Viper Energy, Inc. is a publicly traded Delaware corporation spun out of Diamondback Energy, Inc., focused on acquiring and managing mineral and royalty interests in oil- and gas-producing regions across North America. The company converted from a limited partnership to a corporation in November 2023, trading on NASDAQ under the ticker VNOM. Since its founding, Viper has concentrated on passive revenue from royalty and mineral leases, particularly across the prolific Permian Basin.
The firm owns extensive royalty acreage—over 27,000 net acres as of late 2023—with interests in horizontal wells operated by Diamondback and other producers. Its business model emphasizes low operational cost and scalable production exposure, as royalty-based income grows with well development and hydrocarbon output. Viper has steadily increased its portfolio through lease purchases, dropdowns from Diamondback, and market acquisitions.
Leading the charge, Viper has deployed over $8 billion into acquisitions in 2025 alone, consolidating numerous smaller royalty holders into a single public entity with enhanced scale and market liquidity. This consolidation has positioned Viper as one of the largest pure-play royalty companies, with production exposure rivaling traditional exploration & production firms but at notably lower cost.
Viper is set to close its acquisition of Sitio Royalties Corp. in Q3 2025—a $4.1 billion all-stock deal that brings roughly 34,300 net royalty acres, including ~25,300 in the Permian Basin and additional acreage in DJ, Eagle Ford, and Williston Basins. The combined entity will hold nearly 85,700 net royalty acres and expects to be immediately accretive to cash flow, offering a lower breakeven price per barrel and enhanced dividend yield. This transaction strengthens Viper’s leadership in mineral and royalty holdings and enhances its capacity for future consolidation.