Viper Energy, Inc. · NASDAQ:VNOM
Viper Energy — Merger or Acquisition (January 2025)
15 slides from Viper Energy's merger presentation, Jan 31, 2025
Slide 1: Drop Down Acquisition
Investor Presentation Drop Down Acquisition
Slide 2: Forward Looking Statements
Forward Looking Statements This communication contains forward-looking statements within the meaning of the federal securities laws, which involve certain risks, uncertainties and assumptions that could cause the results to differ materially from those expected by the management of Viper Energy, Inc
Slide 3: Additional Information About the Pending Drop Down and Where to Find It
Additional Information About the Pending Drop Down and Where to Find It In connection with the pending Drop Down, Viper expects to file relevant materials with the SEC including a proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, Viper will mail the
Slide 4: Acquisition Summary
Acquisition Summary Acquisition of certain mineral and royalty-interest owning subsidiaries of Diamondback Energy (NASDAQ: FANG) (the “Drop Down”) Transaction consideration consists of $1.0 billion of cash and 69.6 million units representing limited liability company interests in OpCo (the “OpCo uni
Slide 5: Midland Basin Acquired Assets Overview
Midland Basin Acquired Assets Overview Source: Company data and filings. DSU average unit size is based on an average of 657 acres. Includes only horizontal wells. Primarily Diamondback Operated Acreage in the Core of the Midland Basin Midland Basin – Acquired Assets Statistics Midland Basin – NRA p
Slide 6: Pro Forma Overview
Pro Forma Overview Source: Company data and filings. Based on most recent Company filings. Midpoint of guidance post close of the Drop Down transaction (expected close in Q2 2025). Includes 10.1 million OpCo units, together with an option for an equal number of shares of Class B common stock, acquir
Slide 7: 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; Acquired Assets expected to further Viper’s alignment with Diamondback for years to come Diamondback’s continued focus on Viper’s high con
Slide 8: Pro Forma Midland Basin Expected Gross Completions and Average NRI
Pro Forma Midland Basin Expected Gross Completions and Average NRI Expected Diamondback Development Detail Source: Company data and filings. VNOM Royalty Acreage FANG Operated Acreage FANG/VNOM Overlap Viper is Expected to Have Meaningful Exposure to Diamondback’s Large Scale Development Plan NW Mid
Slide 9: Diamondback Operated Production Growth
Diamondback Operated Production Growth Source: Company data and filings. Acquired Assets Expected to Provide Significant Scale and Enhance Viper’s Growth Outlook Based on Diamondback’s Expected Development Plan Diamondback-Operated Oil Production (Mbo/d) Development Detail Based on Diamondback’s exp
Slide 10: Viper Per Share Growth
Viper Per Share Growth Source: Company data and filings. Production per million shares calculated as average daily oil production divided by million shares outstanding. Cash margins defined as unhedged realized price per Boe less production & ad valorem taxes, cash G&A, and interest expense divided
Slide 11: Enhanced Cash Available for Distribution
Assumptions Enhanced Cash Available for Distribution Source: Partnership data and filings. Financial data as of 9/30/2024. Per share metrics assume 119.0 million Class A shares outstanding. Yield based on unit closing price as of 1/24/2025. Cash available for distribution is a non-GAAP measure. See
Slide 12: Viper Provides a Differentiated Investment Opportunity
Blank Bullet Page Viper Provides a Differentiated Investment Opportunity Amongst the Largest U.S. Independent E&Ps with a Uniquely Durable Cash Flow Profile Source: Company data and filings. Financial data as of 9/30/2024. Bloomberg market data as of 1/24/2025. Viper Ranks Amongst the Largest U.S In
Slide 13: Appendix
VIFEr Appendix
Slide 14: 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 reserves
Slide 15: Viper Energy, Inc.
Viper Energy, Inc. 500 West Texas Ave., Suite 100 Midland, TX 79701 www.viperenergy.com Austen Gilfillian, Vice President (432) 221-7420 agilfillian@viperenergy.com