0002074176-26-000053 | 10-Q | XBRL Viewer

Schedule Of Ownership Interests

The following table presents the beneficial ownership of Common Stock and OpCo Units as of June 30, 2026:


	As of June 30, 2026
	Shares of Common Stock Beneficially Owned	Percentage Ownership(1)		OpCo Units Beneficially Owned	Percentage Ownership
Public equity holders of Class A Common Stock	191,382,620	52.7	%	—	—	%
Viper and subsidiaries	—	—		191,382,620	52.7
Diamondback and subsidiaries	142,156,718	39.2		142,156,718	39.2
Sitio OpCo Former Equity Holders	21,317,596	5.9		21,317,596	5.9
TWR IV(1)	6,746,384	1.8		6,746,384	1.8
EnCap	1,315,530	0.4		1,315,530	0.4
Total Ownership(1)	362,918,848	100.0	%	362,918,848	100.0	%

(1)On a fully diluted basis, assuming TWR IV exercises the TWR Class B Option.

Schedule of Cash Distributions

The following table presents information regarding cash dividends paid during the periods presented (in millions except per share amounts):


	Distributions
Period	Amount per OpCo Unit		Operating Company Distributions to Non-Controlling Interests		Amount per Class A Common Share		Class A Common Stockholders		Declaration Date	Class A Common Stockholder Record Date	Payment Date
2026
Q4 2025	$	0.65	$	113	$	0.52	$	100	February 18, 2026	March 5, 2026	March 12, 2026
Q1 2026	$	0.86	$	147	$	0.68	$	133	April 29, 2026	May 14, 2026	May 21, 2026

2025
Q4 2024	$	0.69	$	68	$	0.65	$	85	January 30, 2025	March 6, 2025	March 13, 2025
Q1 2025	$	0.70	$	117	$	0.57	$	75	May 1, 2025	May 15, 2025	May 22, 2025

Schedule of Change in Ownership Interest

The following table summarizes the changes in the Company’s stockholders’ equity due to changes in ownership interest of subsidiaries during the period:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)
Net income (loss) attributable to the Company	$	142	$	37	$	239	$	112
Transfers from the non-controlling interest:
Increase in additional paid-in capital due to exchange of Class B Common Stock and OpCo Units into shares of Class A Common Stock	1		—		787		—
Other transfers to the non-controlling interest, net	41		792		(27)		556
Change from net income (loss) attributable to the Company’s stockholders and transfers with non-controlling interest	$	184	$	829	$	999	$	668

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following as of the dates indicated:


	June 30,		December 31,
	2026		2025
	(In millions)
Interest payable	$	36	$	39
Ad valorem taxes payable	16		34


2026 WTI Contingent Liability	—		20

Other	14		14
Total accrued liabilities	$	66	$	107

SEGMENT INFORMATION (Details)	6 Months Ended
SEGMENT INFORMATION (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

OIL AND NATURAL GAS PROPERTIES - Aggregate Capitalized Costs Related to Oil and Natural Gas Production Activities (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Oil and natural gas properties:
Proved properties	$ 9,608	$ 9,746
Unproved properties	4,545	4,910
Gross oil and natural gas properties	14,153	14,656
Accumulated depletion	(1,967)	(1,567)
Accumulated impairment	(888)	(888)
Oil and natural gas properties, net	11,298	12,201
Other property, equipment and land	8	8
Accumulated depreciation	(1)	0
Property, net	$ 11,305	$ 12,209

DEBT (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Maturities of Long-Term Debt

Long-term debt consisted of the following as of the dates indicated:


	June 30,		December 31,
	2026		2025
	(In millions)

4.900% Senior Notes due 2030	$	500	$	500

5.700% Senior Notes due 2035	1,100		1,100
Term Loan	—		500
Revolving Credit Facility	95		105
Unamortized debt issuance costs	(13)		(15)
Unamortized discount costs	(4)		(4)


Total long-term debt	$	1,678	$	2,186

OIL AND NATURAL GAS PROPERTIES - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
OIL AND NATURAL GAS PROPERTIES - Narrative (Details)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) a	Jun. 30, 2025 USD ($)	Dec. 31, 2025 a
Extractive Industries [Abstract]
Number of net royalty acres \| a			87,440		96,003
Impairment \| $	$ 0	$ 0	$ 0	$ 0

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Organization Viper Energy, Inc. is a publicly traded Delaware corporation. Viper (as defined below) and its consolidated subsidiaries are focused on owning and acquiring mineral interests and royalty interests in oil and natural gas properties primarily in the Permian Basin. On August 19, 2025, upon completion of the Sitio Acquisition (as defined and discussed in Note 4—Acquisitions and Divestitures), VNOM Sub, Inc. (formerly known as Viper Energy Inc., “Former Viper”) became a wholly owned subsidiary of Viper Energy, Inc. (formerly known as New Cobra Pubco, Inc., “New Viper”), as a result of a merger contemplated by the documents governing the Sitio Acquisition (such merger, the “Viper PubCo Merger”). Upon completion of the Viper PubCo Merger, each share of Former Viper’s Class A common stock, par value $0.000001 per share, issued and outstanding immediately prior to the effective time of the Viper PubCo Merger (other than certain excluded shares) was canceled and automatically converted into one share of New Viper Class A common stock, par value $0.000001 per share, and each share of Former Viper’s Class B common stock, par value $0.000001 per share, issued and outstanding immediately prior to the effective time of the Viper PubCo Merger was automatically canceled and converted into one share of New Viper’s Class B common stock, par value $0.000001 per share. On December 23, 2025, the Company completed an internal reorganization (the “Reorganization”), pursuant to which, among other things, each outstanding OpCo Unit of Viper Energy Partners LLC, a Delaware limited liability company and Viper’s operating subsidiary (“Old OpCo”), was converted into an equivalent OpCo Unit issued by a newly-formed subsidiary of Viper, VNOM Holding Company LLC (“New OpCo”). References in the accompanying condensed consolidated financial statements and related notes thereto to “Viper” refer to (A) New Viper following the Viper PubCo Merger, and (B) Former Viper prior to the Viper PubCo Merger. References to the “Company,” “our company,” “we,” “our,” “us” or like terms refer collectively to Viper and its consolidated subsidiaries. References to the “Operating Company” or “OpCo” refer to (A) New OpCo following the Reorganization, and (B) Old OpCo prior to the Reorganization. References to “OpCo Units” are to the units representing limited liability company interests in the Operating Company. As of June 30, 2026, Viper, through its subsidiaries, owned approximately 52.7% of the outstanding OpCo Units and was the managing member of New OpCo. The Company is a subsidiary of Diamondback. References to “Diamondback” refer collectively to it and its subsidiaries other than the Company. As neither Viper nor its subsidiaries have any employees, Diamondback provides personnel and general and administrative services to the Company, including the services of the executive officers and other employees, pursuant to a services and secondment agreement. As of June 30, 2026, Diamondback beneficially owned approximately 39.2% of the outstanding voting power of the Company’s Common Stock on a fully diluted basis after giving effect to the outstanding TWR Class B Option (as defined and discussed in Note 7—Stockholders’ Equity). Basis of Presentation The accompanying condensed consolidated financial statements and related notes thereto were prepared in accordance with GAAP. All material intercompany balances and transactions have been eliminated upon consolidation. The Company reports its operations in one reportable segment. These condensed consolidated financial statements have been prepared by the Company without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to SEC rules and regulations, although the Company believes the disclosures are adequate to make the information presented not misleading. This report should be read in conjunction with the Company’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2025, which contains a summary of the Company’s significant accounting policies and other disclosures. Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on the previously reported total assets, total liabilities, stockholders’ equity, results of operations or cash flows.

SEGMENT INFORMATION	6 Months Ended
SEGMENT INFORMATION	Jun. 30, 2026
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company is managed on a consolidated basis as a single operating and reportable segment which is focused on owning and acquiring mineral and royalty interests primarily in the Permian Basin in West Texas. The Company’s operating segment primarily derives its revenue from customers through the receipt of royalty income on the sale of oil and natural gas products as well as other immaterial service contracts. See Note 3—Revenue from Contracts with Customers for further discussion of the Company’s sources of revenue. The Company’s Chief Operating Decision Maker (“CODM”), a senior executive committee that is comprised of the Company’s Chief Executive Officer and President, uses the Company’s condensed consolidated financial results to assess performance, allocate resources and make key operating decisions, obtaining the board’s approval as required. The measures of segment profit or loss and total assets utilized by the CODM are net income and total assets, as reported on the condensed consolidated statements of operations and the condensed consolidated balance sheets, respectively. The significant expense categories, their amounts and other segment items that are regularly provided to the CODM are those that are reported in the Company’s condensed consolidated statements of operations. The CODM uses consolidated net income as a measure of profitability to evaluate segment performance and to make capital allocation decisions such as reinvestment in the business or return of capital through the payment of dividends under the dividend policy or repurchases under the share repurchase program.

The entire disclosure for segment reporting.

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DERIVATIVES - Gains and Losses on Derivative Instruments Included in Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	$ 0	$ (29)	$ 18	$ 3
Net cash receipts (payments) on derivatives:			36	12
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	0	(26)	18	3
Net cash receipts (payments) on derivatives:	16	3	36	12
2026 WTI Contingent Liability
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	$ 0	$ (3)	$ 0	$ 0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Millions				6 Months Ended	12 Months Ended
	Aug. 03, 2026 a shares	Jul. 30, 2026 $ / shares	Jul. 01, 2026 USD ($) a bbl / d shares	Jun. 30, 2026 a	Dec. 31, 2025 a
Subsequent Event [Line Items]
Number of net royalty acres \| a				87,440	96,003
Intended quarterly dividends				75.00%
Subsequent Event \| Common Class A \| O 2026 Q2 Dividends
Subsequent Event [Line Items]
Dividends declared (in usd per share)		$ 0.67
Subsequent Event \| Common Class A \| O 2026 Q2 Base Dividends
Subsequent Event [Line Items]
Dividends declared (in usd per share)		0.38
Subsequent Event \| Common Class A \| O 2026 Q2 Variable Dividends
Subsequent Event [Line Items]
Dividends declared (in usd per share)		0.29
Subsequent Event \| Common Class A \| O 2026 A Base Dividends
Subsequent Event [Line Items]
Dividends payable, amount per share (in usd per share)		2.00
Subsequent Event \| Common Class A \| O 2026 Q3 Base Dividends
Subsequent Event [Line Items]
Dividends payable, amount per share (in usd per share)		0.50
Subsequent Event \| Operating Company Units \| O 2026 Q2 Dividends
Subsequent Event [Line Items]
Dividends declared (in usd per share)		$ 0.97
Subsequent Event \| Common Class \| Diamondback and subsidiaries \| Viper Energy Inc.
Subsequent Event [Line Items]
Ownership by counterparty, percent, expected	39.80%
Subsequent Event \| Riverbend Acquisition
Subsequent Event [Line Items]
Consideration transferred \| $			$ 339
Asset acquisitions, escrow deposits released \| $			$ 25
Number of net royalty acres \| a			2,772
Average oil production, period			12 months
Average daily oil production, expected (in barrels per day) \| bbl / d			2,000
Average daily oil production, increase, expected (in barrels per day) \| bbl / d			1,000
Subsequent Event \| Riverbend Acquisition \| Common Class A
Subsequent Event [Line Items]
Equity to be transferred (in shares) \| shares			3,691,796
Subsequent Event \| Certain Mineral And Royalty Interest From Diamonback And Related Subsidiaries
Subsequent Event [Line Items]
Number of net royalty acres \| a	933
Subsequent Event \| Certain Mineral And Royalty Interest From Diamonback And Related Subsidiaries \| Operating Company Units
Subsequent Event [Line Items]
Equity to be transferred (in shares) \| shares	3,654,979
Subsequent Event \| Certain Mineral And Royalty Interest From Diamonback And Related Subsidiaries \| Common Class B
Subsequent Event [Line Items]
Equity to be transferred (in shares) \| shares	3,654,979

DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Derivative Instruments

As of June 30, 2026, the Company had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.


					Swaps	Collars
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Weighted Average Differential(2)	Weighted Average Floor Price		Weighted Average Ceiling Price
OIL





Jul. - Dec.	2026	Roll Swaps	15,000	WTI Cushing	$3.97	$	—	$	—
NATURAL GAS
Jul. - Sep.	2026	Basis Swaps(1)	80,000	Waha Hub	$(1.99)	$	—	$	—
Oct. - Dec.	2026	Basis Swaps(1)	80,000	Waha Hub	$(1.74)	$	—	$	—
Jan. - Dec.	2027	Basis Swaps(1)	40,000	Waha Hub	$(1.40)	$	—	$	—
Jul. - Dec.	2026	Costless Collar	60,000	Henry Hub	$—	$	2.75	$	6.64

(1)The Company’s fixed price basis swaps for natural gas are for the spread between the Waha Hub natural gas price and the Henry Hub natural gas price.

(2)The weighted average differential represents the amount of reduction to the WTI Cushing oil price and the Waha Hub natural gas price for the notional volumes covered by the basis swap contracts.


					Puts			Put Spread
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Average Strike Price	Average Deferred Premium		Floor Price		Short Put Price
OIL
Jul. - Sep.	2026	Puts	55,000	WTI Cushing	$55.23	$	(1.11)	$	—	$	—
Oct. - Dec.	2026	Puts	45,000	WTI Cushing	$50.00	$	(1.34)	$	—	$	—
Jan. - Mar.	2027	Puts	40,000	WTI Cushing	$50.00	$	(1.39)	$	—	$	—
Apr. - Jun.	2027	Puts	20,000	WTI Cushing	$50.00	$	(1.40)	$	—	$	—
Jul. - Sep.	2027	Puts	10,000	WTI Cushing	$50.00	$	(1.44)	$	—	$	—
Jul. - Sep.	2026	Basis Puts	30,000	WTI - Brent	$(45.00)	$	(1.30)	$	—	$	—
Oct. - Dec.	2026	Basis Puts	30,000	WTI - Brent	$(45.00)	$	(1.48)	$	—	$	—
Jul. - Sep.	2026	Put Spread	15,000	WTI Cushing	$—	$	—	$	50.00	$	55.00

Schedule of Derivative Contract Gains and Losses Included in the Consolidated Statements of Operations

The following table summarizes the gains and losses on derivative instruments included in the condensed consolidated statements of operations and the net cash receipts (payments) on derivatives for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)
Gain (loss) on derivative instruments, net:
Commodity contracts	$	—	$	(26)	$	18	$	3
2026 WTI Contingent Liability	—		(3)		—		—

Total	$	—	$	(29)	$	18	$	3

Net cash receipts (payments) on derivatives:
Commodity contracts	$	16	$	3	$	36	$	12

ACQUISITIONS AND DIVESTITURES (Details) $ in Millions				6 Months Ended	12 Months Ended
ACQUISITIONS AND DIVESTITURES (Details) $ in Millions	Feb. 09, 2026 USD ($) a bbl	Aug. 19, 2025 USD ($) a shares	May 01, 2025 USD ($) a bbl / d well shares	Jun. 30, 2026 USD ($) a	Dec. 31, 2025 a
Asset Acquisition [Line Items]
Number of net royalty acres \| a				87,440	96,003
Sitio Acquisition
Asset Acquisition [Line Items]
Number of net royalty acres \| a		34,300
Asset acquisition, consideration transferred, equity interest issued and issuable \| $		$ 4,000
Asset acquisition, acquiree retirement of debt \| $		$ 1,200
Sitio Acquisition \| Common Class A
Asset Acquisition [Line Items]
Equity to be transferred (in shares) \| shares		38,536,236
Sitio Acquisition \| Common Class B
Asset Acquisition [Line Items]
Equity to be transferred (in shares) \| shares		35,619,951
Sitio Acquisition \| Operating Company Units
Asset Acquisition [Line Items]
Equity to be transferred (in shares) \| shares		35,619,951
Sitio Acquisition, Permian Basin
Asset Acquisition [Line Items]
Number of net royalty acres \| a		25,300
Sitio Acquisition, Denver-Julesburg, Eagle Ford And Williston Basins
Asset Acquisition [Line Items]
Number of net royalty acres \| a		9,000
Certain Diamondback Subsidiaries
Asset Acquisition [Line Items]
Number of net royalty acres \| a			24,446
Daily oil production (in barrels) \| bbl / d			17,097
Consideration transferred \| $			$ 873
Average net royalty interest			2.20%
Asset acquisition, proved developed production, number of wells, gross \| well			5,574
Asset acquisition, completed production, number of wells, gross \| well			116
Asset acquisition, uncompleted production well, number of wells, gross \| well			394
Certain Diamondback Subsidiaries \| Diamondback Energy, Inc.
Asset Acquisition [Line Items]
Percentage of acreage operated by beneficial interest holder			69.00%
Percentage of wells operated by beneficial interest holder			32.00%
Certain Diamondback Subsidiaries \| Common Class B
Asset Acquisition [Line Items]
Equity to be transferred (in shares) \| shares			69,626,640
Certain Diamondback Subsidiaries \| Operating Company Units
Asset Acquisition [Line Items]
Equity to be transferred (in shares) \| shares			69,626,640
Unrelated Third-Party Sellers \| Permian Basin Acquisition, 2026
Asset Acquisition [Line Items]
Number of net royalty acres \| a				519
Consideration transferred \| $				$ 95
Diamondback Energy, Inc. \| Permian Basin Acquisition, 2026
Asset Acquisition [Line Items]
Number of net royalty acres \| a				59
Consideration transferred \| $				$ 12
Unsecured Debt \| Term Loan \| Line of Credit
Asset Acquisition [Line Items]
Debt outstanding \| $	$ 500
Revolving Credit Facility \| The Revolving Credit Facility \| Line of Credit
Asset Acquisition [Line Items]
Debt outstanding \| $	90			$ 95
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Divestiture of Non-Permian Assets
Asset Acquisition [Line Items]
Proceeds from sale of acres \| $	$ 610
Number of net royalty acres \| a	9,400
Daily oil production (in barrels) \| bbl	4,750

DERIVATIVES

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

All derivative financial instruments are recorded at fair value. The Company has not designated its derivative instruments as hedges for accounting purposes and, as a result, marks its derivative instruments to fair value and recognizes the cash and non-cash changes in fair value in the condensed consolidated statements of operations under the caption “Gain (loss) on derivative instruments, net.”

Commodity Contracts

The Company historically has used fixed price swap contracts, fixed price basis swap contracts, deferred premium puts and costless collars with corresponding put and call options to reduce price volatility associated with certain of its royalty income. At June 30, 2026, the Company had puts, basis puts, put spreads, roll swaps, costless collars and fixed price basis swaps outstanding.

By using derivative instruments to economically hedge exposure to changes in commodity prices, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company has entered into commodity derivative instruments only with counterparties that are also lenders under the Revolving Credit Facility, each of whom has been deemed an acceptable credit risk. As such, collateral is not required from either the counterparties or the Company on its outstanding commodity derivative contracts. Market risks involved in the Company’s use of derivative instruments relate to its potential inability to realize the benefits of any increases in commodity prices above the prices established by its derivative contracts.

As of June 30, 2026, the Company had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.


					Swaps	Collars
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Weighted Average Differential(2)	Weighted Average Floor Price		Weighted Average Ceiling Price
OIL





Jul. - Dec.	2026	Roll Swaps	15,000	WTI Cushing	$3.97	$	—	$	—
NATURAL GAS
Jul. - Sep.	2026	Basis Swaps(1)	80,000	Waha Hub	$(1.99)	$	—	$	—
Oct. - Dec.	2026	Basis Swaps(1)	80,000	Waha Hub	$(1.74)	$	—	$	—
Jan. - Dec.	2027	Basis Swaps(1)	40,000	Waha Hub	$(1.40)	$	—	$	—
Jul. - Dec.	2026	Costless Collar	60,000	Henry Hub	$—	$	2.75	$	6.64

(1)The Company’s fixed price basis swaps for natural gas are for the spread between the Waha Hub natural gas price and the Henry Hub natural gas price.

(2)The weighted average differential represents the amount of reduction to the WTI Cushing oil price and the Waha Hub natural gas price for the notional volumes covered by the basis swap contracts.


					Puts			Put Spread
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Average Strike Price	Average Deferred Premium		Floor Price		Short Put Price
OIL
Jul. - Sep.	2026	Puts	55,000	WTI Cushing	$55.23	$	(1.11)	$	—	$	—
Oct. - Dec.	2026	Puts	45,000	WTI Cushing	$50.00	$	(1.34)	$	—	$	—
Jan. - Mar.	2027	Puts	40,000	WTI Cushing	$50.00	$	(1.39)	$	—	$	—
Apr. - Jun.	2027	Puts	20,000	WTI Cushing	$50.00	$	(1.40)	$	—	$	—
Jul. - Sep.	2027	Puts	10,000	WTI Cushing	$50.00	$	(1.44)	$	—	$	—
Jul. - Sep.	2026	Basis Puts	30,000	WTI - Brent	$(45.00)	$	(1.30)	$	—	$	—
Oct. - Dec.	2026	Basis Puts	30,000	WTI - Brent	$(45.00)	$	(1.48)	$	—	$	—
Jul. - Sep.	2026	Put Spread	15,000	WTI Cushing	$—	$	—	$	50.00	$	55.00

Contingent Liability

The Company completed multiple acquisitions during 2024 with TWR IV, TWR IV SellCo Parent, LLC, Tumbleweed-Q Royalties, LLC, MC TWR Royalties, LP and MC TWR Intermediate, LLC. The terms of these acquisitions included provisions for contingent cash consideration based on the average price of WTI sweet crude oil prompt month futures contracts for the calendar year 2025 (the “2026 WTI Contingent Liability”), which resulted in an aggregate payment of $20 million in January 2026. The changes in fair value of the 2026 WTI Contingent Liability were recognized in “Gain (loss) on derivative instruments, net” on the Company’s condensed consolidated statements of operations.

Balance Sheet Offsetting of Derivative Assets and Liabilities

The fair value of derivative instruments is generally determined using established index prices and other sources which are based upon, among other things, futures prices and time to maturity. These fair values are recorded by netting asset and liability positions, including any deferred premiums, that are with the same counterparty and are subject to contractual terms which provide for net settlement. Changes in the fair value of the Company’s derivative instruments are recognized in “Gain (loss) on derivative instruments, net” on the Company’s condensed consolidated statements of operations. See Note 11—Fair Value Measurements for further details.

Gains and Losses on Derivative Instruments


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)
Gain (loss) on derivative instruments, net:
Commodity contracts	$	—	$	(26)	$	18	$	3
2026 WTI Contingent Liability	—		(3)		—		—

Total	$	—	$	(29)	$	18	$	3

Net cash receipts (payments) on derivatives:
Commodity contracts	$	16	$	3	$	36	$	12

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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DEBT - Narrative (Details) - Line of Credit - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 12, 2026	Jun. 11, 2026	Feb. 09, 2026	Jul. 23, 2025
Revolving Credit Facility \| The Revolving Credit Facility
Line of Credit Facility [Line Items]
Commitment amount					$ 2,000	$ 1,500
Debt outstanding	$ 95		$ 95				$ 90
Credit facility remaining borrowing capacity	$ 1,910		$ 1,910
Weighted average interest rate	5.12%		5.16%
Revolving Credit Facility \| Revolving Credit Facility, 2025
Line of Credit Facility [Line Items]
Weighted average interest rate		6.33%		6.42%
Unsecured Debt \| Term Loan
Line of Credit Facility [Line Items]
Commitment amount								$ 500
Debt outstanding							$ 500

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Assets and Liabilities Measured at Fair Value on a Recurring Basis

As discussed in Note 11—Fair Value Measurements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, certain assets and liabilities are reported at fair value on a recurring basis on the Company’s condensed consolidated balance sheets, including the Company’s commodity derivative instruments and in 2025, the 2026 WTI Contingent Liability.

The fair values of the Company’s commodity derivative contracts are measured internally using established commodity futures price strips for the underlying commodity provided by a reputable third-party, the contracted notional volumes and time to maturity. The net amounts are classified as current or noncurrent based on their anticipated settlement dates. The fair value of the 2026 WTI Contingent Liability was estimated using observable market data and a Monte Carlo pricing model, which are considered Level 2 inputs in the fair value hierarchy.

The following tables provide (i) the condensed consolidated balance sheet classification where the Company’s commodity derivative instrument assets and liabilities and for 2025, the 2026 WTI Contingent Liability are recorded, (ii) fair value measurement information, (iii) the gross amounts of recognized assets and liabilities, (iv) the amounts offset under master netting arrangements with counterparties, and (v) the resulting net amounts presented in the Company’s condensed consolidated balance sheets as of June 30, 2026, and December 31, 2025:


	As of June 30, 2026
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets	$	—	$	26	$	—	$	26	$	(17)	$	9
Other assets	$	—	$	6	$	—	$	6	$	(2)	$	4
Liabilities:
Other current liabilities	$	—	$	27	$	—	$	27	$	(17)	$	10

Other long-term liabilities	$	—	$	2	$	—	$	2	$	(2)	$	—


	As of December 31, 2025
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets	$	—	$	37	$	—	$	37	$	(9)	$	28



Liabilities:
Other current liabilities	$	—	$	9	$	—	$	9	$	(9)	$	—
Accrued liabilities (2026 WTI Contingent Liability)	$	—	$	20	$	—	$	20	$	—	$	20
Other long-term liabilities	$	—	$	7	$	—	$	7	$	—	$	7

Assets and Liabilities Not Recorded at Fair Value

The following table provides the fair value of financial instruments that are not recorded at fair value in the condensed consolidated balance sheets:


	June 30, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In millions)
Debt	$	1,678	$	1,708	$	2,186	$	2,233

The fair values of the Revolving Credit Facility and at December 31, 2025, the Term Loan, approximate their carrying values based on borrowing rates available to the Company for bank loans with similar terms and maturities and are classified as Level 2 in the fair value hierarchy. The fair values of the Guaranteed Senior Notes were determined using the quoted market price at each period end, a Level 1 classification in the fair value hierarchy.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis in certain circumstances. These assets and liabilities can include mineral and royalty interests acquired in asset acquisitions and subsequent write-downs of the Company’s proved oil and natural gas properties to fair value when they are impaired or held for sale.

Fair Value of Financial Assets

The Company has other financial instruments consisting of cash and cash equivalents, royalty income receivables, income tax receivables, certain prepaid expenses and other current assets, accounts payable, accrued liabilities and income taxes payable. The carrying value of these instruments approximates their fair values because of the short-term nature of the instruments.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Revenue

The following tables disaggregate the Company’s revenue from oil, natural gas and natural gas liquids by revenue generated from production on properties operated by Diamondback and revenue generated from production on properties operated by third parties:


	Three Months Ended June 30,
	2026						2025
	Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third-Party Operated Properties		Total		Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third-Party Operated Properties		Total
	(In millions)
Oil income	$	279	$	303	$	582	$	144	$	97	$	241
Natural gas income	4		(3)		1		8		2		10
Natural gas liquids income	41		34		75		25		11		36
Total royalty income	$	324	$	334	$	658	$	177	$	110	$	287

	Six Months Ended June 30,
	2026						2025
	Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third-Party Operated Properties		Total		Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third-Party Operated Properties		Total
	(In millions)
Oil income	$	487	$	523	$	1,010	$	264	$	178	$	442
Natural gas income	14		3		17		17		8		25
Natural gas liquids income	68		59		127		41		23		64
Total royalty income	$	569	$	585	$	1,154	$	322	$	209	$	531

DERIVATIVES - Open Derivative Positions (Details) bbl in Thousands, MMBTU in Thousands	6 Months Ended
	Jun. 30, 2026 MMBTU $ / bbl $ / MMBTU bbl
OIL \| WTI Cushing \| Roll Swaps \| 2026 \| Jul. - Dec.
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	15
Weighted Average Differential (in usd per bbls)	3.97
OIL \| WTI Cushing \| Puts \| 2026 \| Jul. - Sep.
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	55
Average Strike Price (in usd per bbls/mmbtu)	55.23
Average Deferred Premium (in usd per bbls/mmbtu)	(1.11)
OIL \| WTI Cushing \| Puts \| 2026 \| Oct. - Dec.
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	45
Average Strike Price (in usd per bbls/mmbtu)	50.00
Average Deferred Premium (in usd per bbls/mmbtu)	(1.34)
OIL \| WTI Cushing \| Puts \| 2027 \| Jul. - Sep.
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	10
Average Strike Price (in usd per bbls/mmbtu)	50.00
Average Deferred Premium (in usd per bbls/mmbtu)	(1.44)
OIL \| WTI Cushing \| Puts \| 2027 \| Jan. - Mar.
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	40
Average Strike Price (in usd per bbls/mmbtu)	50.00
Average Deferred Premium (in usd per bbls/mmbtu)	(1.39)
OIL \| WTI Cushing \| Puts \| 2027 \| Apr. - Jun.
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	20
Average Strike Price (in usd per bbls/mmbtu)	50.00
Average Deferred Premium (in usd per bbls/mmbtu)	(1.40)
OIL \| WTI Cushing \| Put Spread \| 2026 \| Jul. - Sep.
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	15
Floor Price (in usd per bbls/mmbtu)	50.00
Short Put Price (in usd per bbls/mmbtu)	55.00
OIL \| WTI - Brent \| Basis Puts \| 2026 \| Jul. - Sep.
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	30
Average Strike Price (in usd per bbls/mmbtu)	(45.00)
Average Deferred Premium (in usd per bbls/mmbtu)	(1.30)
OIL \| WTI - Brent \| Basis Puts \| 2026 \| Oct. - Dec.
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	30
Average Strike Price (in usd per bbls/mmbtu)	(45.00)
Average Deferred Premium (in usd per bbls/mmbtu)	(1.48)
NATURAL GAS \| Waha Hub \| Basis Swaps \| 2026 \| Jul. - Sep.
Derivative [Line Items]
MMBtu Per Day (in mmbtu) \| MMBTU	80
Weighted Average Differential (in usd per bbls) \| $ / MMBTU	(1.99)
NATURAL GAS \| Waha Hub \| Basis Swaps \| 2026 \| Oct. - Dec.
Derivative [Line Items]
MMBtu Per Day (in mmbtu) \| MMBTU	80
Weighted Average Differential (in usd per bbls) \| $ / MMBTU	(1.74)
NATURAL GAS \| Waha Hub \| Basis Swaps \| 2027 \| Jan. - Dec.
Derivative [Line Items]
MMBtu Per Day (in mmbtu) \| MMBTU	40
Weighted Average Differential (in usd per bbls) \| $ / MMBTU	(1.40)
NATURAL GAS \| Henry Hub \| Costless Collar \| 2026 \| Jul. - Dec.
Derivative [Line Items]
MMBtu Per Day (in mmbtu) \| MMBTU	60
Weighted Average Floor Price (in usd per bbls/mmbtu) \| $ / MMBTU	2.75
Weighted Average Ceiling Price (in usd per bbls/mmbtu) \| $ / MMBTU	6.64

STOCKHOLDERS’ EQUITY - Ownership Interest in Subsidiary Changes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Company	$ 142	$ 37	$ 239	$ 112
Affiliated Entity
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Company	142	37	239	112
Increase in additional paid-in capital due to exchange of Class B Common Stock and OpCo Units into shares of Class A Common Stock	1	0	787	0
Other transfers to the non-controlling interest, net	41	792	(27)	556
Change from net income (loss) attributable to the Company’s stockholders and transfers with non-controlling interest	$ 184	$ 829	$ 999	$ 668

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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FAIR VALUE MEASUREMENTS - Recurring Measurements (Details) - Recurring - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent
Assets:
Total Gross Fair Value	$ 6
Gross Amounts Offset in Balance Sheet	(2)
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Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesCurrent
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Total Gross Fair Value	27	$ 9
Gross Amounts Offset in Balance Sheet	(17)	(9)
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Gross Amounts Offset in Balance Sheet	(2)	0
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Assets:
Total Gross Fair Value	26	37
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Net Fair Value Presented in Balance Sheet	9	28
Accrued liabilities (2026 WTI Contingent Liability) \| Balance Sheet Location [Axis]: us-gaap:AccruedLiabilitiesCurrent
Liabilities:
Total Gross Fair Value		20
Gross Amounts Offset in Balance Sheet		0
Net Fair Value Presented in Balance Sheet		20
Level 1 \| Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent
Assets:
Total Gross Fair Value	0
Level 1 \| Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesCurrent
Liabilities:
Total Gross Fair Value	0	0
Level 1 \| Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent
Liabilities:
Total Gross Fair Value	0	0
Level 1 \| Balance Sheet Location [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Assets:
Total Gross Fair Value	0	0
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Liabilities:
Total Gross Fair Value		0
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Assets:
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Liabilities:
Total Gross Fair Value	27	9
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Liabilities:
Total Gross Fair Value	2	7
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Assets:
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Liabilities:
Total Gross Fair Value		20
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Assets:
Total Gross Fair Value	0
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Total Gross Fair Value	0	0
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Assets:
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Liabilities:
Total Gross Fair Value		$ 0

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Jul. 31, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-42807
Entity Registrant Name	Viper Energy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-2596878
Entity Address, Address Line One	500 West Texas Ave.,
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Midland,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	432
Local Phone Number	221-7400
Title of 12(b) Security	Class A Common Stock $0.000001 par value
Trading Symbol	VNOM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0002074176
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Shares, Shares Outstanding		194,405,049
Common Class B
Document Information [Line Items]
Entity Common Shares, Shares Outstanding		164,789,844

ACQUISITIONS AND DIVESTITURES	6 Months Ended
ACQUISITIONS AND DIVESTITURES	Jun. 30, 2026
Business Combinations And Divestitures [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES 2026 Activity Divestiture of Non-Permian Assets On February 9, 2026, the Company divested all of its non-Permian assets, including those acquired from Sitio Royalties Corp. (“Sitio”), to an affiliate of GRP Energy Capital LLC and Warwick Capital Partners LLP for net cash proceeds of approximately $610 million, including transaction costs and customary post-closing adjustments (the “Non-Permian Divestiture”). The divested properties consisted of approximately 9,400 net royalty acres in the Denver-Julesburg, Eagle Ford and Williston basins with then-current production of approximately 4,750 BO/d. Proceeds from the Non-Permian Divestiture were used to (i) repay the Company’s $500 million Term Loan (as defined and discussed in Note 6—Debt) in full, (ii) fully repay $90 million of then-outstanding borrowings under the Revolving Credit Facility (as defined and discussed in Note 6—Debt), and (iii) for general corporate purposes. Other Acquisitions During the six months ended June 30, 2026, the Company acquired, in individually insignificant transactions from unrelated third-party sellers, mineral and royalty interests representing approximately 519 net royalty acres in the Permian Basin for an aggregate purchase price of approximately $95 million, subject to customary post-closing adjustments. Additionally, during the six months ended June 30, 2026, the Company acquired mineral and royalty interests from Diamondback representing approximately 59 net royalty acres in the Permian Basin for an aggregate purchase price of approximately $12 million, subject to customary post-closing adjustments. 2025 Significant Activity Sitio Acquisition On August 19, 2025, the Company completed a series of transactions in which New Viper acquired Sitio, Sitio Royalties Operating Partnership, LP (“Sitio OpCo”) and their respective subsidiaries, pursuant to the Agreement and Plan of Merger, dated June 2, 2025, by and among Former Viper, the Operating Company, Sitio, Sitio OpCo, New Viper, Cobra Merger Sub, Inc. and Scorpion Merger Sub, Inc. (the “Sitio Acquisition”). The Sitio Acquisition was an all-equity transaction valued at approximately $4.0 billion, including transaction costs and customary post-closing adjustments and the partial retirement of Sitio’s net debt of approximately $1.2 billion. The Company funded the retirement of Sitio’s net debt through a combination of cash on hand, proceeds from the issuance of the Guaranteed Senior Notes and borrowings under the Term Loan (as defined and discussed in Note 6—Debt). As part of the Sitio Acquisition, New Viper issued 38,536,236 shares of Class A Common Stock, 35,619,951 shares of Class B Common Stock and 35,619,951 OpCo Units. The mineral and royalty interests acquired in the Sitio Acquisition represent approximately 25,300 net royalty acres in the Permian Basin and approximately 9,000 net royalty acres in the Denver-Julesburg, Eagle Ford and Williston basins, for a total of approximately 34,300 net royalty acres. The non-Permian mineral and royalty interests acquired in the Sitio Acquisition were subsequently divested as discussed above in “—Divestiture of Non-Permian Assets”. The Sitio Acquisition was accounted for as an asset acquisition in accordance with ASC 805. 2025 Drop Down On May 1, 2025, the Company acquired all of the issued and outstanding equity interests of certain Diamondback subsidiaries for consideration consisting of (i) approximately $873 million in cash, including customary post-closing adjustments, and (ii) the issuance of 69,626,640 OpCo Units and an equivalent number of shares of the Company’s Class B Common Stock (collectively, the “Drop Down Equity Issuance”) (the “2025 Drop Down”). The mineral and royalty interests acquired in the 2025 Drop Down represented approximately 24,446 net royalty acres in the Permian Basin, 69% of which were operated by Diamondback, and had an average net royalty interest of approximately 2.2% and then-current oil production of approximately 17,097 BO/d (the “Endeavor Mineral and Royalty Interests”). The Endeavor Mineral and Royalty Interests include interests in horizontal wells comprised of 5,574 gross proved developed production wells (of which approximately 32% are operated by Diamondback), 116 gross completed wells and 394 gross drilled but uncompleted wells, all of which are principally concentrated in the Midland Basin, with the balance located primarily in the Delaware and Williston basins. The Company funded the cash consideration for the 2025 Drop Down with a portion of the proceeds from the 2025 Equity Offering (as defined and discussed in Note 7—Stockholders’ Equity) and borrowings under the Revolving Credit Facility (as defined and discussed in Note 6—Debt). The 2025 Drop Down was accounted for as a transaction between entities under common control, with the Endeavor Mineral and Royalty Interests recorded at the seller’s historical carrying value in the Company’s condensed consolidated balance sheet. For more discussion of the Company’s acquisitions completed during 2025, see Note 4—Acquisitions and Divestitures in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

STOCKHOLDERS’ EQUITY

6 Months Ended

Jun. 30, 2026

STOCKHOLDERS’ EQUITY

At June 30, 2026, the Company had a total of 191,382,620 shares of Class A Common Stock issued and outstanding and 164,789,844 shares of Class B Common Stock issued and outstanding. Additionally, at June 30, 2026, Tumbleweed Royalty IV, LLC (“TWR IV”) held 6,746,384 OpCo Units and the option, but not the obligation, to acquire an equivalent number of shares of the Company’s Class B Common Stock (the “TWR Class B Option”).

Members of New OpCo may require the Company to redeem all or a portion of the shares of the Company’s Class B Common Stock held by such member, together with an equal number of OpCo Units (one share of Class B Common Stock together with one OpCo Unit) in exchange for (i) an equivalent number of shares of the Company’s Class A Common Stock, or (ii) cash consideration subject to the terms and conditions included in the Amended and Restated Limited Liability Company Agreement of New OpCo. TWR IV may exchange its OpCo Units directly for an equivalent number of shares of the Company’s Class A Common Stock and any OpCo Units so exchanged will reduce the number of shares of Class B Common Stock subject to the TWR Class B Option.

2026 Secondary Offering

On March 4, 2026, the Company completed a secondary public offering with Diamondback, EnCap Energy Capital Fund X, L.P. (“EnCap”), TWR IV, Opps IX Source Holdings PT, L.P. (“Source Holdings”) and Opps IX Source Holdings II PT, L.P. (“Source Holdings II” and together with Source Holdings, the “Sitio OpCo Former Equity Holders”) (all selling stockholders collectively, the “Selling Stockholders”) and J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC, as underwriters (the “Underwriters”) (the “2026 Secondary Offering”). The 2026 Secondary Offering authorized the Selling Stockholders to sell an aggregate of (i) 17,391,304 shares of Class A Common Stock, and (ii) up to 2,608,696 shares of Class A Common Stock upon exercise of the Underwriters’ option to purchase additional shares of Class A Common Stock from certain Selling Stockholders at the public offering price of $45.90 per share, less underwriting discounts and commissions (the “Underwriter Option”). To effect the offering, (i) Diamondback, EnCap and the Sitio OpCo Former Equity Holders collectively exchanged 14,044,018 shares of the Company’s Class B Common Stock and an equivalent number of OpCo Units for 14,044,018 shares of the Company’s Class A Common Stock, and (ii) TWR IV exchanged 3,347,286 of its OpCo Units for an equivalent number of shares of the Company’s Class A Common Stock.

On March 19, 2026, the Underwriters exercised a portion of the Underwriter Option and purchased an additional 954,809 shares of Class A Common Stock (the “Shoe Exercise”). To effect the offering of additional shares pursuant to the Shoe Exercise, Diamondback and the Sitio OpCo Former Equity Holders collectively exchanged 954,809 shares of the Company’s Class B Common Stock and an equivalent number of OpCo Units for 954,809 shares of the Company’s Class A Common Stock. Viper did not receive any proceeds from the sale of shares in the 2026 Secondary Offering or the Shoe Exercise. Pursuant to the Company’s registration rights agreements, the Company paid all expenses relating to the registration, offering and listing of the shares sold in the 2026 Secondary Offering and Shoe Exercise, except that the Selling Stockholders paid the discounts and commissions of the Underwriters, any transfer taxes and certain attorney’s fees.

The following table presents the beneficial ownership of Common Stock and OpCo Units as of June 30, 2026:


	As of June 30, 2026
	Shares of Common Stock Beneficially Owned	Percentage Ownership(1)		OpCo Units Beneficially Owned	Percentage Ownership
Public equity holders of Class A Common Stock	191,382,620	52.7	%	—	—	%
Viper and subsidiaries	—	—		191,382,620	52.7
Diamondback and subsidiaries	142,156,718	39.2		142,156,718	39.2
Sitio OpCo Former Equity Holders	21,317,596	5.9		21,317,596	5.9
TWR IV(1)	6,746,384	1.8		6,746,384	1.8
EnCap	1,315,530	0.4		1,315,530	0.4
Total Ownership(1)	362,918,848	100.0	%	362,918,848	100.0	%

(1)On a fully diluted basis, assuming TWR IV exercises the TWR Class B Option.

2025 Equity Offering

On February 3, 2025, the Company completed an underwritten public offering of 28,336,000 shares of Class A Common Stock, at a price to the public of $44.50 per share for total net proceeds of approximately $1.2 billion, after the underwriters’ discount and transaction costs (the “2025 Equity Offering”). The Company used the net proceeds from the 2025 Equity Offering to fund the cash consideration for certain acquisitions and for general corporate purposes.

Repurchase Program

On February 18, 2026, the Company’s board of directors increased the authorization under the Company’s repurchase program to $1.75 billion, excluding excise tax.

During the three months ended June 30, 2026, the Company repurchased approximately $132 million of its Class A Common Stock. During the six months ended June 30, 2026, the Company repurchased approximately (i) $182 million of its Class A Common Stock, and (ii) $46 million of its OpCo Units related to the repurchase of 1,000,000 OpCo Units from affiliates of Oaktree Capital Management, L.P. (“Oaktree”) in conjunction with the 2026 Secondary Offering. Concurrently, a corresponding number of shares of the Company’s Class B Common Stock owned by Oaktree were canceled. The Company repurchased approximately $10 million of its Class A Common Stock during both the three and six months ended June 30, 2025. As of June 30, 2026, approximately $1.01 billion remained available under the repurchase program, excluding excise tax.

Cash Dividends

The board of directors of the Company has established a dividend policy, whereby the Operating Company distributes all or a portion of its available cash on a quarterly basis to holders of the OpCo Units. Historically, Viper has in turn distributed all or a portion of the available cash it receives from the Operating Company to holders of its Class A Common Stock through base and variable dividends that take into account capital returned to stockholders via its repurchase program. For subsequent changes to the Company’s return of capital commitment and dividend policy, see Note 13—Subsequent Events. The Company’s available cash and the available cash of the Operating Company for each quarter is determined by the board of directors following the end of such quarter.

The Company expects that its available cash will generally equal the Adjusted EBITDA attributable to the Company for the applicable quarter, less cash needed for income taxes payable; debt service, contractual obligations, fixed charges and reserves for future operating or capital needs that the Company’s board of directors deems necessary or appropriate; lease bonus income (net of applicable taxes); dividend equivalent rights payments; preferred dividends, if any; and further adjusted for the tax impact from divestitures. For a detailed description of the Company’s and the Operating Company’s dividend policy, see Note 7—Stockholders’ Equity—Cash Dividends in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The percentage of cash available for distribution by the Operating Company pursuant to the distribution policy may change quarterly to enable the Operating Company to retain cash flow to help strengthen the Company’s balance sheet while also expanding the return of capital program through the Company’s repurchase program. The Company is not required to pay dividends to the holders of its Class A Common Stock on a quarterly or other basis.

The following table presents information regarding cash dividends paid during the periods presented (in millions except per share amounts):


	Distributions
Period	Amount per OpCo Unit		Operating Company Distributions to Non-Controlling Interests		Amount per Class A Common Share		Class A Common Stockholders		Declaration Date	Class A Common Stockholder Record Date	Payment Date
2026
Q4 2025	$	0.65	$	113	$	0.52	$	100	February 18, 2026	March 5, 2026	March 12, 2026
Q1 2026	$	0.86	$	147	$	0.68	$	133	April 29, 2026	May 14, 2026	May 21, 2026

2025
Q4 2024	$	0.69	$	68	$	0.65	$	85	January 30, 2025	March 6, 2025	March 13, 2025
Q1 2025	$	0.70	$	117	$	0.57	$	75	May 1, 2025	May 15, 2025	May 22, 2025

Change in Ownership of Consolidated Subsidiaries

Non-controlling interest in the accompanying condensed consolidated financial statements represents the ownership interests of Diamondback, Sitio OpCo Former Equity Holders, TWR IV and EnCap in the net assets of the Operating Company. The non-controlling interests’ relative ownership in the Operating Company can change when transactions impacting the Operating Company’s outstanding equity occur. These changes in ownership percentage result in adjustments to non-controlling interest and stockholders’ equity, tax effected, but do not impact earnings.

The following table summarizes the changes in the Company’s stockholders’ equity due to changes in ownership interest of subsidiaries during the period:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)
Net income (loss) attributable to the Company	$	142	$	37	$	239	$	112
Transfers from the non-controlling interest:
Increase in additional paid-in capital due to exchange of Class B Common Stock and OpCo Units into shares of Class A Common Stock	1		—		787		—
Other transfers to the non-controlling interest, net	41		792		(27)		556
Change from net income (loss) attributable to the Company’s stockholders and transfers with non-controlling interest	$	184	$	829	$	999	$	668

The entire disclosure for equity.

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements and related notes thereto were prepared in accordance with GAAP. All material intercompany balances and transactions have been eliminated upon consolidation. The Company reports its operations in one reportable segment. These condensed consolidated financial statements have been prepared by the Company without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to SEC rules and regulations, although the Company believes the disclosures are adequate to make the information presented not misleading. This report should be read in conjunction with the Company’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2025, which contains a summary of the Company’s significant accounting policies and other disclosures.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on the previously reported total assets, total liabilities, stockholders’ equity, results of operations or cash flows.
Use of Estimates	Use of Estimates Certain amounts included in or affecting the Company’s condensed consolidated financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the condensed consolidated financial statements are prepared. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Pronouncements There were no new accounting pronouncements adopted during the three and six months ended June 30, 2026. Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses,” which requires additional disclosure about specified categories of expenses included in relevant expense captions presented on the income statement. The amendments are effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity. The Company considers the applicability and impact of all ASUs. ASUs not discussed above were assessed and determined to be either not applicable, previously disclosed, or not material upon adoption.
Revenue from Contracts with Customers	Royalty income represents the right to receive revenues from oil, natural gas and natural gas liquids sales obtained from third-party purchasers by the operator of the wells in which the Company owns a royalty interest. Royalty income is recognized at the point control of the product is transferred to the purchaser at the wellhead or at the gas processing facility based on the Company’s percentage ownership share of the revenue, net of any deductions for gathering and transportation. Virtually all of the pricing provisions in the Company’s contracts are tied to a market index.
Fair Value Measurement	Assets and Liabilities Measured at Fair Value on a Recurring Basis As discussed in Note 11—Fair Value Measurements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, certain assets and liabilities are reported at fair value on a recurring basis on the Company’s condensed consolidated balance sheets, including the Company’s commodity derivative instruments and in 2025, the 2026 WTI Contingent Liability. The fair values of the Company’s commodity derivative contracts are measured internally using established commodity futures price strips for the underlying commodity provided by a reputable third-party, the contracted notional volumes and time to maturity. The net amounts are classified as current or noncurrent based on their anticipated settlement dates. The fair value of the 2026 WTI Contingent Liability was estimated using observable market data and a Monte Carlo pricing model, which are considered Level 2 inputs in the fair value hierarchy.

Disclosure of accounting policy for revenue from contract with customer.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Beginning balance (in shares) at Dec. 31, 2024

Condensed Consolidated Statements of Changes to Stockholders' Equity (Unaudited) - USD ($)
$ in Millions

Total

Common Class A

Common Class B

Operating Company Units

Common Stock

Common Class A

Common Stock

Common Class B

Additional Paid-in Capital

Retained Earnings (Accumulated Deficit)

Non-Controlling Interest

Operating Company Units

^[1]

102,977,000

85,431,000

Beginning balance at Dec. 31, 2024

$ 3,907

$ 1,569

$ 118

$ 2,220

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common shares issued for acquisition (in shares)

^[1]

2,400,000

OpCo Units issued for acquisition

$ 119

Net proceeds from the issuance of Common Stock (in shares)

^[1]

28,336,000

Net proceeds from the issuance of Common Stock

1,232

(85)

(59)

(9)

Issuance of shares upon vesting of equity awards (in shares)

^[1]

10,000

Change in ownership of consolidated subsidiaries, net

(236)

300

Ending balance (in shares) at Mar. 31, 2025

153

^[1]

131,323,000

87,831,000

Ending balance at Mar. 31, 2025

5,323

2,566

108

2,649

Beginning balance (in shares) at Dec. 31, 2024

^[1]

102,977,000

85,431,000

Beginning balance at Dec. 31, 2024

3,907

1,569

118

2,220

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Ending balance (in shares) at Jun. 30, 2025

237

^[1]

131,067,000

157,458,000

Ending balance at Jun. 30, 2025

8,611

3,350

5,191

Beginning balance (in shares) at Mar. 31, 2025

^[1]

131,323,000

87,831,000

Beginning balance at Mar. 31, 2025

5,323

2,566

108

2,649

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common shares issued to related party (in shares)

^[1]

69,627,000

OpCo Units issued to related party

$ 3,618

Repurchases of shares of Class A Common Stock under repurchase program (in shares)

^[1]

(256,000)

Repurchases of shares of Class A Common Stock under repurchase program

(10)

(75)

(109)

(8)

Change in ownership of consolidated subsidiaries, net

(214)

792

(1,006)

Ending balance (in shares) at Jun. 30, 2025

^[1]

131,067,000

157,458,000

Ending balance at Jun. 30, 2025

8,611

3,350

5,191

Beginning balance (in shares) at Dec. 31, 2025

170,942,687

187,023,698

170,943,000

^[2]

187,024,000

^[2]

Beginning balance at Dec. 31, 2025

10,363

4,726

(278)

5,915

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Repurchases of shares of Class A Common Stock under repurchase program (in shares)

^[2]

(1,210,000)

Repurchases of shares of Class A Common Stock under repurchase program

(50)

Repurchases of OpCo Units and cancellation of Class B Common Stock under repurchase program (in shares)

^[2]

(1,000,000)

Repurchases of OpCo Units and cancellation of Class B Common Stock under repurchase program

(46)

Exchange of Class B Common Stock and OpCo Units to Class A Common Stock (in shares)

^[2]

24,560,000

(21,213,000)

Exchange of Class B Common Stock and OpCo Units to Class A Common Stock

786

(786)

(100)

(93)

(20)

Issuance of shares upon vesting of equity awards (in shares)

^[2]

19,000

Cash paid for tax withholding on vested equity awards

(1)

Change in ownership of consolidated subsidiaries, net

(68)

163

Ending balance (in shares) at Mar. 31, 2026

215

118

^[2]

194,312,000

164,811,000

Ending balance at Mar. 31, 2026

10,365

5,395

(281)

5,251

Beginning balance (in shares) at Dec. 31, 2025

170,942,687

187,023,698

170,943,000

^[2]

187,024,000

^[2]

Beginning balance at Dec. 31, 2025

10,363

4,726

(278)

5,915

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Ending balance (in shares) at Jun. 30, 2026

546

191,382,620

164,789,844

191,383,000

^[2]

164,790,000

^[2]

Ending balance at Jun. 30, 2026

10,282

5,308

(273)

5,247

Beginning balance (in shares) at Mar. 31, 2026

^[2]

194,312,000

164,811,000

Beginning balance at Mar. 31, 2026

10,365

5,395

(281)

5,251

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Repurchases of shares of Class A Common Stock under repurchase program (in shares)

^[2]

(2,975,000)

Repurchases of shares of Class A Common Stock under repurchase program

(132)

Exchange of Class B Common Stock and OpCo Units to Class A Common Stock (in shares)

^[2]

21,000

(21,000)

Exchange of Class B Common Stock and OpCo Units to Class A Common Stock

(1)

(133)

(122)

(25)

Issuance of shares upon vesting of equity awards (in shares)

^[2]

25,000

Change in ownership of consolidated subsidiaries, net

(10)

(51)

Other

(1)

Ending balance (in shares) at Jun. 30, 2026

331

142

189

191,382,620

164,789,844

191,383,000

^[2]

164,790,000

^[2]

Ending balance at Jun. 30, 2026

$ 10,282

$ 5,308

$ (273)

$ 5,247

[1]	The par values of the outstanding shares of Class A Common Stock and Class B Common Stock each round to zero during the periods presented.
[2]	The par values of the outstanding shares of Class A Common Stock and Class B Common Stock each round to zero during the periods presented.

INCOME TAXES

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

The following table provides the Company’s provision for (benefit from) income taxes and the effective income tax rate for the dates indicated:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(In millions, except for tax rate)
Provision for (benefit from) income taxes	$	72		$	7		$	100		$	28
Effective tax rate	17.9		%	7.7		%	15.5		%	10.6		%

The Company’s effective income tax rates for the three and six months ended June 30, 2026, differed from the amounts computed by applying the United States federal statutory tax rate to pre-tax income for the periods primarily due to net income attributable to the non-controlling interest and changes to the estimated deferred taxes recognized in connection with the closing of the Sitio Acquisition. The Company’s effective income tax rates for the three and six months ended June 30, 2025, differed from the amounts computed by applying the United States federal statutory tax rate to pre-tax income for the periods primarily due to net income attributable to the non-controlling interest.

During the six months ended June 30, 2026, the Company recognized an $85 million increase in its deferred tax asset through additional paid-in capital, including $61 million in connection with the 2026 Secondary Offering.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 1,678	$ 2,186
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 1,708	$ 2,233

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 546	$ 237
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for (benefit from) deferred income taxes	(5)	(6)
Depreciation, depletion, and amortization	401	191
(Gain) loss on derivative instruments, net	(18)	(3)
Net cash receipts (payments) on derivatives	36	12
Other	6	4
Changes in operating assets and liabilities:
Royalty income receivable	(199)	(54)
Royalty income receivable—related party	61	(8)
Accrued liabilities	(41)	(7)
Other	28	7
Net cash provided by (used in) operating activities	815	373
Cash flows from investing activities:
Proceeds from sale of oil and natural gas properties	611	0
Net cash provided by (used in) investing activities	478	(1,260)
Cash flows from financing activities:
Proceeds from debt	520	740
Repayments of debt	(1,030)	(726)
Net proceeds from public offering	0	1,232
Dividends to stockholders	(233)	(160)
Dividends to Diamondback	(215)	(168)
Dividends to other non-controlling interest	(45)	(17)
Other	2	(3)
Net cash provided by (used in) financing activities	(1,229)	888
Net increase (decrease) in cash and cash equivalents	64	1
Cash and cash equivalents at beginning of period	13	27
Cash and cash equivalents at end of period	77	28
Supplemental disclosure of cash flow information:
Interest paid	(53)	(35)
Cash paid for income taxes, net of refunds:
Federal	(84)	(24)
State	1	0
Nonrelated Party
Cash flows from investing activities:
Acquisitions of oil and natural gas properties	(121)	(279)
Related Party
Cash flows from investing activities:
Acquisitions of oil and natural gas properties	(12)	(981)
Supplemental disclosure of non-cash transactions:
OpCo Units issued	0	(3,618)
Common Class A
Cash flows from financing activities:
Repurchases of shares of Class A Common Stock/OpCo Units as part of the repurchase program	(182)	(10)
Operating Company Units
Cash flows from financing activities:
Repurchases of shares of Class A Common Stock/OpCo Units as part of the repurchase program	(46)	0
Supplemental disclosure of non-cash transactions:
OpCo Units issued	$ 0	$ (119)

EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Basic and Diluted Earning Per Common Shares

A reconciliation of the components of basic and diluted earnings per common share is presented in the table below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions, except per share amounts, shares in thousands)
Net income (loss) attributable to the period	$	142	$	37	$	239	$	112
Less: distributed and undistributed earnings allocated to participating securities(1)	1		—		1		—
Net income (loss) attributable to common stockholders	$	141	$	37	$	238	$	112
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	193,733		131,107		187,553		126,045
Effect of dilutive securities:
Potential common shares issuable(2)	—		49		—		115
Diluted weighted average common shares outstanding	193,733		131,156		187,553		126,160
Net income (loss) per common share, basic	$	0.73	$	0.28	$	1.27	$	0.89
Net income (loss) per common share, diluted	$	0.73	$	0.28	$	1.27	$	0.89

(1)Unvested restricted stock units and performance restricted stock units that contain non-forfeitable dividend equivalent rights are considered participating securities and are therefore included in the earnings per share calculation pursuant to the two-class method.

(2)For the three and six months ended June 30, 2026, and 2025, there were no other significant potential common shares excluded from the computation of diluted earnings per common share.

STOCKHOLDERS’ EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended			6 Months Ended
	Mar. 19, 2026	Mar. 04, 2026	Feb. 03, 2025	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Feb. 18, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Stock repurchased and retired, value					$ 46
Amount of shares repurchased				$ 132	$ 50	$ 10
Repurchase Program
Class of Stock [Line Items]
Authorized amount in repurchase program									$ 1,750
Remaining authorized repurchase amount				$ 1,010			$ 1,010
Common Class A
Class of Stock [Line Items]
Common stock issued (in shares)				191,382,620			191,382,620			170,942,687
Common stock outstanding (in shares)				191,382,620			191,382,620			170,942,687
Common Class A \| Diamondback, EnCap Energy Capital Fund X, L.P. And Sitio OpCo Former Equity Holders
Class of Stock [Line Items]
Number of shares exchanged		14,044,018
Common Class A \| TWR IV
Class of Stock [Line Items]
Number of shares exchanged		3,347,286
Common Class A \| Repurchase Program
Class of Stock [Line Items]
Stock repurchased and retired, value				$ 132			$ 182
Amount of shares repurchased						$ 10		$ 10
Common Class A \| Secondary Offering 2026
Class of Stock [Line Items]
Number of shares authorized to sell by stockholders		17,391,304
Common Class A \| Over-Allotment Option
Class of Stock [Line Items]
Number of shares authorized to sell by stockholders		2,608,696
Sale of stock price (in usd per share)		$ 45.90
Number of shares issued in sale of stock by stockholders	954,809
Common Class A \| Over-Allotment Option \| Diamondback And Sitio OpCo Former Equity Holders
Class of Stock [Line Items]
Number of shares exchanged	954,809
Common Class A \| Equity Offering 2025
Class of Stock [Line Items]
Sale of stock price (in usd per share)			$ 44.50
Number of shares issued			28,336,000
Proceeds from sale of stock			$ 1,200
Common Class B
Class of Stock [Line Items]
Common stock issued (in shares)				164,789,844			164,789,844			187,023,698
Common stock outstanding (in shares)				164,789,844			164,789,844			187,023,698
Common stock conversion basis (in shares)							1
Common Class B \| TWR Class B Option \| TWR IV
Class of Stock [Line Items]
Class of warrant or right, number of securities called by warrants or rights				6,746,384			6,746,384
Common Class B \| Diamondback, EnCap Energy Capital Fund X, L.P. And Sitio OpCo Former Equity Holders
Class of Stock [Line Items]
Number of shares exchanged		14,044,018
Common Class B \| Over-Allotment Option \| Diamondback And Sitio OpCo Former Equity Holders
Class of Stock [Line Items]
Number of shares exchanged	954,809
Operating Company Units
Class of Stock [Line Items]
Common stock conversion basis (in shares)							1
Operating Company Units \| TWR IV
Class of Stock [Line Items]
Common stock outstanding (in shares)				6,746,384			6,746,384
Operating Company Units \| Diamondback, EnCap Energy Capital Fund X, L.P. And Sitio OpCo Former Equity Holders
Class of Stock [Line Items]
Number of shares exchanged		14,044,018
Operating Company Units \| TWR IV
Class of Stock [Line Items]
Number of shares exchanged		3,347,286
Operating Company Units \| Repurchase Program
Class of Stock [Line Items]
Stock repurchased and retired, value							$ 46
Repurchased shares (in shares)							1,000,000
Operating Company Units \| Over-Allotment Option \| Diamondback And Sitio OpCo Former Equity Holders
Class of Stock [Line Items]
Number of shares exchanged	954,809

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 77	$ 13
Prepaid expenses and other current assets	15	50
Total current assets	580	413
Oil and natural gas properties:
Proved properties	9,608	9,746
Unproved properties	4,545	4,910
Other property, equipment and land	8	8
Accumulated depletion, depreciation, amortization and impairment	(2,856)	(2,455)
Property, net	11,305	12,209
Deferred income taxes (net of allowances)	124	33
Other assets	46	16
Total assets	12,055	12,671
Current liabilities:
Accrued liabilities	66	107
Other current liabilities	25	4
Total current liabilities	91	111
Long-term debt, net	1,678	2,186
Other long-term liabilities	4	11
Total liabilities	1,773	2,308
Commitments and contingencies (Note 12)
Stockholders’ equity:
Additional paid-in capital	5,308	4,726
Retained earnings (accumulated deficit)	(273)	(278)
Total Viper Energy, Inc. stockholders’ equity	5,035	4,448
Non-controlling interest	5,247	5,915
Total equity	10,282	10,363
Total liabilities and stockholders’ equity	12,055	12,671
Common Class A
Stockholders’ equity:
Common stock	0	0
Common Class B
Stockholders’ equity:
Common stock	0	0
Nonrelated Party
Current assets:
Royalty income receivable	461	262
Related Party
Current assets:
Royalty income receivable	$ 27	$ 88

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Common Class A
Statement [Line Items]
Common stock par value (in usd per share)	$ 0.000001	$ 0.000001
Common stock authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	191,382,620	170,942,687
Common stock outstanding (in shares)	191,382,620	170,942,687
Common Class B
Statement [Line Items]
Common stock par value (in usd per share)	$ 0.000001	$ 0.000001
Common stock authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	164,789,844	187,023,698
Common stock outstanding (in shares)	164,789,844	187,023,698

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

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DEBT - Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	$ (13)	$ (15)
Unamortized discount costs	(4)	(4)
Total long-term debt	1,678	2,186
Revolving Credit Facility
Line of Credit Facility [Line Items]
Long term debt gross	$ 95	105
4.900% Senior Notes due 2030 \| Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage	4.90%
Long term debt gross	$ 500	500
5.700% Senior Notes due 2035 \| Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage	5.70%
Long term debt gross	$ 1,100	1,100
Term Loan \| Line of Credit \| Unsecured Debt
Line of Credit Facility [Line Items]
Long term debt gross	$ 0	$ 500

INCOME TAXES - Provision (Benefit) Income Taxes and the Effective Income Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ 72	$ 7	$ 100	$ 28
Effective tax rate	17.90%	7.70%	15.50%	10.60%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Revenue from Contract with Customer [Abstract]

ORGANIZATION AND BASIS OF PRESENTATION (Details)	6 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Details)	Jun. 30, 2026 segment	Aug. 19, 2025 $ / shares shares
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of reportable segments \| segment	1
Former Viper Class A Common Stock \| Sitio Acquisition, Viper Pubco Merger
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock par value (in usd per share)		$ 0.000001
New Viper Class A Common Stock \| Sitio Acquisition, Viper Pubco Merger
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock par value (in usd per share)		$ 0.000001
Asset acquisition, number of shares converted from each share \| shares		1
Former Viper Class B Common Stock \| Sitio Acquisition, Viper Pubco Merger
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock par value (in usd per share)		$ 0.000001
New Viper Class B Common Stock \| Sitio Acquisition, Viper Pubco Merger
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock par value (in usd per share)		$ 0.000001
Asset acquisition, number of shares converted from each share \| shares		1
VNOM Holding Company LLC \| Operating Company Units
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership by counterparty, percent	100.00%
VNOM Holding Company LLC \| Operating Company Units \| Viper and subsidiaries
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership by counterparty, percent	52.70%
VNOM Holding Company LLC \| Operating Company Units \| Diamondback and subsidiaries
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership by counterparty, percent	39.20%
Viper Energy Inc. \| Common Class
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership by counterparty, percent	100.00%
Viper Energy Inc. \| Common Class \| Viper and subsidiaries
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership by counterparty, percent	0.00%
Viper Energy Inc. \| Common Class \| Diamondback and subsidiaries
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership by counterparty, percent	39.20%

REVENUE FROM CONTRACTS WITH CUSTOMERS

6 Months Ended

Jun. 30, 2026

REVENUE FROM CONTRACTS WITH CUSTOMERS

Royalty income represents the right to receive revenues from oil, natural gas and natural gas liquids sales obtained from third-party purchasers by the operator of the wells in which the Company owns a royalty interest. Royalty income is recognized at the point control of the product is transferred to the purchaser at the wellhead or at the gas processing facility based on the Company’s percentage ownership share of the revenue, net of any deductions for gathering and transportation. Virtually all of the pricing provisions in the Company’s contracts are tied to a market index.


	Three Months Ended June 30,
	2026						2025
	Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third-Party Operated Properties		Total		Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third-Party Operated Properties		Total
	(In millions)
Oil income	$	279	$	303	$	582	$	144	$	97	$	241
Natural gas income	4		(3)		1		8		2		10
Natural gas liquids income	41		34		75		25		11		36
Total royalty income	$	324	$	334	$	658	$	177	$	110	$	287

	Six Months Ended June 30,
	2026						2025
	Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third-Party Operated Properties		Total		Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third-Party Operated Properties		Total
	(In millions)
Oil income	$	487	$	523	$	1,010	$	264	$	178	$	442
Natural gas income	14		3		17		17		8		25
Natural gas liquids income	68		59		127		41		23		64
Total royalty income	$	569	$	585	$	1,154	$	322	$	209	$	531

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]


	As of June 30, 2026
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets	$	—	$	26	$	—	$	26	$	(17)	$	9
Other assets	$	—	$	6	$	—	$	6	$	(2)	$	4
Liabilities:
Other current liabilities	$	—	$	27	$	—	$	27	$	(17)	$	10

Other long-term liabilities	$	—	$	2	$	—	$	2	$	(2)	$	—


	As of December 31, 2025
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets	$	—	$	37	$	—	$	37	$	(9)	$	28



Liabilities:
Other current liabilities	$	—	$	9	$	—	$	9	$	(9)	$	—
Accrued liabilities (2026 WTI Contingent Liability)	$	—	$	20	$	—	$	20	$	—	$	20
Other long-term liabilities	$	—	$	7	$	—	$	7	$	—	$	7

Schedule of Offsetting Assets


	As of June 30, 2026
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets	$	—	$	26	$	—	$	26	$	(17)	$	9
Other assets	$	—	$	6	$	—	$	6	$	(2)	$	4
Liabilities:
Other current liabilities	$	—	$	27	$	—	$	27	$	(17)	$	10

Other long-term liabilities	$	—	$	2	$	—	$	2	$	(2)	$	—


	As of December 31, 2025
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets	$	—	$	37	$	—	$	37	$	(9)	$	28



Liabilities:
Other current liabilities	$	—	$	9	$	—	$	9	$	(9)	$	—
Accrued liabilities (2026 WTI Contingent Liability)	$	—	$	20	$	—	$	20	$	—	$	20
Other long-term liabilities	$	—	$	7	$	—	$	7	$	—	$	7

Schedule of Offsetting Liabilities


	As of June 30, 2026
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets	$	—	$	26	$	—	$	26	$	(17)	$	9
Other assets	$	—	$	6	$	—	$	6	$	(2)	$	4
Liabilities:
Other current liabilities	$	—	$	27	$	—	$	27	$	(17)	$	10

Other long-term liabilities	$	—	$	2	$	—	$	2	$	(2)	$	—


	As of December 31, 2025
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets	$	—	$	37	$	—	$	37	$	(9)	$	28



Liabilities:
Other current liabilities	$	—	$	9	$	—	$	9	$	(9)	$	—
Accrued liabilities (2026 WTI Contingent Liability)	$	—	$	20	$	—	$	20	$	—	$	20
Other long-term liabilities	$	—	$	7	$	—	$	7	$	—	$	7

Schedule of Assets and Liabilities Not Recorded at Fair Value

The following table provides the fair value of financial instruments that are not recorded at fair value in the condensed consolidated balance sheets:


	June 30, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In millions)
Debt	$	1,678	$	1,708	$	2,186	$	2,233

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References + Details

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References + Details

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Riverbend Acquisition On July 1, 2026, the Company and Viper Energy Partners LP, an indirect wholly owned subsidiary of the Company, acquired all of the equity interests of Riverbend Oil & Gas IX, L.L.C., an entity owning certain mineral and royalty interests, from Riverbend Oil & Gas IX (AIV), L.L.C. and ROG IX, L.L.C. (collectively, “Riverbend”) for consideration consisting of (i) approximately $339 million in cash, including the release of funds held in escrow of approximately $25 million that were reflected in the caption “Other assets” on the Company’s condensed consolidated balance sheet at June 30, 2026, and (ii) 3,691,796 shares of the Company’s Class A Common Stock, in each case, subject to customary post-closing adjustments (the “Riverbend Acquisition”). The mineral and royalty interests acquired in the Riverbend Acquisition represent approximately 2,772 net royalty acres in the Permian Basin with expected next 12 months’ average oil production of approximately 2,000 BO/d, and are expected to add approximately 1,000 BO/d of production to the midpoint of the Company’s standalone full year production guidance. The Company funded the cash portion of the Riverbend Acquisition through a combination of cash on hand and borrowings under the Company’s Revolving Credit Facility. Cash Dividend and Return of Capital Update On July 30, 2026, our board of directors approved a cash dividend for the second quarter of 2026 of $0.67 per share of Class A Common Stock and $0.97 per OpCo Unit, in each case, payable on August 20, 2026, to holders of record at the close of business on August 13, 2026. The dividend on Class A Common Stock consists of a base quarterly dividend of $0.38 per share and a variable quarterly dividend of $0.29 per share. Beginning in the third quarter of 2026, the Company intends to transition away from its commitment to return at least 75% of cash available for distribution each quarter. On July 30, 2026, the Company’s board of directors approved an increase to the Company’s annual base dividend to $2.00 per share of Class A Common Stock, which annual dividend will be payable in quarterly installments of $0.50 per share of our Class A Common Stock, beginning with the dividend payable for the third quarter of 2026. Future dividends on Class A Common Stock are not required and are at the discretion of the board of directors, who may change the dividend policy at any time. Pending 2026 Drop Down On August 3, 2026, the Company, as parent, and Viper Energy Partners LP, as buyer, entered into a definitive purchase agreement to acquire certain mineral and royalty interests from Diamondback and related subsidiaries in exchange for 3,654,979 OpCo Units and an equivalent number of shares of the Company’s Class B Common Stock (the “Pending 2026 Drop Down”), subject to transaction costs and certain customary post-closing adjustments. The mineral and royalty interests to be acquired in the Pending 2026 Drop Down represent approximately 933 net royalty acres in the Permian Basin. After giving effect to the Pending 2026 Drop Down, the Company currently estimates that following the closing of the Pending 2026 Drop Down, Diamondback will beneficially own approximately 39.8% of the Company’s outstanding Common Stock, on a fully diluted basis. The Company will issue the shares of Class B Common Stock in the Pending 2026 Drop Down in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act, as a transaction not involving a public offering. The Pending 2026 Drop Down will be accounted for as a transaction between entities under common control with the acquired properties recorded at Diamondback’s historical carrying value in the Company’s condensed consolidated balance sheet.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating income:
Royalty income	$ 658	$ 287	$ 1,154	$ 531
Other operating income	4	0	4	0
Total operating income	677	297	1,188	542
Costs and expenses:
Production and ad valorem taxes	43	21	78	38
Depreciation, depletion, and amortization	195	124	401	191
Other operating expenses	0	10	4	10
Total costs and expenses	249	162	507	252
Income (loss) from operations	428	135	681	290
Other income (expense):
Interest expense, net	(24)	(15)	(51)	(28)
Gain (loss) on derivative instruments, net	0	(29)	18	3
Other income (expense), net	(1)	0	(2)	0
Total other income (expense), net	(25)	(44)	(35)	(25)
Income (loss) before income taxes	403	91	646	265
Provision for (benefit from) income taxes	72	7	100	28
Net income (loss)	331	84	546	237
Net income (loss) attributable to non-controlling interest	189	47	307	125
Net income (loss) attributable to Viper Energy, Inc.	$ 142	$ 37	$ 239	$ 112
Net income (loss) attributable to common shares:
Basic (in usd per share)	$ 0.73	$ 0.28	$ 1.27	$ 0.89
Diluted (in usd per share)	$ 0.73	$ 0.28	$ 1.27	$ 0.89
Weighted average number of common shares outstanding:
Basic (in shares)	193,733	131,107	187,553	126,045
Diluted (in shares)	193,733	131,156	187,553	126,160
Oil income
Operating income:
Royalty income	$ 582	$ 241	$ 1,010	$ 442
Natural gas income
Operating income:
Royalty income	1	10	17	25
Natural gas liquids income
Operating income:
Royalty income	75	36	127	64
Nonrelated Party
Operating income:
Lease bonus income	11	10	25	11
Costs and expenses:
General and administrative expenses	5	4	13	6
Related Party
Operating income:
Lease bonus income	4	0	5	0
Costs and expenses:
General and administrative expenses	$ 6	$ 3	$ 11	$ 7

EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2026

EARNINGS PER COMMON SHARE

The net income (loss) per common share on the condensed consolidated statements of operations is based on the net income (loss) attributable to the Company’s Class A Common Stock for the three and six months ended June 30, 2026, and 2025, respectively.

Basic and diluted earnings per common share are calculated using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of Class A Common Stock and participating securities. Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted-average shares

of Class A Common Stock outstanding during the period. Diluted net income (loss) per common share gives effect, when applicable, to unvested restricted stock units and performance restricted stock units granted under the LTIP.

A reconciliation of the components of basic and diluted earnings per common share is presented in the table below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions, except per share amounts, shares in thousands)
Net income (loss) attributable to the period	$	142	$	37	$	239	$	112
Less: distributed and undistributed earnings allocated to participating securities(1)	1		—		1		—
Net income (loss) attributable to common stockholders	$	141	$	37	$	238	$	112
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	193,733		131,107		187,553		126,045
Effect of dilutive securities:
Potential common shares issuable(2)	—		49		—		115
Diluted weighted average common shares outstanding	193,733		131,156		187,553		126,160
Net income (loss) per common share, basic	$	0.73	$	0.28	$	1.27	$	0.89
Net income (loss) per common share, diluted	$	0.73	$	0.28	$	1.27	$	0.89

(2)For the three and six months ended June 30, 2026, and 2025, there were no other significant potential common shares excluded from the computation of diluted earnings per common share.

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is a party to various routine legal proceedings, disputes and claims from time to time arising in the ordinary course of its business. While the ultimate outcome of the pending proceedings, disputes or claims and any resulting impact on the Company cannot be predicted with certainty, the Company’s management believes that none of these matters, if ultimately decided adversely, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company’s assessment is based on information known about the pending matters and its experience in contesting, litigating and settling similar matters. Actual outcomes could differ materially from the Company’s assessment. The Company records reserves for contingencies related to outstanding legal proceedings, disputes or claims when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated.

OIL AND NATURAL GAS PROPERTIES

6 Months Ended

Jun. 30, 2026

Extractive Industries [Abstract]

OIL AND NATURAL GAS PROPERTIES

Oil and natural gas properties include the following for the periods presented:


	June 30,		December 31,
	2026		2025
	(In millions)
Oil and natural gas properties:
Proved properties	$	9,608	$	9,746
Unproved properties(1)	4,545		4,910
Gross oil and natural gas properties	14,153		14,656
Accumulated depletion	(1,967)		(1,567)
Accumulated impairment	(888)		(888)
Oil and natural gas properties, net	11,298		12,201
Other property, equipment and land	8		8
Accumulated depreciation	(1)		—
Property, net of accumulated depletion and impairment	$	11,305	$	12,209

(1)Unevaluated properties not subject to depletion under full cost pool accounting.

As of June 30, 2026, and December 31, 2025, the Company had mineral and royalty properties representing approximately 87,440 and 96,003 net royalty acres, respectively.

No impairment expense was recorded on the Company’s proved oil and natural gas properties for the three and six months ended June 30, 2026 and 2025 based on the results of the respective quarterly ceiling tests. In addition to commodity prices, the Company’s production rates, levels of proved reserves, transfers of unevaluated properties, income tax rate assumptions and other factors will determine its actual ceiling test limitations and impairment analysis in future periods. If future SEC Prices decline as compared to the commodity prices used in prior quarters, the Company could have material write-downs in subsequent quarters.

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Royalty income	$ 658	$ 287	$ 1,154	$ 531
Revenue Generated from Diamondback Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	324	177	569	322
Revenue Generated from Third-Party Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	334	110	585	209
Oil income
Disaggregation of Revenue [Line Items]
Royalty income	582	241	1,010	442
Oil income \| Revenue Generated from Diamondback Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	279	144	487	264
Oil income \| Revenue Generated from Third-Party Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	303	97	523	178
Natural gas income
Disaggregation of Revenue [Line Items]
Royalty income	1	10	17	25
Natural gas income \| Revenue Generated from Diamondback Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	4	8	14	17
Natural gas income \| Revenue Generated from Third-Party Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	(3)	2	3	8
Natural gas liquids income
Disaggregation of Revenue [Line Items]
Royalty income	75	36	127	64
Natural gas liquids income \| Revenue Generated from Diamondback Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	41	25	68	41
Natural gas liquids income \| Revenue Generated from Third-Party Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	$ 34	$ 11	$ 59	$ 23

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

STOCKHOLDERS’ EQUITY - Cash Distributions (Details) - Cash Distribution - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025
Operating Company Unit
Class of Stock [Line Items]
Distributions (in usd per share)	$ 0.86	$ 0.65	$ 0.70	$ 0.69
Distributions	$ 147	$ 113	$ 117	$ 68
Common Class A
Class of Stock [Line Items]
Distributions (in usd per share)	$ 0.68	$ 0.52	$ 0.57	$ 0.65
Distributions	$ 133	$ 100	$ 75	$ 85

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($) a lease	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) a lease	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Affiliated Entity \| Royalty Income Receivable
Related Party Transaction [Line Items]
Royalty income	$ 27		$ 27		$ 88
Related Party
Related Party Transaction [Line Items]
Royalty income	27		27		$ 88
Lease bonus income	$ 4	$ 0	$ 5	$ 0
Number of new leases \| lease	4		7
Area of lease land \| a	84		145

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