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Viper Energy Partners LP VNOM

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Morningstar’s Analysis

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Diamondback and Viper Report Strong Q1 Results; Robust FCF to Drive Debt Reduction, Capital Returns

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Diamondback and Viper's first-quarter results were strong, as expected, after both pre-announced key figures a few weeks ago. Diamondback's production for the first quarter was 307.4 thousand barrels of oil equivalent per day (mboe/d) ahead of Visible Alpha's consensus of 306 mboe/d, while Viper met Visible Alpha expectations of 26 mboe/d. We will maintain our fair values and narrow moat ratings for now while we update our models. Both firms are benefiting from the recent substantial increase in oil prices but are maintaining investment discipline in the face of potential OPEC+ supply additions that could disrupt the market.

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Company Profile

Business Description

Viper Energy Partners was formed by Diamondback Energy in 2014 to own mineral royalty interests in the Permian Basin. At the end of 2020, Viper owns 24,350 net royalty acres that produced 26,551 boe/d. Proved reserves are mostly oil, and at the end of 2019 stand at 99,392 mboe.

500 West Texas, Suite 1200
Midland, TX, 79701
T +1 432 221-7400
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed