $1.5 billion with $325 million Senior Notes 780 drawn on
Slide 14: Appendix
VIPSeS Appendix
Slide 15: How Viper Defines a "Net Royalty Acre"
How Viper Defines a “Net Royalty Acre” Methodology for deriving “Net Royalty Viper’s Formula for Net Royalty Acreage Acreage” differs widely across the industry Many companies calculate assuming there are eight royalty acres for every one net Net Lease Net Royalty mineral acre (NMA) Mineral Roya
Slide 16: Hedge Update
Hedge Update Crude Oil (Bbls/day, $/Bbl) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2027 Deferred Premium Put Options - WTI 25,000 40,000 18,000 - - - - Strike $55.00 $55.00 $55.00 - - - - Premium -$1.57 -$1.70 -$1.79 - - - - Natural Gas - Henry Hub (Mmbtu/day, $/Mmbtu) Q3 2025 Q4 2025 Q1 20
Slide 17: Non-GAAP Definitions and Reconciliations
Non-GAAP Definitions and Reconciliations Cash available for dividends: Viper defines cash available for dividends generally as an amount equal to its Adjusted EBITDA for the applicable period less cash needed for income taxes payable, debt service, contractual obligations, fixed charges and reserv
Slide 18: Non-GAAP Definitions and Reconciliations
Non-GAAP Definitions and Reconciliations Net Debt: The Company defines the non-GAAP measure of net debt as debt (excluding debt issuance costs, discounts and premiums) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most
Slide 19: Final Thoughts
Final Thoughts Viper Energy offers sustainable free cash flow, substantial remaining inventory, and durable return of capital Mineral ownership provides surest form of security in the oil industry Relationship with Diamondback provides visibility to production and cash flow durability Royalty assets
Slide 20: Viper Energy, Inc. contact details
Viper Energy, Inc. Chip Seale 500 West Texas Ave., Suite 100 (432) 247-6218 Midland, TX 79701 cseale@viperenergy.com www.viperenergy.com 20