Viper Energy Stock Price, News & Analysis

Viper Energy, Inc. (NASDAQ: VNOM) is a corporation formed by Diamondback Energy, Inc. to own, acquire and exploit oil and natural gas properties in North America. According to multiple company disclosures, Viper focuses on owning and acquiring mineral and royalty interests in oil-weighted basins, with a primary emphasis on the Permian Basin. The company’s Class A common stock trades on the Nasdaq Global Select Market under the symbol VNOM.

Viper is described in its news releases as a subsidiary of Diamondback Energy, Inc. Diamondback is an independent oil and natural gas company focused on unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas, and Viper’s relationship with Diamondback is highlighted in several communications as an important aspect of its business, particularly in relation to development activity on acreage where Viper holds mineral and royalty interests.

Business focus and asset base

In its public communications, Viper states that its strategy is to own, acquire and exploit oil and natural gas properties, with a focus on oil-weighted basins, primarily the Permian Basin. The company reports that it holds a substantial footprint of mineral and royalty interests measured in net royalty acres. For example, Viper has disclosed net royalty acreage figures and the number of gross and net horizontal wells associated with its interests, indicating that its business is centered on collecting royalties from production operated both by Diamondback and by third parties on acreage where Viper owns mineral and royalty interests.

Viper’s operating updates describe activity such as horizontal wells turned to production on its acreage, the number of producing wells in which it holds an interest, and wells in active development or with line-of-sight to future production. These disclosures emphasize that Viper’s role is as a mineral and royalty interest owner, rather than as the operator of the wells, with operators including Diamondback and various third parties.

Corporate structure and relationship with Diamondback

Company news releases and SEC filings describe Viper as a subsidiary of Diamondback Energy, Inc. and refer to Viper Energy Partners LLC (often called Viper Opco or the Operating Company) as its operating subsidiary. Viper has also disclosed that Diamondback formed the corporation to own and acquire oil and natural gas properties, and that Diamondback’s development activity on acreage where Viper holds mineral and royalty interests is an important driver of Viper’s production profile.

Viper’s filings and press releases reference agreements and transactions between Viper and Diamondback or its affiliates, including acquisitions of mineral and royalty interests from Diamondback subsidiaries. These transactions are presented as part of Viper’s strategy to expand its mineral and royalty asset base within oil-weighted basins.

Strategic transactions and growth through acquisitions

Viper has publicly reported several significant transactions that affect its scale and asset base. In a company news release, Viper stated that on May 1, 2025 its operating subsidiary acquired mineral and royalty interests from Endeavor Energy Resources, L.P., a subsidiary of Diamondback, referred to as the Endeavor Mineral and Royalty Interests. The company has also filed pro forma financial information related to this transaction.

Another major transaction disclosed by Viper is the acquisition of Sitio Royalties Corp. In a joint announcement with Sitio, Viper reported that it entered into an Agreement and Plan of Merger under which Viper would acquire Sitio in an all-equity transaction. Subsequent communications state that the merger closed, and an 8-K filing describes the completion of the Mergers involving Viper, Sitio and related entities. Viper’s news release characterizes the combination of Viper and Sitio as an important development for the mineral and royalty industry and notes that the transaction adds scale and inventory depth to Viper’s portfolio of mineral and royalty interests.

In connection with the Sitio transaction, Viper and its operating subsidiary have filed and incorporated audited and unaudited financial statements of Sitio, reserve reports and unaudited pro forma combined financial information. These filings illustrate how Viper’s business model incorporates acquisitions of mineral and royalty interests from third parties as well as from Diamondback affiliates.

Capital structure and debt financing

Viper’s SEC filings describe various financing activities that support its operations and acquisitions. The company has reported offerings of senior notes through its operating subsidiary, Viper Energy Partners LLC, with guarantees by Viper Energy, Inc. and, following the Sitio acquisition, by New Viper. These notes are issued under an indenture and supplemental indentures with a corporate trustee and are described as senior unsecured obligations ranking equally with other senior indebtedness.

Viper has also disclosed a term loan credit agreement that provides the operating subsidiary with the ability to borrow on an unsecured basis, subject to conditions including the closing of the Sitio acquisition. In addition, the company has described a revolving credit agreement with a bank as administrative agent, and has reported the redemption and satisfaction and discharge of earlier series of senior notes. These disclosures show that Viper uses a mix of senior notes, term loans and revolving credit facilities as part of its capital structure.

Public company status and listing

Viper’s Class A common stock is registered under Section 12(b) of the Securities Exchange Act of 1934 and listed on the Nasdaq Global Select Market under the trading symbol VNOM. An 8-K filing explains that, in connection with the Mergers involving Viper and Sitio, a new holding company (initially named New Cobra Pubco, Inc. and later renamed Viper Energy, Inc.) became the successor issuer under Rule 12g-3(c). The filing notes that New Viper’s Class A common stock began trading on Nasdaq under the symbol VNOM in place of the former Viper’s Class A common stock, and that the former Viper common stock is no longer listed on Nasdaq.

Viper’s filings also confirm its jurisdiction of incorporation as Delaware and identify its Class A common stock as having a par value of $0.000001 per share. These structural details are part of the company’s ongoing reporting obligations as a public company.

Operations reporting and production metrics

In its quarterly news releases, Viper provides detailed operating updates related to its mineral and royalty interests. These updates include average daily production volumes, the number of gross and net horizontal wells turned to production on its acreage, and the number of producing wells and wells in active development or with line-of-sight to future production. The company distinguishes between wells operated by Diamondback and those operated by third parties, and it reports average royalty interests associated with each group of wells.

Viper also reports realized prices for oil, natural gas and natural gas liquids, as well as total equivalent realized prices, and discusses operating income and net income or net loss figures for specific periods. While these metrics vary over time, they illustrate how Viper’s mineral and royalty interests translate into production and financial results.

Dividends, capital return and share repurchases

Viper’s news releases describe a base and variable dividend framework for its Class A common shares. The company has announced base cash dividends and variable cash dividends for specific quarters, and has discussed the percentage of cash available for distribution returned to stockholders through these dividends and through share repurchases. The company’s board of directors has approved increases to the base dividend per share, and Viper has reported the aggregate number of shares repurchased and the total purchase price under its common stock repurchase program since its initiation.

These disclosures indicate that returning cash to stockholders through dividends and share repurchases is an important element of Viper’s approach to capital allocation, subject to board discretion and factors described in its SEC reports.

Corporate evolution and merger structure

Viper’s 8-K filings provide detailed information about its corporate evolution in connection with the Sitio transaction. One filing explains that VNOM Sub, Inc. (formerly Viper Energy, Inc.) completed the transactions contemplated by the Merger Agreement, including mergers involving Sitio, Sitio’s operating partnership, Viper Opco and New Viper. As part of these transactions, shares of the former Viper’s Class A and Class B common stock were cancelled and converted into shares of New Viper Class A and Class B common stock, and Sitio shares were converted into New Viper shares at a specified exchange ratio.

The same filing notes that, following the Mergers, the former Viper changed its name to VNOM Sub, Inc., and New Viper changed its name to Viper Energy, Inc. This structure means that the VNOM ticker now reflects the Class A common stock of the post-combination Viper Energy, Inc. holding company, which has Sitio and the former Viper as subsidiaries and Viper Opco as the operating entity.

Regulatory reporting and forward-looking statements

Viper regularly files Current Reports on Form 8-K to report material events, including quarterly financial results, dividend declarations, acquisitions and financing transactions. These filings often incorporate press releases as exhibits and provide additional details about material definitive agreements, creation of direct financial obligations, and other events.

Both Viper and Sitio include forward-looking statements disclaimers in their communications, noting that statements about future performance, strategy, production levels, anticipated benefits of mergers and acquisitions, and other non-historical matters involve risks and uncertainties. They refer readers to risk factors and other disclosures in their periodic SEC filings for more information about these risks.

FAQs about Viper Energy, Inc. (VNOM)

• What does Viper Energy, Inc. do?
  Viper Energy, Inc. is described in its public communications as a corporation formed by Diamondback Energy, Inc. to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin.
• How is Viper related to Diamondback Energy, Inc.?
  Viper’s news releases and SEC filings refer to Viper as a subsidiary of Diamondback Energy, Inc. Diamondback formed Viper to hold mineral and royalty interests, and Diamondback’s development activity on acreage where Viper owns interests is highlighted as an important driver of Viper’s production.
• What is Viper’s primary geographic focus?
  According to multiple news releases, Viper focuses on oil-weighted basins, with an emphasis on the Permian Basin in West Texas. The company’s mineral and royalty interests are concentrated in this region, although it has also reported acquisitions that include interests in other basins through the Sitio transaction.
• How does Viper participate in oil and gas production?
  Viper owns mineral and royalty interests rather than operating wells itself. Its disclosures describe production from horizontal wells operated by Diamondback and by third parties on acreage where Viper holds mineral and royalty interests. Viper’s revenues are tied to production and realized prices on this acreage.
• On which exchange does VNOM trade?
  Viper’s Class A common stock is registered under Section 12(b) of the Exchange Act and listed on the Nasdaq Global Select Market under the trading symbol VNOM, as stated in multiple Form 8-K filings.
• What was the significance of the Sitio Royalties Corp. transaction?
  Viper and Sitio announced an Agreement and Plan of Merger under which Viper would acquire Sitio in an all-equity transaction. Subsequent filings report that the Mergers closed, creating a combined company with an expanded base of mineral and royalty interests. Viper’s communications describe this combination as an important development for the mineral and royalty industry and a way to add scale and inventory depth.
• How does Viper use debt financing?
  Viper’s filings describe senior notes issued by its operating subsidiary, guaranteed by Viper Energy, Inc. and, after the Sitio acquisition, by New Viper. The company has also entered into a term loan credit agreement and a revolving credit agreement. These instruments provide funding for general corporate purposes, including acquisitions and the redemption of existing notes.
• Does Viper pay dividends?
  Viper’s news releases report that its board of directors has declared base and variable cash dividends on its Class A common shares for specific quarters. The company has also disclosed increases to its base dividend and has described a framework under which it returns a portion of cash available for distribution to stockholders through dividends and share repurchases.
• What is Viper Energy Partners LLC (Viper Opco)?
  Viper Energy Partners LLC is described as Viper’s operating subsidiary. It holds the operating assets, including mineral and royalty interests, and is the issuer of certain senior notes. Viper’s corporate structure involves Viper Energy, Inc. as the public holding company and Viper Opco as the operating entity.
• How did the VNOM ticker continue after the Mergers?
  An 8-K filing explains that, in connection with the Mergers, New Viper became the successor issuer under Rule 12g-3(c), and New Viper’s Class A common stock began trading on Nasdaq under the symbol VNOM in place of the former Viper’s Class A common stock. As a result, the VNOM ticker now represents the Class A common stock of the post-combination Viper Energy, Inc.