Viper Energy Inc (NASDAQ: VNOM) is an oil and natural gas company that owns mineral and royalty interests in hydrocarbon-producing basins. It makes money by collecting royalty payments tied to crude oil, natural gas, and natural gas liquids production on acreage it owns, without bearing the capital costs of drilling or completing wells. The royalty model means Viper receives a contractual share of production revenue from operators who drill on its acreage, giving it exposure to commodity prices with a lower direct operating cost burden than a working-interest producer. Key commodity benchmarks referenced in its FY2025 10-K (filed 2026-02-25) include Argus WTI Midland for crude oil pricing. Production is measured in barrels of oil equivalent per day (BOE/d), with crude oil, condensate, and natural gas all contributing to total volumes. The company is listed on the NASDAQ Global Select Market.

Revenue model

Royalty and mineral interest income: Viper receives a percentage of production revenue from operators drilling on its acreage, with no direct well-drilling or completion capital obligations. Revenue is transactional and commodity-price-sensitive, tied to crude oil, natural gas, and natural gas liquids volumes produced.

Products and services

Mineral and royalty interests in oil and natural gas properties. Commodities include crude oil, natural gas, and natural gas liquids (condensate). No operated drilling or well-completion services.

Customers and end markets

End markets are crude oil and natural gas commodity markets. Operators who drill and complete wells on Viper-owned acreage are the direct counterparties. Pricing benchmarks include Argus WTI Midland for crude oil at Midland, Texas.

Value-chain role

Non-operating mineral and royalty interest owner. Sits upstream in the oil and gas value chain as a passive interest holder, collecting royalties from working-interest operators without bearing drilling or completion capital expenditures.

Geographic exposure

Operations are referenced in the context of sedimentary basins and acreage in hydrocarbon-producing regions, with Midland, Texas cited as a pricing reference point, consistent with Permian Basin exposure. Specific acreage counts and geographic breakdowns are not available in the provided filing excerpts.

Source: SEC 10-K, filed 2026-02-25

Industry: Crude Petroleum & Natural Gas