Exhibit 99.1 VIPER ENERGY, INC., A SUBSIDIARY OF DIAMONDBACK ENERGY, INC., REPORTS FIRST QUARTER 2024 FINANCIAL AND OPERATING RESULTS MIDLAND, Texas, April 30, 2024 (GLOBE NEWSWIRE) -- Viper Energy, Inc., (NASDAQ:VNOM) ("Viper" or the "Company"), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) ("Diamondback"), today announced financial and operating results for the first quarter ended March 31, 2024. FIRST QUARTER HIGHLIGHTS "The first quarter was a strong start to the year for Viper and a period whi ...

Production and Reserves - As of December 31, 2023, the company reported total oil production of 8,028 MBbls, a 13% increase from 7,097 MBbls in 2022[49] - Natural gas production for the year ended December 31, 2023, was 19,130 MMcf, up from 15,868 MMcf in 2022, representing a 20% increase[49] - The company’s estimated proved reserves as of December 31, 2023, were audited by Ryder Scott, covering 100% of total proved reserves for the year[40] - Approximately 20% of the company's total estimated proved reserves as of December 31, 2023, are proved undeveloped reserves, which may require significant capital expenditures for development[124] - The company’s mineral and royalty acreage is primarily located in the Permian Basin, which may be affected by future government regulations that could impose production limits[102] - The company’s properties are primarily located in the Midland and Delaware Basins, which contain over 15% of total proved reserves[47] Financial Strategy and Cash Flow - The company aims to generate robust free cash flow and reduce debt, focusing on long-term per share growth and returns[36] - The company maintains a conservative capital structure, allowing for financial flexibility and opportunistic acquisitions[38] - The company’s mineral and royalty interests provide cash flows without the need to fund drilling and completion costs, resulting in high operating margins[38] - The company may not have sufficient cash available to pay quarterly dividends, which could vary significantly from quarter to quarter[118] - The company’s cash available for dividends may vary significantly from quarter to quarter, influenced by royalty income, production volumes, and commodity prices[118] - The company has limited cash available for reinvestment due to its cash dividend policy, relying on the revolving credit facility for funding capital expenditures[140] Market Conditions and Pricing - Average oil price per barrel in 2023 was $77.13, down 18% from $94.02 in 2022[51] - Average natural gas price per Mcf in 2023 was $1.62, a significant decrease of 69% from $5.24 in 2022[51] - Average natural gas liquids price per barrel in 2023 was $21.55, down 37% from $34.47 in 2022[51] - NYMEX WTI prices ranged from $47.62 to $123.70 per barrel during 2023, while NYMEX Henry Hub natural gas prices fluctuated between $1.99 and $9.68 per MMBtu, indicating significant market volatility[99] Regulatory and Compliance Risks - Regulatory compliance costs are increasing due to stringent environmental laws and regulations affecting the oil and gas industry[60] - Non-compliance with environmental regulations can result in substantial penalties and liabilities for the company[61] - The EPA's proposed methane emissions charge will start at $900 per ton in 2024, increasing to $1,200 in 2025 and $1,500 in 2026, potentially raising operating costs for the company[71] - The Infrastructure Investment and Jobs Act and the Inflation Reduction Act include billions in incentives for renewable energy and clean technologies, which may decrease demand for oil and natural gas[71] - The Texas Railroad Commission has imposed stricter regulations on flaring and venting gas, requiring operators to justify the need for such actions[72] - The company may face increased compliance costs due to new federal and state regulations on greenhouse gas emissions, which could adversely impact financial condition and cash flows[74] Operational Challenges - The company faces intense competition in the oil and natural gas industry, which may affect its ability to acquire additional properties[55] - Seasonal demand fluctuations for oil and natural gas can impact drilling and production activities[57] - The company is subject to ongoing regulatory reviews that could increase costs and complicate hydraulic fracturing operations[79] - The Texas Railroad Commission has curtailed water injection in certain wells, which may increase operational costs and affect drilling economics in the Permian Basin[80] - The company faces potential legal challenges and increased scrutiny regarding hydraulic fracturing practices, which could lead to additional regulatory burdens[81] - The company is dependent on electrical power, internet, and telecommunication infrastructure, and any compromise could adversely affect its business[136] Financial Risks and Debt - The weighted average interest rate on borrowings under the revolving credit facility was 7.41% during the year ended December 31, 2023[148] - A significant reduction in the borrowing base under the revolving credit facility could negatively impact the company's liquidity and operations[144] - The company may face liquidity concerns that could lead to a downgrade in debt ratings, affecting access to financing[147] - The company is dependent on cash flow generated by the Operating Company to repay its substantial indebtedness, which may not be sufficient in the future[145] - A downgrade in the company's debt ratings could restrict access to financing and negatively impact terms of current or future financings[147] Strategic Acquisitions and Growth - The company intends to continue high-grading its asset base and selectively divest non-core minerals to redeploy proceeds into core areas[38] - The company may face challenges in identifying and completing acquisitions due to intense competition and regulatory requirements, which could slow growth[132] - The company's ability to complete acquisitions is dependent on obtaining debt and equity financing, and restrictive covenants in its credit facility may limit its operational flexibility[141] Environmental and Reputational Risks - The company faces reputational risks associated with hydrocarbon exploration and production, which may affect capital availability and costs[110] - The company faces increasing litigation risks and related expenses due to climate change concerns, which could adversely affect its financial condition[112] - The company may face reputational risks and adverse impacts on business relationships due to increased flaring of natural gas production during extreme weather events[128] Governance and Ownership - Diamondback beneficially owns approximately 56% of the voting power of the company's capital stock, allowing it to significantly influence board composition and management decisions[149] - The company has not taken advantage of exemptions from Nasdaq corporate governance requirements, which may affect stockholder protections[158] - Anti-takeover provisions in the company’s organizational documents may discourage or delay acquisition attempts that stockholders might consider favorable[162]

Financial Data and Key Metrics Changes - In Q4 2023, average oil production increased by 13% compared to the previous year, while the average share count was reduced by 1% [6] - The fourth quarter represented the eighth consecutive quarter of increased production per share for the company [6] - A variable dividend of $0.29 was declared for Class A shareholders, alongside a $0.27 based dividend, resulting in an effective payout ratio of 97% for Q4 [7][8] Business Line Data and Key Metrics Changes - The GRP acquisition, which closed in Q4, is expected to enhance the company's growth profile and provide significant scale [9][10] - The company has initiated production guidance for both Q1 and the full year of 2024, with Q4 2024 production expected to be at or above the high end of the guidance range [12] Market Data and Key Metrics Changes - The company is experiencing strong activity levels across its acreage position, indicating potential for significant growth throughout 2024 [12] Company Strategy and Development Direction - The company completed its conversion into a Delaware corporation, which is believed to enhance governance rights for shareholders and support business growth [11] - The management emphasized the importance of being a large mineral owner in Texas, positioning the company favorably for future opportunities [21] Management's Comments on Operating Environment and Future Outlook - Management believes the market is beginning to recognize the company's growth potential and the broader mineral story [14] - The company is open to pursuing additional acquisitions, particularly if they present significant undeveloped value [35] Other Important Information - The company has already received $10 million in post-effective cash flow that will reduce the purchase price of the GRP acquisition, which is not reflected in the reported financials for the quarter [9] Q&A Session Summary Question: Market Valuation of VNOM - Management believes the market is starting to appreciate VNOM's growth story and the mineral sector overall [14] Question: Capital Allocation and Buybacks - The company plans to continue paying out over 90% of cash available for distribution, with a focus on base plus variable dividends [16][18] Question: Development Focus in Spanish Trail Area - The development is broadly integrated across the portfolio, with significant opportunities in the Spanish Trail area [20] Question: Run Rate Cadence and Guidance - Guidance is conservative, primarily due to timing and lower well counts in Q1, but there may be upside potential later in the year [24][26] Question: M&A Opportunities Post-GRP - The company remains open to transactions with third-party minerals this year, particularly if they resemble the GRP deal [35] Question: G&A Costs Post-Corporate Conversion - Increased G&A costs are attributed to the conversion to a C corporation, with no significant increase in personnel [33]

Exhibit 99.1 VIPER ENERGY, INC., A SUBSIDIARY OF DIAMONDBACK ENERGY, INC., REPORTS FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL AND OPERATING RESULTS MIDLAND, Texas, February 20, 2024 (GLOBE NEWSWIRE) -- Viper Energy, Inc., (NASDAQ:VNOM) ("Viper" or the "Company"), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) ("Diamondback"), today announced financial and operating results for the fourth quarter and full year ended December 31, 2023. FOURTH QUARTER HIGHLIGHTS FULL YEAR 2023 HIGHLIGHTS • Q4 2023 ave ...

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 September 30, 2023 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) (State or Other Jurisdiction of Incorporation or Organization) 500 West Texas Ave. Suit ...

Viper Energy Partners LP. (NASDAQ:VNOM) Q2 2023 Earnings Conference Call November 7, 2023 ET Company Participants Adam Lawlis - Vice President, Investor Relations Travis Stice - Chief Executive Officer Kaes Van’t Hof - President Austen Gilfillian - General Manager Conference Call Participants Neal Dingmann - Truist Securities Derrick Whitfield - Stifel Paul Diamond - Citi Leo Mariani - ROTH MKM Operator Good day. And thank you for standing by. Welcome to the Viper Energy Partners Third Quarter 2023 Earnings ...

Investor Presentation November 2023 Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Viper's: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash fl ...

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, 2023 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 (State or Other Jurisdiction of Incorporation or Organization) 500 West Texas ...

Viper Energy Partners LP (NASDAQ:VNOM) Q2 2023 Earnings Conference Call August 1, 2023 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 Operator Good day, and welcome to the Viper Energy Partners' Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a ...

Investor Presentation August 2023 Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Viper's: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash flow ...