How much cash did Viper return to Class A stockholders in Q1 2026?

Viper reported a total return of capital to Class A stockholders of $183 million, or $0.94 per Class A common share, which represents 90% of cash available for distribution. This comprised a $74 million base dividend ($0.38 per share), $51 million of share repurchases ($0.26 per share) and a $58 million variable dividend ($0.30 per share).

What is the Riverbend Acquisition and how will it be financed?

On May 1, 2026, Viper and Viper Energy Partners LP agreed to acquire all equity interests in Riverbend Oil & Gas IX, L.L.C. for $337 million in cash and approximately 3.7 million shares of Class A common stock, subject to customary closing adjustments. The cash portion is expected to be funded through cash on hand and borrowings under the credit facility. The transaction includes 3,064 net royalty acres, roughly 75% of which overlap with Viper's existing acreage, and is expected to close in early Q3 2026.

What did the Non-Permian Divestiture contribute to the balance sheet?

The divestiture of Viper's non-Permian assets to an affiliate of GRP Energy Capital LLC and Warwick Capital Partners LLP closed on February 9, 2026 for net proceeds of approximately $610 million. The proceeds were used to fully repay $500 million of term loan borrowings and $90 million of revolving credit facility borrowings, and for general corporate purposes. As of March 31, 2026, total debt was $1.62 billion and net debt was $1.59 billion.

What production and guidance does Viper expect for 2026?

Q1 2026 average production was 65,000 bo/d (130,711 boe/d). Guidance calls for Q2 2026 net production of 64.0 to 65.0 thousand bo/d (124.0 to 126.0 thousand boe/d) and full-year 2026 net production of 64.5 to 66.5 thousand bo/d (126.0 to 130.0 thousand boe/d). This guidance does not give effect to the pending Riverbend Acquisition, which is expected to add about 1,000 bo/d at the midpoint of the full-year range.

How did Viper's realized prices compare with hedged prices in Q1 2026?

Average unhedged realized prices were $73.16 per barrel of oil, $0.88 per Mcf of natural gas, $17.94 per barrel of NGLs and $42.16 per boe. Including the cash settlement of matured derivatives, hedged prices were $72.31 per barrel of oil, $2.27 per Mcf of natural gas, $17.94 per barrel of NGLs and $43.86 per boe.

VNOM 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed May 4, 2026. Cited figures are marked; the original filing is the authoritative source.

Viper Energy, Inc. (Nasdaq: VNOM), a subsidiary of Diamondback Energy, Inc., reported first quarter 2026 results in a press release furnished as Exhibit 99.1 to this Form 8-K.

Q1 2026 average production was 65,000 bo/d (130,711 boe/d), with consolidated net income of $215 million^a and net income attributable to Viper of $97 million, or $0.53 per Class A common share. Consolidated adjusted net income was $221 million, or $1.22 per Class A common share, and cash available for distribution to Class A shares was $204 million, or $1.05 per share. The company declared a base dividend of $0.38 and a variable dividend of $0.30 per Class A share, a total of $0.68, and returned $183 million, or 90% of cash available for distribution, to Class A stockholders in the quarter.

Balance sheet deleveraging was a major theme. The February 9, 2026 closing of the Non-Permian Divestiture generated net proceeds of approximately $610 million^b, used to repay $500 million of term loan borrowings and $90 million of revolver borrowings. As of March 31, 2026, net debt was $1.59 billion, a decrease of $600 million from December 31, 2025, and the company had $28 million in cash.

The filing also announces the Riverbend Acquisition, a definitive agreement signed May 1, 2026 to acquire Riverbend Oil & Gas IX, L.L.C. for $337 million^c in cash plus approximately 3.7 million Class A shares, expected to close in early Q3 2026. The company expects pro forma net debt of about $1.8 billion and pro forma leverage of about 1.1x at $55 per barrel WTI. Full-year 2026 production guidance of 64,500 to 66,500 bo/d excludes the pending acquisition, which is expected to add about 1,000 bo/d at the midpoint.

02—Key points

Key Highlights

Q1 2026 net income attributable to Viper of $97 million, or $0.53 per diluted Class A share; consolidated adjusted net income of $221 million, or $1.22 per Class A share.
Cash available for distribution of $204 million, or $1.05 per Class A share; total return of capital of $183 million, representing 90% of cash available for distribution.
Declared Q1 2026 base dividend of $0.38 and variable dividend of $0.30 per Class A share (total $0.68), implying a 5.5% annualized yield on the May 1, 2026 closing price of $49.90; both payable May 21, 2026 to holders of record on May 14, 2026.
Net debt reduced to $1.59 billion at March 31, 2026, a $600 million decrease from December 31, 2025, following the Non-Permian Divestiture for net proceeds of approximately $610 million closed February 9, 2026.
Repurchased 2.2 million shares for approximately $96 million in Q1 2026 at an average price of $43.59 per share.
Announced the Riverbend Acquisition for $337 million in cash and approximately 3.7 million Class A shares, adding 3,064 net royalty acres and an expected 2,000 bo/d next-12-month average production; expected to close in early Q3 2026.
Full-year 2026 guidance of 64.5 to 66.5 thousand bo/d and Q2 2026 guidance of 64.0 to 65.0 thousand bo/d, excluding the Riverbend Acquisition.

03—Questions

Frequently Asked Questions

How much cash did Viper return to Class A stockholders in Q1 2026?
Viper reported a total return of capital to Class A stockholders of $183 million, or $0.94 per Class A common share, which represents 90% of cash available for distribution. This comprised a $74 million base dividend ($0.38 per share), $51 million of share repurchases ($0.26 per share) and a $58 million variable dividend ($0.30 per share).
What is the Riverbend Acquisition and how will it be financed?
On May 1, 2026, Viper and Viper Energy Partners LP agreed to acquire all equity interests in Riverbend Oil & Gas IX, L.L.C. for $337 million in cash and approximately 3.7 million shares of Class A common stock, subject to customary closing adjustments. The cash portion is expected to be funded through cash on hand and borrowings under the credit facility. The transaction includes 3,064 net royalty acres, roughly 75% of which overlap with Viper's existing acreage, and is expected to close in early Q3 2026.
What did the Non-Permian Divestiture contribute to the balance sheet?
The divestiture of Viper's non-Permian assets to an affiliate of GRP Energy Capital LLC and Warwick Capital Partners LLP closed on February 9, 2026 for net proceeds of approximately $610 million. The proceeds were used to fully repay $500 million of term loan borrowings and $90 million of revolving credit facility borrowings, and for general corporate purposes. As of March 31, 2026, total debt was $1.62 billion and net debt was $1.59 billion.
What production and guidance does Viper expect for 2026?
Q1 2026 average production was 65,000 bo/d (130,711 boe/d). Guidance calls for Q2 2026 net production of 64.0 to 65.0 thousand bo/d (124.0 to 126.0 thousand boe/d) and full-year 2026 net production of 64.5 to 66.5 thousand bo/d (126.0 to 130.0 thousand boe/d). This guidance does not give effect to the pending Riverbend Acquisition, which is expected to add about 1,000 bo/d at the midpoint of the full-year range.
How did Viper's realized prices compare with hedged prices in Q1 2026?
Average unhedged realized prices were $73.16 per barrel of oil, $0.88 per Mcf of natural gas, $17.94 per barrel of NGLs and $42.16 per boe. Including the cash settlement of matured derivatives, hedged prices were $72.31 per barrel of oil, $2.27 per Mcf of natural gas, $17.94 per barrel of NGLs and $43.86 per boe.

04—Continue

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