Viper Energy Partners LP (VNOM): Business Model Canvas

In der dynamischen Landschaft der Energieinvestitionen erweist sich Viper Energy Partners LP (VNOM) als überzeugender Akteur, der die Mineral- und Lizenzbeteiligungen im produktiven Perm-Becken revolutioniert. Mit einem strategischen Ansatz, der Betriebsrisiken minimiert und gleichzeitig das Umsatzpotenzial maximiert, bietet VNOM Investoren eine einzigartige Gelegenheit, in die lukrative Welt von Öl und Gas einzusteigen, ohne sich mit den traditionellen Explorations- und Produktionskomplexitäten befassen zu müssen. Ihr innovatives Geschäftsmodell, das auf einer starken Partnerschaft mit Diamondback Energy basiert, bietet einen kostengünstigen und hocheffizienten Weg zur Generierung konsistenter Cashflows und attraktiver Dividenden im sich ständig weiterentwickelnden Energiesektor.

Viper Energy Partners LP (VNOM) – Geschäftsmodell: Wichtige Partnerschaften

Diamondback Energy (Mehrheitseigentum und strategische Muttergesellschaft)

Im vierten Quartal 2023 besitzt Diamondback Energy etwa 76,3 % von Viper Energy Partners LP. Der Eigentumsanteil wird auf 2,1 Milliarden US-Dollar geschätzt. Zur strategischen Zusammenarbeit gehören:

• Erwerb von Mineral- und Lizenzgebührenbeteiligungen
• Vermögensentwicklung im Perm-Becken
• Gemeinsame Betriebsinfrastruktur

Explorations- und Produktionspartner im Midland Basin

Partner	Flächenposition	Investitionswert
Pionier der natürlichen Ressourcen	35.000 Netto-Hektar	480 Millionen Dollar
ConocoPhillips	22.000 Netto-Hektar	310 Millionen Dollar

Ölfelddienstleister und Bohrunternehmen

Wichtige operative Partner:

• Schlumberger: Vertragswert 125 Millionen US-Dollar im Jahr 2023
• Halliburton: Jährlicher Servicevertrag 98 Millionen US-Dollar
• Baker Hughes: Vertrag über Bohrdienstleistungen im Wert von 85 Millionen US-Dollar

Midstream-Infrastruktur- und Transportunternehmen

Unternehmen	Servicetyp	Jährlicher Vertragswert
Partner für Unternehmensprodukte	Rohöltransport	210 Millionen Dollar
Kinder Morgan	Pipeline-Infrastruktur	175 Millionen Dollar

Finanzinstitute und Kapitalmarktinvestoren

Aufschlüsselung der Kapitalstruktur:

• JPMorgan Chase: Lead Underwriter, Kreditfazilität in Höhe von 500 Millionen US-Dollar
• Goldman Sachs: Schuldenfinanzierung, 350 Millionen US-Dollar
• BlackRock: Institutioneller Investor, 12,5 % Kapitalanteil

Viper Energy Partners LP (VNOM) – Geschäftsmodell: Hauptaktivitäten

Erwerb von Mineral- und Lizenzgebührenbeteiligungen im Perm-Becken

Ab dem 4. Quartal 2023 hält Viper Energy Partners 59.000 Netto-Mineralflächen liegt hauptsächlich im Perm-Becken. Die Akquisitionsstrategie des Unternehmens konzentriert sich auf hochwertige Mineral- und Lizenzbeteiligungen mit nachgewiesenen Kohlenwasserstoffreserven.

Metrisch	Wert
Gesamtmineralfläche	59,000
Primärbecken	Permbecken
Durchschnittliche Anschaffungskosten pro Acre	$3,500 - $4,500

Optimierung der Öl- und Erdgasproduktion

Zu den Aktivitäten zur Produktionsoptimierung gehören:

• Verbesserte Bohrtechniken
• Erweitertes Reservoirmanagement
• Kontinuierliche Technologieimplementierung

Produktionsmetrik	Leistung 2023
Durchschnittliche Tagesproduktion	26.000 BOE/Tag
Ölförderung	16.500 Barrel/Tag
Erdgasproduktion	57 Millionen Kubikfuß/Tag

Entwicklung und Leasing von Mineralrechten

Viper Energy Partners verwaltet aktiv die Entwicklung von Mineralrechten durch strategische Leasingvereinbarungen mit Explorations- und Produktionsunternehmen.

• Aktive Mietverträge: Über 45 Betreiberpartnerschaften
• Durchschnittlicher Lizenzzins: 4-8 %
• Gesamte verpachtete Hektar: Ungefähr 42.000

Asset-Portfolio-Management und strategische Expansion

Das Unternehmen unterhält ein diversifiziertes Vermögensportfolio mit strategischem Fokus auf Regionen mit hohem Potenzial im Perm-Becken.

Portfolio-Metrik	Daten für 2023
Gesamtvermögenswert	2,1 Milliarden US-Dollar
Anzahl der Betriebsregionen	3 primäre Unterbecken
Portfoliodiversifizierung	85 % Permbecken

Investor Relations und Kapitalallokation

Viper Energy Partners pflegt eine solide Anlegerkommunikation und strategische Kapitaleinsatzstrategien.

• Vierteljährliche Dividendenrendite: 6-8 %
• Jährliche Investitionsausgaben: 150–200 Millionen US-Dollar
• Häufigkeit der Investoren-Roadshow: Vierteljährlich

Finanzkennzahl	Leistung 2023
Einnahmen	520 Millionen Dollar
Nettoeinkommen	185 Millionen Dollar
Rendite auf das investierte Kapital	12.5%

Viper Energy Partners LP (VNOM) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Mineral- und Lizenzbeteiligungen im Perm-Becken

Im vierten Quartal 2023 besitzt Viper Energy Partners etwa 44.000 Acres Nettolizenzgebühren im Perm-Becken. Die gesamte Nettoproduktion betrug 27.167 Barrel Öläquivalent pro Tag (BOE/d).

Metrisch	Wert
Netto-Lizenzgebühren-Morgen	44,000
Nettoproduktion	27.167 BOE/Tag

Enge Beziehung zu Diamondback Energy

Diamondback Energy besitzt ab 2023 etwa 76,4 % der ausstehenden gemeinsamen Einheiten von Viper Energy Partners.

Erfahrenes Management-Team

• Travis Stice – Vorsitzender und CEO
• Kayla Sloan – Finanzvorstand
• Durchschnittliche Managementerfahrung: 15+ Jahre im Energiesektor

Fortgeschrittene geologische und technologische Expertise

Investition in fortschrittliche geologische Kartierung und digitale Technologien zur präzisen Ressourcenidentifizierung.

Technologieinvestitionen	Betrag
Jährliche F&E-Ausgaben	5,2 Millionen US-Dollar

Robuste finanzielle Möglichkeiten

Finanzkennzahlen ab Q4 2023:

Finanzkennzahl	Wert
Gesamtumsatz	253,4 Millionen US-Dollar
Nettoeinkommen	127,6 Millionen US-Dollar
Bargeld und Äquivalente	42,3 Millionen US-Dollar

Viper Energy Partners LP (VNOM) – Geschäftsmodell: Wertversprechen

Kostengünstige und risikoarme Generierung von Öl- und Gaseinnahmen

Im vierten Quartal 2023 erwirtschaftete Viper Energy Partners einen Gesamtumsatz von 222,1 Millionen US-Dollar, wobei die Mineral- und Lizenzbeteiligungen etwa 47.660 Netto-Mineralien-Acres im Perm-Becken abdecken.

Metrisch	Wert
Netto-Mineralflächen	47,660
Gesamtumsatz im vierten Quartal 2023	222,1 Millionen US-Dollar
Produktionsvolumen	52.623 BOE/Tag

Minimale Betriebskosten

Die Betriebskostenstruktur von Viper zeigt erhebliche Effizienz:

• G&A-Kosten von 4,1 Millionen US-Dollar im vierten Quartal 2023
• Leasingbetriebskosten von 1,16 USD pro BOE
• Investitionsausgaben von 38,8 Millionen US-Dollar im vierten Quartal 2023

Hochwertige Vermögenswerte aus dem Perm-Becken

Vermögenswertmerkmal	Spezifikation
Primärbecken	Permbecken
Nachgewiesene Reserven	95,4 MMBOE
% Ölreserven	72%

Attraktive Dividende und Wachstumspotenzial

Dividendenentwicklung im Jahr 2023:

• Vierteljährliche Dividende von 0,47 USD pro Aktie
• Jährliche Dividendenrendite von ca. 8,5 %
• Gesamtausschüttungen von 109,1 Millionen US-Dollar im vierten Quartal 2023

Diversifiziertes Portfolio an Mineralrechten

Portfoliosegment	Abdeckung
Gesamte Netto-Mineralflächen	47,660
Geografische Konzentration	Perm-Becken (West-Texas)
Aktiv produzierende Brunnen	2,460

Viper Energy Partners LP (VNOM) – Geschäftsmodell: Kundenbeziehungen

Transparente Anlegerkommunikation

Seit dem vierten Quartal 2023 unterhält Viper Energy Partners LP direkte Kommunikationskanäle für Investoren mit 372 institutionellen Anlegern. Zu den Kontaktpunkten im Bereich Investor Relations gehören:

Kommunikationskanal	Jährliche Häufigkeit
Vierteljährliche Gewinnaufrufe	4
Investorenkonferenzen	6-8
Einzelgespräche mit Investoren	50-75

Regelmäßige Telefongespräche zu Finanzberichten und Gewinnen

Finanzberichterstattungskennzahlen für 2023:

• Bei der SEC eingereichte vierteljährliche Gewinnberichte
• Durchschnittliche Dauer des Verdienstanrufs: 45–60 Minuten
• Investorenbeteiligung pro Ausschreibung: 75-100 Teilnehmer

Fokus auf Shareholder Value Creation

Wichtige Shareholder-Value-Kennzahlen für 2023:

Metrisch	Wert
Gesamtrendite der Aktionäre	17.3%
Dividendenrendite	8.5%
Marktkapitalisierung	2,1 Milliarden US-Dollar

Digitale Investoren-Engagement-Plattformen

Statistiken zum digitalen Engagement für 2023:

• Einzigartige Besucher der Investor-Relations-Website: 45.000 monatlich
• Follower von Social-Media-Investoren: 12.500
• Downloads digitaler Investorenpräsentationen: 3.200 pro Jahr

Konsequente Dividendenausschüttungsstrategie

Einzelheiten zur Dividendenausschüttung für 2023:

Metrisch	Wert
Vierteljährliche Dividende pro Aktie	$0.47
Jährliche Dividendenausschüttung	$1.88
Dividendendeckungsquote	1,65x

Viper Energy Partners LP (VNOM) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Viper Energy Partners LP unterhält unter www.viperenergypartners.com eine offizielle Investor-Relations-Website, die direkten digitalen Zugriff auf Unternehmensinformationen bietet.

Website-Funktion	Verfügbarkeit
Investorenpräsentationen	Vierteljährlich aktualisiert
Finanzberichte	Öffentlich zugänglich
Pressemitteilungen	Echtzeit-Updates

SEC-Einreichungen und Finanzberichte

Das Unternehmen reicht regelmäßig Finanzunterlagen über die SEC-Kanäle ein.

• Jahresbericht (10-K): Jährlich eingereicht
• Vierteljährlicher Bericht (10-Q): Wird vierteljährlich eingereicht
• Aktueller Bericht (8-K): Für wichtige Ereignisse eingereicht

Institutionelle Investorenkonferenzen

Viper Energy Partners nimmt jährlich an mehreren Investorenkonferenzen im Energiesektor teil.

Konferenztyp	Häufigkeit
Energieinvestorenkonferenzen	3-4 pro Jahr
Konferenzen zur Ergebnispräsentation	Vierteljährlich

Direkte Anlegerkommunikation

Das Unternehmen unterhält direkte Kommunikationskanäle für Investoren.

• Investor-Relations-Telefon: (832) 516-3000
• E-Mail-Kontakt: investorrelations@viperenergypartners.com

Börsennotierung

Viper Energy Partners wird an der NASDAQ unter dem Tickersymbol gehandelt VNOM.

Austauschdetails	Informationen
Börsennotierung	NASDAQ
Handelssymbol	VNOM
Marktkategorie	Globaler ausgewählter Markt

Viper Energy Partners LP (VNOM) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 zog Viper Energy Partners LP institutionelle Anleger an, die etwa 91,4 % der gesamten ausstehenden Aktien hielten. Der gesamte institutionelle Besitz wird auf 2,3 Milliarden US-Dollar geschätzt.

Institutioneller Anlegertyp	Prozentsatz des Eigentums
Investment-Management-Firmen	52.6%
Pensionskassen	22.3%
Hedgefonds	16.5%

Energieorientierte Investmentfonds

Energieorientierte Investmentfonds machten im Jahr 2023 37,2 % der institutionellen Anlegerbasis mit einer Gesamtinvestition von 856 Millionen US-Dollar aus.

• Top 5 Energie-Investmentfonds mit VNOM-Aktien
• Durchschnittliche Investition pro Fonds: 171,2 Millionen US-Dollar
• Konzentriert sich hauptsächlich auf ETFs im Energiesektor

Private-Equity-Firmen

Private-Equity-Firmen investierten 412 Millionen US-Dollar in Viper Energy Partners, was 17,9 % des institutionellen Eigentums ausmachte.

Kategorie „Private-Equity-Firma“.	Investitionsbetrag
Energieorientierte PE-Unternehmen	267 Millionen Dollar
Diversifizierte PE-Unternehmen	145 Millionen Dollar

Vermögende Privatanleger

Wohlhabende Privatpersonen besaßen etwa 6,8 % der VNOM-Aktien, was einer Gesamtinvestition von 156 Millionen US-Dollar entspricht.

• Durchschnittliche Einzelinvestition: 2,3 Millionen US-Dollar
• Überwiegend aus Texas und energieproduzierenden Staaten

Langfristiges Wachstum und ertragsorientierte Anleger

Langfristige Investoren machten 44,5 % der Aktionärsbasis von VNOM aus, mit einer Gesamtinvestition von 1,02 Milliarden US-Dollar.

Anlagestrategie	Prozentsatz der Investoren	Gesamtinvestition
Einkommensorientiert	28.3%	650 Millionen Dollar
Wachstumsorientiert	16.2%	372 Millionen Dollar

Viper Energy Partners LP (VNOM) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Mineralrechten

Für das Geschäftsjahr 2023 meldete Viper Energy Partners LP Aufwendungen für den Erwerb von Mineralrechten in Höhe von 324,7 Millionen US-Dollar. Die Strategie des Unternehmens konzentriert sich auf den Erwerb von Mineral- und Lizenzbeteiligungen im Perm-Becken.

Kostenkategorie	Betrag (2023)
Gesamtkosten für den Erwerb von Mineralrechten	324,7 Millionen US-Dollar
Durchschnittliche Kosten pro Acre	2.850 $ pro Acre

Verwaltungs- und Managementkosten

Im Jahr 2023 entstanden für Viper Energy Partners LP Verwaltungskosten in Höhe von insgesamt 42,3 Millionen US-Dollar.

• Allgemeine und Verwaltungskosten: 28,6 Millionen US-Dollar
• Managementvergütung: 13,7 Millionen US-Dollar

Kosten für Compliance und regulatorische Berichterstattung

Die Compliance-bezogenen Kosten beliefen sich im Jahr 2023 auf 7,5 Millionen US-Dollar.

Compliance-Kostenkategorie	Betrag (2023)
Regulatorische Berichterstattung	4,2 Millionen US-Dollar
Umweltkonformität	3,3 Millionen US-Dollar

Investitionen in Technologie und Dateninfrastruktur

Die Technologieinvestitionen für 2023 beliefen sich auf 12,9 Millionen US-Dollar.

• Datenverwaltungssysteme: 6,4 Millionen US-Dollar
• Explorationstechnologie: 4,5 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 2 Millionen US-Dollar

Investor Relations und Marketingausgaben

Die Marketing- und Investor-Relations-Ausgaben für 2023 beliefen sich auf insgesamt 5,6 Millionen US-Dollar.

Kategorie der Marketingausgaben	Betrag (2023)
Teilnahme an der Investorenkonferenz	2,1 Millionen US-Dollar
Digitales Marketing	1,8 Millionen US-Dollar
Kommunikationsmaterialien für Investoren	1,7 Millionen US-Dollar

Viper Energy Partners LP (VNOM) – Geschäftsmodell: Einnahmequellen

Lizenzeinnahmen aus der Öl- und Gasförderung

Im dritten Quartal 2023 meldete Viper Energy Partners einen Gesamtumsatz von 76,4 Millionen US-Dollar, wobei Lizenzeinnahmen die Haupteinnahmequelle darstellten. Die durchschnittliche Tagesproduktion betrug 16.835 Barrel Öläquivalent pro Tag (BOE/d).

Produktionsmetrik	Wert für Q3 2023
Gesamte Tagesproduktion	16.835 BOE/Tag
Ölförderung	9.986 Barrel pro Tag
Erdgasproduktion	41,1 Millionen Kubikfuß pro Tag

Leasinggebühren für Mineralrechte

Im Jahr 2023 besaß Viper Energy Partners Mineral- und Lizenzbeteiligungen auf einer Fläche von etwa 33.234 Brutto-Acres, hauptsächlich im Perm-Becken.

• Durchschnittlicher Pachtbonus pro Acre: 3.500 $
• Gesamte verwaltete Mineralfläche: 33.234
• Geschätzter jährlicher Leasingumsatz: 116,3 Millionen US-Dollar

Produktionsbasierte Umsatzbeteiligung

Viper Energy Partners generiert Einnahmen durch strategische Produktionsaufteilungsvereinbarungen mit Betreibern im Perm-Becken.

Metrik zur Umsatzbeteiligung	Wert 2023
Durchschnittlicher Lizenzgebührensatz	20-25%
Netto-Lizenzgebühren-Morgen	26,589
Einnahmen aus Produktionsteilung	214,7 Millionen US-Dollar

Wertschätzung des Mineralvermögensportfolios

Das Mineralvermögensportfolio des Unternehmens verzeichnete im Jahr 2023 eine deutliche Wertsteigerung mit einem geschätzten Gesamtvermögenswert von 1,8 Milliarden US-Dollar.

• Wachstumsrate des Vermögenswerts: 12,4 %
• Geschätzte Portfoliowertsteigerung: 223 Millionen US-Dollar
• Haupttreiber der Wertsteigerung: gestiegene Ölpreise und ausgeweitete Bohraktivitäten

Dividendenausschüttungen an Aktionäre

Viper Energy Partners verfolgt eine konsequente Dividendenausschüttungsstrategie.

Dividendenkennzahl	Wert 2023
Vierteljährliche Dividende pro Aktie	$0.81
Jährliche Dividendenrendite	7.2%
Gesamte jährliche Dividendenausschüttung	3,24 $ pro Aktie

Viper Energy Partners LP (VNOM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Viper Energy Partners LP stands out in the mineral and royalty space as of late 2025. The value proposition centers on a structure designed to maximize shareholder cash flow without the typical burdens of upstream operators.

The first pillar is the high-margin, zero-CapEx business model. This structure means Viper Energy Partners LP does not spend capital to drill or complete wells; it simply collects royalties on production from others. This is why Q3 2025 revenue hit $165 million (pro forma including Sitio for 43 days) or $418 million on a reported basis, supporting a high return profile without capital strain. The model is inherently high-margin, as evidenced by the Q3 2025 consolidated Adjusted EBITDA of $393 million. This operational leverage translates directly into superior free cash flow generation.

Second, you get direct exposure to the Permian production growth engine without taking on the operational risk. Viper Energy Partners LP's asset base is now heavily concentrated in the Permian Basin following the Sitio Royalties Corp. acquisition. The company's Q4 2025 oil production guidance implies a roughly 20% increase in oil production per share compared to Q4 2024. Looking further out, management anticipates mid-single-digit organic oil production growth in 2026, which projects to double-digit year-over-year growth in oil production per share relative to 2025. This growth is underpinned by significant activity on its acreage; 739 gross horizontal wells were turned to production on Viper Energy Partners LP's acreage during Q3 2025.

The commitment to returning capital is perhaps the most concrete value proposition. Viper Energy Partners LP delivered an 85% Q3 2025 payout ratio, returning $0.83 per Class A common share out of a pro forma cash available for distribution of $0.97 per share. This return was executed through multiple levers, showing flexibility and commitment to shareholders. Management is clearly prioritizing this return profile, stating visibility to returning nearly 100% of cash available for distribution as the company approaches its net debt target of $1.5 billion. The non-Permian asset sale, valued at approximately $670 million, is earmarked to help pay down debt and increase capital return flexibility further.

The Sitio acquisition fundamentally increased the scale and liquidity, positioning Viper Energy Partners LP as a major player. The merger, valued at approximately $4.1 billion, added substantial scale, enhancing the company's position in the fragmented minerals market. The combined entity now holds approximately 95,846 net royalty acres in the Permian Basin. This increased size and scale, combined with the focus on the core Permian assets, is intended to create a must-own public mineral company with improved access to investment grade capital.

Here's a quick look at the Q3 2025 financial snapshot supporting these value propositions:

Metric	Value	Unit/Context
Q3 2025 Revenue	$418 million	Reported Revenue
Q3 2025 Pro Forma CAD per Share	$0.97	Per Class A Common Share
Q3 2025 Payout Ratio	85%	Of Pro Forma CAD
Total Q3 2025 Return of Capital per Share	$0.83	Base Dividend ($0.33) + Variable Dividend ($0.25) + Buybacks Implied
Q4 2025 Oil Production Guidance	65,000-67,000	Barrels of Oil per Day (bo/d)
Net Royalty Acres (Post-Sitio)	Approx. 95,846	Total Permian Focus
Non-Permian Asset Sale Value	Approx. $670 million	Expected Proceeds for Deleveraging
Net Debt Target	$1.5 billion	Near-Term Goal

Viper Energy Partners LP (VNOM) - Canvas Business Model: Customer Relationships

You're looking at how Viper Energy Partners LP (VNOM) manages its distinct relationships with two very different customer groups: the mineral owners who sell to them and the income-focused investors who hold their stock. For mineral owners looking to divest, the relationship is strictly transactional and direct, often involving large, strategic purchases.

Consider the recent activity. Viper Energy Partners LP completed its acquisition of Sitio Royalties Corp. in an all-equity transaction valued at approximately $4.0 billion on August 19, 2025. This is a direct, high-value transaction to grow the asset base. Furthermore, the company announced a definitive agreement to sell its non-Permian assets for $670 million, showing direct management of the asset portfolio being transacted. They also planned to acquire mineral and royalty interests from Morita Ranches for approximately $211 million and 2.4 million OpCo units.

The relationship with the E&P operators who actually drill the wells is decidedly low-touch and passive for Viper Energy Partners LP. Viper collects royalties; the operator handles all the capital expenditure and operational risk. This is the core benefit of the royalty model. In the third quarter of 2025, Viper estimates that 739 total gross horizontal wells were turned to production on its acreage. Of those, Diamondback Energy, the primary operator and a major shareholder, operated 124 gross wells, with an average royalty interest of 5.6%. The remaining 615 gross wells were operated by third parties, with an average royalty interest of only 1.3%. This passive nature means Viper's management doesn't need to manage drilling schedules, only monitor production flow.

For the income-focused investor, the relationship is centered on maximizing distributions, which is where the high-yield focus comes in to maintain loyalty. The commitment to returning capital is clear in the Q3 2025 results. Viper returned 85% of pro forma cash available for distribution to stockholders. The declared Q3 2025 total base-plus-variable dividend was $0.58 per Class A common share. Based on the October 31, 2025 Class A common share closing price of $37.56, this implies an annualized yield of 6.2%. Management signaled a target of returning nearly 100% of cash available for distribution once the net debt target of $1.5 billion is achieved.

The Investor Relations team provides the detailed transparency needed to support this high-payout strategy. They host regular calls, such as the one for Q3 2025 results on November 4, 2025, and provide granular operational data. For instance, Q3 2025 average production was reported as 56,087 bo/d. The forward outlook is also quantified: Q4 2025 oil production guidance implies about a 20% increase in oil production per share year-over-year, with management anticipating mid-single-digit organic oil production growth in 2026. This level of detail helps investors trust the sustainability of the high yield.

Here's a quick look at the numbers underpinning these relationships:

Relationship Focus Area	Key Metric/Value (Late 2025 Data)	Data Point Source/Context
Mineral Owner Transactions	$4.0 billion	Sitio Royalties Acquisition Value (Equity)
Investor Yield Focus	$0.58 per share	Q3 2025 Total Base-Plus-Variable Dividend
Investor Payout Commitment	85%	Percentage of Pro Forma Cash Available for Distribution Returned in Q3 2025
E&P Operator Activity (Passive)	739 gross wells	Total Horizontal Wells Turned to Production in Q3 2025
IR Transparency (Operational Scale)	108,859 boe/d	Q3 2025 Average Production (Total Equivalent Barrels per Day)
Balance Sheet Goal Supporting Payouts	$1.5 billion	Net Debt Target to enable near-100% cash returns

The relationship with Diamondback Energy, which owns approximately 42% of Viper's outstanding common stock post-Sitio, is particularly close, providing Viper with unique insight into development plans and reducing uncertainty around the pace of drilling. This alignment is key to the low-touch model working effectively, as the main operator is also a major owner.

Viper Energy Partners LP (VNOM) - Canvas Business Model: Channels

You're looking at how Viper Energy Partners LP gets its value proposition-royalty interests in the Permian Basin-out to its key partners and stakeholders. It's a multi-pronged approach, moving from public market visibility to direct land acquisition and capital markets activity.

NASDAQ Global Select Market (VNOM ticker) for Public Equity Investors

The public equity market is a primary channel for capital formation and investor engagement. Viper Energy Partners LP trades on the NASDAQ Global Select Market under the ticker VNOM. As of December 5, 2025, the stock was trading at $40.65, up from a previous close of $40.02. The firm's market capitalization stood at approximately $14.61 billion recently. This channel is crucial for delivering shareholder returns, which in Q3 2025 included a total return of capital of $140 million to Class A stockholders.

The distribution mechanism through this channel is quite specific, focusing on Class A common shares:

• Declared total base-plus-variable dividend for Q3 2025: $0.58 per Class A common share.
• Base dividend component: $0.33 per share, implying a 3.5% annualized yield based on a prior closing price.
• Variable dividend component: $0.25 per share.
• Share repurchases in Q3 2025 totaled 2.4 million shares for approximately $90 million.

Investor Presentations and SEC Filings for Financial Reporting

Transparency to the investment community flows through official filings and investor-facing materials. For the third quarter of 2025, Viper Energy reported revenue of $418 million, beating expectations of $389.35 million. Operationally, the reported average production for Q3 2025 was 56,087 barrels of oil per day (bo/d).

The financial reporting channel communicates both performance and strategic positioning. While the GAAP result showed a consolidated net loss of $197 million in Q3 2025, largely due to a $360 million non-cash impairment related to the May 1, 2025 drop-down transaction, the adjusted net income was $156 million. The company manages approximately 95,846 net royalty acres, and during Q3 2025, 739 gross (15.2 net) horizontal wells were turned to production on its acreage. Management's Q4 2025 oil production guidance implies a 20% year-over-year increase in oil production per share.

Direct Contact via Minerals@ViperEnergy.com for Potential Sellers

For expanding its asset base, Viper Energy uses direct contact as a channel to engage with potential sellers of mineral and royalty interests. The designated contact point is Minerals@ViperEnergy.com. This channel supports the company's growth strategy, which recently included the approximately $4 billion all-equity acquisition of Sitio Royalties Corp..

Debt Markets for Issuing Senior Notes and Managing Leverage

The debt markets are a critical channel for financing acquisitions and managing the balance sheet, as Viper Energy Partners LLC, the operating company, issues Senior Notes. In July 2025, Viper priced a significant offering totaling $1.6 billion in aggregate principal amount, which is expected to close on July 23, 2025.

Here's the breakdown of that debt issuance channel:

Note Tranche	Aggregate Principal Amount	Coupon Rate	Maturity Date	Pricing (as % of Principal)
2030 Notes	$500,000,000	4.900%	August 1, 2030	99.902%
2035 Notes	$1,100,000,000	5.700%	August 1, 2035	99.636%

The estimated net proceeds from this offering were $1.58 billion. This capital was earmarked to redeem higher-coupon existing debt, specifically the 7.375% notes due 2031 and the 5.375% notes due 2027. As of September 30, 2025, Viper Energy reported net long-term debt of $2,241 million.

Viper Energy Partners LP (VNOM) - Canvas Business Model: Customer Segments

You're looking at who is actually putting capital to work with Viper Energy Partners LP as of late 2025. It's a mix of folks looking for income, growth exposure, and those needing to offload assets. Here's the quick math on who the key customer segments are based on recent filings.

Public Equity Investors Seeking Yield and Growth from a Royalty Model

These are the Class A common stockholders buying shares on NASDAQ under VNOM. They are clearly focused on the cash returned to them, which is a blend of a fixed base and a variable component tied to commodity prices and performance. For the third quarter of 2025, the Board declared a total base-plus-variable cash dividend of $0.58 per Class A common share. That total payout implied an annualized yield of 6.2% when using the October 31, 2025, closing price of $37.56 per share. The total capital returned to these stockholders in Q3 2025 hit $140 million, which was 85% of the pro forma cash available for distribution. This return included a base dividend of $0.33 and a variable dividend of $0.25 per share for that quarter. To be fair, they also bought back 2.4 million shares for about $90 million during that same quarter.

• Class A shares outstanding as of September 30, 2025: approximately 169.3 million for per-share metric calculations.
• Share price as of November 26, 2025: $36.05 / share.
• Q3 2025 average production: 56,087 barrels of oil per day.
• Net royalty acres as of September 30, 2025: approximately 95,846.

Institutional Investors and Funds Focused on Energy and MLP/Royalty Sectors

This group holds the lion's share of the equity. They are the big names you see in the 13F filings, definitely driving liquidity and setting the tone for valuation. As of late 2025, a massive 87.72% of Viper Energy's stock was owned by institutional investors. These institutions, totaling 779 filers, held 195,673,181 shares in total. Diamondback Energy, Inc., the parent, held a commanding 47.80% stake as of an August 26, 2025 filing. Other significant players include Vanguard Group Inc and BlackRock, Inc. Blackstone Holdings III L.P. reported a holding of 5.50% as of a November 14, 2025 filing.

Private Mineral and Royalty Owners Looking for a Lump-Sum Liquidity Event

This segment is served by Viper Energy Partners LP's acquisition and divestiture strategy, which provides liquidity for sellers and consolidation for Viper. The biggest recent event was the all-equity acquisition of Sitio Royalties Corp. on August 19, 2025, valued at approximately $4.0 billion. On the selling side, Viper entered an agreement to divest its non-Permian assets for $670 million. Earlier in the year, on February 14, 2025, the company also acquired interests from Morita Ranches Minerals LLC for about $211.0 million in cash and units.

Debt Holders (Bond Investors) Seeking Fixed-Income Returns

These are the fixed-income investors holding the senior notes and term loans. As of September 30, 2025, the total debt outstanding was $2.6 billion, resulting in a net debt position of $2.2 billion. The debt structure is clearly segmented by maturity and coupon rate, which is what these investors focus on for their fixed returns. The company raised significant capital in July 2025 via a Notes Offering.

Debt Instrument	Principal Amount (as of 9/30/2025)	Coupon Rate	Maturity Year
Senior Notes	$1.1 billion	5.700%	2035
Senior Notes	$500 million	4.900%	2030
Term Loan Borrowings	$500 million	Approx. 5.645% (based on Q3 2025 interest estimate)	Varies
Revolving Credit Facility Borrowings	$160 million	Approx. 5.520% (based on Q3 2025 average balance estimate)	Varies

It's important to note that the $380 million aggregate principal amount of 5.375% Senior Notes due 2027 were fully redeemed on November 1, 2025. The July 2025 offering priced the 2030 Notes at 99.902% of par and the 2035 Notes at 99.636% of par.

Viper Energy Partners LP (VNOM) - Canvas Business Model: Cost Structure

You're looking at the core costs for Viper Energy Partners LP as of late 2025, which is heavily influenced by its non-operating, royalty-focused structure. This model inherently keeps certain costs low, but interest expense and taxes remain significant factors.

Minimal capital expenditure (CapEx) is a defining feature here. Because Viper Energy Partners LP owns mineral and royalty interests and does not directly conduct drilling or production operations, its business model requires effectively zero capital expenditure to support its free cash flow profile. This is a major structural cost advantage.

General and Administrative (G&A) expenses are managed, with a stated target for annual synergies around $50 million. To give you a granular view of the operating costs that feed into the G&A line, here are some per-unit figures from Q3 2025:

• Cash General and Administrative expense per Boe: $0.83
• Non-cash stock compensation expense per Boe: $0.19

Financing costs are a direct consequence of the capital structure, particularly following recent transactions like the Sitio Royalties Corp. acquisition. As of September 30, 2025, the total debt outstanding for Viper Energy Partners LP stood at $2.6 billion. This debt load directly translates into interest expense, which was reported on a per-unit basis in Q3 2025.

The table below breaks down key per-unit operating costs for context, showing how the cost base is structured:

Cost Component (Per Boe)	Q3 2025 Reported Value	Source Context
Production and Ad Valorem Taxes	Between $2.70 and $3.33	Varying reported figures for Production and ad valorem taxes
Cash General and Administrative	$0.83	Latest reported cash G&A per Boe
Net Interest Expense	$3.20	Reported net interest expense per boe

Production and ad valorem taxes are a non-negotiable cost of doing business, directly tied to the realized commodity prices. For Q3 2025, the average unhedged realized price was $39.24/boe. Historically, these taxes have represented a percentage of revenue, with guidance for Q4 2025 and a prior quarter showing this cost:

• Production and Ad Valorem Taxes as a percentage of Revenue: Approximately 7%

The company is actively managing its debt, with plans to use proceeds from the announced non-Permian asset sale (agreed at $670 million) to pay down debt, aiming for a net debt target of $1.5 billion.

Viper Energy Partners LP (VNOM) - Canvas Business Model: Revenue Streams

You're looking at how Viper Energy Partners LP actually brings in the money, and for a royalty company, it boils down to what's flowing out of the ground on the acreage they own. The primary source is, quite simply, royalty payments from oil, natural gas, and NGL production. This is passive income based on the production of third-party operators, so you want to see strong realized prices and high activity levels. For instance, during the third quarter of 2025, Viper Energy Partners LP saw average daily production hit 56,087 barrels of oil per day, which translates to 108,859 barrels of oil equivalent per day. To give you a sense of the pricing environment that quarter, the unhedged realized prices were $64.34 per barrel of oil, $1.02 per Mcf of natural gas, and $19.07 per barrel of natural gas liquids (NGL). This is the engine of their recurring revenue.

To map out the scale of this revenue generation, look at the recent top-line numbers. The revenue stream is clearly growing, which is a positive signal for a mineral and royalty interest holder. Here's a quick look at the revenue snapshot as of late 2025:

Metric	Amount
Q3 2025 Total Revenue	$418 million
Revenue (Trailing Twelve Months ending September 30, 2025)	$1.190 billion

The reported Q3 2025 total revenue came in at $418 million, which actually outpaced what many analysts were expecting. This beat on the top line, alongside a significant beat on the bottom line, shows the underlying asset quality is performing well, even if the stock market didn't immediately agree. Still, the cash flow generated is what really matters for a partnership structure like this.

Beyond the regular production royalties, Viper Energy Partners LP also generates cash through strategic portfolio management, specifically by selling assets that don't fit the core focus. Management recently completed a major move to concentrate on the Permian Basin, which included the divestiture of non-core assets outside that region. This strategic non-core asset sale was for $670 million. Proceeds from deals like this are key because they are often earmarked for debt reduction and enhancing shareholder returns, rather than just being absorbed into general operations. This focus on capital discipline directly impacts the distributable cash flow you see.

The ultimate goal of these revenue streams and asset sales is to generate cash available for distribution (CAFD) to the unitholders. For Q3 2025, the pro forma cash available for distribution to Viper's Class A common shares was $165 million. This robust cash generation supported a significant return of capital to stockholders. You can see the commitment to shareholders in these figures:

• Q3 2025 Pro Forma Cash Available for Distribution (CAFD): $165 million.
• Total Q3 2025 return of capital to Class A stockholders: $140 million.
• This total return represented 85% of pro forma CAFD for the quarter.
• The declared total base-plus-variable dividend for Q3 2025 was $0.58 per Class A common share.

Finance: draft 13-week cash view by Friday.