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Investor Presentation May 2025
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2 Forward Looking Statements This presentation 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 emended, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Viper Energy Inc.’s (“Viper” or “the Company”): 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; anticipated benefits or other effects of other strategic transactions (including the recently completed Drop Down discussed in this presentation and other acquisitions or divestitures); and plans and objectives of (including Diamondback’s plans for developing Viper’s acreage and Viper’s cash dividend policy and share repurchase program) are forward-looking statements. When used in this presentation, 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; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on global energy markets and geopolitical stability; instability in the financial sector; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production on Viper’s 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 the risks and other factors disclosed in Viper’s filings with the Securities and Exchange Commission (“SEC”), including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SEC 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 presentation. All forward-looking statements speak only as of the date of this presentation or, if earlier, as of the date they were made. Viper does not intend to, and disclaim any obligation to, update or revise any forward-looking statements unless required by applicable law. Non-GAAP Financial Measures Adjusted EBITDA is a supplemental non-GAAP 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 Viper Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before interest expense, net, non-cash stock-based compensation expense, depletion expense, non-cash (gain) loss on derivative instruments, and instruments, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, other non-recurring expenses and provision for (benefit from) income taxes, if any. Management believes Adjusted EBITDA is useful because it allows it to more effectively 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 generally as an amount equal to its Adjusted EBITDA for the applicable quarter less cash needed for income taxes payable, debt service, contractual obligations and 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 and preferred dividends, if any. Management believes cash available for distribution is useful because it allows them to more effectively evaluate Viper’s operating performance excluding the impact of non-cash financial items and short-term changes in working capital. Viper defines pre-tax income attributable to Viper as income (loss) before income taxes less net income (loss) attributable to non-controlling interest. The Company 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 Viper’s shareholders. Viper defines 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. Viper’s computations of Adjusted EBITDA, cash available for distribution, pre-tax income attributable to Viper and net debt 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. For a reconciliation of Adjusted EBITDA, cash available for distribution and net debt to the most comparable GAAP measures, please refer to the Appendix to this presentation and Viper’s earnings release furnished to and other filings Viper makes with the SEC. Furthermore, this presentation includes or references certain forward‐looking, non‐GAAP financial measures, such as estimated free cash flow for 2025, distributable cash flow per Class A shareholder for 2025 and certain related estimates regarding future performance, results and financial position. Because Viper provides these measures on a forward‐looking basis, it cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward‐looking GAAP measures, such as any future impairments and future changes in working capital. Accordingly, the Company is unable to present a quantitative reconciliation of such forward‐looking, non‐GAAP financial measures to the respective most directly comparable forward‐looking GAAP financial measures. The unavailable information could have a significant impact on our ultimate results. However, the Company believes these forward‐looking, non‐GAAP measures may be a useful tool for the investment community in comparing Viper’s forecasted financial performance to the forecasted financial performance of other companies in the industry. Oil and Gas Reserves The SEC generally permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, and certain probable and possible reserves that meet the SEC’s definitions for such terms. Viper discloses only estimated proved reserves in its filings with the SEC. Viper’s estimated proved reserves as of December 31, 2024 contained in this presentation were prepared by Viper’s internal reservoir engineers and audited by Ryder Scott Company, L.P., an independent petroleum engineering firm, and comply with definitions promulgated by the SEC. Additional information on Viper’s estimated proved reserves is contained in Viper’s filings with the SEC. In this communication, Viper may use the terms “resources,” “resource potential” or “potential resources,” which the SEC guidelines prohibit Viper from including in filings with the SEC. “Resources,” “resource potential” or “potential resources” refer to Viper’s internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques. Such terms do not constitute reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or SEC rules and does not include any proved reserves. Actual quantities that may be ultimately recovered by the operators of Viper’s properties will differ substantially. Factors affecting ultimate recovery include the scope of the operators’ ongoing drilling programs, which will be directly affected by the availability of capital, drilling and production costs, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals and other factors; and actual drilling results, including geological and mechanical factors affecting recovery rates. Estimates of potential resources may change significantly as development of our properties by our operators provide additional data. In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production, decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases.
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3 Q2 2025 average production guidance of 40,000 - 43,000 Bo/d (72,500 - 78,000 Boe/d) Expected average daily production for 2025 of 41,000 - 43,500 Bo/d (74,500 - 79,000 Boe/d) 921 gross (23.4 net 100% royalty interest) horizontal wells in the process of active development; additional 1,094 gross (36.0 net 100% royalty interest) horizontal wells with line-of-sight to future development Giving effect to the recently closed Drop Down, net debt of $1.0 billion; expect to maintain YE 2025 leverage <1.0x at $50 WTI ~60,420 net royalty acres in the Permian Basin; 63 rigs currently operating on Viper’s acreage Largely undeveloped, concentrated acreage throughout the core of the Permian under competent operators, primarily Diamondback, provides long-term organic growth potential High cash margins, no capital requirements and minimal operating costs drive continuous free cash flow generation through the cycle and provide significant upside potential to increases in commodity prices Base dividend of $0.30/share implies a 2.9% annualized yield(3); represents approximately 40% of estimated cash available for distribution assuming $50 WTI Declared variable dividend for 1Q ’25 of $0.27/share; total base-plus-variable dividend of $0.57/share implies a 5.4% annualized yield(3) Board authorized $750 million share repurchase program; 13.7 million shares repurchased through May 2, 2025, for an aggregate $325 million (average $23.74/share) Undeveloped Inventory Supports Durable Free Cash Flow Viper: Investment Highlights Source: Company data and filings. Data as of 3/31/2025 unless stated otherwise. Viper’s Mineral and Royalty Interests Provide Significant Exposure to High Margin, Largely Undeveloped Assets with Zero Capital Requirements to Support its Free Cash Flow Profile Return of Capital 1Q ’25 cash available for distribution(1) of $0.76/share; total return of capital to Class A shareholders of $0.57/share 1Q ‘25 average production of 31,311 Bo/d (57,378 Boe/d) 442 total gross (8.0 net 100% royalty interest) horizontal wells with average lateral of 11,946’ turned to production during 1Q ’25 On May 1, 2025, closed the Drop Down acquisition of all of the equity interests in certain mineral and royalty owning subsidiaries of Diamondback in exchange for approximately $1 billion cash and 69.6 million OpCo units Q1 2025 Review 2025 Outlook(2) (1) Cash available for distribution defined as an amount equal to its Adjusted EBITDA less cash needed for income taxes payable for the current period, debt service, contractual obligations and fixed obligations, lease bonus income, net of tax, distribution equivalent rights payments, and preferred dividends. (2) Gives effect to the Drop Down and assumes no additional acquisitions or divestitures in 2025 and maintenance of current operating activity levels by our operators, which may be further reduced by our operators if the commodity prices weaken further. (3) Based on VNOM’s closing price of $42.08 per Class A share on 5/2/2025.
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4 Viper Energy Overview Source: Company data and filings. Market data based on VNOM’s closing price on 5/2/2025. Differentiated Investment Opportunity Unique Relationship with Primary Operator Diamondback relationship and ownership reduces uncertainty around pace of development Minimal Exposure to Cost Inflation Zero capital requirements means insulated from inflationary cost pressures High Margin Upside to Commodity Prices Limited operating costs enable best-in-class margins Hedging strategy maximizes upside commodity exposure Significant Undeveloped Resource Permian asset <35% developed(1) Concentrated acreage throughout core of Permian Differentiated Focus on Per Share Growth 1Q ’25 oil production +23% Y/Y Accretive acquisitions enhance organic growth profile Unmatched Size and Scale Current liquidity of $1.0 billion Proved reserves of 195.9 MMBoe(2) Viper Mineral and Royalty Assets Market Snapshot NASDAQ Symbol: VNOM Market Cap: $12.6 billion Net Debt(3): $1.0 billion / Liquidity(3): $1.0 billion Enterprise Value: $13.6 billion Share Count: 299 million(4) Dividend Yield: 5.4% (MRQA) Net Royalty Acreage: ~60,420 (~60% FANG-operated) (1) Illustrative calculation assuming 1.5 mile laterals, 28 wells per DSU in the Midland Basin and 20 wells per DSU in the Delawa re Basin. (2) Reserves as of year-end 2024. (3) Net debt, a non-GAAP measure, is defined as total debt less cash and cash equivalents. Net debt and liquidity as of 5/1/2025 aft er giving effect to closing of Drop Down. (4) Includes 10.1 million OpCo units that have the option to be granted an equal number of shares of Class B common stock.
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5 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 20 40 60 80 100 120 140 160 180 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Cash Margin (% of Realized Price)(2) Average Production per Million Shares(1) Production per MM Shares Cash Margin (%) Viper Per Share Growth Source: Company data and filings. (1) Production per million shares calculated as average daily oil production divided by million shares outstanding. (2) Cash margins defined as unhedged realized price per Boe less production & ad valorem taxes, cash G&A, and interest expense divided by unhedged realized price. (3) Assumes midpoint of the 2025 guidance range following close of the Drop Down and share count as of 5/2/2025. Growth in Per Share Metrics with Consistently High Cash Margins Creates Long-Term Value for Shareholders Viper is focused on increasing per share value for shareholders and maximizing long-term returns A combination of organic growth, accretive acquisitions, and an opportunistic share repurchase program have driven production per share to a Company record With Viper’s low cash G&A and only limited other operating expenses, this increase in production leads directly to increased returns for shareholders (3) Oil Production per Million Share and Cash Margin Since IPO (1) (2)
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6 6.7% 7.2% 7.8% 8.4% 8.9% 5.1% 5.4% 5.8% 6.3% 6.7% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% $50.00 $55.00 $60.00 $65.00 $70.00 $0.00 $1.00 $2.00 $3.00 $4.00 Cash Avail. for Distribution per Class A Share Assumptions Durable Cash Available for Distribution Source: Partnership data and filings. Financial data as of 3/31/2025. Per share metrics assume 131.3 million Class A shares outstanding. Yield based on share closing price of $42.08 per Class A share on 5/2/2025. (1) Cash available for distribution is a non-GAAP measure. See Appendix for definition and reconciliation. (2) Annualized 2H 2025. Fixed price basis swaps for Waha Hub assume Waha strip pricing as of 5/2/2025. (3) Roughly approximates total interest expense based on 5.375% fixed interest payments on $396 million Sr. Notes due 2027, 7.375% fixed interest payments on $400 million Sr. Notes due 2031, 6.5% interest on average balance drawn on the revolving credit facility and a 0.375% non -use fee on the undrawn capacity of the revolving credit facility. (4) Percent of pre-tax income attributable to Viper Energy Class A shareholders. Illustrative 2H 2025 Annualized Cash Available for Distribution to Class A Shareholders(1,2) 47.0 - 49.0 Mbo/d(2) Post-Drop Down 2025 Oil Production 85.0 - 88.0 Mboe/d(2) Post-Drop Down 2025 Total Production $18 Million Cash G&A 7% of Revenue Prod. & Ad Valorem Taxes 30% of WTI / $2.50/MMBtu Realized NGL / Gas Prices ~99% % of WTI Realized $60 Million Interest Expense(3) Viper is uniquely positioned to generate free cash flow through commodity price cycles with high leverage to increasing oil prices; hedging strategy provides mostly uncapped exposure to upside At $60 WTI and production held flat at the midpoint of our 2025 guidance following the assumed closing of the Drop Down, Viper is expected to generate >$3.25/share in distributable cash flow per Class A share, or approximately an almost 8% yield(1) Yield @ Midpoint (100% payout) Yield @ Midpoint (75% payout) DCPS @ Low End of Guidance DCPS @ High End of Guidance 22% Effective Cash Tax Rate(4)
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7 ~70% ~50% ~40% ~35% ~30% ~25% $0 $500 $1,000 $1,500 $30 $40 $50 $60 $70 $80 Cash Availalble for Distribution ($MM) Base Annual Dividend Incremental Free Cash Flow Return of Capital Framework Source: Company data and filings. Current price reflects closing price of $42.08 per Class A share as of 5/2/2025. Based on share count outstanding as of 3/3 1/2025. Q1 2025 Return of Capital to Class A Shareholders Reconciliation $75 $0.57 $39 Q1 2025 Payout Ratio Base Dividend(1) - $1.20 / Share Paid quarterly Variable Dividend(1) Paid the following quarter to make investors whole for at least 75% return of capital $36 75% $0.30 $0.27 $100 $0.76Cash Available for Distribution(2) to Class A Shareholders Q1 2025 Return of Capital to Class A Shareholders $ / Share $MM Share Repurchases(1) $0 $0.00 Return of Capital Framework ♦ Viper is committed to returning at least 75% of cash available for distribution to Class A shareholders ♦ Board has authorized a share repurchase program of $750 million, of which $425 million remains available for future repurchases as of May 2, 2025 ♦ Capital returned through the following methods: ◊ Sustainable and growing base dividend protected down to below $30/bbl WTI ◊ Variable dividend ◊ Opportunistic share repurchases 1Q ’25 Return of Capital ♦ Base-plus-variable dividend of $0.57 per Class A share; represents 5.4% annualized yield, based on the stock price of $42.08 per Class A share. Estimated Coverage of Annual Base Dividend at Various Oil Prices(3) Base dividend as % of annual FCF (1) Future base and variable cash dividends and stock repurchases are at the discretion of Viper’s Board of Directors and are sub ject to a number of factors discussed in Viper’s Exchange Act reports. (2) Cash available for distribution defined as an amount equal to its Adjusted EBITDA less cash needed for income taxes payable f or the current period, debt service, contractual obligations and fixed obligations, lease bonus income, net of tax, distribution equivalent rights payments, and preferred dividends. (3) Annualized 2H 2025 using outstanding share count of 299 million.
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8 442 gross (8.0 net) horizontal wells turned to production during Q1 2025 Near-term inventory of 23.4 net wells currently in the process of active development and an additional 36.0 net line-of-sight wells not currently being developed 63 gross rigs currently operating on Viper’s acreage, 16 of which are operated by Diamondback Portfolio Overview Source: Company data and estimates and Enverus. Acreage and activity data as of 5/1/2025. Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to production. (1) Total includes 833 gross (2.5 net) producing horizontal locations outside of the Midland and Delaware Basins. (2) Work in progress wells represent those that have been spud and are expected to be turned to production within approximately t he next six to eight months. (3) Line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to bel ieve that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these wells is based primarily on permitting by third party operators or Dia mondback’s current expected completion schedule. Diamondback Operated Third Party Operated Midland Delaware Midland Delaware Total Net Royalty Acres 29,898 5,714 14,515 10,293 60,420 1Q ‘25 Gross Hz Wells Turned to Production (Net 100% NRI Wells) 101 (4.3) 7 (0.0) 206 (2.4) 128 (1.3) 442 (8.0) Gross Producing Hz Locations(1) (Net 100% NRI Wells) 3,300 (210.7) 425 (24.3) 7,286 (113.5) 3,427 (49.0) 15,271 (400.0) Gross Active Rigs (Net 100% NRI Rigs) 16 (0.5) 0 (0.0) 32 (0.5) 15 (0.2) 63 (1.2) Gross Work-in-Progress(2) (Net 100% NRI Wells) 230 (12.3) 9 (0.7) 434 (7.0) 248 (3.4) 921 (23.4) Gross (Net) Line-of-Sight(3) 405 (26.8) 12 (0.3) 315 (6.2) 362 (2.6) 1,094 (36.0)
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9 FANG Gross - Midland VNOM Gross - Midland FANG Gross - Delaware VNOM Gross - Delaware VNOM Net - Total Diamondback Activity on Viper’s Acreage Source: Company data and filings. (1) Completions represent Diamondback activity levels during the quarter represented as well as Viper’s estimated interest at tha t time. (2) Represents percentage of total gross Diamondback -operated completions in which Viper owned an interest. (3) Average net revenue interest Viper owned in Diamondback-operated completions on Viper’s acreage. Diamondback Operated Wells Turned to Production on Viper’s Acreage(1) Higher exposure to Diamondback’s completions with a higher average NRI supports Viper’s production despite lower gross Diamondback activity levels Viper has high confidence visibility into Diamondback’s expected forward development for years to come, with concentrated exposure particularly in the Northern Midland Basin VNOM Exposure(2): Average NRI(3): 62% 5.1% 80% 4.2% 93% 8.3% 93% 9.3% 60% 5.6% 75% 4.2% 39% 10.9% 60% 4.0% 57% 9.3% 65% 4.5% 87% 8.5% 83% 5.4% 69% 5.4% 57% 6.4% 91% 4.8% 70% 8.3% 81% 4.4% 67% 5.4% 56% 5.3% 85% 5.1% 69% 6.3% 1.4 3.6 2.4 2.7 1.2 3.8 1.2 2.1 2.6 1.8 3.7 2.0 4.8 2.8 2.3 3.2 3.9 4.4 2.1 3.7 2.6 4.1 5.6 4.3 0.0 1.0 2.0 3.0 4.0 5.0 6.0 0 25 50 75 100 125 VNOM Net Wells Turned to Production Gross Wells Turned to Production 88% 4.0% 69% 2.8% 56% 7.3%
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10 Significant Alignment with Diamondback Development Significant exposure to Diamondback’s completions with a high average NRI supports Viper’s production profile; recently closed Drop Down expected to further Viper’s alignment with Diamondback for years to come Diamondback’s continued focus on Viper’s high concentration royalty acreage, particularly in the Northern Midland Basin, provides high confidence to Viper’s multi-year production outlook Source: Company data and filings. (1) Represents percentage of total gross Diamondback -operated completions in which Viper owned an interest. (2) Average net revenue interest Viper owned in Diamondback-operated completions on Viper’s acreage. (3) Assumes approximately 500 gross Diamondback completions per year and Viper’s expected NRI giving credit to the recently close d Drop Down. 76% 72% 60% 80% 58% 76% 75% 70% 70% 76% 9.1% 7.7% 4.8% 6.4% 6.5% 6.1% 5.9% 5.6% 6.2% 5.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 0% 20% 40% 60% 80% 100% 2017 2018 2019 2020 2021 2022 2023 2024 '17 - '24 Avg. '25E - '29E Avg. Average NRI % FANG Wells on VNOM Acreage % VNOM Exposure Average NRI Diamondback Activity on VNOM’s Acreage VNOM Net Wells Turned to Production: 8.3 10.0 9.0 8.8 10.2 11.8 13.6 16.0 11.0 24.4 (1) (2) (3) Recent Drop Down Maintain Historical Alignment with Diamondback’s Expected Development Plan, but Now on Much Larger Scale (1)
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11 Significant Weighting to Leading Operators Source: Partnership data and estimates . Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to produc tion. (1) Includes both work-in-progress and line -of-sight wells. Work in progress wells are those that have been spud and are expected to be turned to production within approximately the nex t six to eight months. Line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to bel ieve that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these wells is based primarily on permitting by third party op erators or Diamondback’s current expected completion schedule. Current Net Oil Production Viper has a significant weighting to leading operators in the Permian Basin, both in terms of current production and net wells in the process of active development Viper’s top four operators make up >80% of existing production and >85% of current net wells in the process of active development Only minimal exposure to small cap and private equity backed operators; leading operators on Viper’s acreage expected to support consistent and efficient development Diamondback and Other Well-Capitalized Operators Support Viper’s Production Profile Near-Term Inventory(1) FANG 56% XOM 18% OXY 5% COP 2% OTHER 19% FANG 67% XOM 9% OXY 8% EOG 3% OTHER 13%
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12 Maintain Financial Flexibility ♦ Elected commitment of $1.25 billion with no borrowings drawn on revolver as of 3/31/2025 ♦ Borrowing base of $1.25 billion on facility that matures in 2028 ♦ Net debt(2) as of 3/31/2025 of $270 million Capital Return Framework ♦ Return of capital commitment of at least 75% of cash available for distribution, inclusive of base dividend, variable dividends and opportunistic share repurchases ♦ Base annual dividend of $1.20/share; declared 1Q ’25 total base-plus-variable dividend of $0.57/share, representing a 5.4% annualized yield ♦ Board authorized share repurchase program of $750 million; repurchased $325 million through May 2, 2025 ♦ Expect to continue to use a portion of cash available for distribution to reduce debt and help fund small acquisitions No Direct Operating or Capital Expenses ♦ Focus on mineral and royalty interests preserves low- cost structure ♦ Expected production and ad valorem taxes of ~7% of royalty income ♦ Operators bear capital and operating burden Financial Overview Financial Strategy Viper Capitalization ($MM) Guidance Update Q2 2025 Net Oil Production - Mbo/d 40.0 - 43.0 Q2 2025 Net Total Production - Mboe/d 72.5 - 78.0 FY 2025 Net Oil Production - Mbo/d 41.0 - 43.5 FY 2025 Net Total Production - Mboe/d 74.5 - 79.0 Unit Costs ($/boe) Depletion $15.50 - $16.50 Cash G&A $0.80 - $1.00 Non-Cash Share-Based Compensation $0.10 - $0.20 Interest Expense $2.00 - $2.50 Production & Ad Valorem Taxes (% of Revenue) ~7% Cash Tax Rate(4) 21% - 23% Q2 2025 Cash Taxes ($ - million) $10.0 - $15.0 Source: Company data and filings. Financial data as of 3/31/2025. (1) Adjustments represent (i) borrowings under the revolver to pay a portion of the cash consideration of the Drop Down on 5/1/2025, and (ii) repurchases of outstanding 5.375% Senior Notes due 2027 through 5/2/2025, respectively. (2) Net debt, a non-GAAP measure, is defined as total debt less cash and cash equivalents. (3) MRQA stands for Most Recent Quarter Annualized. (4) Percent of pre-tax income attributable to Viper Energy, Inc. VNOM Capitalization & Leverage 3/31/2025 Adjustments(1) 5/1/2025 Cash $560 -$516 $44 Revolving Credit Facility 0 255 255 Senior Notes 830 -36 794 Total Debt $830 $1,049 Net Debt (2) $270 $1,005 Net Debt / LTM EBITDA (2) 0.3x 1.2x Net Debt / MRQA EBITDA (2)(3) 0.3x 1.1x VNOM Liquidity 3/31/2025 Adjustments 5/1/2025 Cash $560 -$516 $44 Revolving Credit Facility 0 255 255 Borrowing Base 1,250 $1,250 Liquidity $1,810 $1,039
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13 Appendix
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14 How Viper Defines a “Net Royalty Acre” Source: Company data and filings. Acreage data as of 5/2/2025. Acreage Definition Comparison Viper’s Formula for Net Royalty Acreage Methodology for deriving “Net Royalty Acreage” differs widely across the industry Many companies calculate assuming there are eight royalty acres for every one net mineral acre (NMA) Viper derives its total net royalty acreage from net mineral ownership taking into consideration the royalty interest AND all other burdens Net Mineral Acres Lease Royalty and other burdens Net Royalty Acres NRA Example Assuming Standard ¼ Royalty 640-acre section 100% Mineral Interest Mineral Acres 640 NMA Mineral Acres 640 NMA Royalty Acres 160 NRA Royalty Acres 1,280 NRA Viper believes its methodology more accurately defines its acreage for which it will receive revenue ~483,360 ~60,420 0 200,000 400,000 600,000 Viper Net Royalty Acres (Normalized to 1/8) Viper Net Royalty Acres
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15 Hedge Update Source: Company data as of 5/2/2025. Given the Company’s strong balance sheet, Viper’s hedging strategy is to maximize upside exposure to commodity prices while protecting against the extreme downside Crude Oil (Bbls/day, $/Bbl) Q2 2025 Q3 2025 Q4 2025 FY 2026 FY 2027 Deferred Premium Put Options - WTI 20,000 18,000 - - - Strike $55.00 $55.00 - - - Premium -$1.61 -$1.60 - - - Natural Gas - Henry Hub (Mmbtu/day, $/Mmbtu) Q2 2025 Q3 2025 Q4 2025 FY 2026 FY 2027 Costless Collars - Henry Hub 60,000 60,000 60,000 60,000 - Floor $2.50 $2.50 $2.50 $2.75 - Ceiling $4.93 $4.93 $4.93 $6.64 - Natural Gas Waha Basis (Mmbtu/day, $/Mmbtu) Q2 2025 Q3 2025 Q4 2025 FY 2026 FY 2027 Swaps - Waha Basis 60,000 60,000 60,000 60,000 40,000 Swap Price -$0.80 -$0.80 -$0.80 -$1.50 -$1.40
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16 Non-GAAP Definitions and Reconciliations Source: Company data and filings. Cash available for dividends: Viper defines cash available for dividends generally as an amount equal to its Adjusted EBITDA for the applicable period less cash needed for income taxes payable, debt service, contractual obligations, fixed charges and reserves for future operating or capital needs that the Board may deem appropriate, lease bonus income, income tax on lease bonus income cash paid for tax withholding on vested common chares, dividend equivalent rights payments and preferred dividends, if any. Adjusted EBITDA: Viper defines Adjusted EBITDA as net income (loss) attributable to Viper Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before interest expense, net, non-cash share-based compensation expense, depletion expense, non-cash (gain) loss on derivative instruments, and provision for (benefit from) income taxes. Three Months Ended (unauditied, in millions, except per share data) 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Net income (loss) attributable to Viper Energy, Inc. ($3) $5 $17 $39 $17 $34 $79 $22 $34 $31 $79 $57 $43 $57 $49 $210 $75 Net income (loss) attributable to non-controlling interest 27 38 57 78 111 138 131 124 54 49 129 69 56 65 60 63 78 Net income (loss) $24 $42 $74 $117 $128 $172 $210 $145 $88 $80 $207 $126 $100 $122 $109 $273 $153 Interest expense, net 8 8 8 10 10 10 11 10 10 11 11 17 20 19 17 19 13 Non-cash share-based compensation expense 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 Depletion 25 24 25 29 27 32 30 31 31 34 36 45 47 48 55 65 67 Non-cash (gain) loss on derivative instruments 17 9 (16) (33) 8 (5) (11) (5) 13 9 (1) (8) 5 (5) (7) (7) (23) Other non-cash operating expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0) 0 0 Other non-recurring expenses 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 Provision for (benefit from) income taxes 0 0 1 1 3 6 (46) 5 9 8 22 6 13 13 17 (142) 21 Consolidated Adjusted EBITDA $74 $83 $94 $124 $176 $215 $194 $187 $152 $143 $276 $187 $184 $199 $191 $208 $232 Less: Adjusted EBITDA attributable to non-controlling interest 43 49 54 66 95 117 106 103 84 80 155 97 89 96 87 100 99 Adjusted EBITDA attributable to Viper Energy, Inc. $31 $35 $39 $58 $81 $98 $88 $84 $67 $63 $121 $90 $95 $103 $104 $108 $133 Adjustments to reconcile Adjusted EBITDA to cash available for dividends: Income taxes payable (0) 0 (1) (1) (3) (6) (3) (5) (9) (8) (22) (14) (13) (15) (15) (6) (23) Debt service, contractual obligations, fixed charges and reserves (3) (4) (3) (4) (4) (4) (4) (4) (4) (5) (7) (11) (10) (9) (9) (11) (9) Lease bonus income, net of tax 0 0 0 0 0 0 (1) (8) (3) (1) (33) (1) (0) (0) (0) (2) (1) Dividend equivalent rights payments (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) 0 Preferred dividends (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) 0 Effect of subsequent ownership changes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (4) 0 0 Cash available for dividends to Viper Energy, Inc. shareholders $28 $30 $35 $53 $74 $88 $79 $66 $51 $48 $59 $64 $72 $78 $75 $89 $100 Common Class A shares outstanding 65 65 64 79 77 76 74 73 72 71 71 86 91 91 103 103 131 Cash available for dividends per Class A share $0.42 $0.47 $0.55 $0.67 $0.96 $1.16 $1.07 $0.91 $0.70 $0.68 $0.84 $0.74 $0.79 $0.86 $0.73 $0.86 $0.76 Cash dividend per share $0.25 $0.33 $0.38 $0.47 $0.67 $0.81 $0.49 $0.49 $0.33 $0.36 $0.57 $0.56 $0.59 $0.64 $0.61 $0.65 $0.57 Three Months Ended (unauditied, in millions, except per share data) 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020- Net income (loss) attributable to Viper Energy, Inc. ($23) ($14) $10 $16 $21 $22 $27 $42 $43 $99 $2 ($1) $34 $2 $8 $2 ($142) ($22) ($1) ($28) Net income (loss) attributable to non-controlling interest 0 0 0 0 0 0 0 0 0 29 48 41 41 45 43 46 18 (11) 17 (25) Net income (loss) ($23) ($14) $10 $16 $21 $22 $27 $42 $43 $128 $51 $41 $74 $47 $51 $49 ($124) ($33) $16 ($53) Interest expense, net 0 0 1 1 1 1 1 1 2 3 4 5 5 3 4 10 9 8 8 8 Non-cash share-based compensation expense 1 1 1 1 1 1 1 0 1 0 0 1 0 0 0 0 0 0 0 0 Depletion 8 7 7 8 8 10 11 12 12 13 17 18 16 17 19 27 25 23 25 28 Impairment 26 21 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 69 (Gain) loss on revaluation of investment 0 0 0 0 0 0 0 0 (1) (4) 0 6 (4) (0) (0) (1) 10 (3) 2 (0) Non-cash (gain) loss on derivative instruments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7 32 (11) (2) (Gain) loss on extinguishment of debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0) 0 0 Provision for (benefit from) income taxes 0 0 0 0 0 0 0 0 0 (72) 1 (1) (35) 0 (7) 0 142 0 0 0 Consolidated Adjusted EBITDA $12 $15 $19 $26 $30 $33 $39 $55 $57 $69 $72 $68 $57 $67 $66 $85 $70 $27 $40 $51 Less: Adjusted EBITDA attributable to non-controlling interest 0 0 0 0 0 0 0 0 0 44 42 40 31 36 36 49 40 15 23 29 Adjusted EBITDA attributable to Viper Energy, Inc. $12 $15 $19 $26 $30 $33 $39 $55 $57 $25 $30 $28 $27 $31 $31 $36 $30 $11 $17 $22 Adjustments to reconcile Adjusted EBITDA to cash available for dividends: Income taxes payable 0 0 0 0 0 0 0 0 0 0 0 0 (0) (0) (0) 0 0 0 0 0 Debt service, contractual obligations, fixed charges and reserves (0) (0) (1) (1) (0) (1) (1) (3) (2) (0) (0) (2) (2) (1) (2) (5) (3) (3) (3) (3) Cash paid for tax withholding on vested common units 0 0 0 0 0 0 0 0 0 0 0 0 (0) 0 0 0 (0) 0 (0) 0 Dividend equivalent rights payments 0 0 0 0 0 0 0 0 0 (0) (0) (0) (0) 0 0 0 (0) (0) (0) (0) Preferred dividends 0 0 0 0 0 0 0 0 0 (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) Cash available for dividends to Viper Energy, Inc. shareholders $12 $15 $18 $25 $29 $32 $38 $52 $55 $25 $30 $26 $24 $30 $29 $31 $26 $8 $14 $18 Common Class A shares outstanding 79.7 79.7 87.8 97.6 97.6 97.8 113.9 113.9 113.9 41.5 51.7 51.7 62.6 62.6 62.6 67.8 67.8 67.8 67.9 65.8 Cash available for dividends per Class A share $0.15 $0.19 $0.21 $0.26 $0.30 $0.33 $0.34 $0.46 $0.48 $0.60 $0.58 $0.51 $0.38 $0.47 $0.46 $0.45 $0.39 $0.12 $0.21 $0.28 Cash dividend per share $0.15 $0.19 $0.21 $0.26 $0.30 $0.33 $0.34 $0.46 $0.48 $0.60 $0.58 $0.51 $0.38 $0.47 $0.46 $0.45 $0.10 $0.03 $0.10 $0.14
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17 Final Thoughts Viper Energy offers sustainable free cash flow, substantial remaining inventory, and durable return of capital Significant return of capital with base-plus-variable dividend, supplemented by opportunistic share repurchase program Mineral ownership provides surest form of security in the oil industry Strong free cash flow generation with financial flexibility Royalty assets offer organic growth without any capital costs or operating expenses, therefore limiting exposure to cost inflation Relationship with Diamondback provides visibility to production and cash flow durability
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18 Viper Energy, Inc. 500 West Texas Ave., Suite 100 Midland, TX 79701 www.viperenergy.com Chip Seale (432) 247-6218 cseale@viperenergy.com