Viper Energy Partners LP(NASDAQ:VNOM) 
Viper Energy Partners LP owns, acquires, and exploits oil and natural gas properties in North America. As of December 31, 2020, it had mineral interests in 24,350 net royalty acres in the Permian Basin and Eagle Ford Shale; and estimated proved oil and natural gas reserves of 99,392 thousand barrels...
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 |
|---|---|---|---|
operating income: | |||
oil income | 428,000,000 | 357,000,000 | 332,000,000 |
natural gas income | 16,000,000 | 16,000,000 | 15,000,000 |
natural gas liquids income | 52,000,000 | 49,000,000 | 46,000,000 |
royalty income | 496,000,000 | 422,000,000 | 393,000,000 |
lease bonus income | 14,000,000 | 5,000,000 | 8,000,000 |
lease bonus income—related party | 1,000,000 | 7,000,000 | 17,000,000 |
total operating income | 511,000,000 | 435,000,000 | 418,000,000 |
costs and expenses: | |||
production and ad valorem taxes | 35,000,000 | 29,000,000 | 27,000,000 |
depletion | 206,000,000 | 234,000,000 | 182,000,000 |
general and administrative expenses | 8,000,000 | 6,000,000 | 6,000,000 |
general and administrative expenses—related party | 5,000,000 | 6,000,000 | 4,000,000 |
other operating expenses | 4,000,000 | ||
total costs and expenses | 258,000,000 | 689,000,000 | 594,000,000 |
income from operations | 253,000,000 | -254,000,000 | -176,000,000 |
yoy | |||
qoq | -199.61% | 44.32% | |
other income: | |||
interest expense | -27,000,000 | -36,000,000 | -32,000,000 |
gain on derivative instruments | 18,000,000 | 23,000,000 | 18,000,000 |
gain on early extinguishment of debt | -1,000,000 | -32,000,000 | |
total other income | -10,000,000 | -13,000,000 | -47,000,000 |
income before income taxes | 243,000,000 | -267,000,000 | -223,000,000 |
provision for income taxes | 28,000,000 | -21,000,000 | -26,000,000 |
net income | 215,000,000 | -246,000,000 | -197,000,000 |
yoy | |||
qoq | -187.40% | 24.87% | |
net income attributable to non-controlling interest | 118,000,000 | -143,000,000 | -120,000,000 |
net income attributable to viper energy, inc. | 97,000,000 | -103,000,000 | -77,000,000 |
net income attributable to common shares: | |||
basic | 540,000 | -730,000 | -520,000 |
diluted | 530,000 | -730,000 | -520,000 |
weighted-average number of common shares outstanding: | |||
basic | 181,304,000,000 | 142,530,000,000 | 148,882,000,000 |
diluted | 181,419,000,000 | 142,530,000,000 | 148,931,000,000 |
other operating income | |||
impairment | 408,000,000 | 360,000,000 | |
transaction expenses | 6,250,000 | 15,000,000 | |
other income | -1,000,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 |
|---|---|---|---|
assets | |||
current assets: | |||
cash and cash equivalents | 28,000,000 | 13,000,000 | 53,000,000 |
royalty income receivable | 383,000,000 | 262,000,000 | 277,000,000 |
royalty income receivable—related party | 17,000,000 | 88,000,000 | 107,000,000 |
prepaid expenses and other current assets | 41,000,000 | 50,000,000 | 36,000,000 |
total current assets | 469,000,000 | 413,000,000 | 887,000,000 |
property: | |||
oil and natural gas properties: | |||
proved properties | 9,514,000,000 | 9,746,000,000 | |
unproved properties | 4,562,000,000 | 4,910,000,000 | |
other property, equipment and land | 8,000,000 | 8,000,000 | 8,000,000 |
accumulated depletion and impairment | -2,662,000,000 | -2,455,000,000 | -1,814,000,000 |
property | 11,422,000,000 | 12,209,000,000 | 12,783,000,000 |
deferred income taxes | 142,000,000 | 33,000,000 | |
other assets | 15,000,000 | 16,000,000 | 18,000,000 |
total assets | 12,048,000,000 | 12,671,000,000 | 13,688,000,000 |
liabilities and stockholders’ equity | |||
current liabilities: | |||
accrued liabilities | 36,000,000 | 107,000,000 | 91,000,000 |
other current liabilities | 40,000,000 | 4,000,000 | |
total current liabilities | 76,000,000 | 111,000,000 | 472,000,000 |
long-term debt | 1,603,000,000 | 2,186,000,000 | 2,241,000,000 |
other long-term liabilities | 4,000,000 | 11,000,000 | 5,000,000 |
total liabilities | 1,683,000,000 | 2,308,000,000 | 2,747,000,000 |
commitments and contingencies | |||
stockholders’ equity: | |||
class a common stock | |||
class b common stock | |||
additional paid-in capital | 5,395,000,000 | 4,726,000,000 | 4,696,000,000 |
retained earnings | -281,000,000 | -278,000,000 | -76,000,000 |
total viper energy, inc. stockholders’ equity | 5,114,000,000 | 4,448,000,000 | 4,620,000,000 |
non-controlling interest | 5,251,000,000 | 5,915,000,000 | 6,321,000,000 |
total equity | 10,365,000,000 | 10,363,000,000 | 10,941,000,000 |
total liabilities and stockholders’ equity | 12,048,000,000 | 12,671,000,000 | 13,688,000,000 |
restricted cash | 390,000,000 | ||
income tax receivable | 2,000,000 | ||
derivative instruments | 22,000,000 | ||
oil and natural gas interests, full cost method of accounting | 14,589,000,000 | ||
accounts payable—related party | |||
current maturities of debt | 380,000,000 | ||
income taxes payable | 1,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 |
|---|---|---|
cash flows from operating activities: | ||
net income | 215,000,000 | -246,000,000 |
adjustments to reconcile net income to net cash from operating activities: | ||
provision for deferred income taxes | -13,000,000 | -41,000,000 |
depletion | 206,000,000 | 234,000,000 |
loss on derivative instruments | -18,000,000 | -23,000,000 |
net cash receipts (payments) on derivatives | 20,000,000 | 7,000,000 |
other | 2,000,000 | 3,000,000 |
changes in operating assets and liabilities: | ||
royalty income receivable | -121,000,000 | 15,000,000 |
royalty income receivable—related party | 71,000,000 | -1,000,000 |
accounts payable and accrued liabilities | -71,000,000 | 21,000,000 |
net cash from operating activities | 328,000,000 | 399,000,000 |
capital expenditures | 0 | 0 |
free cash flows | 328,000,000 | 399,000,000 |
cash flows from investing activities: | ||
acquisitions of oil and natural gas properties | -18,000,000 | |
acquisitions of oil and natural gas properties—related party | -12,000,000 | |
proceeds from sale of oil and natural gas properties | 611,000,000 | |
net cash from investing activities | 581,000,000 | -67,000,000 |
cash flows from financing activities: | ||
proceeds from debt | 175,000,000 | |
repayments of debt | -760,000,000 | |
net proceeds from public offering | 0 | |
repurchases of shares of class a common stock as part of the repurchase program | -50,000,000 | |
repurchases of opco units as part of the repurchase program | -46,000,000 | |
dividends to stockholders | -100,000,000 | -99,000,000 |
dividends to diamondback | -93,000,000 | -103,000,000 |
dividends to other non-controlling interest | -20,000,000 | -31,000,000 |
net cash from financing activities | -894,000,000 | -762,000,000 |
net increase in cash and cash equivalents | 15,000,000 | |
cash and cash equivalents at beginning of period | 13,000,000 | |
cash and cash equivalents at end of period | 28,000,000 | |
supplemental disclosure of cash flow information: | ||
interest paid | -52,000,000 | -22,000,000 |
supplemental disclosure of non—cash transactions: | ||
opco units issued for acquisitions | 0 | |
impairment | 408,000,000 | |
loss on extinguishment of debt | 0 | |
accounts payable—related party | 0 | |
acquisitions of oil and natural gas interests | -65,000,000 | |
acquisitions of oil and natural gas interests—related party | -2,000,000 | |
proceeds from sale of oil and natural gas interests | ||
proceeds from public offering to diamondback | ||
cash paid for income taxes, net of refunds: | ||
federal | ||
state | ||
class a common stock issued for acquisition | ||
opco units issued to related party | 19,000,000 | |
income taxes payable | ||
proceeds from term loan | ||
proceeds from borrowings under credit facility | ||
repayment on credit facility | ||
proceeds from guaranteed senior notes | ||
repayment of notes | ||
repurchases under share buyback program | ||
net increase in cash, cash equivalents and restricted cash | ||
cash, cash equivalents and restricted cash at beginning of period | ||
cash, cash equivalents and restricted cash at end of period | ||
cash received for income taxes |