Oil · Oil-weighted · Senior · Royalty · USA
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Viper Energy Royalty Portfolio
Portfolio · Royalty
Project information
As at 31 December 2025
Description
As at 31 December 2025
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.
Portfolio Aggregate
Multiple effective dates · 1P
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Reserves & resources — detail
As at 31 December 2025
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Reserves walk · Gross (disclosed)
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Reserves walk · Net change by year
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Royalty Operating · 3 projects
Delaware Basin
District · Royalty
Project information
As at 31 December 2025
Description
As at 31 December 2025
Delaware Basin position of 36,004 net royalty acres across 1,986,216 gross royalty acres, the largest of the three positions by gross acreage. The Delaware Basin contained 15% or more of total proved reserves at each of December 31, 2025, 2024 and 2023, though the 10-K publishes no per-basin reserve volumes. 2025 production of 7,023 MBOE was 20% of the corporate total. The position is more gas-weighted than the Midland acreage, with 13,208 MMcf of natural gas against 3,579 MBbls of oil in 2025.
Oil & Gas royalties
Multiple effective dates
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Midland Basin
District · Royalty
Project information
As at 31 December 2025
Description
As at 31 December 2025
Largest of Viper's basin positions by net royalty acreage and by production: 50,595 net royalty acres across 1,891,742 gross royalty acres in the Midland Basin of the Permian in Texas. The Midland Basin contained 15% or more of total proved reserves at each of December 31, 2025, 2024 and 2023, though the 10-K publishes no per-basin reserve volumes. 2025 production of 25,818 MBOE was 74% of the corporate total and nearly double the prior year, reflecting the 2025 Drop Down from Diamondback and the Sitio Acquisition. The position is heavily oil-weighted, with oil accounting for 14,000 MBbls of the 25,818 MBOE produced.
Oil & Gas royalties
Multiple effective dates
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Other Basins - DJ, Eagle Ford and Williston
Segment · Royalty
Project information
As at 31 December 2025
Description
As at 31 December 2025
Non-Permian royalty position of 9,404 net royalty acres across 584,161 gross royalty acres in the Denver-Julesburg, Eagle Ford and Williston basins, acquired through the Sitio Acquisition with an effective date of August 19, 2025; production data for these basins is included only from that date, which is why the 2025 step-up is so large against 2024 and 2023. Each basin fell below the 15%-of-proved-reserves threshold, so the 10-K groups them as Other and publishes no per-basin reserves. On February 9, 2026, subsequent to the reporting date, Viper completed the Non-Permian Divestiture of this acreage for approximately $617 million of net cash proceeds, with production of approximately 4,750 BO/d at the time of sale; proceeds repaid the Term Loan and reduced revolver borrowings. The position is emitted here because it was held at December 31, 2025.
Oil & Gas royalties
Multiple effective dates
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
- Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
- Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
- Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
- Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
- Cost / other — a passive or fair-value holding, excluded from the group total.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil equivalent (BOE)
Oil
Natural gas
NGL
Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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