Viper Energy, Inc. · NASDAQ:VNOM
Viper Energy — Investor Presentation (August 2026)
23 slides from Viper Energy's investor presentation, August 2026
Slide 1: Investor Presentation
Investor Presentation August 2026
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 Energy Investment Highlights
Viper Energy Investment Highlights Q2 ‘26 Performance: Viper Mineral and Royalty Assets Average production of 65,077 bo/d (134,363 boe/d) 691 total gross (19.8 net 100% royalty interest) horizontal wells, normalized to lateral length of 10,000 feet, turned to production 2026 Outlook: Q3 ‘26 av
Slide 4: Long-Term Track Record of Per Share Growth
Long-Term Track Record of 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
Slide 5: Robust 2026 Per Share and Absolute Growth
Robust 2026 Per Share and Absolute Growth Viper’s midpoint of Q3’26 guidance implies ~15% annualized growth in oil production per million shares since Q4’25, driven by organic growth of >4,000 Bo/d (~9% annualized growth) on legacy assets, share repurchases and the Riverbend Acquisition Oil Produc
Slide 6: Efficient Generation of Cash Available for Distribution
Efficient Generation of Cash Available for Distribution Viper is uniquely positioned to generate high margin free cash flow through commodity price cycles with high leverage to increasing oil prices; hedging strategy provides mostly uncapped exposure to upside At $80 WTI and production held flat
Slide 7: Durable Return of and Return on Capital
Durable Return of and Return on Capital Estimated Coverage of Annual Base Dividend at Various Oil Prices(1) A Dividend Built to Last ♦ Base dividend increased 32% to $2.00 Annual Base Dividend Retained Cash $2.0 $2.00 per Class A share annually, a ~4.5% annualized yield, based on Cash Available for
Slide 8: Viper Offers A Unique Value Proposition
Viper Offers A Unique Value Proposition Viper has an advantaged business model… …But, trades in-line with Large-Cap E&Ps Dividend Yield(1) 2027E FCF Yield as % of Enterprise Value 6.1% 4.5% 3.6% 2.8% 2.4% 10.6% Midstream Viper Energy Mega Cap Mid-Cap E&P Large-Cap E&P 9.8% ($2.00 Annual 9.3% Dividen
Slide 9: Portfolio Overview
Portfolio Overview 691 gross (19.8 net) horizontal wells(1) turned to production during Q2 ‘26 Near-term inventory of 39.1 net wells(1) currently in the process of active development and an additional 32.9 net line-of-sight wells(1) not currently being developed 106 gross rigs currently operat
Slide 10: Alignment with Diamondback Development
Alignment with Diamondback Development Significant exposure to Diamondback’s completions with a high average NRI supports production profile Diamondback’s continued focus on Viper’s high concentration royalty acreage, particularly in the Northern Midland Basin, provides high confidence to Viper’
Slide 11: Unique Relationship with the Premier Permian Operator
Unique Relationship with the Premier Permian Operator Development Detail Economic alignment and significant exposure to Diamondback’s planned completions expected to continue to drive production growth Diamondback relationship continues to be strategic and meaningful to Viper’s growth, complemen
Slide 12: 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 13: Diamondback Operated Inventory
Diamondback Operated Inventory Midland Basin Gross (Net) Locations Economic at $50 / Bbl (1) Viper’s Diamondback Operated Royalty Acreage(3) Midland Basin Delaware Basin Total Avg. Lateral Net Royalty Acres ~28,900 ~5,800 MS / JM 835 (42) 11,000' LS 525 (28) 10,800' Average NRI % 5.0% 4.9% WCA 671 (
Slide 14: Midland Basin Third-Party Acreage Overview
Midland Basin Third-Party Acreage Overview Midland Basin - Third-Party Operator Statistics Midland Basin - NRI Map County NRA % Current Asset Statistics Net Well Counts(2) Midland 5,017 21% Hz. Rigs(1) Reagan 4,291 18% Norm. Unit VNOM / DUCs / Martin 4,860 21% Operator NRA Avg. NRI PDP Count (3) Bas
Slide 15: Delaware Basin Third-Party Acreage Overview
Delaware Basin Third-Party Acreage Overview Delaware Basin - Third-Party Operator Statistics Delaware Basin - NRI Map County NRA % Current Asset Statistics Net Well Counts(2) Reeves 14,730 46% Hz. Rigs(1) Loving 3,988 13% Norm. Unit VNOM / DUCs / Operator NRA Avg. NRI PDP Ward 3,845 12% Count (3) Ba
Slide 16: Financial Overview
Financial Overview Financial Strategy Viper Capitalization ($MM) ♦ Investment grade credit ratings Riverbend Acquisition(4) ♦ Revolving credit facility of $2.0 billion with $95 million drawn VNOM Capitalization & Leverage 6/30/2026 Adj. PF 6/30/2026 on revolver as of 6/30/2026; matures in 2031 Cash
Slide 17: Appendix
VIPSeS Appendix
Slide 18: 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 19: Hedge Summary
Hedge Summary Crude Oil (Bbls/day, $/Bbl) 3Q 2026 4Q 2026 1Q 2027 2Q 2027 3Q 2027 4Q 2027 Deferred Premium Put Options - WTI 55,000 45,000 40,000 20,000 10,000 -- Strike $53.86 $50.00 $50.00 $50.00 $50.00 -- Premium ($1.11) ($1.34) ($1.39) ($1.40) ($1.44) -- Deferred Premium WTI-Brent Basis Put Opti
Slide 20: 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 21: Non-GAAP Definitions and Reconciliations
Non-GAAP Definitions and Reconciliations Adjusted EBITDA: Viper defines Adjusted EBITDA as net income (loss) attributable to Viper Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before interest expense, net, non-cash share-based compensation expe
Slide 22: 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 23: Viper Energy, Inc.
Viper Energy, Inc. Chip Seale 500 West Texas Ave., Suite 100 (432) 247-6218 Midland, TX 79701 cseale@viperenergy.com www.viperenergy.com 23