Viper Energy, Inc. · NASDAQ:VNOM
Viper Energy — Q3 2025 Earnings Presentation
20 slides from Viper Energy's earnings presentation, Nov 4, 2025
Slide 1: Investor Presentation
Investor Presentation November 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: Viper: Investment Highlights
Viper: Investment Highlights 3Q ’25 pro forma cash available for distribution(1) of $0.97/share; total return of capital to Class A stockholders of $0.83/share, representing a payout ratio of 85% of pro forma cash available for distribution 3Q ‘25 average production of 56,087 bo/d (108,859 boe/d
Slide 4: Viper Energy Overview
Viper Energy Overview 2025: A Transformative Year for Viper Viper Mineral and Royalty Assets Absolute Per Share Q1 2025 Q4 2025E(1) Q1 2025 Q4 2025E(1) 61.0 Net Oil 165 31.3 146 Production (Mbo/d) 116.0 Total Net 313 57.4 268 Production (Mboe/d) 86,400 Permian 233 Market Snapshot Net Royalty 37,600
Slide 5: Significant Per Share Growth
Significant Per Share Growth Viper is focused on increasing per share value for stockholders 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
Slide 6: 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 $60 WTI and production held flat at the midpoint of Q4 2025
Slide 7: Return of Capital Framework
Return of Capital Framework Return of Capital Framework Q3 2025 Return of Capital Reconciliation ♦ Viper is committed to returning at least 75% of cash available for distribution to equity owners through the following methods: $MM $ / Share ◊ Sustainable and growing base dividend protected down to b
Slide 8: Portfolio Overview
Portfolio Overview 739 gross (15.2 net) horizontal wells turned to production during Q3 2025 Near-term inventory of 38.8 net wells currently in the process of active development and an additional 36.3 net line-of-sight wells not currently being developed 104 gross rigs currently operating on V
Slide 9: Alignment with Diamondback Development
Alignment with Diamondback Development Significant exposure to Diamondback’s completions with a high average NRI supports Viper’s production profile; recent acquisitions expected to further Viper’s alignment with Diamondback for years to come Diamondback’s continued focus on Viper’s high concent
Slide 10: Unique Relationship with the Premier Permian Operator
Unique Relationship with the Premier Permian Operator Development Detail Production contribution from Viper’s recent drop down transaction and Sitio assets are expected to provide significant scale and enhance Viper’s near and long-term production outlook Diamondback will remain the primary oper
Slide 11: Broad Exposure to Third-Party Permian Operators
Broad Exposure to Third-Party Permian Operators In addition to its unique relationship with Diamondback, Viper has broad exposure to other third-party operators in the core of the Permian Basin Viper’s high quality royalty acreage operated by third parties has consistently captured a significant
Slide 12: Financial Overview
Financial Overview Financial Strategy Viper Capitalization ($MM) Non-Permian Divestiture(2) ♦ Investment grade credit ratings VNOM Capitalization & Leverage 9/30/2025 Adj. PF 9/30/25 Cash(3) ♦ Revolving credit facility of $1.5 billion with $160 million $443 ($390) $53 $0 drawn on revolver as of 9/30
Slide 13: Appendix
VIPSeS Appendix
Slide 14: 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 15: Hedge Summary
Hedge Summary Crude Oil (Bbls/day, $/Bbl) Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2027 Deferred Premium Put Options - WTI 40,000 40,000 15,000 -- -- -- Strike $55.00 $51.75 $47.50 -- -- -- Premium ($1.70) ($1.56) ($1.24) -- -- -- Natural Gas - Henry Hub (Mmbtu/day, $/Mmbtu) Q4 2025 Q1 2026 Q2 202
Slide 16: Non-GAAP Definitions and Reconciliations
Non-GAAP Definitions and Reconciliations Cash available for distribution (DCF): Viper defines cash available for distribution generally as an amount equal to its Adjusted EBITDA for the applicable quarter, less cash needed for income taxes payable, debt service, contractual obligations, fixed char
Slide 17: Non-GAAP Definitions and Reconciliations
Non-GAAP Definitions and Reconciliations Cash available for distribution (DCF): Viper defines cash available for distribution generally as an amount equal to its Adjusted EBITDA for the applicable quarter, less cash needed for income taxes payable, debt service, contractual obligations, fixed char
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, organic growth 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
Slide 20: Viper Energy, Inc. 500 West Texas Ave., Suite 100 Midland, TX 79701
Viper Energy, Inc. Chip Seale 500 West Texas Ave., Suite 100 (432) 247-6218 Midland, TX 79701 cseale@viperenergy.com www.viperenergy.com 20