VNOM changes
Pick any two versions below to diff them.
- Balance sheet
- Viper owns royalties and pays no drilling costs, so it needs little capital. Its debt is modest for its cash flow. At June 30, 2026, long-term debt was $1.68 billion, against $77 million of cash. The debt was $500 million of 4.900% senior notes due 2030 and $1.1 billion of 5.700% senior notes due 2035. Another $95 million was drawn on the revolving credit facility. The notes and the revolver sit at the operating subsidiary, Viper Energy Partners LLC, and Viper Energy, Inc. guarantees them. Diamondback does not guarantee Viper's debt. In February 2026, Viper repaid a $500 million term loan in full with cash from the sale of its non-Permian assets. Thus debt fell from $2.19 billion at December 31, 2025. In June 2026, Viper raised the revolver to $2.0 billion and extended it to June 2031, which left about $2.0 billion of liquidity. Net debt was about 0.6 times annualized Q2 2026 adjusted EBITDA (Q2 adjusted EBITDA was $339 million). Interest expense was $51 million in the first half of 2026. S&P and Fitch rate Viper BBB-, which is investment grade. This low debt gives room to keep the new $2.00 base dividend and to buy back shares through a period of lower oil prices. As of 2026-06-30.
- Checkpoints
- Nov 2, 2026: Q3 2026 results: production and new base dividend. Pending. Watch: Production at or above Q2 levels and a $0.50 quarterly base dividend paid from cash flow passes; lower production or a dividend cut fails. Feb 2027 (estimate): Q4 2026 results and Diamondback's 2027 drilling plan. Pending. Watch: A 2027 plan with steady or higher Diamondback activity on Viper's land passes; a cut in Diamondback's drilling on Viper acreage fails.