Permian pure-play mineral & royalty vehicle controlled by Diamondback: owns mineral/royalty interests under Diamondback-operated and third-party wells; roughly doubled via the 2025 Sitio Royalties combination to become the largest Permian minerals player; no-capex, high-margin cash flow.
Royalty model with a high payout; Diamondback control and Permian concentration are the key features. Flags: no operating control, single-basin, operator-activity dependence.
Its EV/EBITDA of 13.6x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 6.5% is lower than the 6.5% median, and at $43.50/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Viper Energy scores 53/100, strongest on growth (89/100). Sub-scores: value 32, quality 69, growth 89, risk 50 (higher = riskier).
Viper Energy holds approximately 0.41 billion boe of proved (1P) reserves with FY2025 production of about 95 thousand boe/d (68% liquids), a reserve life of roughly 11.7 years. Break-even: n/a (royalty model (no capex breakeven)) — Mineral & royalty interests — no drilling capital; cash margin ~90%+; economics driven by operators' activity on its acreage.
Using Viper Energy's SEC-disclosed after-tax standardized measure of proved reserves ($6.6bn) less net debt ($2.2bn) gives an equity-NAV floor of about $4.4bn — the current market capitalisation sits +265% versus that floor. Disclosed pre-tax PV-10: $7.4bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. Royalty NAV; no ARO; excludes future development on its acreage beyond proved.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States (Permian) | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Midland Basin minerals | United States | Mineral & royalty | under Diamondback + 3rd-party wells |
| Delaware Basin minerals | United States | Mineral & royalty | royalty acreage |
| Sitio Royalties (combination) | United States | Minerals M&A | 2025, largest Permian minerals |
| Diamondback drop-downs | United States | Mineral & royalty | from FANG |
| Royalty acreage (Permian) | United States | Royalty | net royalty acres |
| Third-party operated | United States | Royalty | non-FANG operators |
| Spanish Trail | United States | Minerals | Midland |
| Reeves/Loving County | United States | Minerals | Delaware |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 27 | 30 | 43 | 51 | 95 |
| Proved reserves (bnboe) | 0.15 | 0.16 | 0.17 | 0.18 | 0.41 |
| Revenue ($bn) | 0.6 | 0.7 | 0.8 | 0.9 | 1.4 |
| EBITDA ($bn) | 0.5 | 0.6 | 0.7 | 0.8 | 1.3 |
| Net income ($bn) | 0.2 | 0.3 | 0.3 | 0.4 | -0.1 |
| Free cash flow ($bn) | 0.4 | 0.5 | 0.7 | 0.8 | 1.1 |
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✓ FY2025 figures verified against primary sources:
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