Viper Energy Partners LP (VNOM): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico dos investimentos em energia, o Viper Energy Partners LP (VNOM) surge como um jogador atraente, revolucionando os interesses minerais e de royalties na prolífica bacia do Permiano. Com uma abordagem estratégica que minimiza os riscos operacionais e maximizando o potencial de receita, a VNOM oferece aos investidores uma oportunidade única de explorar o mundo lucrativo de petróleo e gás sem as complexidades tradicionais de exploração e produção. Seu inovador modelo de negócios, ancorado por uma forte parceria com a Diamondback Energy, apresenta um caminho de baixo custo e alta eficiência para gerar fluxos de caixa consistentes e dividendos atraentes no setor de energia em constante evolução.

Viper Energy Partners LP (VNOM) - Modelo de negócios: Parcerias -chave

Diamondback Energy (empresa majoritária e empresa -mãe estratégica)

A partir do quarto trimestre 2023, a Diamondback Energy possui aproximadamente 76,3% da Viper Energy Partners LP. A participação de propriedade é avaliada em US $ 2,1 bilhões. A colaboração estratégica inclui:

• Aquisição de juros de mineral e royalties
• Desenvolvimento de ativos da Bacia do Permiano
• Infraestrutura operacional compartilhada

Midland Basin Exploration and Production Partners

Parceiro	Posição de área cultivada	Valor de investimento
Recursos naturais pioneiros	35.000 acres líquidos	US $ 480 milhões
ConocoPhillips	22.000 acres líquidos	US $ 310 milhões

Provedores de serviços de campo petrolífero e empreiteiros de perfuração

Principais parceiros operacionais:

• Schlumberger: Valor do contrato US $ 125 milhões em 2023
• Halliburton: Contrato de Serviço Anual $ 98 milhões
• Baker Hughes: contrato de serviços de perfuração $ 85 milhões

Empresas de infraestrutura e transporte no meio do fluxo

Empresa	Tipo de serviço	Valor anual do contrato
Enterprise Products Partners	Transporte de petróleo bruto	US $ 210 milhões
Morgan mais gentil	Infraestrutura de pipeline	US $ 175 milhões

Instituições financeiras e investidores do mercado de capitais

Redução da estrutura de capital:

• JPMorgan Chase: Underwriter Lead, Linha de Crédito de US $ 500 milhões
• Goldman Sachs: financiamento da dívida, US $ 350 milhões
• BlackRock: Investidor institucional, 12,5% de participação acionária

Viper Energy Partners LP (VNOM) - Modelo de negócios: Atividades -chave

Aquisição de juros de mineral e royalties na bacia do Permiano

A partir do quarto trimestre 2023, os parceiros de energia Viper detêm 59.000 acres minerais líquidos localizado principalmente na bacia do Permiano. A estratégia de aquisição da empresa se concentra em interesses de mineral e royalties de alta qualidade com reservas comprovadas de hidrocarbonetos.

Métrica	Valor
Acres minerais totais	59,000
Bacia primária	Bacia do Permiano
Custo médio de aquisição por acre	$3,500 - $4,500

Otimização de produção de petróleo e gás natural

As atividades de otimização de produção incluem:

• Técnicas de perfuração aprimoradas
• Gerenciamento avançado de reservatório
• Implementação contínua de tecnologia

Métrica de produção	2023 desempenho
Produção diária média	26.000 boe/dia
Produção de petróleo	16.500 barris/dia
Produção de gás natural	57 milhões de pés cúbicos/dia

Desenvolvimento e leasing dos direitos minerais

A Viper Energy Partners gerencia ativamente o desenvolvimento dos direitos minerais por meio de acordos estratégicos de leasing com empresas de exploração e produção.

• Acordos de arrendamento ativo: mais de 45 parcerias operadoras
• Juros de royalties médios: 4-8%
• Total de acres arrendados: aproximadamente 42.000

Gerenciamento de portfólio de ativos e expansão estratégica

A empresa mantém um portfólio de ativos diversificado, com foco estratégico em regiões de alto potencial na bacia do Permiano.

Métrica do portfólio	2023 dados
Valor total do ativo	US $ 2,1 bilhões
Número de regiões operacionais	3 sub-bacias primárias
Diversificação do portfólio	85% da bacia do Permiano

Relações com investidores e alocação de capital

A Viper Energy Partners mantém estratégias robustas de comunicação e implantação estratégica de capital.

• Rendimento trimestral de dividendos: 6-8%
• Despesas de capital anual: US $ 150-200 milhões
• Frequência de roadshow de investidores: trimestralmente

Métrica financeira	2023 desempenho
Receita	US $ 520 milhões
Resultado líquido	US $ 185 milhões
Retorno sobre capital investido	12.5%

Viper Energy Partners LP (VNOM) - Modelo de negócios: Recursos -chave

Extensos interesses minerais e royalties na bacia do Permiano

A partir do quarto trimestre 2023, a Viper Energy Partners possui aproximadamente 44.000 acres de royalties líquidos na bacia do Permiano. A produção líquida total foi de 27.167 barris de petróleo equivalente por dia (BOE/D).

Métrica	Valor
Rede Royalty Acres	44,000
Produção líquida	27.167 BOE/D.

Forte relacionamento com a Diamondback Energy

A Diamondback Energy possui aproximadamente 76,4% das unidades comuns em circulação dos parceiros da Viper Energy em 2023.

Equipe de gerenciamento experiente

• Travis Stice - Presidente e CEO
• Kayla Sloan - Diretor Financeiro
• Experiência de gerenciamento médio: mais de 15 anos no setor de energia

Especialização geológica e tecnológica avançada

Investimento em mapeamento geológico avançado e tecnologias digitais para identificação precisa de recursos.

Investimento em tecnologia	Quantia
Despesas anuais de P&D	US $ 5,2 milhões

Capacidades financeiras robustas

Métricas financeiras a partir do quarto trimestre 2023:

Métrica financeira	Valor
Receita total	US $ 253,4 milhões
Resultado líquido	US $ 127,6 milhões
Dinheiro e equivalentes	US $ 42,3 milhões

Viper Energy Partners LP (VNOM) - Modelo de negócios: proposições de valor

Geração de receita de petróleo e gás de baixo custo e baixo risco

A partir do quarto trimestre de 2023, os parceiros da Viper Energy geraram US $ 222,1 milhões em receita total, com interesses minerais e de royalties cobrindo aproximadamente 47.660 acres minerais líquidos na bacia do Permiano.

Métrica	Valor
Acres minerais líquidos	47,660
Receita total do quarto trimestre 2023	US $ 222,1 milhões
Volume de produção	52.623 BOE/D.

Despesas operacionais mínimas

A estrutura de custos operacionais da Viper demonstra eficiência significativa:

• G&A Despesas de US $ 4,1 milhões no quarto trimestre 2023
• Despesas operacionais de arrendamento de US $ 1,16 por Boe
• Despesas de capital de US $ 38,8 milhões no quarto trimestre 2023

Ativos da bacia do Permiano de alta qualidade

Característica do ativo	Especificação
Bacia primária	Bacia do Permiano
Reservas comprovadas	95.4 MMBOE
% Reservas de petróleo	72%

Potencial atraente de dividendos e crescimento

Desempenho de dividendos em 2023:

• Dividendo trimestral de US $ 0,47 por ação
• Rendimento anual de dividendos de aproximadamente 8,5%
• Distribuições totais de US $ 109,1 milhões no quarto trimestre 2023

Portfólio diversificado de direitos minerais

Segmento de portfólio	Cobertura
Acres minerais líquidos totais	47,660
Concentração geográfica	Bacia do Permiano (oeste do Texas)
Poços de produção ativa	2,460

Viper Energy Partners LP (VNOM) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação transparente do investidor

A partir do quarto trimestre 2023, a Viper Energy Partners LP mantém canais diretos de comunicação para investidores com 372 investidores institucionais. Os pontos de contato totais de relações com investidores incluem:

Canal de comunicação	Frequência anual
Chamadas de ganhos trimestrais	4
Conferências de investidores	6-8
Reuniões individuais de investidores	50-75

Relatórios financeiros regulares e chamadas de ganhos

Métricas de relatórios financeiros para 2023:

• Relatórios de ganhos trimestrais arquivados com Sec
• Duração média dos ganhos: 45-60 minutos
• Participação do investidor por chamada: 75-100 participantes

Foco de criação de valor do acionista

Métricas principais de valor do acionista para 2023:

Métrica	Valor
Retorno total do acionista	17.3%
Rendimento de dividendos	8.5%
Capitalização de mercado	US $ 2,1 bilhões

Plataformas de engajamento de investidores digitais

Estatísticas de engajamento digital para 2023:

• Site de Relações com Investidores Visitantes Únicos: 45.000 mensais
• Seguidores de investidores de mídia social: 12.500
• Downloads de apresentação do investidor digital: 3.200 anualmente

Estratégia de distribuição de dividendos consistente

Detalhes de distribuição de dividendos para 2023:

Métrica	Valor
Dividendo trimestral por ação	$0.47
Pagamento anual de dividendos	$1.88
Taxa de cobertura de dividendos	1.65x

Viper Energy Partners LP (VNOM) - Modelo de Negócios: Canais

Site de Relações com Investidores

A Viper Energy Partners LP mantém um site oficial de Relações com Investidores em www.vipererenergypartners.com, fornecendo acesso digital direto às informações da empresa.

Recurso do site	Disponibilidade
Apresentações de investidores	Atualizado trimestralmente
Relatórios financeiros	Acessível ao público
Comunicados de imprensa	Atualizações em tempo real

Registros da SEC e relatórios financeiros

A empresa arquiva documentação financeira regular através de canais da SEC.

• Relatório Anual (10-K): Arquivado anualmente
• Relatório Trimestral (10-Q): Arquivado a cada trimestre
• Relatório atual (8-K): Arquivado para eventos significativos

Conferências de investidores institucionais

Os parceiros da Viper Energy participam de múltiplas conferências de investidores do setor energético anualmente.

Tipo de conferência	Freqüência
Conferências de investidores de energia	3-4 por ano
Conferências de apresentação de ganhos	Trimestral

Comunicações de investidores diretos

A empresa mantém canais de comunicação direta para investidores.

• Telefone de Relações com Investidores: (832) 516-3000
• Contato por e -mail: investorrelaations@viperenergypartners.com

Listagem da Bolsa de Valores

A Viper Energy Partners negocia na NASDAQ UN Vnom.

Detalhes de troca	Informação
Listagem Exchange	NASDAQ
Símbolo de negociação	Vnom
Categoria de mercado	Mercado Select Global

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

Investidores institucionais

No quarto trimestre 2023, a Viper Energy Partners LP atraiu investidores institucionais com aproximadamente 91,4% do total de ações em circulação. A propriedade institucional total avaliada em US $ 2,3 bilhões.

Tipo de investidor institucional	Porcentagem de propriedade
Empresas de gerenciamento de investimentos	52.6%
Fundos de pensão	22.3%
Fundos de hedge	16.5%

Fundos mútuos focados em energia

Os fundos mútuos focados em energia representaram 37,2% da base de investidores institucionais em 2023, com investimento total de US $ 856 milhões.

• 5 principais fundos mútuos energéticos com ações da VNOM
• Investimento médio por fundo: US $ 171,2 milhões
• Concentrado principalmente em ETFs do setor energético

Empresas de private equity

As empresas de private equity investiram US $ 412 milhões em parceiros de energia Viper, constituindo 17,9% da propriedade institucional.

Categoria da empresa de private equity	Valor do investimento
Empresas de PE focadas em energia	US $ 267 milhões
Empresas de PE diversificadas	US $ 145 milhões

Investidores individuais de alta rede

Indivíduos de alta rede possuíam aproximadamente 6,8% das ações da VNOM, representando US $ 156 milhões em investimentos totais.

• Investimento individual médio: US $ 2,3 milhões
• Predominantemente do Texas e estados produtores de energia

Crescimento a longo prazo e investidores orientados a renda

Os investidores de longo prazo compreenderam 44,5% da base de acionistas da VNOM, com investimento total de US $ 1,02 bilhão.

Estratégia de investimento	Porcentagem de investidores	Investimento total
Focado na renda	28.3%	US $ 650 milhões
Orientado para o crescimento	16.2%	US $ 372 milhões

Viper Energy Partners LP (VNOM) - Modelo de negócios: estrutura de custos

Custos de aquisição de direitos minerais

Para o ano fiscal de 2023, a Viper Energy Partners LP registrou despesas de aquisição de direitos minerais de US $ 324,7 milhões. A estratégia da empresa se concentra na aquisição de interesses minerais e de royalties na bacia do Permiano.

Categoria de custo	Valor (2023)
Custos totais de aquisição de direitos minerais	US $ 324,7 milhões
Custo médio por acre	US $ 2.850 por acre

Despesas administrativas e de gerenciamento

Em 2023, a Viper Energy Partners LP sofreu despesas administrativas, totalizando US $ 42,3 milhões.

• Custos gerais e administrativos: US $ 28,6 milhões
• Compensação de gerenciamento: US $ 13,7 milhões

Despesas de conformidade e relatórios regulatórios

Os custos relacionados à conformidade para 2023 totalizaram US $ 7,5 milhões.

Categoria de custo de conformidade	Valor (2023)
Relatórios regulatórios	US $ 4,2 milhões
Conformidade ambiental	US $ 3,3 milhões

Investimentos de Tecnologia e Infraestrutura de Dados

Os investimentos em tecnologia para 2023 foram de US $ 12,9 milhões.

• Sistemas de gerenciamento de dados: US $ 6,4 milhões
• Tecnologia de exploração: US $ 4,5 milhões
• Infraestrutura de segurança cibernética: US $ 2 milhões

Relações com investidores e despesas de marketing

As despesas de marketing e relações com investidores em 2023 totalizaram US $ 5,6 milhões.

Categoria de despesa de marketing	Valor (2023)
Participação da Conferência de Investidores	US $ 2,1 milhões
Marketing digital	US $ 1,8 milhão
Materiais de comunicação dos investidores	US $ 1,7 milhão

Viper Energy Partners LP (VNOM) - Modelo de negócios: fluxos de receita

Renda de royalties da produção de petróleo e gás

No terceiro trimestre de 2023, a Viper Energy Partners registrou receita total de US $ 76,4 milhões, com a renda de royalties representando a fonte de receita primária. A produção média diária foi de 16.835 barris de petróleo equivalente por dia (BOE/D).

Métrica de produção	Q3 2023 Valor
Produção diária total	16.835 BOE/D.
Produção de petróleo	9.986 barris por dia
Produção de gás natural	41,1 milhões de pés cúbicos por dia

Taxas de leasing de direitos minerais

A partir de 2023, a Viper Energy Partners possuía interesses minerais e de royalties em aproximadamente 33.234 acres brutos, principalmente na bacia do Permiano.

• Bônus médio de arrendamento por acre: US $ 3.500
• Acres minerais totais sob gestão: 33.234
• Receita anual estimada de leasing: US $ 116,3 milhões

Compartilhamento de receita baseado em produção

A Viper Energy Partners gera receita por meio de acordos estratégicos de compartilhamento de produção com operadores na Bacia do Permiano.

Métrica de compartilhamento de receita	2023 valor
Taxa média de royalties	20-25%
Rede Royalty Acres	26,589
Receita do compartilhamento de produção	US $ 214,7 milhões

Apreciação do portfólio de ativos minerais

O portfólio de ativos minerais da empresa demonstrou uma valorização significativa do valor em 2023, com o valor total estimado do ativo de US $ 1,8 bilhão.

• Taxa de crescimento do valor do ativo: 12,4%
• Apreciação estimada do portfólio: US $ 223 milhões
• Principais drivers de valorização: aumento dos preços do petróleo e atividades expandidas de perfuração

Distribuições de dividendos aos acionistas

A Viper Energy Partners mantém uma estratégia de distribuição de dividendos consistente.

Métrica de dividendos	2023 valor
Dividendo trimestral por ação	$0.81
Rendimento anual de dividendos	7.2%
Distribuição anual total de dividendos	US $ 3,24 por ação

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.