Viper Energy Partners (VNOM) investor relations material

Executive summary

• Q1 2026 average production reached 65,000 bo/d (130,711 boe/d), exceeding expectations, with 655 gross horizontal wells turned to production and 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 bo/d, with 75% asset overlap and new New Mexico exposure.

• 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 operating income was $511 million, net income attributable to the company was $97 million ($0.53/share), and adjusted EBITDA reached $485 million.

• Q1 2026 payout ratio was 90%, with $204 million cash available for distribution and $183 million returned to shareholders via $0.68/share dividend and $96 million in share repurchases.

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

• Cash taxes for the quarter were higher due to increased income, with a steady tax rate expected at 27%-32% of pre-tax income.

• Q1 2026 average unhedged realized prices: $73.16/bbl oil, $0.88/Mcf gas, $17.94/bbl NGLs; total equivalent realized price $42.16/boe.

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) and Q2 2026 guidance at 64,000–65,000 bo/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.

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

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

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