Risk Sleuth
VNOM · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

Viper Energy

32 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Significant operators (two operators >10% of income)

concentrated in · two operators each accounted for more than 10% of our incomenamed as a risk
For the years ended December 31, 2025 and 2024, two operators each accounted for more than 10% of our income, respectively.Market risk (Item 7A)

Suppliers

Ryder Scott

depends on · 100% of our total proved reserves
The proved reserve audits performed by Ryder Scott for 2025, 2024 and 2023 covered 100% of our total proved reserves for each respective year.Business (Item 1)

Also named by FANG

Partners and platforms

Diamondback Energy, Inc.

depends on · approximately 35% of our net royalty acreagenamed as a risk
As of December 31, 2025, our assets consisted of mineral interests and royalty interests underlying approximately 4,462,119 gross royalty acres and 96,003 net royalty acres primarily in the Permian Basin, and Diamondback was the operator of approximately 35% of our net royalty acreage.Business (Item 1)

Diamondback Energy, Inc. IT Systems

depends onnamed as a risk
We are dependent on electric power, internet and telecommunication infrastructure and Diamondback’s information systems and computer based programs.Risk factors (Item 1A)

Other companies

Sitio Royalties Corp.

approximately $4.0 billionnamed as a risk
The Sitio Acquisition was an all-equity transaction valued at approximately $4.0 billion, including customary transaction costs and post-closing adjustments and the partial retirement of Sitio’s net debt of approximately $1.2 billion.Business (Item 1)

Also named by FANG

Diamondback Energy, Inc.

approximately 42.1% of the voting powernamed as a risk
Diamondback beneficially owns approximately 42.1% of the voting power of our capital stock, on a fully diluted basis.Risk factors (Item 1A)

Endeavor Energy Resources, LP

$873 million in cash
The mineral and royalty interests acquired in the 2025 Drop Down represent approximately 24,446 net royalty acres in the Permian Basin, 69% of which are operated by Diamondback.Business (Item 1)

GRP Energy Capital LLC and Warwick Capital Partners LLP

approximately $617 million
On February 9, 2026, we divested all of our non-Permian assets, including those acquired from Sitio Royalties Corp. (“Sitio”), to an affiliate of GRP Energy Capital LLC and Warwick Capital Partners LLP for net cash proceeds of approximately $617 million, subject to customary post-closing adjustments (the “Non-Permian Divestiture”).Business (Item 1)

OPEC+

exposed to its pricenamed as a risk
Regional and worldwide economic activity, changes in trade or other government policies or regulations, including with respect to U.S. energy and monetary policies, tariffs or other trade barriers and any resulting trade tensions, regional conflicts and political instability, extreme weather conditions, and actions taken by OPEC+, continued to contribute to economic and pricing volatility.Risk factors (Item 1A)

Also named by APA, CHRD, CPAY, CRC, CRGY, DMLP, KMI, KRP and 9 more

Places

Midland Basin

concentrated in · 50,595 net royalty acresnamed as a risk
At December 31, 2025, 2024 and 2023, the Midland Basin and the Delaware Basin each contained 15% or more of our total proved reserves.Business (Item 1)

Also named by COP, FANG, TPL

Delaware Basin

concentrated in · 36,004 net royalty acres
The majority of our mineral and royalty acreage is positioned in the core of both the Midland and Delaware Basins in the Permian Basin.Business (Item 1)

Also named by COP, DVN, EOG, FANG, LB, PAA, PAGP, WES

Permian Basin

concentrated innamed as a risk
The producing properties in which we have mineral and royalty interests are currently geographically primarily concentrated in the Permian Basin of West Texas.Risk factors (Item 1A)

Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more

Wolfberry resource play

concentrated innamed as a risk
In addition to the geographic concentration of our mineral and royalty acreage, as of December 31, 2025, most of our proved reserves are concentrated in the Wolfberry resource play in the Midland Basin.Risk factors (Item 1A)

Hazards

Induced seismicity

operates innamed as a risk
The disposal well rule amendments, which became effective on November 17, 2014, also clarify the Texas Railroad Commission’s authority to modify, suspend or terminate a disposal well permit if scientific data indicates a disposal well is likely to contribute to seismic activity.Business (Item 1)

Also named by BSM, CRGY, DMLP, DVN, FANG, LB, PR, WES and 1 more

Extreme weather in West Texas

concentrated innamed as a risk
Extreme regional weather events may occur that can affect our operators’ suppliers or customers, which could adversely affect us.Risk factors (Item 1A)

Commodities and inputs

Crude oil

exposed to its price · approximately 48% oilnamed as a risk
Our major market risk exposure is in the pricing applicable to the oil and natural gas production of our operators.Market risk (Item 7A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Natural gas liquids

exposed to its price · 26% natural gas liquidsnamed as a risk
As of December 31, 2025, our proved reserves were approximately 48% oil, 26% natural gas and 26% natural gas liquids.Business (Item 1)

Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more

Henry Hub natural gas

exposed to its price · $1.58 to $5.29 per MMBtunamed as a risk
Our derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on WTI pricing (WTI Cushing and Argus WTI Midland) and with natural gas derivative settlements based on the Henry Hub and Waha Hub pricing.Risk factors (Item 1A)

Also named by AM, AR, ATI, BSM, BTU, CNX, CRGY, DVN and 13 more

WTI crude oil

exposed to its price · $55.27 to $93.68 per Bblnamed as a risk
From the beginning of 2023 through the end of 2025, WTI has ranged from $55.27 to $93.68 per Bbl, and the Henry Hub price of natural gas has ranged from $1.58 to $5.29 per MMBtu.Risk factors (Item 1A)

Also named by AR, CHRD, CRGY, EPD, EQT, FANG, KRP, OXY and 4 more

SOFR

exposed to its pricenamed as a risk
The terms of our revolving credit facility provide for interest on borrowings at a floating rate equal to an alternative base rate tied to SOFR.Risk factors (Item 1A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Electric power grid

depends onnamed as a risk
Reduced power reliability could disrupt our operators’ drilling, completion, and production activities; impair midstream operations; hinder remote monitoring and data integrity; and force suspensions or shutdowns or unplanned spending on backup power and communications, any of which could have a material adverse effect on our business and results of operations.Risk factors (Item 1A)

Also named by FANG

Waha Hub natural gas

exposed to its pricenamed as a risk
Our derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on WTI pricing (WTI Cushing and Argus WTI Midland) and with natural gas derivative settlements based on the Henry Hub and Waha Hub pricing.Risk factors (Item 1A)

Permian Basin pipeline capacity

depends onnamed as a risk
Our business may be also adversely impacted by any future government rule, regulation or order that may impose production limits, as well as pipeline capacity and storage constraints in the Permian Basin where we have mineral and royalty interests.Risk factors (Item 1A)

Regulators

Texas Railroad Commission

subject tonamed as a risk
These factors may make drilling activity in the affected parts of the Permian Basin less economical and adversely impact our business.Business (Item 1)

Also named by ARLP, CRGY, ET, FANG, L, LB, WES, WMB and 1 more

U.S. Environmental Protection Agency (EPA) methane rules

subject tonamed as a risk
In March 2024, the EPA published a final rule in the Federal Register to establish comprehensive standards of performance and emission guidelines for methane and volatile organic compound emissions from new and existing operations in the oil and gas sector, including the exploration and production, transmission, processing, and storage segments.Business (Item 1)

Also named by EOG

Laws and programs

Inflation Reduction Act corporate alternative minimum tax

subject to · 15%named as a risk
If we are or become subject to CAMT including as a result of our affiliation with Diamondback, our cash tax obligations for U.S. federal income taxes could be significantly accelerated.Risk factors (Item 1A)

Also named by EXE, HESM, JXN, KLAC, NRG, Q, RRC, SO and 2 more

Term Loan

depends on · $500 million in outstanding borrowingsnamed as a risk
As of December 31, 2025, we had $500 million in outstanding borrowings under the Term Loan with a weighted average interest rate on borrowings of 5.72% for the year ended December 31, 2025.Market risk (Item 7A)

Also named by ASO, DVN, SNPS

2025 Revolving Credit Facility

depends on · $105 million in outstanding borrowingsnamed as a risk
As of December 31, 2025, we had $105 million in outstanding borrowings under the 2025 Revolving Credit Facility with a weighted average interest rate of 6.02% during the year ended December 31, 2025.Market risk (Item 7A)

Also named by COMP, LB

One Big Beautiful Bill Act

subject tonamed as a risk
To the extent the timing or amount of our tax deductions are affected by the applicable provisions of the OBBB, our cash tax obligations may be impacted.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

Endangered Species Act (lesser prairie chicken, dunes sagebrush lizard)

subject tonamed as a risk
If endangered species, such as the lesser prairie chicken or dunes sagebrush lizard, are located in areas where our operators or their vendors operate, their operations or any work performed related to their operations could be prohibited or delayed, or expensive mitigation could be required.Business (Item 1)

Also named by CHRD, CNX, CRGY, CTVA, DC, FANG, KGS, LB and 4 more

Diamondback Energy, Inc. Services and Secondment Agreement

depends onnamed as a risk
We do not have any employees and we rely solely on Diamondback to provide us with personnel and general and administrative services, including the services of the executive officers, senior management and other employees, under the terms and conditions of the Services and Secondment Agreement.Risk factors (Item 1A)

Permian Basin produced water disposal restrictions

subject tonamed as a risk
For example, in September 2021, the Texas Railroad Commission curtailed the amount of water companies were permitted to inject into some wells near Midland and Odessa in the Permian Basin, and has subsequently suspended some permits there and expanded the restrictions to other areas.Business (Item 1)