Viper Energy, Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
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5. Oil and Natural Gas Interests
- OIL AND NATURAL GAS INTERESTS
Oil and natural gas interests include the following for the periods presented:
| September 30, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| (In millions) | ||
| Oil and natural gas interests: | ||
| Subject to depletion | $9,314 | $3,533 |
| Not subject to depletion | 5,275 | 2,180 |
| Gross oil and natural gas interests | 14,589 | 5,713 |
| Accumulated depletion | (1,334) | (961) |
| Accumulated impairment | (480) | (120) |
| Oil and natural gas interests, net | 12,775 | 4,632 |
| Other property, equipment and land | 8 | 6 |
| Property, net of accumulated depletion and impairment | $12,783 | $4,638 |
As of September 30, 2025, and December 31, 2024, the Company had mineral and royalty interests representing approximately 95,846 and 35,671 net royalty acres, respectively.
Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. As a result of its ceiling test, the Company recorded a non-cash ceiling test impairment for the three and nine months ended September 30, 2025, of $360 million. No impairment expense was recorded on the Company’s oil and natural gas interests for the three and nine months ended September 30, 2024, based on the results of the respective quarterly ceiling tests. In addition to commodity prices, the Company’s production rates, levels of proved reserves, transfers of unevaluated properties, income tax rate assumptions and other factors will determine its actual ceiling test limitations and impairment analysis in future periods. If the SEC Prices decline as compared to the commodity prices used in prior quarters, the Company could have material write-downs in subsequent quarters.
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