Viper Energy Partners (VNOM) investor relations material

Executive summary

• Q1 2026 average production reached 65,000 bo/d (130,711 boe/d), exceeding expectations and supported by 655+ gross horizontal wells turned to production, with significant contributions from Diamondback and third-party operators.

• Maintains a capital-light, high-margin royalty model, supporting durable free cash flow and long-term visibility.

• Announced the Riverbend acquisition for $337 million in cash and 3.7 million Class A shares, adding 3,000 net royalty acres and 2,000 barrels of oil per day, with 75% overlap on existing acreage and new exposure in New Mexico.

• Closed divestiture of non-Permian assets for $610 million, focusing the portfolio on core Permian positions and reducing net debt by $600 million.

• Strategic relationship with Diamondback and broad exposure to third-party Permian operators drive production growth.

Financial highlights

• Q1 2026 payout ratio was 90%, with $418 million cash available for distribution and $0.94 per share returned to shareholders through dividends and buybacks.

• Declared Q1 2026 base plus variable dividend of $0.68/share, implying a 5.5% yield at $49.90 closing price.

• Completed $96 million in share repurchases during Q1 2026 at an average price of $43.59/share; $1.1 billion remains under the $1.75 billion buyback program.

• Market cap of $18.3 billion, net debt of $1.59 billion as of March 31, 2026, and liquidity of $1.5 billion.

• Q1 2026 operating income was $511 million; adjusted EBITDA reached $485 million.

Outlook and guidance

• Increased full-year oil production guidance midpoint by 2.5%, with full year 2026 guidance at 64,500–66,500 bo/d (126,000–130,000 boe/d); Q2 2026 guidance is 64,000–65,000 bo/d (124,000–126,000 boe/d).

• Organic production growth expected to exceed 5% relative to pro forma 2025 exit rate, driven by Diamondback’s accelerated activity and high concentration royalty interests.

• At $80 WTI and midpoint production, expected to generate $4.40/share in distributable cash flow, or 8.8% yield.

• Riverbend Acquisition expected to add ~1,000 bo/d to 2026 production midpoint.

• Guidance assumes steady build in production, with potential upside if activity accelerates.