Viper(US:VNOM)2025-11-04 17:00Financial Highlights - Viper reported a pro forma cash available for distribution of $0.97 per share in Q3 2025, with a total return of capital to Class A stockholders of $0.83 per share, representing an 85% payout ratio[7] - The company repurchased 2.4 million shares in Q3 2025 for $90 million at an average price of $38.42 per share[7] - As of October 31, 2025, Viper had repurchased 16.9 million shares for an aggregate of $448 million, with $302 million remaining in the $750 million share repurchase program[7] - The base dividend for Q3 2025 was $0.33 per share, implying a 3.5% annualized yield, representing approximately 40% of estimated cash available for distribution assuming $50 realized oil pricing[7] - The total base-plus-variable dividend for Q3 2025 was $0.58 per share, implying a 6.2% annualized yield[7] Operational Performance - Average production in Q3 2025 was 56,087 barrels of oil per day (bo/d) or 108,859 barrels of oil equivalent per day (boe/d)[7] - Viper's Q4 2025 average production guidance is 65,000 - 67,000 bo/d (124,000 - 128,000 boe/d)[7] - There were 739 total gross (15.2 net 100% royalty interest) horizontal wells turned to production during Q3 2025, with an average lateral length of 10,947 feet[7] Strategic Initiatives - Viper closed the acquisition of Sitio Royalties Corp on August 19, 2025, in an all-equity transaction[7] - The company refinanced senior notes and all legacy Sitio debt, lowering the weighted average interest rate by approximately 150 basis points and extending the weighted average maturity by about 3 years[7] - Viper entered into a definitive agreement to sell its non-Permian Basin assets (2026E production of approximately 5,000 bo/d) for roughly $670 million, with the deal expected to close in Q1 2026[7] - Pro forma for the non-Permian asset sale, Viper expects mid-single digit percentage organic production growth in 2026 relative to Q4 2025, driven by Diamondback development[7]