Viper Energy Partners (VNOM) investor relations material

Executive summary

• Achieved strong operational and financial results in Q2 2026, with average production of 65,077 bo/d (134,363 boe/d) and net income attributable to common shares of $142 million, driven by robust development activity, acquisitions, and higher commodity prices.

• Completed the Riverbend Acquisition, adding 2,772 net royalty acres and expanding the production base; divested non-Permian assets for $610 million to repay debt and focus on the Permian Basin.

• Board approved a 32% increase in the base dividend to $2.00 per Class A share annually, transitioning from a variable payout to a more durable, flexible capital return framework.

• Initiated Q3 2026 production guidance of 67,500–68,500 bo/d, implying sequential growth and a 15% annualized oil production per share increase versus Q4 2025.

• Ongoing share repurchases, with $132 million repurchased in Q2 2026 and $766 million total since inception.

Financial highlights

• Q2 2026 net income attributable to common shares was $142 million, with total operating income of $658 million and adjusted EBITDA of $339 million.

• Returned 75% of available cash to shareholders in Q2, including $132 million in share repurchases and a $0.67 per share combined base plus variable dividend.

• Board approved a 32% increase in the base dividend to $2 per Class A share annually, implying a 4.5% yield at current share price.

• Net debt as of June 30, 2026 was $1.6 billion ($1.9 billion pro forma for Riverbend Acquisition), with $2.0 billion in liquidity.

• Q2 2026 Adjusted EBITDA per boe was $52.51; cash available for distribution was $262 million.

Outlook and guidance

• Q3 2026 production guidance: 67,500–68,500 bo/d (133,500–135,500 boe/d); full-year 2026 guidance raised to 66,000–67,250 bo/d.

• Annualized oil production per share expected to grow 15% versus Q4 2025; high single-digit organic growth projected for 2026.

• Dividend fully protected down to $30/bbl WTI; ~50% of cash available for distribution at $70/bbl WTI.

• At $80 WTI, distributable cash flow per Class A share expected at $4.45, or 9.9% yield.

• Continued focus on disciplined M&A, share repurchases, and debt reduction to drive long-term value.