Core Insights - Viper Energy, Inc. reported financial and operational results for Q3 2025, highlighting a continued growth strategy supported by the Sitio Acquisition and organic growth [1][4] - The company anticipates a ~20% increase in oil production per share for Q4 2025 compared to Q4 2024, with mid-single digit organic growth expected in 2026 [4] - Viper returned 85% of pro forma cash available for distribution to stockholders in Q3 2025, with plans to approach nearly 100% following the divestiture of non-Permian assets [5] Financial Update - Q3 2025 average production was 56,087 barrels of oil per day (bo/d) and 108,859 barrels of oil equivalent per day (boe/d) [7] - The consolidated net loss for Q3 2025 was $197 million, with a net loss attributable to Viper of $77 million, or $0.52 per Class A common share [7][9] - Pro forma cash available for distribution was $165 million, or $0.97 per Class A common share [7] - The declared base cash dividend was $0.33 per Class A common share, yielding 3.5% annualized based on the closing price of $37.56 [7][11] - A variable cash dividend of $0.25 per Class A common share was also declared, leading to a total dividend yield of 6.2% [7][12] Recent Events and Forward Outlook - The Sitio Acquisition was completed on August 19, 2025, valued at approximately $4.0 billion [7] - A definitive agreement was made to sell non-Permian assets for $670 million, expected to close in Q1 2026 [7] - Q4 2025 production guidance is set at 65,000 to 67,000 bo/d, with full-year 2025 production guidance of 48.75 to 49.00 million barrels [19] Operational Update - During Q3 2025, 739 horizontal wells were turned to production, with an average lateral length of 10,947 feet [14] - The company had a total of 95,846 net royalty acres as of September 30, 2025 [15] - As of September 30, 2025, Viper's cash balance was $443 million, with total debt outstanding of $2.6 billion [10] Selected Operating Data - Average realized prices for Q3 2025 were $64.34 per barrel of oil, $1.02 per Mcf of natural gas, and $19.07 per barrel of natural gas liquids, leading to a total equivalent realized price of $39.24/boe [8][39] - The company repurchased 2.4 million shares of Class A common stock for approximately $90 million during Q3 2025 [7][13]