STOCK TITAN
  1. Home
  2. Sec-filings
  3. VNOM
  4. [8-K] Viper Energy, Inc. Reports Material Event

Viper Energy (NASDAQ: VNOM) lifts base dividend 32% on Q2 2026 results

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Viper Energy, Inc., a subsidiary of Diamondback Energy, reported second-quarter 2026 results with average production of 65,077 bo/d (134,363 boe/d), total operating income of $677 million and net income attributable to Viper of $142 million, or $0.73 per common share. Adjusted EBITDA attributable to Viper was $339 million, and cash available for distribution to stockholders was $262 million, or $1.37 per share.

The Board declared a Q2 2026 base dividend of $0.38 and variable dividend of $0.29 per Class A share, with total capital returned of $197 million (75% of cash available for distribution), including repurchases of 3.0 million shares for $132 million. Effective Q3 2026, the Board approved a 32% increase in the annual base dividend to $2.00 per Class A share, a level expected to be supported down to approximately $30 per barrel WTI and to represent approximately 50% of cash available for distribution at $70 WTI, while removing its prior commitment to return at least 75% each quarter.

After completing the Riverbend Acquisition on July 1, 2026 and agreeing to acquire an additional 933 net royalty acres from Diamondback, Viper held about 90,212 net royalty acres, with 1,798 gross horizontal wells in active development and 1,589 line-of-sight wells. The company guided Q3 2026 net production to 67.5–68.5 Mbo/d and full-year 2026 to 66.0–67.25 Mbo/d, and reported cash of $77 million, total debt of $1.7 billion and net debt of $1.6 billion at June 30, 2026.

Positive

  • Q2 2026 operating income grew to $677 million from $297 million a year earlier, with net income attributable to Viper rising to $142 million ($0.73 per share) from $37 million, supported by higher production volumes and realized prices.
  • Viper’s Board approved a 32% increase in the annual base dividend to $2.00 per Class A share, targeting what management describes as an “industry-leading, low-breakeven” yield protected to about $30 WTI and representing roughly 50% of cash available for distribution at $70 WTI.

Negative

  • None.

Filing Explained

Riverbend is complete; a separate 933-acre deal remains conditional on issuing about 3.7 million OpCo units and paired Class B shares.

As an 8-K, this filing reports specified material events; here, it records the July 1 Riverbend Acquisition as completed and a separate acreage agreement as not yet closed. The new agreement would exchange approximately $3.7 million of value in OpCo Units?

Viper’s subsidiary agreed to acquire approximately 933 net royalty acres from Diamondback and related subsidiaries in exchange for approximately 3.7 million OpCo Units and an equal amount of Class B common stock. The transaction is expected to close in late Q3 2026 and remains subject to customary closing conditions.

If completed on those terms, the additional paired interests would increase the company’s share-related interests and reduce existing holders’ percentage ownership absent offsetting changes; the filing does not state that this issuance has occurred.

As of June 30, 2026, Viper reported $77 million of cash, $1.7 billion of total debt, approximately $1.9 billion available under its revolving facility, and approximately $2.0 billion of total liquidity. The revolver availability is borrowing capacity rather than cash already held by the company.

The specified resolution point for the proposed issuance is the expected late-Q3 2026 closing, subject to the stated conditions.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 operating income $677 million Total operating income for the three months ended June 30, 2026
Q2 2026 net income attributable to Viper $142 million Net income attributable to Viper Energy, Inc. in Q2 2026
Q2 2026 earnings per share $0.73 per common share Basic and diluted net income per common share for Q2 2026
Adjusted EBITDA attributable to Viper $339 million Adjusted EBITDA attributable to Viper Energy, Inc. for Q2 2026
Cash available for distribution $262 million Cash available for distribution to Viper stockholders in Q2 2026, or $1.37 per share
Q2 2026 total return of capital $197 million Base and variable dividends plus repurchases, equal to $1.03 per share and 75% of cash available for distribution
Annual base dividend from Q3 2026 $2.00 per Class A share Board-approved base dividend level effective with the third quarter of 2026, a 32% increase
Average daily oil production Q2 2026 65,077 bo/d Average daily oil volumes for the three months ended June 30, 2026
cash available for distribution financial
"Q2 2026 cash available for distribution to Viper’s Class A common shares"
Cash available for distribution is the amount of cash a business has left after paying everyday operating costs, required debt payments and setting aside routine reserves, which can be paid out to shareholders or investors. It matters because it shows whether a company has real, repeatable money to cover dividends or distributions—like the portion of a household paycheck left after bills that you can safely spend or save—so investors can judge income sustainability and financial health.
Adjusted EBITDA financial
"Viper defines Adjusted EBITDA as net income (loss) attributable to the Company, plus"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
net royalty acres financial
"Viper’s footprint of mineral and royalty interests was approximately 90,212 net royalty acres"
Net royalty acres measure the effective land area where an investor holds a royalty right to receive a portion of production revenue from oil, gas or mineral extraction, after accounting for the size of the ownership share. Think of it like owning a percentage of rent from specific apartments without managing the building — it shows the scale of potential passive income and helps investors compare revenue exposure and risk without bearing operating costs.
line-of-sight wells technical
"approximately 1,589 gross (32.9 net 100% royalty interest) line-of-sight wells"
costless collars financial
"Costless Collars - Henry Hub"
A costless collar is a hedging strategy where an investor buys a protective option that limits losses and simultaneously sells an option that caps gains so the two premiums roughly cancel out. Think of it like buying insurance on a car while agreeing to share any big windfall from its sale with the insurer — it protects your downside without an upfront payment, but it also limits how much you can profit. Investors use it to reduce risk on a position while preserving capital and avoiding immediate cash outlay.
net debt financial
"The Company defines the non-GAAP measure of net debt as debt"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
Q2 2026 operating income $677 million up from $297 million in Q2 2025
Q2 2026 consolidated net income $331 million up from $84 million in Q2 2025
Q2 2026 net income attributable to Viper $142 million up from $37 million in Q2 2025
Q2 2026 average daily combined production 134,363 boe/d up from 79,286 boe/d in Q2 2025
Guidance

Q3 2026 net production guidance of 67.50–68.50 Mbo/d (133.50–135.50 Mboe/d) and full-year 2026 net production guidance of 66.00–67.25 Mbo/d (132.50–135.00 Mboe/d), giving effect to the Riverbend Acquisition.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Understanding 8-K Material Events →

FAQ

What were Viper Energy (VNOM)’s key financial results for Q2 2026?
Viper Energy (VNOM) reported Q2 2026 operating income of $677 million and consolidated net income of $331 million. Net income attributable to Viper was $142 million, or $0.73 per share, with Adjusted EBITDA attributable to Viper of $339 million and cash available for distribution of $262 million.

How is Viper Energy (VNOM) changing its dividend policy in 2026?
Effective Q3 2026, Viper’s Board approved a 32% increase in the annual base dividend to $2.00 per Class A share. This level is expected to be protected down to about $30 WTI and to represent roughly 50% of cash available for distribution at $70 WTI, while removing the prior 75% payout commitment.

What capital returns did Viper Energy (VNOM) deliver in Q2 2026?
In Q2 2026, Viper returned $197 million to Class A stockholders, equal to $1.03 per share and 75% of cash available for distribution. This included a base dividend of $0.38, a variable dividend of $0.29 per share, and repurchases of 3.0 million shares for $132 million.

What production and price metrics did Viper Energy (VNOM) report for Q2 2026?
Average Q2 2026 production was 65,077 bo/d and 134,363 boe/d. Unhedged realized prices were $98.28 per barrel of oil, $0.05 per Mcf of natural gas and $23.83 per barrel of NGLs, for a combined $53.82/boe, or $55.12/boe on a hedged basis.

What is Viper Energy (VNOM)’s updated 2026 production guidance?
Viper guides Q3 2026 net production to 67.5–68.5 Mbo/d (133.5–135.5 Mboe/d) and full-year 2026 net production to 66.0–67.25 Mbo/d (132.5–135.0 Mboe/d). This guidance gives effect to the Riverbend Acquisition completed July 1, 2026 and reflects ongoing development across its Permian mineral assets.

What recent acquisitions and development activity did Viper Energy (VNOM) highlight?
Viper completed the Riverbend Acquisition on July 1, 2026 and agreed to acquire 933 net royalty acres from Diamondback for about 3.7 million OpCo Units plus Class B shares. In Q2 2026, 691 gross horizontal wells (19.8 net 100% royalty interest) were turned to production on its acreage.
false000207417600020741762026-08-032026-08-03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 3, 2026
___________
VIPER ENERGY, INC.
(Exact name of registrant as specified in its charter)
DE
001-42807
39-2596878
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
500 West Texas Ave.
Suite 100
Midland, TX
79701
(Address of principal
executive offices)		(Zip Code)
(432) 221-7400
Registrant’s telephone number, including area code

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.000001 Par Value
VNOMThe Nasdaq Stock Market LLC
(NASDAQ Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.    Results of Operations and Financial Condition.

On August 3, 2026, Viper Energy, Inc., a subsidiary of Diamondback Energy, Inc., issued a press release reporting financial and operating results for the second quarter ended June 30, 2026 and announcing (i) the second quarter 2026 base and variable cash dividends and (ii) an increase in the annual base dividend beginning with the third quarter of 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits
Exhibit Number
Description
99.1
Press release dated August 3, 2026, entitled “Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports Second Quarter 2026 Financial and Operating Results; Increases Base Dividend.”
104Cover Page Interactive Data File (formatted as Inline XBRL).


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


VIPER ENERGY, INC.
Date:August 3, 2026
By:/s/ Teresa L. Dick
Name:Teresa L. Dick
Title:Chief Financial Officer, Executive Vice President and Assistant Secretary



Exhibit 99.1
vnomlogo-2a.jpg

VIPER ENERGY, INC., A SUBSIDIARY OF DIAMONDBACK ENERGY, INC., REPORTS SECOND QUARTER 2026 FINANCIAL AND OPERATING RESULTS; INCREASES BASE DIVIDEND

MIDLAND, Texas, August 3, 2026 (GLOBE NEWSWIRE) -- Viper Energy, Inc. (NASDAQ:VNOM) (“Viper,” “we,” “our” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the second quarter ended June 30, 2026.

The Company today also announced that effective Q3 2026 the Board of Directors of Viper has approved a 32% increase to its base dividend, or an amount equal to $2.00 per Class A share annually. This increased base dividend, which would imply a 4.5% annualized yield at today’s stock price, is expected to be fully protected down to approximately $30 per barrel WTI and will represent approximately 50% of cash available for distribution at $70 per barrel WTI. With today’s announced increase to the base dividend and a further commitment to prioritize steady growth of the dividend, the Company additionally announced that it will be removing its quarterly commitment to return at least 75% of cash available for distribution. Increased flexibility in this revised return of capital framework is expected to allow the Company to continue to focus on opportunistic share repurchases while also supporting the further execution on accretive M&A.

SECOND QUARTER HIGHLIGHTS
•Q2 2026 average production of 65,077 bo/d (134,363 boe/d)
•Q2 2026 lease bonus income of $15 million
•Q2 2026 consolidated net income (including non-controlling interest) of $331 million; net income attributable to Viper of $142 million, or $0.73 per Class A common share; consolidated adjusted net income of $345 million, or $1.78 per Class A common share
•Q2 2026 cash available for distribution to Viper’s Class A common shares (as defined and reconciled below) of $262 million, or $1.37 per Class A common share
•Declared Q2 2026 base cash dividend of $0.38 per Class A common share; implies a 3.4% annualized yield based on the July 31, 2026 Class A common share closing price of $44.61
•Declared Q2 2026 variable cash dividend of $0.29 per Class A common share; total base-plus-variable dividend of $0.67 per Class A common share implies a 6.0% annualized yield based on the July 31, 2026 Class A common share closing price of $44.61
•During Q2 2026, repurchased approximately 3.0 million shares of the Company’s Class A common stock for an aggregate purchase price of approximately $132 million, excluding excise tax (average price of $44.34 per share)
•Total Q2 2026 return of capital to Class A stockholders of $197 million, or $1.03 per Class A common share, represents 75% of cash available for distribution
•691 total gross (19.8 net 100% royalty interest) horizontal wells, normalized to lateral length of 10,000 feet, turned to production on Viper’s Permian Basin acreage during Q2 2026


RECENT EVENTS AND FORWARD OUTLOOK
•As previously announced, on July 1, 2026, completed the acquisition of all of the equity interests of Riverbend Oil & Gas IX, L.L.C., an entity owning certain mineral and royalty interests, from Riverbend Oil & Gas IX (AIV), L.L.C. and ROG IX, L.L.C. (the “Riverbend Acquisition”)
•On August 3, 2026, the Company’s subsidiary Viper Energy Partners LP entered into a definitive agreement to acquire certain mineral and royalty interests representing approximately 933 net royalty acres from Diamondback and related subsidiaries in exchange for approximately 3.7 million units in the Company’s operating subsidiary, VNOM Holding Company LLC (“OpCo Units”) (along with an accompanying equal amount of Class B common stock of the Company); acquisition is expected to close late Q3 2026 and is subject to customary closing conditions
•As of July 1, 2026, giving effect to the Riverbend Acquisition, there were approximately 1,798 gross horizontal wells, normalized to lateral length of 10,000 feet, in the process of active development on Viper’s acreage in which Viper expects to own an average 2.2% net royalty interest (39.1 net 100% royalty interest wells)
•Giving effect to the Riverbend Acquisition, approximately 1,589 gross (32.9 net 100% royalty interest) line-of-sight wells, normalized to lateral length of 10,000 feet, on Viper’s acreage that are not currently in the process of development, but for which Viper has visibility to the potential of future development in coming quarters, based on Diamondback’s current planned drilling schedule and third-party operators’ permits
•Initiating average daily production guidance for Q3 2026 of 67,500 to 68,500 bo/d (133,500 to 135,500 boe/d)
•Increasing average daily production guidance for full year 2026 to 66,000 to 67,250 bo/d (132,500 to 135,000 boe/d)
•During Q3 2026 through July 31, 2026, repurchased approximately 0.7 million shares of the Company’s Class A common stock for an aggregate purchase price of approximately $29 million, excluding excise tax (average price of $42.82 per Class A Common share)

“The second quarter continued the trend of strong execution for Viper, highlighted by steady development activity from both Diamondback and our third-party operators across our high-quality asset base, as well as a continuation of our differentiated acquisition strategy. Reflecting this momentum, we are increasing our full year 2026 production guidance while initiating third quarter guidance that implies continued growth in oil production per share driven by both organic and inorganic growth,” said Kaes Van’t Hof, Chief Executive Officer of Viper.

Mr. Van’t Hof continued, “Separately, today we announced an important evolution of our return of capital strategy. Our Board approved a 32% increase to our base dividend to $2.00 per Class A share annually, a level we expect to be fully protected down to approximately $30 per barrel WTI and which represents approximately 50% of cash available for distribution at $70 per barrel WTI. With this increase, and a commitment to grow the base dividend steadily over time, we are moving away from our commitment to return at least 75% of cash available for distribution each quarter. We believe a single, durable and growing base dividend, rather than a variable payout that fluctuates with commodity prices, best showcases what differentiates Viper: an industry-leading, low-breakeven yield paired with consistent per-share growth. The flexibility created by retaining excess cash flow will allow us to continue to opportunistically repurchase shares, reduce debt and pursue a disciplined M&A strategy, all of which we expect to compound value for our stockholders over the long term.”



FINANCIAL UPDATE

Viper’s second quarter 2026 average unhedged realized prices were $98.28 per barrel of oil, $0.05 per Mcf of natural gas and $23.83 per barrel of natural gas liquids, resulting in a total equivalent realized price of $53.82/boe.

Viper’s second quarter 2026 average hedged realized prices were $96.42 per barrel of oil, $1.48 per Mcf of natural gas and $23.83 per barrel of natural gas liquids, resulting in a total equivalent realized price of $55.12/boe.

During the second quarter of 2026, the Company recorded total operating income of $677 million and consolidated net income (including non-controlling interest) of $331 million.

As of June 30, 2026, the Company had a cash balance of $77 million and total debt outstanding (excluding debt issuance costs, discounts and premiums) of $1.7 billion, resulting in net debt (as defined and reconciled below) of $1.6 billion. Viper’s outstanding long-term debt as of June 30, 2026 consisted of $500 million in aggregate principal amount of its 4.900% Senior Notes due 2030, $1.1 billion in aggregate principal amount of its 5.700% Senior Notes due 2035 and $95 million of borrowings on its revolving credit facility, leaving approximately $1.9 billion available for future borrowings and approximately $2.0 billion of total liquidity.

SECOND QUARTER 2026 CASH DIVIDEND & CAPITAL RETURN PROGRAM

Viper announced today that the Company’s Board of Directors (the “Board”) declared a base cash dividend of $0.38 per Class A common share for the second quarter of 2026, payable on August 20, 2026 to Class A common stockholders of record at the close of business on August 13, 2026.

The Board also declared a variable cash dividend of $0.29 per Class A common share for the second quarter of 2026, payable on August 20, 2026 to Class A common stockholders of record at the close of business on August 13, 2026.

During the second quarter of 2026, Viper repurchased approximately 3.0 million shares of the Company’s Class A common stock for an aggregate purchase price of approximately $132 million, excluding excise tax (average price of $44.34 per share).

In total, since the initiation of Viper’s common stock repurchase program on November 9, 2020 through July 31, 2026, the Company has repurchased approximately 24.3 million shares of common stock (including both Class A shares and Class B shares paired with OpCo Units) for an aggregate purchase price of approximately $766 million, excluding excise tax (average price of $31.50 per share) and has approximately $984 million remaining on its share buyback authorization. Future cash dividends and stock repurchases are at the discretion of the Board and are subject to a number of factors discussed in Viper’s reports filed with the U.S. Securities and Exchange Commission (“SEC”).



OPERATIONS UPDATE

During the second quarter of 2026, Viper estimates that 691 gross (19.8 net 100% royalty interest) horizontal wells, normalized to lateral length of 10,000 feet, with an average royalty interest of 2.9% were turned to production on its acreage position. Of these 691 gross wells, Diamondback is the operator of 146 gross wells, with an average royalty interest of 7.0%, and the remaining 545 gross wells, with an average royalty interest of 1.8%, are operated by third parties.

As of July 1, 2026, after giving effect to the Riverbend Acquisition, Viper’s footprint of mineral and royalty interests was approximately 90,212 net royalty acres.

Our gross well information as of July 1, 2026, after giving effect to the Riverbend Acquisition:

Diamondback OperatedThird-Party OperatedTotal
 Q2 2026 horizontal wells turned to production(1):
Gross wells146545691
Net 100% royalty interest wells10.29.619.8
Average percent net royalty interest7.0%1.8%2.9%
Horizontal producing well count(1):
Gross wells4,48521,07525,560
Net 100% royalty interest wells277.7322.9600.6
Average percent net royalty interest6.2%1.5%2.3%
Horizontal active development well count(1):
Gross wells3331,4651,798
Net 100% royalty interest wells21.917.239.1
Average percent net royalty interest6.6%1.2%2.2%
Line of sight wells(1):
Gross wells2821,3071,589
Net 100% royalty interest wells16.316.632.9
Average percent net royalty interest5.8%1.3%2.1%
(1)Average lateral length normalized to 10,000 feet.

The 1,798 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months. Further in regard to the active development on Viper’s asset base, there are currently 106 gross rigs operating on Viper’s acreage, 12 of which are operated by Diamondback. The 1,589 line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to believe that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third-party operators or Diamondback’s current expected completion schedule. Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to production.



GUIDANCE UPDATE

Below is Viper’s guidance for the full year 2026, as well as average production guidance for Q3 2026. This guidance gives effect to the Riverbend Acquisition that closed on July 1, 2026.

Viper Energy, Inc.
Q3 2026 Net Production - Mbo/d
67.50 - 68.50
Q3 2026 Net Production - Mboe/d
133.50 - 135.50
Full Year 2026 Net Production - Mbo/d66.00 - 67.25
Full Year 2026 Net Production - Mboe/d132.50 - 135.00
Unit costs ($/boe)
Depreciation, Depletion and Amortization $14.75 - $17.25
Cash G&A$0.70 - $0.90
Non-Cash Share-Based Compensation$0.10 - $0.20
Net Interest Expense$1.90 - $2.40
Production and Ad Valorem Taxes (% of Revenue)~7%
Cash Tax Rate (% of Pre-Tax Income Attributable to the Company)(1)
27% - 30%
(1)Pre-tax income attributable to the Company is a non-GAAP measure. We are not able to forecast the most directly comparable GAAP measure – Income (loss) before income taxes – due to the high variability and difficulty in predicting certain items that affect Income (loss) before income taxes, such as future commodity prices, pace of development and production of our mineral interests, and factors impacting the Company’s ownership of the net assets of VNOM Holding Company LLC such as repurchases of our Class A common shares, Class B common shares or VNOM Holding Company LLC’s units (OpCo Units), or conversions of our Class B common shares and/or OpCo Units to Class A common shares.

CONFERENCE CALL

Viper will host a conference call and webcast for investors and analysts to discuss its results for the second quarter of 2026 on Tuesday, August 4, 2026 at 10:00 a.m. CT. Access to the live audio-only webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Viper’s website at www.viperenergy.com under the “Investor Relations” section of the site.

About Viper Energy, Inc.

Viper is a corporation formed by Diamondback 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 in West Texas. For more information, please visit www.viperenergy.com.

Investors and others should note that Viper announces material financial and operational information to our investors using our investor relations website (https://www.viperenergy.com/investors/overview), press releases, SEC filings and public conference calls and webcasts. The information we post through our investor relations website may be deemed material. Accordingly, investors should monitor our investor


relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks, uncertainties, and assumptions that could cause the results to differ materially from such statements. All statements, other than statements of historical fact, including statements regarding Viper’s: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash flow, and financial position; production levels on properties in which Viper has mineral and royalty interests, developmental activity by other operators; reserve estimates and Viper’s ability to replace or increase reserves; the anticipated benefits from the Sitio Acquisition or other strategic transactions (including the Riverbend Acquisition, 2025 Drop Down, the Non-Permian Divestiture or any other acquisitions or divestitures); and plans and objectives (including Diamondback’s plans for developing Viper’s acreage and Viper’s cash dividend policy and common stock repurchase program) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Viper are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Viper believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, forward-looking statements are not guarantees of Viper’s future performance and the actual outcomes could differ materially from what Viper expressed in its forward-looking statements.

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas and natural gas liquids and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; actions taken by the members of OPEC and its non-OPEC allies (OPEC+) affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments; changes in general economic, business or industry conditions, including changes in foreign currency exchange rates, interest rates, inflation rates, or instability in the financial sector; regional supply and demand factors, including delays, curtailment delays or interruptions of production on our mineral and royalty acreage, or governmental orders, rules or regulations that impose production limits on such acreage; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change and changing political and social perspectives on climate change and other environmental, social and governance factors; risks from our cash dividend policy and uncertainties over our future dividends; restrictions on the use of water, including limits on the use of produced water by our operators and a moratorium on new produced water


well permits imposed by the Texas Railroad Commission in an effort to control induced seismicity in the Permian Basin; significant declines in prices for oil, natural gas, or natural gas liquids, which could require recognition of significant impairment charges; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers and any resulting trade tensions; conditions in the capital, financial and credit markets, including the availability and pricing of capital for drilling and development by our limited number of operators and our ability to replace operators in time of bankruptcy or default; changes in availability or cost of rigs, equipment, raw materials, supplies and oilfield services impacting our operators; the inherent uncertainties over our estimated reserves, the development of our proved undeveloped reserves or the yield from project areas on our properties; the geographical concentration of our producing properties and reserves in the Permian Basin and in a small number of producing horizons; changes in safety, health, environmental, tax and other regulations or requirements impacting us or our operators (including those addressing air emissions, water management, or the impact of global climate change); security threats, including cybersecurity threats and disruptions to our business from breaches of Diamondback’s information technology systems, or from breaches of information technology systems of our operators or third parties with whom we transact business; lack of, or disruption in, access to adequate and reliable electrical power, internet and telecommunication infrastructure, information and computer systems, transportation, processing, storage and other facilities impacting our operators; severe weather conditions and natural disasters; geopolitics, regional conflicts, acts of war or terrorist acts and the governmental or military response thereto; changes in the financial strength of counterparties to the revolving credit facility and hedging contracts of our operating subsidiary; our substantial indebtedness and changes in our credit rating; failure to develop or acquire additional reserves and identify, complete or integrate acquisitions; our operational dependence on, and control by, Diamondback and potential conflicts of interest thereof; and other risks and factors discussed in Viper’s Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent periodic filings with the SEC, including its Forms 10-K, 10-Q and 8-K, and other filings Viper makes with the SEC, which can be obtained free of charge on the SEC’s web site at http://www.sec.gov.

In light of these factors, the events anticipated by Viper’s forward-looking statements may not occur at the time anticipated or at all. Moreover, new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this news release. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Viper does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.



Viper Energy, Inc.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts, shares in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating income:
Oil income$582 $241 $1,010 $442 
Natural gas income1 10 17 25 
Natural gas liquids income75 36 127 64 
Royalty income658 287 1,154 531 
Lease bonus income11 10 25 11 
Lease bonus income—related party4 — 5 — 
Other operating income4 — 4 — 
Total operating income677 297 1,188 542 
Costs and expenses:
Production and ad valorem taxes43 21 78 38 
Depreciation, depletion, and amortization195 124 401 191 
General and administrative expenses5 4 13 6 
General and administrative expenses—related party6 3 11 7 
Other operating expenses— 10 4 10 
Total costs and expenses249 162 507 252 
Income (loss) from operations428 135 681 290 
Other income (expense):
Interest expense, net(24)(15)(51)(28)
Gain (loss) on derivative instruments, net— (29)18 3 
Other income (expense), net
(1)— (2)— 
Total other income (expense), net(25)(44)(35)(25)
Income (loss) before income taxes403 91 646 265 
Provision for (benefit from) income taxes72 7 100 28 
Net income (loss)331 84 546 237 
Net income (loss) attributable to non-controlling interest189 47 307 125 
Net income (loss) attributable to Viper Energy, Inc.$142 $37 $239 $112 
Net income (loss) attributable to common shares:
Basic$0.73 $0.28 $1.27 $0.89 
Diluted$0.73 $0.28 $1.27 $0.89 
Weighted average number of common shares outstanding:
Basic193,733 131,107 187,553 126,045 
Diluted193,733 131,156 187,553 126,160 



Viper Energy, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except par values and share data)
June 30,December 31,
20262025
Assets
Current assets:
Cash and cash equivalents$77 $13 
Royalty income receivable (net of allowance for credit losses)461 262 
Royalty income receivable—related party27 88 
Prepaid expenses and other current assets
15 50 
Total current assets580 413 
Property:
Oil and natural gas properties:
Proved properties
9,608 9,746 
Unproved properties
4,545 4,910 
Other property, equipment and land8 8 
Accumulated depletion, depreciation, amortization and impairment(2,856)(2,455)
Property, net11,305 12,209 
Deferred income taxes (net of allowances)124 33 
Other assets46 16 
Total assets$12,055 $12,671 
Liabilities and Stockholders’ Equity
Current liabilities:
Accrued liabilities$66 $107 
Other current liabilities
25 4 
Total current liabilities91 111 
Long-term debt, net1,678 2,186 
Other long-term liabilities4 11 
Total liabilities1,773 2,308 
Stockholders’ equity:
Class A Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 191,382,620 shares issued and outstanding at June 30, 2026, and 170,942,687 shares issued and outstanding at December 31, 2025
— — 
Class B Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 164,789,844 shares issued and outstanding at June 30, 2026, and 187,023,698 shares issued and outstanding at December 31, 2025
— — 
Additional paid-in capital5,308 4,726 
Retained earnings (accumulated deficit)(273)(278)
Total Viper Energy, Inc. stockholders’ equity5,035 4,448 
Non-controlling interest5,247 5,915 
Total equity10,282 10,363 
Total liabilities and stockholders’ equity$12,055 $12,671 



Viper Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in millions)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cash flows from operating activities:
Net income (loss)$331 $84 $546 $237 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for (benefit from) deferred income taxes8 (5)(5)(6)
Depreciation, depletion, and amortization195 124 401 191 
(Gain) loss on derivative instruments, net— 29 (18)(3)
Net cash receipts (payments) on derivatives16 3 36 12 
Other4 3 6 4 
Changes in operating assets and liabilities:
Royalty income receivable(78)(57)(199)(54)
Royalty income receivable—related party(10)2 61 (8)
Accrued liabilities30 (3)(41)(7)
Other(9)(8)28 7 
Net cash provided by (used in) operating activities487 172 815 373 
Cash flows from investing activities:
Acquisitions of oil and natural gas properties
(103)(16)(121)(279)
Acquisitions of oil and natural gas properties—related party— (758)(12)(981)
Proceeds from sale of oil and natural gas properties
— — 611 — 
Net cash provided by (used in) investing activities(103)(774)478 (1,260)
Cash flows from financing activities:
Proceeds from debt345 445 520 740 
Repayments of debt
(270)(170)(1,030)(726)
Net proceeds from public offering— — — 1,232 
Repurchases of shares of Class A Common Stock as part of the repurchase program(132)(10)(182)(10)
Repurchases of OpCo Units as part of the repurchase program
— — (46)— 
Dividends to stockholders(133)(75)(233)(160)
Dividends to Diamondback (122)(109)(215)(168)
Dividends to other non-controlling interest(25)(8)(45)(17)
Other2 (3)2 (3)
Net cash provided by (used in) financing activities(335)70 (1,229)888 
Net increase (decrease) in cash and cash equivalents
49 (532)64 1 
Cash and cash equivalents at beginning of period28 560 13 27 
Cash and cash equivalents at end of period
$77 $28 $77 $28 



Viper Energy, Inc.
Selected Operating Data
(unaudited)
Three Months Ended
June 30, 2026March 31, 2026June 30, 2025
Production Data:
Oil (MBbls)5,922 5,850 3,787 
Natural gas (MMcf)18,949 18,088 10,132 
Natural gas liquids (MBbls)3,147 2,899 1,739 
Combined volumes (Mboe)(1)
12,227 11,764 7,215 
Average daily oil volumes (bo/d)65,077 65,000 41,615 
Average daily combined volumes (boe/d)134,363 130,711 79,286 
Average sales prices:
Oil ($/Bbl)$98.28 $73.16 $63.64 
Natural gas ($/Mcf)$0.05 $0.88 $0.99 
Natural gas liquids ($/Bbl)$23.83 $17.94 $20.70 
Combined ($/boe)(2)
$53.82 $42.16 $39.78 
Oil, hedged ($/Bbl)(3)
$96.42 $72.31 $62.85 
Natural gas, hedged ($/Mcf)(3)
$1.48 $2.27 $1.58 
Natural gas liquids ($/Bbl)(3)
$23.83 $17.94 $20.70 
Combined price, hedged ($/boe)(3)
$55.12 $43.86 $41.03 
Average Costs ($/boe):
Production and ad valorem taxes$3.52 $2.98 $2.91 
General and administrative - cash component0.65 0.94 0.69 
Total operating expense - cash$4.17 $3.92 $3.60 
General and administrative - non-cash stock compensation expense$0.25 $0.17 $0.28 
Interest expense, net$1.96 $2.30 $2.08 
Depreciation, depletion, and amortization$15.95 $17.51 $17.19 
(1)Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
(2)Realized price net of all deducts for gathering, transportation and processing.
(3)Hedged prices reflect the impact of cash settlements of our matured commodity derivative transactions on our average sales prices.



NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA is a supplemental non-GAAP (as defined below) financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Viper defines Adjusted EBITDA as net income (loss) attributable to the Company, plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before interest expense, net, non-cash share-based compensation expense, depreciation, depletion and amortization, non-cash (gain) loss on derivative instruments, provision for (benefit from) income taxes and other non-cash or non-recurring operating expenses. Adjusted EBITDA is not a measure of net income as determined by United States’ generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because it allows them to evaluate Viper’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income, royalty income, cash flow from operating activities or any other measure of financial performance or liquidity presented as determined in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA.

Viper defines cash available for distribution to the Company’s stockholders generally as an amount equal to its Adjusted EBITDA for the applicable period less cash needed for income taxes payable by Viper for the current period, debt service, contractual obligations, fixed charges and reserves for future operating or capital needs that the Board may deem appropriate, lease bonus income, net of tax, dividend equivalent rights payments, if any, preferred dividends, if any, and further adjusted for the tax impact from divestitures. Management believes cash available for distribution is useful because it allows them to more effectively evaluate Viper’s ability to return capital to stockholders by excluding the impact of non-cash financial items and short-term changes in working capital. Viper’s computations of Adjusted EBITDA and cash available for distribution may not be comparable to other similarly titled measures of other companies or to such measure in its credit facility or any of its other contracts. Through the payment of the dividend for the second quarter of 2026, Viper’s dividend policy also requires the Company to distribute, as variable dividends, at least seventy-five percent (75%) of cash available for distribution less base dividends declared and repurchased shares as part of its share buyback program for the applicable quarter.


The following tables present a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measures of Adjusted EBITDA and cash available for distribution:

Viper Energy, Inc.
(unaudited, in millions, except per share amounts, shares in thousands)
Three Months Ended June 30, 2026
Net income (loss) attributable to Viper Energy, Inc.$142 
Net income (loss) attributable to non-controlling interest189 
Net income (loss)331 
Interest expense, net24 
Non-cash share-based compensation expense3 
Depreciation, depletion, and amortization195 
Non-cash (gain) loss on derivative instruments16 
Provision for (benefit from) income taxes72 
Other non-cash or non-recurring expenses
1 
Consolidated Adjusted EBITDA642 
Less: Adjusted EBITDA attributable to non-controlling interest303 
Adjusted EBITDA attributable to Viper Energy, Inc.$339 
Adjustments to reconcile Adjusted EBITDA to cash available for distribution:
Income taxes payable by Viper Energy, Inc. for the current period$(65)
Debt service, contractual obligations, fixed charges and reserves(14)
Lease bonus income, net of tax(6)
Tax impact of divestiture
8 
Cash available for distribution to Viper Energy, Inc. stockholders
$262 

Three Months Ended June 30, 2026
AmountsAmounts Per Common Share
Return of Capital Reconciliation:
Cash available for distribution to Viper Energy, Inc. stockholders$262 $1.37 
Base dividend$73 $0.38 
Repurchased common stock and OpCo Units as part of repurchase program(1)
70 0.36 
Variable dividend54 0.29 
Return of Capital$197 $1.03 
Percent return of capital75 %
Class A common stock outstanding191,383 
(1)Reflects amounts attributable to the common stockholders’ ownership interest in Viper Energy, Inc.



The following table presents a reconciliation of the GAAP financial measure of income (loss) before income taxes to the non-GAAP financial measure of pre-tax income attributable to the Company. Management believes this measure is useful to investors given it provides the basis for income taxes payable by Viper, which is an adjustment to reconcile Adjusted EBITDA to cash available for distribution to holders of the Company’s Class A common stock.

Viper Energy, Inc.
Pre-tax income attributable to Viper Energy, Inc.
(unaudited, in millions)
Three Months Ended June 30, 2026
Income (loss) before income taxes$403 
Less: Net income (loss) attributable to non-controlling interest189 
Pre-tax income (loss) attributable to Viper Energy, Inc.$214 
Income taxes payable by Viper Energy, Inc. for the current period$65 
Effective cash tax rate attributable to Viper Energy, Inc.
30.4 %

Adjusted net income (loss) is a non-GAAP financial measure equal to net income (loss) attributable to the Company plus net income (loss) attributable to non-controlling interest, further adjusted for non-cash (gain) loss on derivative instruments, net, other non-cash or non-recurring operating expenses, if any, and related income tax adjustments. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors.



The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to the Company to the non-GAAP financial measure of adjusted net income (loss):

Viper Energy, Inc.
Adjusted Net Income (Loss)
(unaudited, in millions, except per share amounts, shares in thousands)
Three Months Ended June 30, 2026
AmountsAmounts Per Diluted Share
Net income (loss) attributable to Viper Energy, Inc.(1)
$142 $0.73 
Net income (loss) attributable to non-controlling interest189 0.97 
Net income (loss)(1)
331 1.70 
Non-cash (gain) loss on derivative instruments, net16 0.08 
Other non-cash or non-recurring expenses1 0.01 
Adjusted income excluding above items(1)
348 1.79 
Income tax adjustment for above items(3)(0.01)
Adjusted net income (loss)(1)
345 1.78 
Less: Adjusted net income (loss) attributed to non-controlling interests197 1.02 
Adjusted net income (loss) attributable to Viper Energy, Inc.(1)
$148 $0.76 
Weighted average number of common shares outstanding:
Basic193,733 
Diluted193,733 
(1)The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of Class A common shares and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to the Company, (ii) less reallocation of earnings attributable to participating securities, if any, and (iii) divided by diluted weighted average Class A common shares outstanding.

NET DEBT

The Company defines the non-GAAP measure of net debt as debt (excluding debt issuance costs, discounts and premiums) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

June 30, 2026
Net Q2 Principal Borrowings/(Repayments)
March 31, 2026December 31, 2025September 30, 2025June 30, 2025
(in millions)
Total debt(1)
$1,695 $75 $1,620 $2,205 $2,640 $1,105 
Cash and cash equivalents(77)(28)(13)(443)(28)
Net debt$1,618 $1,592 $2,192 $2,197 $1,077 
(1) Excludes debt issuance costs, discounts & premiums.



Derivatives

As of the date of this news release, the Company had the following outstanding derivative contracts. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent. When aggregating multiple contracts, the weighted average contract price is disclosed.

Q3 2026Q4 2026
Q1 2027
Q2 2027
Q3 2027
Deferred Premium Puts - WTI (Cushing)(1)
55,000 45,000 40,000 20,000 10,000 
Strike$53.86 $50.00 $50.00 $50.00 $50.00 
Premium$(1.11)$(1.34)$(1.39)$(1.40)$(1.44)
Deferred Premium Puts - WTI / Brent Basis
30,000 30,000 — — — 
Strike$(45.00)$(45.00)— — — 
Premium$(1.30)$(1.48)— — — 
Roll Swaps - WTI (Cushing)
15,000 15,000 — — — 
Swap Price
$3.97 $3.97 — — — 
(1) Q3 2026 Deferred Premium Put Options include the impact of 15,000 Bbl/d of WTI put spreads with a floor price of $50 per Bbl and short put price of $55 per Bbl.

Q3 2026Q4 2026
Costless Collars - Henry Hub60,000 60,000 
Floor$2.75 $2.75 
Ceiling$6.64 $6.64 

Q3 2026Q4 2026FY 2027
Natural Gas Basis Swaps - Waha Hub80,000 80,000 50,000 
Swap Price$(1.99)$(1.74)$(1.40)








Investor Contact:

Chip Seale
+1 432.247.6218
cseale@viperenergy.com

Source: Viper Energy, Inc.; Diamondback Energy, Inc.

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents

Press Releases

Other Documents