Investor Presentation November 2021 Energy Partners Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of the securities laws. All statements, other than statements of historical fact, included in this presentation that address activities, events or developments that Viper Energy Partners LP ("Viper," the "Partnership," "VNOM", "we" or "our") expects, believes or anticipates will or may occur in the future are forward-looking statements. The words "believe, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or Other Jurisdiction of Incorporation or Organization) 500 West Texas Suite 1200 Midland, TX 79701 For the Quarterly Period Ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-36505 Viper Energy Partners LP (Exact Name of Re ...

Investor Presentation November 2021 Energy Partners Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of the securities laws. All statements, other than statements of historical fact, included in this presentation that address activities, events or developments that Viper Energy Partners LP ("Viper," the "Partnership," "VNOM", "we" or "our") expects, believes or anticipates will or may occur in the future are forward-looking statements. The words "believe, ...

Viper Energy Partners LP (NASDAQ:VNOM) Q3 2021 Earnings Conference Call November 2, 2021 11:00 AM ET Company Participants Adam Lawlis - Vice President, Investor Relations Travis Stice - Chief Executive Officer Kaes Van’t Hof - President Conference Call Participants Neal Dingmann - Truist Securities Chris Baker - Credit Suisse Jeanine Wai - Barclays Derrick Whitfield - Stifel Leo Mariani - KeyBanc Operator Good day and thank you for standing by and welcome to the Viper Energy Partners Third Quarter 2021 Ear ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-36505 (Address of principal executive offices) (Zip code) (432) 221-7400 (Registrant's telephone number, including area code) (Exact Name of Registrant As Speci ...

Financial Data and Key Metrics Changes - Viper Energy Partners generated over $75 million in free cash flow during Q2 2021, marking a strong performance supported by a best-in-class cost structure [7] - The distribution to common unitholders was increased to 70% of cash available for distribution, representing a 32% increase from the first quarter distribution to $0.33 per unit [7][11] - The company expects to generate roughly $320 million of annualized free cash flow in the second half of 2021, assuming a WTI price of $65 [9] - For the first half of 2022, Viper anticipates generating over $360 million of annualized free cash flow, equating to greater than 11% free cash flow yield as a percentage of enterprise value [10] Business Line Data and Key Metrics Changes - Viper's production outlook for 2021 was increased, with average production guidance for the second half of 2021 implying almost 16,000 barrels per day at the midpoint [8] - The company highlighted strong production supported by concentrated exposure to Diamondback's Midland Basin development plan and increased activity from third-party operators [6] Market Data and Key Metrics Changes - The company noted a rise in rig count and net well perspective in the forward outlook for non-operated properties, indicating a positive trend in market activity [30] Company Strategy and Development Direction - Viper plans to retain 30% of its cash flow for acquiring Diamondback-operated minerals and unit buybacks, reflecting a strategic focus on growth while maintaining a strong balance sheet [11][15] - The acquisition strategy is centered around understanding the parent company's future development plans, allowing Viper to leverage this knowledge for further exposure [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the activity levels from Diamondback for the remainder of the year, particularly in Q4, with several large pads expected to come online [30][46] - The company aims to under-promise and over-deliver, maintaining a conservative approach to guidance while being optimistic about production levels [46] Other Important Information - The company has a unique tax structure, with 80% of the 2021 dividend estimated to constitute a nontaxable reduction to taxed barrels, although this is expected to decrease in 2022 due to rising commodity prices [33][34] - Viper is not currently exploring solar and wind royalties due to limited surface ownership, but acknowledges the positive industry trend towards ESG metrics [39][40] Q&A Session Summary Question: Cash flow allocation and acquisition strategy - Management indicated a focus on retaining 30% of cash flow for acquisitions and unit buybacks, with a cautious approach to leveraging [15][16] Question: Hedging strategy for 2022 - The company is targeting a hedging strategy that maintains leverage below 2 times while ensuring sufficient cash flow distribution to unitholders [17][18] Question: Confidence in activity levels beyond Diamondback - Management expressed confidence in Diamondback's activity levels and noted a rise in rig count, indicating stable future operations [29][30] Question: Tax structure changes with higher commodity prices - The tax structure is expected to provide 80% tax protection in 2022, down from 100% in previous years due to rising commodity prices [34] Question: M&A visibility and planning - The company is focused on acquiring minerals with visibility into development plans for the next 12 to 24 months, aiming for cost-effective purchases [35][36] Question: Production outlook for Q3 and Q4 - Management expects Q3 production to be lighter than Q2 but anticipates a strong exit rate in Q4 due to upcoming large Diamondback pads [46][47]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-36505 Viper Energy Partners LP (Exact Name of Registrant As Specified in Its Charter) DE 46-5001985 (I.R.S. Employer Identification Number) (State or Other Jurisdiction of Incorporation or Organization) 50 ...

Investor Presentation May 2021 Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of the securities laws. All statements, other than statements of historical fact, included in this presentation that address activities, events or developments that Viper Energy Partners LP ("Viper," the "Partnership," "VNOM", "we" or "our") expects, believes or anticipates will or may occur in the future are forward-looking statements. The words "believe," "expect," "may," "e ...

Viper Energy Partners LP (NASDAQ:VNOM) Q1 2021 Results Conference Call May 4, 2021 11:00 AM ET Company Participants Adam Lawlis - VP, IR Travis Stice - CEO Kaes Van’t Hof - President Conference Call Participants Brian Downey - Citigroup Neal Dingmann - Truist Securities Gail Nicholson - Stephens Chris Baker - Credit Suisse Kyle May - Capital One Jeanine Wai - Barclays Operator Ladies and gentlemen, thank you for standing by, and welcome to the Viper Energy Partners First Quarter 2021 Earnings Conference Cal ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact Name of Registrant As Specified in Its Charter) DE 46-5001985 (I.R.S. Employer Identification Number) (State or Other Jurisdiction of Incorporation or Organization) 500 West Texas Suite 1200 Midland, TX 79701 (Address of principal executive offices) (Zip code) (432) 221-7400 (Registrant's telephone number, including area code) For the fisca ...