Company Overview

Viper Energy, Inc. is a publicly traded oil and gas mineral and royalty company focused on owning and acquiring mineral and royalty interests in North American unconventional resource basins, primarily the Permian Basin. The company does not operate drilling or production activities; instead, it generates revenue by leasing its mineral interests to exploration and production operators in exchange for royalties, overriding royalties, and mineral lease bonus payments.

The company’s primary revenue driver is royalty income tied to oil, natural gas, and natural gas liquids production volumes and commodity prices. Viper Energy’s strategic positioning is differentiated by its long-standing relationship with Diamondback Energy, Inc., a major Permian-focused independent producer, which provides access to high-quality acreage, operational visibility, and acquisition opportunities. Viper was originally formed in 2013 as Viper Energy Partners LP by Diamondback Energy and completed a corporate reorganization in 2023, converting from a master limited partnership into a C-corporation now known as Viper Energy, Inc.

Business Operations

Viper Energy operates as a single reporting segment focused on the acquisition, ownership, and management of mineral and royalty interests. The company earns revenue through production royalties paid by third-party operators, primarily Diamondback Energy and other large Permian Basin producers. Because Viper does not bear drilling or operating costs, its business model emphasizes capital efficiency and cash flow stability relative to traditional exploration and production companies.

The company’s asset base consists of mineral interests, royalty interests, and overriding royalty interests across thousands of net royalty acres. Operations are predominantly domestic, with no material international activities disclosed in public filings. Viper maintains a close operational and commercial relationship with Diamondback Energy, Inc., which remains its largest operator and historically its largest source of asset contributions, though Viper also leases acreage to unaffiliated operators.

Strategic Position & Investments

Viper Energy’s strategy centers on growing its mineral and royalty portfolio through acquisitions in high-return basins, particularly the Permian Basin, while maintaining low leverage and returning capital to shareholders through dividends. Growth initiatives include third-party mineral acquisitions, dropdown transactions, and participation in mineral deals alongside Diamondback Energy where strategic alignment exists.

The company has historically completed multiple acquisitions of mineral and royalty interests from Diamondback Energy, Inc. and third parties, expanding both its geographic footprint within the Permian and its exposure to undeveloped drilling inventory. Viper’s investment focus remains concentrated on long-life, low-decline assets rather than diversification into emerging energy technologies. Data on material investments outside traditional oil and gas minerals is inconclusive based on available public sources.

Geographic Footprint

Viper Energy’s operations are concentrated in the United States, with a dominant presence in the Permian Basin spanning West Texas and southeastern New Mexico. The company also holds smaller mineral positions in other U.S. basins, though these are not considered core to its long-term strategy.

The company is headquartered in Midland, Texas, aligning its corporate presence with its primary asset base. Viper does not report international mineral ownership or operational exposure, and its revenues are fully derived from U.S.-based oil and gas production.

Leadership & Governance

Viper Energy’s leadership team reflects its close alignment with Diamondback Energy, with several executives holding or having held senior roles across both organizations. The leadership philosophy emphasizes disciplined capital allocation, balance sheet strength, and long-term value creation through high-quality mineral ownership rather than operational risk-taking.

Key executives include:

• Kaes Van’t Hof – Chief Executive Officer
• Adam C. Lawler – President
• Grant T. Heath – Chief Financial Officer
• Randall J. Holder – Chief Accounting Officer
• Kenneth J. Seitz – Chairman of the Board

The board of directors includes individuals with extensive experience in upstream energy, mineral ownership, and public company governance, supporting oversight aligned with shareholder interests and industry best practices.