Viper Energy, Inc. · NASDAQ:VNOM
Viper Energy — Merger or Acquisition (June 2025)
12 slides from Viper Energy's merger presentation, Jun 3, 2025
Slide 1: Merger with Sitio Royalties Corp.
Exhibit 99.2 Merger with Sitio Royalties Corp.
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation relates to a proposed business combination transaction (the “Mergers”) between Viper and Sitio and the information included herein includes forward-looking statements within the meaning of the federal securities laws, which involve certain risks, uncertai
Slide 3: Additional Information about the Transaction and Where to Find It
Additional Information about the Transaction and Where to Find It Additional Information and Where to Find It In connection with the Merger, New Viper Pubco, Inc. (“New Parent”) will file with the SEC a registration statement on Form S-4, which will include a proxy statement of Sitio, an information
Slide 4: Transaction Summary
Transaction Summary T Tr ra an ns sa act ction ion D De et ta ails ils Vi Viper Pro Forma Permi per Pro Forma Permia an Acreage n Acreage Map Map Purchase price of approximately $4.1bn · New publicly listed holding company ( pro forma Viper ) will combine the Viper and Sitio businesses · Sitio’s Cla
Slide 5: Pro Forma Overview
Pro Forma Overview A Transformati A Transformative 1H ’25 ve 1H ’25 for Pro for Pro Forma Vi Forma Viper per Pro Forma Portfolio Pro Forma Portfolio Overvi Overview ew 1Q ’25 Post Pro Forma ~95k NRAs Across Five Oil-Weighted Basins (1) Standalone Drop Down Viper +111% Net Oil Williston Production (M
Slide 6: Unique Relationship with the Premier Permian Operator
Unique Relationship with the Premier Permian Operator Development Development D De et ta aiill · Production contribution from Viper’s recent drop down transaction and Sitio assets are expected to provide significant scale and enhance pro forma Viper’s near and long-term production outlook · Diamondb
Slide 7: Continued Focus on Per Share Growth
Continued Focus on 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 opportunistic share repurchases have driven consistent growth in production per share · With Viper’s lo
Slide 8: Robust Cash Available For Distribution
Robust Cash Available For Distribution · Viper is uniquely positioned to generate free cash flow through commodity price cycles with durable production and cash flow base · At $60 WTI, pro forma Viper is expected to generate ~$3.65/share in in distributable cash flow per Class A share, or a greater
Slide 9: Investment Grade Balance Sheet
Investment Grade Balance Sheet Recent Hi Recent Highlights ghlights and Balance Sheet Summary and Balance Sheet Summary Vi Viper’s Pro Forma per’s Pro Forma Li Liquidity quidity and and Capi Capitali talizati zation ($MM) on ($MM) Post Drop Down Pro Forma Viper Maintain Financial Flexibility (1) Pro
Slide 10: Pro Forma Viper is a Leading U.S. Independent E&P
Pro Forma Viper is a Leading U.S. Independent E&P Market Capi Market Capitali talizati zation on ( ($ $BN) BN) E&P Oil-Weighted Peers E&P Gas-Weighted Peers Mineral Peers (1) Pro Forma (2 (2) ) 1Q ’25 1Q ’25 Free Cash Flow Free Cash Flow Margi Margin n ( ($ $/Boe) /Boe) E&P Oil-Weighted Peers E&P Ga
Slide 11: Viper Provides an Unmatched Investment Thesis
Viper Provides an Unmatched Investment Thesis All Energy Companies with Operations in the US or Canada 129 (1) Investment Grade Credit Ratings 42 Market Capitalization > $5.0BN 17 Total Debt / EBITDA <1.5x 6 5-year Revenue CAGR >10% EBITDA Margin 1 >75% The only investment grade energy company with
Slide 12: Viper Energy, Inc.
Viper Energy, Inc. Austen Gilfillian, President 500 West Texas Ave., Suite 100 (432) 221-7420 Midland, TX 79701 agilfillian@viperenergy.com www.viperenergy.com Chip Seale, Director of Investor Relations (432) 247-6218 cseale@viperenergy.com 12