Viper Energy Royalty Portfolio — ngl & oil project

Delaware-corporation mineral and royalty company focused on the Permian Basin, controlled by Diamondback and operating in one reportable segment. 2025 was transformational: the $4.0 billion all-equity Sitio Acquisition closed August 19 adding about 34,300 net royalty acres, the 2025 Drop Down from Diamondback closed May 1 adding about 24,446 Permian net royalty acres for $873 million cash plus equity, and the Morita Ranches and other acquisitions added a further 2,206 acres. Proved reserves more than doubled to 406,035 MBOE and production grew 91% to 34,721 MBOE. Reserves are prepared internally and audited by Ryder Scott, which covered 100% of total proved reserves. Impairments of $768 million were recorded in 2025 on lower commodity prices. Subsequent to year-end, on February 9, 2026, the Non-Permian Divestiture closed for approximately $617 million, disposing of the Denver-Julesburg, Eagle Ford and Williston acreage held at the reporting date. Lease bonus income of $48 million in 2025 is not attributable to a commodity stream.