Viper Energy Partners LP (VNOM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las inversiones energéticas, Viper Energy Partners LP (VNOM) emerge como un jugador convincente, revolucionando los intereses minerales y de regalías en la prolífica cuenca del Pérmico. Con un enfoque estratégico que minimiza los riesgos operativos al tiempo que maximiza el potencial de ingresos, VNOM ofrece a los inversores una oportunidad única para aprovechar el mundo lucrativo del petróleo y el gas sin las complejidades tradicionales de exploración y producción. Su innovador modelo de negocio, anclado por una sólida asociación con Diamondback Energy, presenta una vía de bajo costo y alta eficiencia para generar flujos de efectivo consistentes y dividendos atractivos en el sector energético en constante evolución.

Viper Energy Partners LP (VNOM) - Modelo de negocios: asociaciones clave

Diamondback Energy (propiedad de propiedad mayoritaria y empresa matriz estratégica)

A partir del cuarto trimestre de 2023, Diamondback Energy posee aproximadamente el 76.3% de Viper Energy Partners LP. La participación de la propiedad está valorada en $ 2.1 mil millones. La colaboración estratégica incluye:

• Adquisición de intereses minerales y de regalías
• Desarrollo de activos de la cuenca del Pérmico
• Infraestructura operativa compartida

Socios de exploración y producción de la cuenca de Midland

Pareja	Posición de superficie	Valor de inversión
Recursos naturales pioneros	35,000 acres netos	$ 480 millones
Conocophillips	22,000 acres netos	$ 310 millones

Proveedores de servicios de campo petrolero y contratistas de perforación

Socios operativos clave:

• Schlumberger: valor del contrato $ 125 millones en 2023
• Halliburton: Acuerdo de servicio anual $ 98 millones
• Baker Hughes: contrato de servicios de perforación $ 85 millones

Compañías de infraestructura y transporte de la corriente intermedia

Compañía	Tipo de servicio	Valor anual del contrato
Socios de productos empresariales	Transporte de petróleo crudo	$ 210 millones
Kinder Morgan	Infraestructura de tuberías	$ 175 millones

Instituciones financieras e inversores del mercado de capitales

Desglose de la estructura de capital:

• JPMorgan Chase: Pead Underwriter, Fondo de crédito de $ 500 millones
• Goldman Sachs: financiamiento de deuda, $ 350 millones
• BlackRock: inversor institucional, 12.5% ​​de estaca de capital

Viper Energy Partners LP (VNOM) - Modelo de negocio: actividades clave

Adquisición de intereses minerales y de regalías en la cuenca Pérmica

A partir del cuarto trimestre de 2023, Viper Energy Partners posee 59,000 acres minerales netos Principalmente ubicado en la cuenca del Pérmico. La estrategia de adquisición de la compañía se centra en los intereses minerales y de regalías de alta calidad con reservas de hidrocarburos probadas.

Métrico	Valor
Acres minerales totales	59,000
Cuenca primaria	Cuenca del permisa
Costo de adquisición promedio por acre	$3,500 - $4,500

Optimización de producción de petróleo y gas natural

Las actividades de optimización de producción incluyen:

• Técnicas de perforación mejoradas
• Administración avanzada de yacimientos
• Implementación de tecnología continua

Métrica de producción	2023 rendimiento
Producción diaria promedio	26,000 boe/día
Producción de petróleo	16,500 barriles/día
Producción de gas natural	57 millones de pies cúbicos/día

Desarrollo y arrendamiento de derechos minerales

Viper Energy Partners administra activamente el desarrollo de derechos minerales a través de acuerdos de arrendamiento estratégico con compañías de exploración y producción.

• Contratos de arrendamiento activo: 45+ Asociaciones de operador
• Interés promedio de regalías: 4-8%
• Acres alquilados totales: aproximadamente 42,000

Gestión de la cartera de activos y expansión estratégica

La compañía mantiene una cartera de activos diversificada con un enfoque estratégico en regiones de alto potencial dentro de la cuenca del Pérmico.

Métrico de cartera	2023 datos
Valor total del activo	$ 2.1 mil millones
Número de regiones operativas	3 subcuencas primarias
Diversificación de cartera	85% de la cuenca del Pérmico

Relaciones con inversores y asignación de capital

Viper Energy Partners mantiene estrategias sólidas de comunicación de inversores y implementación de capital estratégico.

• Rendimiento de dividendos trimestrales: 6-8%
• Gastos de capital anuales: $ 150-200 millones
• Frecuencia de Roadshow de inversionista: trimestralmente

Métrica financiera	2023 rendimiento
Ganancia	$ 520 millones
Lngresos netos	$ 185 millones
Retorno de capital invertido	12.5%

Viper Energy Partners LP (VNOM) - Modelo de negocio: recursos clave

Extensos intereses minerales y de regalías en la cuenca del Pérmico

A partir del cuarto trimestre de 2023, Viper Energy Partners posee aproximadamente 44,000 acres de regalías netos en la cuenca Pérmica. La producción neta total fue de 27,167 barriles de aceite equivalente por día (BOE/D).

Métrico	Valor
Acres de regalías netos	44,000
Producción neta	27,167 Boe/D

Relación fuerte con Diamondback Energy

Diamondback Energy posee aproximadamente el 76.4% de las unidades comunes sobresalientes de Viper Energy Partners a partir de 2023.

Equipo de gestión experimentado

• Travis Stice - Presidente y CEO
• Kayla Sloan - Director Financiero
• Experiencia de gestión promedio: más de 15 años en el sector energético

Experiencia geológica y tecnológica avanzada

Inversión en mapeo geológico avanzado y tecnologías digitales para una identificación precisa de recursos.

Inversión tecnológica	Cantidad
Gastos anuales de I + D	$ 5.2 millones

Capacidades financieras robustas

Métricas financieras a partir del cuarto trimestre 2023:

Métrica financiera	Valor
Ingresos totales	$ 253.4 millones
Lngresos netos	$ 127.6 millones
Efectivo y equivalentes	$ 42.3 millones

Viper Energy Partners LP (VNOM) - Modelo de negocio: propuestas de valor

Generación de ingresos por petróleo y gas de bajo costo y bajo riesgo

A partir del cuarto trimestre de 2023, Viper Energy Partners generó $ 222.1 millones en ingresos totales, con intereses minerales y de regalías que cubren aproximadamente 47,660 acres minerales netos en la cuenca Pérmica.

Métrico	Valor
Acres minerales netos	47,660
Total Q4 2023 Ingresos	$ 222.1 millones
Volumen de producción	52,623 Boe/D

Gastos operativos mínimos

La estructura de costos operativos de Viper demuestra una eficiencia significativa:

• Gastos de G&A de $ 4.1 millones en el cuarto trimestre de 2023
• Arrendar gastos operativos de $ 1.16 por boe
• Gasto de capital de $ 38.8 millones en el cuarto trimestre de 2023

Activos de la cuenca del Pérmica de alta calidad

Característica del activo	Especificación
Cuenca primaria	Cuenca del permisa
Reservas probadas	95.4 mmboe
% De reservas de aceite	72%

Dividendo atractivo y potencial de crecimiento

Rendimiento de dividendos en 2023:

• Dividendo trimestral de $ 0.47 por acción
• Rendimiento de dividendos anuales de aproximadamente 8.5%
• Distribuciones totales de $ 109.1 millones en el cuarto trimestre de 2023

Cartera de derechos minerales diversificados

Segmento de cartera	Cobertura
Acres minerales netos totales	47,660
Concentración geográfica	Cuenca Pérmica (West Texas)
Pozos de producción activos	2,460

Viper Energy Partners LP (VNOM) - Modelo de negocios: relaciones con los clientes

Comunicación transparente de los inversores

A partir del cuarto trimestre de 2023, Viper Energy Partners LP mantiene canales directos de comunicación de inversores con 372 inversores institucionales. Total de las relaciones de los inversores Los puntos de contacto incluyen:

Canal de comunicación	Frecuencia anual
Llamadas de ganancias trimestrales	4
Conferencias de inversores	6-8
Reuniones de inversores individuales	50-75

Llamadas regulares de informes financieros y ganancias

Métricas de informes financieros para 2023:

• Informes de ganancias trimestrales presentados con SEC
• Duración de llamadas de ganancias promedio: 45-60 minutos
• Participación del inversor por llamada: 75-100 participantes

Enfoque de creación de valor del accionista

Métricas clave del valor del accionista para 2023:

Métrico	Valor
Retorno total de los accionistas	17.3%
Rendimiento de dividendos	8.5%
Capitalización de mercado	$ 2.1 mil millones

Plataformas de participación de inversores digitales

Estadísticas de participación digital para 2023:

• Sitio web de Relaciones con Inversores Visitantes únicos: 45,000 mensuales
• Seguidores de inversores en redes sociales: 12,500
• Descargas de presentación de inversores digitales: 3.200 anuales

Estrategia de distribución de dividendos consistente

Detalles de distribución de dividendos para 2023:

Métrico	Valor
Dividendo trimestral por acción	$0.47
Pago de dividendos anuales	$1.88
Relación de cobertura de dividendos	1.65x

Viper Energy Partners LP (VNOM) - Modelo de negocio: canales

Sitio web de relaciones con los inversores

Viper Energy Partners LP mantiene un sitio web oficial de Relaciones con los Inversores en www.viperEnergyPartners.com, proporcionando acceso digital directo a la información de la empresa.

Característica del sitio web	Disponibilidad
Presentaciones de inversores	Actualizado trimestralmente
Informes financieros	Accesible públicamente
Comunicados de prensa	Actualizaciones en tiempo real

Presentaciones de la SEC e informes financieros

La compañía presenta documentación financiera regular a través de canales SEC.

• Informe anual (10-k): archivado anualmente
• Informe trimestral (10-Q): archivado cada trimestre
• Informe actual (8-K): Presentado para eventos significativos

Conferencias de inversores institucionales

Viper Energy Partners participa en múltiples conferencias de inversores del sector energético anualmente.

Tipo de conferencia	Frecuencia
Conferencias de inversores de energía	3-4 por año
Conferencias de presentación de ganancias	Trimestral

Comunicaciones directas de inversores

La compañía mantiene canales de comunicación directa para los inversores.

• Relaciones con inversores Teléfono: (832) 516-3000
• Correo electrónico Contacto: invernorrelations@viperEnergyPartners.com

Listado de la Bolsa de Valores

Viper Energy Partners cotiza en NASDAQ bajo el símbolo de Ticker Vnom.

Detalles de intercambio	Información
Intercambio de listados	Nasdaq
Símbolo de comercio	Vnom
Categoría de mercado	Mercado Global Select

Viper Energy Partners LP (VNOM) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Viper Energy Partners LP atrajo a inversores institucionales que poseían aproximadamente el 91.4% del total de acciones en circulación. Propiedad institucional total valorada en $ 2.3 mil millones.

Tipo de inversor institucional	Porcentaje de propiedad
Empresas de gestión de inversiones	52.6%
Fondos de pensiones	22.3%
Fondos de cobertura	16.5%

Fondos mutuos centrados en la energía

Los fondos mutuos centrados en la energía representaron el 37.2% de la base de inversores institucionales en 2023, con una inversión total de $ 856 millones.

• Top 5 Energy Mutual Funds que posee las acciones de VNOM
• Inversión promedio por fondo: $ 171.2 millones
• Concentrado principalmente en ETF del sector energético

Empresas de capital privado

Las empresas de capital privado invirtieron $ 412 millones en Viper Energy Partners, que constituye el 17.9% de la propiedad institucional.

Categoría de firma de capital privado	Monto de la inversión
Empresas de educación física centradas en la energía	$ 267 millones
Empresas de educación física diversificadas	$ 145 millones

Inversores individuales de alto nivel de red

Los individuos de alto nivel de red poseían aproximadamente el 6.8% de las acciones de VNOM, que representan $ 156 millones en inversiones totales.

• Inversión individual promedio: $ 2.3 millones
• Predominantemente de Texas y estados productores de energía

Crecimiento a largo plazo e inversores orientados a los ingresos

Los inversores a largo plazo comprendieron el 44.5% de la base de accionistas de VNOM, con una inversión total de $ 1.02 mil millones.

Estrategia de inversión	Porcentaje de inversores	Inversión total
Centrado en los ingresos	28.3%	$ 650 millones
Orientado al crecimiento	16.2%	$ 372 millones

Viper Energy Partners LP (VNOM) - Modelo de negocio: Estructura de costos

Costos de adquisición de derechos minerales

Para el año fiscal 2023, Viper Energy Partners LP reportó gastos de adquisición de derechos minerales de $ 324.7 millones. La estrategia de la compañía se centra en adquirir intereses minerales y de regalías en la cuenca del Pérmico.

Categoría de costos	Cantidad (2023)
Costos de adquisición de derechos minerales totales	$ 324.7 millones
Costo promedio por acre	$ 2,850 por acre

Gastos administrativos y de gestión

En 2023, Viper Energy Partners LP incurrió en gastos administrativos por un total de $ 42.3 millones.

• Costos generales y administrativos: $ 28.6 millones
• Compensación de gestión: $ 13.7 millones

Gastos de cumplimiento e informes regulatorios

Los costos relacionados con el cumplimiento para 2023 ascendieron a $ 7.5 millones.

Categoría de costos de cumplimiento	Cantidad (2023)
Informes regulatorios	$ 4.2 millones
Cumplimiento ambiental	$ 3.3 millones

Inversiones de tecnología y infraestructura de datos

Las inversiones en tecnología para 2023 fueron de $ 12.9 millones.

• Sistemas de gestión de datos: $ 6.4 millones
• Tecnología de exploración: $ 4.5 millones
• Infraestructura de ciberseguridad: $ 2 millones

Relaciones con inversores y gastos de marketing

Los gastos de marketing y relaciones con los inversores para 2023 totalizaron $ 5.6 millones.

Categoría de gastos de marketing	Cantidad (2023)
Participación de la conferencia de inversores	$ 2.1 millones
Marketing digital	$ 1.8 millones
Materiales de comunicación de inversores	$ 1.7 millones

Viper Energy Partners LP (VNOM) - Modelo de negocios: flujos de ingresos

Ingresos de regalías de la producción de petróleo y gas

En el tercer trimestre de 2023, Viper Energy Partners reportó ingresos totales de $ 76.4 millones, con ingresos por regalías que representan la fuente de ingresos primarios. La producción diaria promedio fue de 16,835 barriles de aceite equivalente por día (BOE/D).

Métrica de producción	Valor Q3 2023
Producción diaria total	16,835 Boe/D
Producción de petróleo	9,986 barriles por día
Producción de gas natural	41.1 millones de pies cúbicos por día

Tarifas de arrendamiento de derechos minerales

A partir de 2023, Viper Energy Partners poseía intereses minerales y de regalías en aproximadamente 33,234 acres brutos, principalmente en la cuenca del Pérmico.

• Bonificación de arrendamiento promedio por acre: $ 3,500
• Acres minerales totales bajo administración: 33,234
• Ingresos de arrendamiento anuales estimados: $ 116.3 millones

Exparación de ingresos basado en la producción

Viper Energy Partners genera ingresos a través de acuerdos estratégicos de producción compartida con operadores en la cuenca Pérmica.

Métrica de participación de ingresos	Valor 2023
Tasa promedio de regalías	20-25%
Acres de regalías netos	26,589
Ingresos de la producción compartida	$ 214.7 millones

Apreciación de la cartera de activos minerales

La cartera de activos minerales de la Compañía demostró una apreciación significativa del valor en 2023, con un valor de activo total estimado de $ 1.8 mil millones.

• Tasa de crecimiento del valor del activo: 12.4%
• Apreciación de la cartera estimada: $ 223 millones
• Conductores de apreciación clave: aumento de los precios del petróleo y actividades de perforación ampliada

Distribuciones de dividendos a los accionistas

Viper Energy Partners mantiene una estrategia de distribución de dividendos consistente.

Métrico de dividendos	Valor 2023
Dividendo trimestral por acción	$0.81
Rendimiento de dividendos anuales	7.2%
Distribución total de dividendos anuales	$ 3.24 por acción

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.