Viper Energy Partners LP (VNOM): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des investissements énergétiques, Viper Energy Partners LP (VNOM) émerge comme un acteur convaincant, révolutionnant les intérêts minéraux et redevances dans le bassin du Permien prolifique. Avec une approche stratégique qui minimise les risques opérationnels tout en maximisant le potentiel des revenus, VNOM offre aux investisseurs une occasion unique de puiser dans le monde lucratif du pétrole et du gaz sans les complexités traditionnelles d'exploration et de production. Leur modèle commercial innovant, ancré par un solide partenariat avec Diamondback Energy, présente une voie à faible coût et à haut rendement pour générer des flux de trésorerie cohérents et des dividendes attrayants dans le secteur de l'énergie en constante évolution.

Viper Energy Partners LP (VNOM) - Modèle commercial: partenariats clés

Diamondback Energy (propriété majoritaire et société mère stratégique)

Au quatrième trimestre 2023, Diamondback Energy détient environ 76,3% de Viper Energy Partners LP. La participation est évaluée à 2,1 milliards de dollars. La collaboration stratégique comprend:

• Acquisition d'intérêt minéral et de redevance
• Développement d'actifs du bassin du Permien
• Infrastructure opérationnelle partagée

Partenaires d'exploration et de production du bassin Midland

Partenaire	Position de superficie	Valeur d'investissement
Ressources naturelles pionnières	35 000 acres nets	480 millions de dollars
Conocophillips	22 000 acres nets	310 millions de dollars

Fournisseurs de services de champ pétrolifères et entrepreneurs de forage

Partners opérationnels clés:

• Schlumberger: Valeur du contrat 125 millions de dollars en 2023
• Halliburton: Contrat de service annuel 98 millions de dollars
• Baker Hughes: les services de forage contractent 85 millions de dollars

Infrastructures et sociétés de transport intermédiaires

Entreprise	Type de service	Valeur du contrat annuel
Partners des produits d'entreprise	Transport de pétrole brut	210 millions de dollars
Kinder Morgan	Infrastructure de pipeline	175 millions de dollars

Institutions financières et investisseurs du marché des capitaux

Répartition de la structure du capital:

• JPMorgan Chase: souscripteur en plomb, facilité de crédit de 500 millions de dollars
• Goldman Sachs: Financement de la dette, 350 millions de dollars
• BlackRock: Investisseur institutionnel, participation de 12,5%

Viper Energy Partners LP (VNOM) - Modèle d'entreprise: Activités clés

Acquisition d'intérêts minéraux et de redevances dans le bassin du Permien

Depuis le quatrième trimestre 2023, Viper Energy Partners détient 59 000 acres minéraux nets principalement situé dans le bassin du Permien. La stratégie d'acquisition de la société se concentre sur les intérêts minéraux et redevances de haute qualité avec des réserves d'hydrocarbures éprouvés.

Métrique	Valeur
Acres de minéraux totaux	59,000
Bassin primaire	Bassin permien
Coût moyen d'acquisition par acre	$3,500 - $4,500

Optimisation de la production de pétrole et de gaz naturel

Les activités d'optimisation de la production comprennent:

• Techniques de forage améliorées
• Gestion avancée des réservoirs
• Mise en œuvre de la technologie continue

Métrique de production	Performance de 2023
Production quotidienne moyenne	26 000 Boe / Day
Production de pétrole	16 500 barils / jour
Production de gaz naturel	57 millions de pieds cubes / jour

Développement et location des droits minéraux

Viper Energy Partners gère activement le développement des droits minéraux grâce à des accords de location stratégique avec des sociétés d'exploration et de production.

• Accords de location actifs: 45+ partenariats opérateurs
• Intérêt moyen des redevances: 4-8%
• Acres loués totaux: environ 42 000

Gestion du portefeuille d'actifs et expansion stratégique

La société maintient un portefeuille d'actifs diversifié en mettant l'accent stratégique sur les régions de haut potentiel dans le bassin du Permien.

Métrique de portefeuille	2023 données
Valeur totale de l'actif	2,1 milliards de dollars
Nombre de régions opérationnelles	3 sous-bassins primaires
Diversification du portefeuille	85% du bassin permien

Relations avec les investisseurs et allocation des capitaux

Viper Energy Partners maintient une communication solide des investisseurs et des stratégies stratégiques de déploiement du capital.

• Rendement trimestriel des dividendes: 6-8%
• Dépenses en capital annuelles: 150 à 200 millions de dollars
• Investisseur Roadshow Fréquence: Trimestriel

Métrique financière	Performance de 2023
Revenu	520 millions de dollars
Revenu net	185 millions de dollars
Retour sur le capital investi	12.5%

Viper Energy Partners LP (VNOM) - Modèle d'entreprise: Ressources clés

Intérêts étendus en minéraux et redevances dans le bassin du Permien

Au quatrième trimestre 2023, Viper Energy Partners possède environ 44 000 acres de redevance nette dans le bassin du Permien. La production nette totale était de 27 167 barils de pétrole équivalent par jour (BOE / J).

Métrique	Valeur
Acres de redevance nette	44,000
Production nette	27 167 BOE / D

Relation solide avec Diamondback Energy

Diamondback Energy détient environ 76,4% des unités communes exceptionnelles de Viper Energy Partners en 2023.

Équipe de gestion expérimentée

• Travis Stice - président-directeur général
• Kayla Sloan - directeur financier
• Expérience de gestion moyenne: plus de 15 ans dans le secteur de l'énergie

Expertise géologique et technologique avancée

Investissement dans la cartographie géologique avancée et les technologies numériques pour une identification précise des ressources.

Investissement technologique	Montant
Dépenses annuelles de R&D	5,2 millions de dollars

Capacités financières robustes

Mesures financières auprès du quatrième trimestre 2023:

Métrique financière	Valeur
Revenus totaux	253,4 millions de dollars
Revenu net	127,6 millions de dollars
Espèce et équivalents	42,3 millions de dollars

Viper Energy Partners LP (VNOM) - Modèle d'entreprise: propositions de valeur

Génération de revenus de pétrole et de gaz à faible coût et à faible risque

Au quatrième trimestre 2023, Viper Energy Partners a généré 222,1 millions de dollars de revenus totaux, avec des intérêts minéraux et des redevances couvrant environ 47 660 acres minéraux nets dans le bassin du Permien.

Métrique	Valeur
Acres minéraux nets	47,660
Revenu total du quatrième trimestre 2023	222,1 millions de dollars
Volume de production	52 623 BOE / D

Dépenses opérationnelles minimales

La structure des coûts opérationnels de Viper démontre une efficacité importante:

• Dépenses G&A de 4,1 millions de dollars au quatrième trimestre 2023
• Location des frais d'exploitation de 1,16 $ par BOE
• Dépenses en capital de 38,8 millions de dollars au quatrième trimestre 2023

Actifs du bassin permien de haute qualité

Caractéristique des actifs	Spécification
Bassin primaire	Bassin permien
Réserves prouvées	95,4 mmboe
% De réserves d'huile	72%

Dividende attrayant et potentiel de croissance

Performance de dividendes en 2023:

• Dividende trimestriel de 0,47 $ par action
• Rendement annuel de dividendes d'environ 8,5%
• Distributions totales de 109,1 millions de dollars au quatrième trimestre 2023

Portfolio diversifié des droits minéraux

Segment de portefeuille	Couverture
Acres minéraux nets totaux	47,660
Concentration géographique	Basin Permien (West Texas)
Puits de production active	2,460

Viper Energy Partners LP (VNOM) - Modèle d'entreprise: relations avec les clients

Communication des investisseurs transparents

Depuis le quatrième trimestre 2023, Viper Energy Partners LP maintient les canaux de communication des investisseurs directs avec 372 investisseurs institutionnels. Les points de contact des relations avec les investisseurs totaux comprennent:

Canal de communication	Fréquence annuelle
Appels de résultats trimestriels	4
Conférences d'investisseurs	6-8
Réunions d'investisseurs en tête-à-tête	50-75

Rapports financiers réguliers et appels de revenus

Métriques d'information financière pour 2023:

• Des rapports de bénéfices trimestriels déposés auprès de SEC
• Durée moyenne de l'appel de gains: 45-60 minutes
• Participation des investisseurs par appel: 75-100 participants

Focus de la création de la valeur des actionnaires

Mesures clés de la valeur des actionnaires pour 2023:

Métrique	Valeur
Rendement total des actionnaires	17.3%
Rendement des dividendes	8.5%
Capitalisation boursière	2,1 milliards de dollars

Plateformes d'engagement des investisseurs numériques

Statistiques d'engagement numérique pour 2023:

• Site Web de relations avec les investisseurs Visiteurs uniques: 45 000 mois
• Investisseurs sur les réseaux sociaux adeptes: 12 500
• Téléchargements de présentation des investisseurs numériques: 3 200 annuels

Stratégie de distribution de dividendes cohérente

Détails de la distribution des dividendes pour 2023:

Métrique	Valeur
Dividende trimestriel par action	$0.47
Payage de dividendes annuel	$1.88
Ratio de couverture des dividendes	1,65x

Viper Energy Partners LP (VNOM) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Viper Energy Partners LP maintient un site Web officiel de relations avec les investisseurs à l'adresse www.vipernergyPartners.com, offrant un accès numérique direct aux informations de l'entreprise.

Fonctionnalité de site Web	Disponibilité
Présentations des investisseurs	Mis à jour trimestriel
Rapports financiers	Accessible au public
Communiqués de presse	Mises à jour en temps réel

Déposés et rapports financiers de la SEC

La société dépose des documents financiers réguliers via les canaux SEC.

• Rapport annuel (10-K): déposé annuellement
• Rapport trimestriel (10-Q): déposé chaque trimestre
• Rapport actuel (8-K): déposé pour des événements importants

Conférences d'investisseurs institutionnelles

Viper Energy Partners participe à plusieurs conférences d'investisseurs sur le secteur de l'énergie chaque année.

Type de conférence	Fréquence
Conférences d'investisseurs en énergie	3-4 par an
Conférences de présentation des bénéfices	Trimestriel

Communications des investisseurs directs

La société maintient des canaux de communication directs pour les investisseurs.

• Relations des investisseurs Téléphone: (832) 516-3000
• Contact par courriel: investirrélations@vipergergypartners.com

Cotation des bourses

Viper Energy Partners se négocie sur le NASDAQ sous Symbole Ticker Vnom.

Échanger des détails	Information
Échange de listing	Nasdaq
Symbole de trading	Vnom
Catégorie de marché	Marché de sélection mondiale

Viper Energy Partners LP (VNOM) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Viper Energy Partners LP a attiré des investisseurs institutionnels détenant environ 91,4% du total des actions en circulation. La propriété institutionnelle totale d'une valeur de 2,3 milliards de dollars.

Type d'investisseur institutionnel	Pourcentage de propriété
Sociétés de gestion des investissements	52.6%
Fonds de pension	22.3%
Hedge funds	16.5%

Fonds communs de placement axés sur l'énergie

Les fonds communs de placement axés sur l'énergie représentaient 37,2% de la base des investisseurs institutionnels en 2023, avec un investissement total de 856 millions de dollars.

• Top 5 des fonds communs de placement énergétiques détenant des actions VNOM
• Investissement moyen par fonds: 171,2 millions de dollars
• Concentré principalement dans les FNB du secteur de l'énergie

Sociétés de capital-investissement

Les sociétés de capital-investissement ont investi 412 millions de dollars dans Viper Energy Partners, représentant 17,9% de la propriété institutionnelle.

Catégorie de société de capital-investissement	Montant d'investissement
Entreprises d'EP axées sur l'énergie	267 millions de dollars
Entreprises d'EP diversifiées	145 millions de dollars

Investisseurs individuels à haute nette

Les individus à haute teneur ne détenaient environ 6,8% des actions VNOM, ce qui représente 156 millions de dollars d'investissements totaux.

• Investissement individuel moyen: 2,3 millions de dollars
• Principalement du Texas et des États producteurs d'énergie

Croissance à long terme et investisseurs axés sur le revenu

Les investisseurs à long terme représentaient 44,5% de la base des actionnaires de VNOM, avec un investissement total de 1,02 milliard de dollars.

Stratégie d'investissement	Pourcentage d'investisseurs	Investissement total
Axé sur les revenus	28.3%	650 millions de dollars
Orienté vers la croissance	16.2%	372 millions de dollars

Viper Energy Partners LP (VNOM) - Modèle d'entreprise: Structure des coûts

Coûts d'acquisition des droits minéraux

Pour l'exercice 2023, Viper Energy Partners LP a déclaré des frais d'acquisition des droits miniers de 324,7 millions de dollars. La stratégie de l'entreprise se concentre sur l'acquisition des intérêts minéraux et des redevances dans le bassin du Permien.

Catégorie de coûts	Montant (2023)
Total des frais d'acquisition des droits minéraux	324,7 millions de dollars
Coût moyen par acre	2 850 $ par acre

Dépenses administratives et de gestion

En 2023, Viper Energy Partners LP a engagé les dépenses administratives totalisant 42,3 millions de dollars.

• Coûts généraux et administratifs: 28,6 millions de dollars
• Compensation de gestion: 13,7 millions de dollars

Dépenses de déclaration de conformité et réglementation

Les coûts liés à la conformité pour 2023 s'élevaient à 7,5 millions de dollars.

Catégorie de coût de conformité	Montant (2023)
Représentation réglementaire	4,2 millions de dollars
Conformité environnementale	3,3 millions de dollars

Investissements de technologie et d'infrastructure de données

Les investissements technologiques pour 2023 étaient de 12,9 millions de dollars.

• Systèmes de gestion des données: 6,4 millions de dollars
• Technologie d'exploration: 4,5 millions de dollars
• Infrastructure de cybersécurité: 2 millions de dollars

Relations avec les investisseurs et dépenses de marketing

Les dépenses de marketing et de relations avec les investisseurs pour 2023 ont totalisé 5,6 millions de dollars.

Catégorie de dépenses de marketing	Montant (2023)
Participation de la conférence des investisseurs	2,1 millions de dollars
Marketing numérique	1,8 million de dollars
Matériel de communication des investisseurs	1,7 million de dollars

Viper Energy Partners LP (VNOM) - Modèle d'entreprise: Strots de revenus

Revenu des redevances provenant de la production de pétrole et de gaz

Au troisième trimestre 2023, Viper Energy Partners a déclaré un chiffre d'affaires total de 76,4 millions de dollars, les revenus de redevances représentant la principale source de revenus. La production quotidienne moyenne était de 16 835 barils de pétrole équivalent par jour (BOE / J).

Métrique de production	Valeur du troisième trimestre 2023
Production quotidienne totale	16 835 BOE / D
Production de pétrole	9 986 barils par jour
Production de gaz naturel	41,1 millions de pieds cubes par jour

Frais de location des droits minéraux

En 2023, Viper Energy Partners possédait des intérêts minéraux et de redevances dans environ 33 234 acres bruts, principalement dans le bassin du Permien.

• Bonus de location moyen par acre: 3 500 $
• Total des acres minéraux sous gestion: 33 234
• Revenus de location annuels estimés: 116,3 millions de dollars

Partage de revenus basé sur la production

Viper Energy Partners génère des revenus grâce à des accords stratégiques de partage de production avec les opérateurs du bassin du Permien.

Métrique de partage des revenus	Valeur 2023
Taux de redevance moyen	20-25%
Acres de redevance nette	26,589
Revenus du partage de la production	214,7 millions de dollars

Appréciation du portefeuille d'actifs minéraux

Le portefeuille d'actifs minéraux de la société a démontré une appréciation significative de la valeur en 2023, avec une valeur totale de 1,8 milliard de dollars estimée.

• Taux de croissance de la valeur des actifs: 12,4%
• Appréciation estimée du portefeuille: 223 millions de dollars
• Conducteurs d'appréciation clés: augmentation des prix du pétrole et activités de forage élargies

Distributions de dividendes aux actionnaires

Viper Energy Partners entretient une stratégie de distribution de dividendes cohérente.

Métrique du dividende	Valeur 2023
Dividende trimestriel par action	$0.81
Rendement annuel sur le dividende	7.2%
Distribution annuelle totale de dividendes	3,24 $ par action

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.