0001602065-24-000084 | 10-Q | XBRL Viewer

INCOME TAXES

9 Months Ended

Sep. 30, 2024

The following table provides the Company’s provision for (benefit from) income taxes and the effective income tax rate for the dates indicated:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(In thousands, except for tax rate)
Provision for (benefit from) income taxes	$	17,194		$	21,879		$	42,729		$	39,735
Effective tax rate	13.6		%	9.6		%	11.4		%	9.6		%

The Company’s effective income tax rates for the three and nine months ended September 30, 2024 and 2023 differed from the amounts computed by applying the United States federal statutory tax rate to pre-tax income for the periods primarily due to net income attributable to the non-controlling interest.

As of September 30, 2024 and 2023, the Company maintained a partial valuation allowance against its deferred tax assets considered not more likely than not to be realized, based on its assessment of all available evidence, both positive and negative as required by applicable accounting standards. In March 2024, Diamondback converted approximately 5.28 million shares of the Company’s Class B Common Stock along with 5.28 million Operating Company units into an equivalent number of shares of Class A Common Stock. In connection with this transaction, the Company recognized a $28.2 million increase in its deferred tax asset and a $10.8 million increase in its valuation allowance through additional paid-in capital.

The Company incurred no excise tax on repurchases of Class A Common Stock during the three and nine months ended September 30, 2024 and an immaterial amount of excise tax for the three and nine months ended September 30, 2023.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

The following table disaggregates the Company’s revenue from oil, natural gas and natural gas liquids by revenue generated from production on properties operated by Diamondback and revenue generated from production on properties operated by third parties:


	Three Months Ended September 30,
	2024						2023
	Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third Party Operated Properties		Total		Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third Party Operated Properties		Total
	(In thousands)
Oil income	$	99,192	$	87,558	$	186,750	$	110,934	$	57,074	$	168,008
Natural gas income	1,535		(712)		823		5,243		3,650		8,893
Natural gas liquids income	12,186		8,399		20,585		11,815		6,898		18,713
Total royalty income	$	112,913	$	95,245	$	208,158	$	127,992	$	67,622	$	195,614

	Nine Months Ended September 30,
	2024						2023
	Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third Party Operated Properties		Total		Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third Party Operated Properties		Total
	(In thousands)
Oil income	$	293,687	$	264,516	$	558,203	$	275,466	$	168,461	$	443,927
Natural gas income	6,103		2,660		8,763		11,903		11,071		22,974
Natural gas liquids income	34,463		27,282		61,745		30,648		17,347		47,995
Total royalty income	$	334,253	$	294,458	$	628,711	$	318,017	$	196,879	$	514,896

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 330,846	$ 375,410
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for (benefit from) deferred income taxes	(505)	887
Depletion	149,821	101,331
(Gain) loss on derivative instruments, net	(5,264)	30,685
Net cash receipts (payments) on derivatives	(2,038)	(10,019)
Other	4,470	2,045
Changes in operating assets and liabilities:
Royalty income receivable	2,886	(22,147)
Royalty income receivable—related party	(32,667)	(1,171)
Accounts payable and accrued liabilities	14,192	4,156
Accounts payable—related party	(1,330)	(306)
Income taxes payable	(109)	12,411
Other	1,398	(885)
Net cash provided by (used in) operating activities	461,700	492,397
Cash flows from investing activities:
Proceeds from sale of oil and natural gas interests	87,674	(3,166)
Net cash provided by (used in) investing activities	(183,378)	(176,749)
Cash flows from financing activities:
Proceeds from borrowings under credit facility	470,000	260,000
Repayment on credit facility	(733,000)	(162,000)
Net proceeds from public offering	475,904	0
Repurchased shares/units under buyback program	0	(67,181)
Dividends/distributions to stockholders	(156,553)	(84,181)
Dividends/distributions to Diamondback	(191,830)	(127,929)
Other	(63)	(5,722)
Net cash provided by (used in) financing activities	(135,542)	(187,013)
Net increase (decrease) in cash and cash equivalents	142,780	128,635
Cash, cash equivalents and restricted cash at beginning of period	25,869	18,179
Cash, cash equivalents and restricted cash at end of period	168,649	146,814
Supplemental disclosure of cash flow information:
Interest paid	(43,121)	(24,766)
Cash (paid) received for income taxes	(42,615)	(25,700)
Related Party
Cash flows from investing activities:
Acquisitions of oil and natural gas interests	0	(75,073)
Nonrelated Party
Cash flows from investing activities:
Acquisitions of oil and natural gas interests	$ (271,052)	$ (98,510)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Interest payable	$ 21,939	$ 11,036
Ad valorem taxes payable	14,273	13,299
Derivatives instruments payable	790	1,279
Other	4,463	1,407
Total accrued liabilities	$ 41,465	$ 27,021

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is a party to various routine legal proceedings, disputes and claims from time to time arising in the ordinary course of its business. While the ultimate outcome of the pending proceedings, disputes or claims, and any resulting impact on the Company cannot be predicted with certainty, the Company’s management believes that none of these matters, if ultimately decided adversely, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company’s assessment is based on information known about the pending matters and its experience in contesting, litigating and settling similar matters. Actual outcomes could differ materially from the Company’s assessment. The Company records reserves for contingencies related to outstanding legal proceedings, disputes or claims when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated.

STOCKHOLDERS’ EQUITY - Narrative (Details)			3 Months Ended				9 Months Ended
STOCKHOLDERS’ EQUITY - Narrative (Details)	Sep. 13, 2024 USD ($) $ / shares shares	Oct. 31, 2023 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Mar. 31, 2024 shares	Mar. 08, 2024 shares	Mar. 07, 2024 shares	Dec. 31, 2023 shares
Class of Stock [Line Items]
Amount of shares repurchased \| $				$ 9,650,000	$ 24,509,000	$ 33,022,000
Cash Distribution
Class of Stock [Line Items]
Cash distributions, period after end of each quarter							60 days
Common Share Repurchase Program
Class of Stock [Line Items]
Authorized amount in repurchase program \| $			$ 750,000,000.0				$ 750,000,000.0
Remaining authorized repurchase amount \| $			$ 434,200,000				$ 434,200,000
2023 Viper Issuance of Common Units to Diamondback
Class of Stock [Line Items]
Number of shares issued (in shares)		7,220,000
Sale of stock price (in usd per share) \| $ / shares		$ 27.72
Proceeds from sale of stock \| $		$ 200,000,000.0
Diamondback Energy, Inc.
Class of Stock [Line Items]
Common stock conversion basis							1
Diamondback Energy, Inc. \| Viper Energy Inc.
Class of Stock [Line Items]
Ownership percentage by parent			45.00%				45.00%			50.00%
Common Class A
Class of Stock [Line Items]
Common stock outstanding (in shares)			102,947,008				102,947,008					86,144,273
Common stock issued (in shares)			102,947,008				102,947,008					86,144,273
Common stock conversion basis							1
Common Class A \| Common Share Repurchase Program
Class of Stock [Line Items]
Amount of shares repurchased \| $			$ 0	$ 9,600,000			$ 0	$ 66,500,000
Common Class A \| 2024 Equity Offering
Class of Stock [Line Items]
Number of shares issued (in shares)	11,500,000
Sale of stock price (in usd per share) \| $ / shares	$ 42.50
Proceeds from sale of stock \| $	$ 475,900,000
Common Class A \| Over-Allotment Option
Class of Stock [Line Items]
Number of shares issued (in shares)	1,500,000
Common Class A \| Diamondback Energy, Inc.
Class of Stock [Line Items]
Common stock outstanding (in shares)									0	0	7,946,507
Common Class B
Class of Stock [Line Items]
Common stock outstanding (in shares)			85,431,453				85,431,453					90,709,946
Common stock issued (in shares)			85,431,453				85,431,453					90,709,946
Common stock conversion basis							1
Common Class B \| Diamondback Energy, Inc.
Class of Stock [Line Items]
Common stock outstanding (in shares)										85,431,453
Operating Company Unit \| Diamondback Energy, Inc. \| Viper Energy Partners LLC
Class of Stock [Line Items]
Common stock outstanding (in shares)			85,431,453				85,431,453
Operating Company Unit \| Viper Energy Inc. \| Viper Energy Partners LLC
Class of Stock [Line Items]
Common stock outstanding (in shares)			102,947,008				102,947,008

EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

EARNINGS PER COMMON SHARE

The net income (loss) per common share on the condensed consolidated statements of operations is based on the net income (loss) attributable to the Company’s Class A Common Stock or common units for the three and nine months ended September 30, 2024 and 2023, respectively.

Basic and diluted earnings per common share are calculated using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of Class A Common Stock and participating securities. Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted-average shares of Class A Common Stock or common units outstanding during the period. Diluted net income (loss) per common share gives effect, when applicable, to unvested shares of Class A Common Stock granted under the LTIP.

A reconciliation of the components of basic and diluted earnings per common share is presented in the table below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands, except per share amounts)
Net income (loss) attributable to the period	$	48,917	$	78,599	$	149,178	$	143,116
Less: distributed and undistributed earnings allocated to participating securities(1)	123		146		295		263
Net income (loss) attributable to common stockholders	$	48,794	$	78,453	$	148,883	$	142,853
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	93,695		70,925		90,895		71,803
Effect of dilutive securities:
Potential common shares issuable(2)	52		—		94		—
Diluted weighted average common shares outstanding	93,747		70,925		90,989		71,803
Net income (loss) per common share, basic	$	0.52	$	1.11	$	1.64	$	1.99
Net income (loss) per common share, diluted	$	0.52	$	1.11	$	1.64	$	1.99

(1) Unvested restricted stock units and performance restricted stock units that contain non-forfeitable distribution equivalent rights are considered participating securities and are therefore included in the earnings per share calculation pursuant to the two-class method.

(2) For the three and nine months ended September 30, 2024 and 2023, there were no other significant potential common shares excluded from the computation of diluted earnings per common share.

DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of September 30, 2024, the Company had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.


					Swaps	Collars		Puts
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Weighted Average Differential	Weighted Average Floor Price	Weighted Average Ceiling Price	Strike Price	Deferred Premium
OIL
Oct. - Dec.	2024	Puts	16,000	WTI Cushing	$—	$—	$—	$55.00	$(1.70)
Oct. - Dec.	2024	Costless Collar	4,000	WTI Cushing	$—	$55.00	$93.66	$—	$—
Jan. - Mar.	2025	Puts	20,000	WTI Cushing	$—	$—	$—	$55.00	$(1.62)
Apr. - Jun.	2025	Puts	20,000	WTI Cushing	$—	$—	$—	$55.00	$(1.61)
NATURAL GAS
Oct. - Dec.	2024	Basis Swaps	30,000	Waha Hub	$(1.20)	$—	$—	$—	$—
Jan. - Dec.	2025	Basis Swaps	40,000	Waha Hub	$(0.68)	$—	$—	$—	$—
Jan. - Dec.	2025	Costless Collar	40,000	Henry Hub	$—	$2.50	$4.85	$—	$—

Schedule of Derivative Contract Gains and Losses Included in the Consolidated Statements of Operations

The following table summarizes the gains and losses on derivative instruments included in the condensed consolidated statements of operations and the net cash receipts (payments) on derivatives for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Gain (loss) on derivative instruments	$	7,410	$	(2,988)	$	5,264	$	(30,685)
Net cash receipts (payments) on derivatives	$	187	$	(3,807)	$	(2,038)	$	(10,019)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

STOCKHOLDERS’ EQUITY (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Cash Distributions

The following table presents information regarding cash dividends paid during the periods presented (in thousands, except for per share amounts):


	Distributions
	(In thousands, except share amounts)
Period	Amount per Operating Company Unit		Operating Company Distributions to Diamondback		Amount per Common Share		Common Stockholders(1)(2)		Declaration Date	Stockholder Record Date	Payment Date
2024
Q4 2023	$	0.69	$	62,590	$	0.56	$	48,337	February 15, 2024	March 5, 2024	March 12, 2024
Q1 2024	$	0.70	$	59,803	$	0.59	$	54,077	April 25, 2024	May 15, 2024	May 22, 2024
Q2 2024	$	0.76	$	64,927	$	0.64	$	58,669	August 1, 2024	August 15, 2024	August 22, 2024


2023
Q4 2022	$	0.54	$	48,983	$	0.49	$	35,683	February 15, 2023	March 3, 2023	March 10, 2023
Q1 2023	$	0.42	$	38,097	$	0.33	$	23,797	April 26, 2023	May 11, 2023	May 18, 2023
Q2 2023	$	0.44	$	39,912	$	0.36	$	25,563	July 25, 2023	August 10, 2023	August 17, 2023

(1)Dividends paid in the first quarter of 2024 include amounts paid to Diamondback for the 7,946,507 shares of Class A Common Stock then beneficially owned by Diamondback and distribution equivalent rights payments. As of March 31, 2024, Diamondback did not beneficially own any shares of Class A Common Stock. See Note 1—Organization and Basis of Presentation for further details.

(2)For distributions paid in 2023, includes amounts paid to Diamondback for the 731,500 common units then beneficially owned by Diamondback.

Schedule of Change in Ownership Interest

The following table summarizes the changes in stockholders’ equity due to changes in ownership interest during the period:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Net income (loss) attributable to the Company	$	48,917	$	78,599	$	149,178	$	143,116
Change in ownership of consolidated subsidiaries	(155,839)		3,469		(79,485)		31,667
Change from net income (loss) attributable to the Company's stockholders and transfers with non-controlling interest	$	(106,922)	$	82,068	$	69,693	$	174,783

REVENUE FROM CONTRACTS WITH CUSTOMERS

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

Royalty income represents the right to receive revenues from oil, natural gas and natural gas liquids sales obtained from third party purchasers by the operator of the wells in which the Company owns a royalty interest. Royalty income is recognized at the point control of the product is transferred to the purchaser at the wellhead or at the gas processing facility based on the Company’s percentage ownership share of the revenue, net of any deductions for gathering and transportation. Virtually all of the pricing provisions in the Company’s contracts are tied to a market index.


	Three Months Ended September 30,
	2024						2023
	Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third Party Operated Properties		Total		Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third Party Operated Properties		Total
	(In thousands)
Oil income	$	99,192	$	87,558	$	186,750	$	110,934	$	57,074	$	168,008
Natural gas income	1,535		(712)		823		5,243		3,650		8,893
Natural gas liquids income	12,186		8,399		20,585		11,815		6,898		18,713
Total royalty income	$	112,913	$	95,245	$	208,158	$	127,992	$	67,622	$	195,614

	Nine Months Ended September 30,
	2024						2023
	Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third Party Operated Properties		Total		Revenue Generated from Diamondback Operated Properties		Revenue Generated from Third Party Operated Properties		Total
	(In thousands)
Oil income	$	293,687	$	264,516	$	558,203	$	275,466	$	168,461	$	443,927
Natural gas income	6,103		2,660		8,763		11,903		11,071		22,974
Natural gas liquids income	34,463		27,282		61,745		30,648		17,347		47,995
Total royalty income	$	334,253	$	294,458	$	628,711	$	318,017	$	196,879	$	514,896

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income (loss) attributable to common shares:
Net income (loss) attributable to the period	$ 48,917	$ 78,599	$ 149,178	$ 143,116
Less: distributed and undistributed earnings allocated to participating securities	123	146	295	263
Net income (loss) attributable to common stockholders	$ 48,794	$ 78,453	$ 148,883	$ 142,853
Basic weighted average common shares outstanding (in shares)	93,695,000	70,925,000	90,895,000	71,803,000
Effect of dilutive securities:
Potential common shares issuable (in shares)	52,000	0	94,000	0
Diluted weighted average common shares outstanding (in shares)	93,747,000	70,925,000	90,989,000	71,803,000
Net income (loss) per common stock, basic (in usd per share)	$ 0.52	$ 1.11	$ 1.64	$ 1.99
Net income (loss) per common stock, diluted (in usd per share)	$ 0.52	$ 1.11	$ 1.64	$ 1.99
Antidilutive securities, restricted stock units (in shares)	0	0	0	0

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Royalty income	$ 208,158	$ 195,614	$ 628,711	$ 514,896
Revenue Generated from Diamondback Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	112,913	127,992	334,253	318,017
Revenue Generated from Third Party Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	95,245	67,622	294,458	196,879
Oil income
Disaggregation of Revenue [Line Items]
Royalty income	186,750	168,008	558,203	443,927
Oil income \| Revenue Generated from Diamondback Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	99,192	110,934	293,687	275,466
Oil income \| Revenue Generated from Third Party Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	87,558	57,074	264,516	168,461
Natural gas income
Disaggregation of Revenue [Line Items]
Royalty income	823	8,893	8,763	22,974
Natural gas income \| Revenue Generated from Diamondback Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	1,535	5,243	6,103	11,903
Natural gas income \| Revenue Generated from Third Party Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	(712)	3,650	2,660	11,071
Natural gas liquids income
Disaggregation of Revenue [Line Items]
Royalty income	20,585	18,713	61,745	47,995
Natural gas liquids income \| Revenue Generated from Diamondback Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	12,186	11,815	34,463	30,648
Natural gas liquids income \| Revenue Generated from Third Party Operated Properties
Disaggregation of Revenue [Line Items]
Royalty income	$ 8,399	$ 6,898	$ 27,282	$ 17,347

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

STOCKHOLDERS’ EQUITY - Schedule of Cash Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2024	Mar. 08, 2024	Mar. 07, 2024
Diamondback Energy, Inc.
Class of Stock [Line Items]
Limited partners' capital account, units outstanding (in units)			731,500
Common Class A
Class of Stock [Line Items]
Common stock outstanding (in shares)			86,144,273				102,947,008
Common Class A \| Diamondback Energy, Inc.
Class of Stock [Line Items]
Common stock outstanding (in shares)		0						0	7,946,507
Cash Distribution
Class of Stock [Line Items]
Dividends declared (in usd per share)	$ 0.64	$ 0.59	$ 0.56	$ 0.36	$ 0.33	$ 0.49
Cash Distribution \| Operating Company Share
Class of Stock [Line Items]
Dividends declared (in usd per share)	$ 0.76	$ 0.70	$ 0.69	$ 0.44	$ 0.42	$ 0.54
Operating Company Distributions to Diamondback	$ 64,927	$ 59,803	$ 62,590	$ 39,912	$ 38,097	$ 48,983
Cash Distribution \| Common Stock
Class of Stock [Line Items]
Distribution Amount	$ 58,669	$ 54,077	$ 48,337	$ 25,563	$ 23,797	$ 35,683

EARNINGS PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Basic and Diluted Earning Per Common Shares

A reconciliation of the components of basic and diluted earnings per common share is presented in the table below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands, except per share amounts)
Net income (loss) attributable to the period	$	48,917	$	78,599	$	149,178	$	143,116
Less: distributed and undistributed earnings allocated to participating securities(1)	123		146		295		263
Net income (loss) attributable to common stockholders	$	48,794	$	78,453	$	148,883	$	142,853
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	93,695		70,925		90,895		71,803
Effect of dilutive securities:
Potential common shares issuable(2)	52		—		94		—
Diluted weighted average common shares outstanding	93,747		70,925		90,989		71,803
Net income (loss) per common share, basic	$	0.52	$	1.11	$	1.64	$	1.99
Net income (loss) per common share, diluted	$	0.52	$	1.11	$	1.64	$	1.99

(2) For the three and nine months ended September 30, 2024 and 2023, there were no other significant potential common shares excluded from the computation of diluted earnings per common share.

DEBT

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

DEBT

Long-term debt consisted of the following as of the dates indicated:


	September 30,		December 31,
	2024		2023
	(In thousands)
5.375% Senior unsecured notes due 2027	$	430,350	$	430,350
7.375% Senior unsecured notes due 2031	400,000		400,000
Revolving credit facility	—		263,000
Unamortized debt issuance costs	(6,098)		(6,903)
Unamortized discount	(2,747)		(3,365)
Total long-term debt	$	821,505	$	1,083,082

The Operating Company’s Revolving Credit Facility

The Operating Company’s credit facility, as amended to date, provides for a revolving credit facility in the maximum credit amount of $2.0 billion and a borrowing base of $1.3 billion. The borrowing base is scheduled to be redetermined semi-annually in May and November. As of September 30, 2024, the Operating Company had elected a commitment amount of $850.0 million, with no outstanding borrowings and $850.0 million available for future borrowings. During the three and nine months ended September 30, 2024 and 2023, the weighted average interest rates on the Operating Company’s revolving credit facility were 7.51%, 7.52%, 7.58% and 7.37%, respectively. The revolving credit facility will mature on September 22, 2028.

As of September 30, 2024, the Operating Company was in compliance with the financial maintenance covenants under its credit facility.

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table provides (i) fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis, (ii) the gross amounts of recognized derivative assets and liabilities, (iii) the amounts offset under master netting arrangements with counterparties, and (iv) the resulting net amounts presented in the Company’s condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023:


	As of September 30, 2024
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In thousands)
Assets:
Current:
Derivative instruments	$	—	$	12,585	$	—	$	12,585	$	(9,790)	$	2,795
Non-current:

Derivative instruments	$	—	$	3,704	$	—	$	3,704	$	(977)	$	2,727
Liabilities:
Current:
Derivative instruments	$	—	$	10,691	$	—	$	10,691	$	(9,790)	$	901
Non-current:
Derivative instruments	$	—	$	977	$	—	$	977	$	(977)	$	—
2026 WTI Contingent Liability	$	—	$	4,789	$	—	$	4,789	$	—	$	4,789


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In thousands)
Assets:
Current:
Derivative instruments	$	—	$	7,040	$	—	$	7,040	$	(6,682)	$	358
Non-current:

Derivative instruments	$	—	$	1,269	$	—	$	1,269	$	(1,177)	$	92
Liabilities:
Current:
Derivative instruments	$	—	$	9,643	$	—	$	9,643	$	(6,682)	$	2,961
Non-current:
Derivative instruments	$	—	$	1,378	$	—	$	1,378	$	(1,177)	$	201

Schedule of Offsetting Assets


	As of September 30, 2024
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In thousands)
Assets:
Current:
Derivative instruments	$	—	$	12,585	$	—	$	12,585	$	(9,790)	$	2,795
Non-current:

Derivative instruments	$	—	$	3,704	$	—	$	3,704	$	(977)	$	2,727
Liabilities:
Current:
Derivative instruments	$	—	$	10,691	$	—	$	10,691	$	(9,790)	$	901
Non-current:
Derivative instruments	$	—	$	977	$	—	$	977	$	(977)	$	—
2026 WTI Contingent Liability	$	—	$	4,789	$	—	$	4,789	$	—	$	4,789


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In thousands)
Assets:
Current:
Derivative instruments	$	—	$	7,040	$	—	$	7,040	$	(6,682)	$	358
Non-current:

Derivative instruments	$	—	$	1,269	$	—	$	1,269	$	(1,177)	$	92
Liabilities:
Current:
Derivative instruments	$	—	$	9,643	$	—	$	9,643	$	(6,682)	$	2,961
Non-current:
Derivative instruments	$	—	$	1,378	$	—	$	1,378	$	(1,177)	$	201

Schedule of Offsetting Liabilities


	As of September 30, 2024
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In thousands)
Assets:
Current:
Derivative instruments	$	—	$	12,585	$	—	$	12,585	$	(9,790)	$	2,795
Non-current:

Derivative instruments	$	—	$	3,704	$	—	$	3,704	$	(977)	$	2,727
Liabilities:
Current:
Derivative instruments	$	—	$	10,691	$	—	$	10,691	$	(9,790)	$	901
Non-current:
Derivative instruments	$	—	$	977	$	—	$	977	$	(977)	$	—
2026 WTI Contingent Liability	$	—	$	4,789	$	—	$	4,789	$	—	$	4,789


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In thousands)
Assets:
Current:
Derivative instruments	$	—	$	7,040	$	—	$	7,040	$	(6,682)	$	358
Non-current:

Derivative instruments	$	—	$	1,269	$	—	$	1,269	$	(1,177)	$	92
Liabilities:
Current:
Derivative instruments	$	—	$	9,643	$	—	$	9,643	$	(6,682)	$	2,961
Non-current:
Derivative instruments	$	—	$	1,378	$	—	$	1,378	$	(1,177)	$	201

Schedule of Assets and Liabilities Not Recorded at Fair Value

The following table provides the fair value of financial instruments that are not recorded at fair value in the condensed consolidated balance sheets:


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Debt:
Revolving credit facility	$	—	$	—	$	263,000	$	263,000
5.375% senior unsecured notes due 2027(1)	$	426,770	$	429,033	$	425,949	$	422,122
7.375% senior unsecured notes due 2031(1)	$	394,735	$	422,000	$	394,133	$	418,408

(1) The carrying value includes associated deferred loan costs and any discount.

DERIVATIVES - Gains and Losses on Derivative Instruments Included in Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) on derivative instruments	$ 7,410	$ (2,988)	$ 5,264	$ (30,685)
Net cash receipts (payments) on derivatives	$ 187	$ (3,807)	$ (2,038)	$ (10,019)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements and related notes thereto were prepared in accordance with GAAP. All material intercompany balances and transactions have been eliminated upon consolidation. The Company reports its operations in one reportable segment. These condensed consolidated financial statements have been prepared by the Company without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to SEC rules and regulations, although the Company believes the disclosures are adequate to make the information presented not misleading. This report should be read in conjunction with the Company’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2023, which contains a summary of the Company’s significant accounting policies and other disclosures.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on the previously reported total assets, total liabilities, stockholders’ equity, results of operations or cash flows.
Use of Estimates	Use of Estimates Certain amounts included in or affecting the Company’s financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the financial statements are prepared. These estimates and assumptions affect the amounts the Company reports for assets and liabilities and the Company’s disclosure of contingent assets and liabilities as of the date of the financial statements. Making accurate estimates and assumptions is particularly difficult in the oil and natural gas industry given the challenges resulting from volatility in oil and natural gas prices. For instance, the war in Ukraine, the Israel-Hamas war and other conflicts in the Middle East, higher interest rates, global supply chain disruptions and recent measures to combat persistent inflation and instability in the financial sector have contributed to recent pricing and economic volatility. The financial results of companies in the oil and natural gas industry have been and may continue to be impacted materially as a result of changing market conditions. Such circumstances generally increase uncertainty in the Company’s accounting estimates, particularly those involving financial forecasts. The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in each particular circumstance. Nevertheless, actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas interests, estimates of third party operated royalty income related to expected sales volumes and prices, the recoverability of costs of unevaluated properties, the fair value determination of assets and liabilities, including those acquired by the Company, fair value estimates of commodity derivatives and estimates of income taxes, including deferred tax valuation allowances.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Pronouncements There are no recently adopted pronouncements. Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures,” which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The amendments are effective for annual periods beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures,” which requires that certain information in a reporting entity’s tax rate reconciliation be disaggregated, and provides additional requirements regarding income taxes paid. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity. In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses,” which requires additional disclosure about specified categories of expenses included in relevant expense captions presented on the income statement. The amendments are effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity. The Company considers the applicability and impact of all ASUs. ASUs not discussed above were assessed and determined to be either not applicable, previously disclosed, or not material upon adoption.
Revenue from Contracts with Customers	Royalty income represents the right to receive revenues from oil, natural gas and natural gas liquids sales obtained from third party purchasers by the operator of the wells in which the Company owns a royalty interest. Royalty income is recognized at the point control of the product is transferred to the purchaser at the wellhead or at the gas processing facility based on the Company’s percentage ownership share of the revenue, net of any deductions for gathering and transportation. Virtually all of the pricing provisions in the Company’s contracts are tied to a market index.
Fair Value Measurement	Assets and Liabilities Measured at Fair Value on a Recurring Basis As discussed in Note 11—Fair Value Measurements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, certain assets and liabilities are reported at fair value on a recurring basis on the Company’s condensed consolidated balance sheets, including the Company’s derivative instruments and the 2026 WTI Contingent Liability. The 2026 WTI Contingent Liability is recorded in “Other long-term liabilities” on the Company’s condensed consolidated balance sheet at September 30, 2024, with the change in fair value being recognized in “Gain (loss) on derivative instruments, net” on the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2024. The fair values of the Company’s derivative contracts are measured internally using established commodity futures price strips for the underlying commodity provided by a reputable third party, the contracted notional volumes, and time to maturity. The net amounts are classified as current or noncurrent based on their anticipated settlement dates. The fair value of the 2026 WTI Contingent Liability is estimated using observable market data and a Monte Carlo pricing model, which are considered Level 2 inputs in the fair value hierarchy.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-Topic 235
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-URI https://asc.fasb.org/1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Not subject to depletion	$ 1,622,601	$ 1,769,341
Common Class A
Common stock par value (in usd per share)	$ 0.000001	$ 0.000001
Common stock authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	102,947,008	86,144,273
Common stock outstanding (in shares)	102,947,008	86,144,273
Common Class B
Common stock par value (in usd per share)	$ 0.000001	$ 0.000001
Common stock authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	85,431,453	90,709,946
Common stock outstanding (in shares)	85,431,453	90,709,946

SUBSEQUENT EVENTS (Details) $ / shares in Units, shares in Thousands, $ in Millions			1 Months Ended	3 Months Ended
	Oct. 31, 2024 $ / shares	Oct. 01, 2024 USD ($) a shares	Jan. 31, 2026 USD ($) $ / bbl	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Cash Distribution
Subsequent Event [Line Items]
Dividends declared (in usd per share) \| $ / shares				$ 0.64	$ 0.59	$ 0.56	$ 0.36	$ 0.33	$ 0.49
Subsequent Event \| Operating Company Units \| Cash Distribution
Subsequent Event [Line Items]
Dividends declared (in usd per share) \| $ / shares	$ 0.73
Subsequent Event \| Common Class A \| Quarterly Base Dividend
Subsequent Event [Line Items]
Dividends declared (in usd per share) \| $ / shares	0.30
Subsequent Event \| Common Class A \| Quarterly Variable Dividend
Subsequent Event [Line Items]
Dividends declared (in usd per share) \| $ / shares	0.31
Subsequent Event \| Common Class A \| Cash Distribution
Subsequent Event [Line Items]
Dividends declared (in usd per share) \| $ / shares	$ 0.61
TWR Acquisition \| TWR IV \| Forecast
Subsequent Event [Line Items]
Consideration transferred \| $			$ 41.0
TWR Acquisition \| TWR IV \| WTI 2025 Average 1 \| Forecast
Subsequent Event [Line Items]
Consideration transferred \| $			$ 16.4
TWR Acquisition \| TWR IV \| WTI 2025 Average 1 \| Minimum \| Forecast
Subsequent Event [Line Items]
Average price \| $ / bbl			60.00
TWR Acquisition \| TWR IV \| WTI 2025 Average 1 \| Maximum \| Forecast
Subsequent Event [Line Items]
Average price \| $ / bbl			65.00
TWR Acquisition \| TWR IV \| WTI 2025 Average 2 \| Forecast
Subsequent Event [Line Items]
Consideration transferred \| $			$ 24.6
TWR Acquisition \| TWR IV \| WTI 2025 Average 2 \| Minimum \| Forecast
Subsequent Event [Line Items]
Average price \| $ / bbl			65.00
TWR Acquisition \| TWR IV \| WTI 2025 Average 2 \| Maximum \| Forecast
Subsequent Event [Line Items]
Average price \| $ / bbl			75.00
TWR Acquisition \| TWR IV \| WTI 2025 Average 3 \| Forecast
Subsequent Event [Line Items]
Consideration transferred \| $			$ 41.0
Average price \| $ / bbl			75.00
TWR Acquisition \| Subsequent Event
Subsequent Event [Line Items]
Payments for asset acquisitions \| $		$ 458.9
Net royalty (acres) \| a		3,067
TWR Acquisition \| Subsequent Event \| Operating Company Units \| Viper Energy Inc.
Subsequent Event [Line Items]
Ownership percentage by parent		52.00%
TWR Acquisition \| Subsequent Event \| Operating Company Units \| TWR IV
Subsequent Event [Line Items]
Equity transferred (in shares) \| shares		10,090
TWR Acquisition \| Subsequent Event \| Common Class B \| TWR IV
Subsequent Event [Line Items]
Asset acquisition, option granted to acquire common stock, (in shares) \| shares		10,090
TWR Acquisition \| Subsequent Event \| Common Class A \| TWR IV
Subsequent Event [Line Items]
Lockup period		6 months

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating income:
Royalty income	$ 208,158	$ 195,614	$ 628,711	$ 514,896
Other operating income	180	193	461	774
Total operating income	209,588	293,240	631,688	622,985
Costs and expenses:
Production and ad valorem taxes	15,113	12,286	44,720	37,794
Depletion	54,528	36,280	149,821	101,331
Other operating (income) expense	(236)	0	(3)	0
Total costs and expenses	74,020	50,446	208,641	145,777
Income (loss) from operations	135,568	242,794	423,047	477,208
Other income (expense):
Interest expense, net	(16,739)	(10,970)	(54,736)	(31,636)
Gain (loss) on derivative instruments, net	7,410	(2,988)	5,264	(30,685)
Other income, net	0	256	0	258
Total other expense, net	(9,329)	(13,702)	(49,472)	(62,063)
Income (loss) before income taxes	126,239	229,092	373,575	415,145
Provision for (benefit from) income taxes	17,194	21,879	42,729	39,735
Net income (loss)	109,045	207,213	330,846	375,410
Net income (loss) attributable to non-controlling interest	60,128	128,614	181,668	232,294
Net income (loss) attributable to Viper Energy, Inc.	$ 48,917	$ 78,599	$ 149,178	$ 143,116
Net income (loss) attributable to common shares:
Basic (in usd per share)	$ 0.52	$ 1.11	$ 1.64	$ 1.99
Diluted (in usd per share)	$ 0.52	$ 1.11	$ 1.64	$ 1.99
Weighted average number of common shares outstanding:
Basic (in shares)	93,695	70,925	90,895	71,803
Diluted (in shares)	93,747	70,925	90,989	71,803
Revenue, Product and Service [Extensible Enumeration]	Royalty [Member]	Royalty [Member]	Royalty [Member]	Royalty [Member]
Oil income
Operating income:
Royalty income	$ 186,750	$ 168,008	$ 558,203	$ 443,927
Natural gas income
Operating income:
Royalty income	823	8,893	8,763	22,974
Natural gas liquids income
Operating income:
Royalty income	20,585	18,713	61,745	47,995
Related Party
Operating income:
Lease bonus income	107	97,237	227	105,585
Costs and expenses:
General and administrative expenses	2,569	924	7,391	2,772
Nonrelated Party
Operating income:
Lease bonus income	1,143	196	2,289	1,730
Costs and expenses:
General and administrative expenses	$ 2,046	$ 956	$ 6,712	$ 3,880

DERIVATIVES - Open Derivative Positions (Details) bbl in Thousands, MMBTU in Thousands	9 Months Ended
	Sep. 30, 2024 MMBTU $ / bbl $ / MMBTU bbl
OIL \| WTI Cushing \| Puts \| 2024 \| Oct. - Dec.
Derivative [Line Items]
Volume (BBls) \| bbl	16
Weighted average differential (per Bbl)	0
Weighted Average Floor Price (USD per Bbl/MMBtu)	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	0
Strike Price (USD per Bbl/MMBtu)	55.00
Deferred premium at a weighted average price (USD per Bbl/MMBtu)	(1.70)
OIL \| WTI Cushing \| Puts \| 2025 \| Jan. - Mar.
Derivative [Line Items]
Volume (BBls) \| bbl	20
Weighted average differential (per Bbl)	0
Weighted Average Floor Price (USD per Bbl/MMBtu)	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	0
Strike Price (USD per Bbl/MMBtu)	55.00
Deferred premium at a weighted average price (USD per Bbl/MMBtu)	(1.62)
OIL \| WTI Cushing \| Puts \| 2025 \| Apr. - Jun.
Derivative [Line Items]
Volume (BBls) \| bbl	20
Weighted average differential (per Bbl)	0
Weighted Average Floor Price (USD per Bbl/MMBtu)	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	0
Strike Price (USD per Bbl/MMBtu)	55.00
Deferred premium at a weighted average price (USD per Bbl/MMBtu)	(1.61)
OIL \| WTI Cushing \| Costless Collar \| 2024 \| Oct. - Dec.
Derivative [Line Items]
Volume (BBls) \| bbl	4
Weighted average differential (per Bbl)	0
Weighted Average Floor Price (USD per Bbl/MMBtu)	55.00
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	93.66
Strike Price (USD per Bbl/MMBtu)	0
Deferred premium at a weighted average price (USD per Bbl/MMBtu)	0
NATURAL GAS \| Waha Hub \| Basis Swaps \| 2024 \| Oct. - Dec.
Derivative [Line Items]
Volume, energy measure (MMBtu) \| MMBTU	30
Weighted average differential (per Bbl) \| $ / MMBTU	(1.20)
Weighted Average Floor Price (USD per Bbl/MMBtu) \| $ / MMBTU	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu) \| $ / MMBTU	0
Strike Price (USD per Bbl/MMBtu) \| $ / MMBTU	0
Deferred premium at a weighted average price (USD per Bbl/MMBtu) \| $ / MMBTU	0
NATURAL GAS \| Waha Hub \| Basis Swaps \| 2025 \| Jan. - Dec.
Derivative [Line Items]
Volume, energy measure (MMBtu) \| MMBTU	40
Weighted average differential (per Bbl) \| $ / MMBTU	(0.68)
Weighted Average Floor Price (USD per Bbl/MMBtu) \| $ / MMBTU	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu) \| $ / MMBTU	0
Strike Price (USD per Bbl/MMBtu) \| $ / MMBTU	0
Deferred premium at a weighted average price (USD per Bbl/MMBtu) \| $ / MMBTU	0
NATURAL GAS \| Henry Hub \| Costless Collar \| 2025 \| Jan. - Dec.
Derivative [Line Items]
Volume, energy measure (MMBtu) \| MMBTU	40
Weighted average differential (per Bbl) \| $ / MMBTU	0
Weighted Average Floor Price (USD per Bbl/MMBtu) \| $ / MMBTU	2.50
Weighted Average Ceiling Price (USD per Bbl/MMBtu) \| $ / MMBTU	4.85
Strike Price (USD per Bbl/MMBtu) \| $ / MMBTU	0
Deferred premium at a weighted average price (USD per Bbl/MMBtu) \| $ / MMBTU	0

ORGANIZATION AND BASIS OF PRESENTATION (Details)		9 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Details)	Mar. 08, 2024 shares	Sep. 30, 2024 segment shares	Mar. 31, 2024 shares	Mar. 07, 2024 shares	Dec. 31, 2023 shares
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of reportable segments \| segment		1
Viper Energy Partners LLC
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage		55.00%
Diamondback Energy, Inc. \| Viper Energy Inc.
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Beneficial ownership (less than)	50.00%	45.00%
Common Class A
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock outstanding (in shares)		102,947,008			86,144,273
Common Class A \| Diamondback Energy, Inc.
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock outstanding (in shares)	0		0	7,946,507
Common Class A \| Diamondback Offering \| Diamondback Energy, Inc.
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of shares issued (in shares)	13,200,000
Common Class B
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock outstanding (in shares)		85,431,453			90,709,946
Common Class B \| Diamondback Energy, Inc.
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock outstanding (in shares)	85,431,453

ACQUISITIONS AND DIVESTITURES - Divestitures (Details) - Discontinued Operations, Disposed of by Sale - Divestiture of Non-Permian Assets	3 Months Ended
	Jun. 30, 2024 USD ($) a bbl
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of acres	$ 87,200,000
Area of land, net \| a	2,713
Oil production per day \| bbl	450
Gain or loss recognized on the sale	$ 0

FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
5.375% Senior unsecured notes due 2027 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage	5.375%
7.375% Senior unsecured notes due 2031 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage	7.375%
Carrying Value \| Nonrecurring \| 5.375% Senior unsecured notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 426,770	$ 425,949
Carrying Value \| Nonrecurring \| 7.375% Senior unsecured notes due 2031
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	394,735	394,133
Carrying Value \| Nonrecurring \| Revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	263,000
Fair Value \| Nonrecurring \| 5.375% Senior unsecured notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	429,033	422,122
Fair Value \| Nonrecurring \| 7.375% Senior unsecured notes due 2031
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	422,000	418,408
Fair Value \| Nonrecurring \| Revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 0	$ 263,000

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-36505
Entity Registrant Name	Viper Energy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5001985
Entity Address, Address Line One	500 West Texas Ave.
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Midland,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	432
Local Phone Number	221-7400
Title of 12(b) Security	Class A Common Stock$0.000001 par value
Trading Symbol	VNOM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001602065
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Shares, Shares Outstanding		102,977,142
Common Class B
Document Information [Line Items]
Entity Common Shares, Shares Outstanding		85,431,453

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to the period	$ 48,917	$ 78,599	$ 149,178	$ 143,116

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
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-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
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-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

DERIVATIVES

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

All derivative financial instruments are recorded at fair value. The Company has not designated its derivative instruments as hedges for accounting purposes and, as a result, marks its derivative instruments to fair value and recognizes the cash and non-cash changes in fair value in the condensed consolidated statements of operations under the caption “Gain (loss) on derivative instruments, net.”

Commodity Contracts

The Company historically has used fixed price swap contracts, fixed price basis swap contracts and costless collars with corresponding put and call options to reduce price volatility associated with certain of its royalty income. At September 30, 2024, the Company has put options, costless collars and fixed price basis swaps outstanding.

The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with put contracts for oil based on WTI Cushing and fixed price basis swaps for oil based on the spread between the WTI Cushing crude oil price and the Argus WTI Midland crude oil price. The Company’s fixed price basis swaps for natural gas are for the spread between the Waha Hub natural gas price and the Henry Hub natural gas price. The weighted average differential represents the amount of reduction to the WTI Cushing oil price and the Waha Hub natural gas price for the notional volumes covered by the basis swap contracts. Under the Company’s costless collar contracts, each collar has an established floor price and ceiling price. When the settlement price is below the floor price, the counterparty is required to make a payment to the Company, and when the settlement price is above the ceiling price, the Company is required to make a payment to the counterparty. When the settlement price is between the floor and the ceiling, there is no payment required.

By using derivative instruments to economically hedge exposure to changes in commodity prices, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company’s counterparties are all participants in the amended and restated credit facility, which is secured by substantially all of the assets of the Operating Company; therefore, the Company is not required to post any collateral. The Company’s counterparties have been determined to have an acceptable credit risk; therefore, the Company does not require collateral from its counterparties.

As of September 30, 2024, the Company had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.


					Swaps	Collars		Puts
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Weighted Average Differential	Weighted Average Floor Price	Weighted Average Ceiling Price	Strike Price	Deferred Premium
OIL
Oct. - Dec.	2024	Puts	16,000	WTI Cushing	$—	$—	$—	$55.00	$(1.70)
Oct. - Dec.	2024	Costless Collar	4,000	WTI Cushing	$—	$55.00	$93.66	$—	$—
Jan. - Mar.	2025	Puts	20,000	WTI Cushing	$—	$—	$—	$55.00	$(1.62)
Apr. - Jun.	2025	Puts	20,000	WTI Cushing	$—	$—	$—	$55.00	$(1.61)
NATURAL GAS
Oct. - Dec.	2024	Basis Swaps	30,000	Waha Hub	$(1.20)	$—	$—	$—	$—
Jan. - Dec.	2025	Basis Swaps	40,000	Waha Hub	$(0.68)	$—	$—	$—	$—
Jan. - Dec.	2025	Costless Collar	40,000	Henry Hub	$—	$2.50	$4.85	$—	$—

Balance Sheet Offsetting of Derivative Assets and Liabilities

The fair value of derivative instruments is generally determined using established index prices and other sources which are based upon, among other things, futures prices and time to maturity. These fair values are recorded by netting asset and liability positions, including any deferred premiums, that are with the same counterparty and are subject to contractual terms which provide for net settlement. See Note 11—Fair Value Measurements for further details.

Gains and Losses on Derivative Instruments


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Gain (loss) on derivative instruments	$	7,410	$	(2,988)	$	5,264	$	(30,685)
Net cash receipts (payments) on derivatives	$	187	$	(3,807)	$	(2,038)	$	(10,019)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following as of the dates indicated:


	September 30,		December 31,
	2024		2023
	(In thousands)
Interest payable	$	21,939	$	11,036
Ad valorem taxes payable	14,273		13,299
Derivatives instruments payable	790		1,279
Other	4,463		1,407
Total accrued liabilities	$	41,465	$	27,021

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Organization Effective November 13, 2023 (the “Effective Time”), Viper Energy Partners LP (the “Partnership”) converted from a publicly traded Delaware limited partnership to a Delaware corporation pursuant to a plan of conversion (the “Conversion”) and changed names from Viper Energy Partners LP to Viper Energy, Inc. This report includes the results for the Partnership prior to the Conversion and Viper Energy, Inc. (the “Company”) following the Conversion. References to the “Company” refer to (i) Viper Energy, Inc. and its consolidated subsidiaries following the Conversion, and (ii) the Partnership and its consolidated subsidiaries prior to the Conversion. References to shares or per share amounts prior to the Conversion refer to units or per unit amounts. Unless otherwise noted, all references to shares or per share amounts following the Conversion refer to shares or per share amounts of the Company’s Common Stock. References to dividends prior to the Conversion refer to distributions. There were no tax impacts resulting from the Conversion as the Partnership was treated as a corporation for tax purposes. The Company is a publicly traded Delaware corporation focused on owning and acquiring mineral interests and royalty interests in oil and natural gas properties primarily in the Permian Basin. As of September 30, 2024, Viper Energy, Inc. owned approximately 55% of the units representing limited liability company interests in its operating subsidiary Viper Energy Partners LLC (the “Operating Company”) and was the managing member of the Operating Company. Prior to March 8, 2024, the Company was a “controlled company” under the rules of the Nasdaq Stock Market LLC (the “Nasdaq Rules”). On March 8, 2024, the Company’s parent, Diamondback, completed an underwritten public offering in which it sold approximately 13.2 million shares of the Company’s Class A Common Stock (the “Diamondback Offering”). Following the Diamondback Offering, Diamondback owned no shares of the Company’s Class A Common Stock and owned 85,431,453 shares of the Company’s Class B Common Stock, reducing its beneficial ownership to less than 50% of the Company’s total Common Stock outstanding. As such, the Company ceased to be a “controlled company” under the Nasdaq Rules. Prior to the Diamondback Offering, the Company’s board of directors had a majority of independent directors and a standing audit committee comprised of all independent directors but had elected to take advantage of certain exemptions from corporate governance requirements applicable to controlled companies under the Nasdaq Rules and, until March 8, 2024, did not have a compensation committee or a committee of independent directors that selects director nominees. Effective as of March 8, 2024, the Company’s board of directors formed (i) the compensation committee for purposes of making certain executive and other compensation decisions, and (ii) the nominating and corporate governance committee for purposes of making certain nominating and corporate governance decisions, with each such committee’s rights and obligations being subject to the terms and conditions of (x) the Company’s certificate of incorporation, (y) such committee’s charter as adopted by the board, and (z) the services and secondment agreement, dated as of November 2, 2023, pursuant to which Diamondback provides personnel and general and administrative services to us, including the services of the executive officers and other employees, substantially in the same manner as those provided to the Company by the former General Partner prior to the Conversion (the “Services and Secondment Agreement”). As of September 30, 2024, Diamondback beneficially owned approximately 45% of the Company’s total Common Stock outstanding. Basis of Presentation The accompanying condensed consolidated financial statements and related notes thereto were prepared in accordance with GAAP. All material intercompany balances and transactions have been eliminated upon consolidation. The Company reports its operations in one reportable segment. These condensed consolidated financial statements have been prepared by the Company without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to SEC rules and regulations, although the Company believes the disclosures are adequate to make the information presented not misleading. This report should be read in conjunction with the Company’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2023, which contains a summary of the Company’s significant accounting policies and other disclosures. Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on the previously reported total assets, total liabilities, stockholders’ equity, results of operations or cash flows.

FAIR VALUE MEASUREMENTS - Recurring Measurements (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative instruments \| Current Assets
Assets:
Total Gross Fair Value	$ 12,585	$ 7,040
Gross Amounts Offset in Balance Sheet	(9,790)	(6,682)
Net Fair Value Presented in Balance Sheet	2,795	358
Derivative instruments \| Noncurrent Assets
Assets:
Total Gross Fair Value	3,704	1,269
Gross Amounts Offset in Balance Sheet	(977)	(1,177)
Net Fair Value Presented in Balance Sheet	2,727	92
Derivative instruments \| Current Liabilities
Liabilities:
Total Gross Fair Value	10,691	9,643
Gross Amounts Offset in Balance Sheet	(9,790)	(6,682)
Net Fair Value Presented in Balance Sheet	901	2,961
Derivative instruments \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	977	1,378
Gross Amounts Offset in Balance Sheet	(977)	(1,177)
Net Fair Value Presented in Balance Sheet	0	201
2026 WTI Contingent Liability \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	4,789
Gross Amounts Offset in Balance Sheet	0
Net Fair Value Presented in Balance Sheet	4,789
Level 1 \| Derivative instruments \| Current Assets
Assets:
Total Gross Fair Value	0	0
Level 1 \| Derivative instruments \| Noncurrent Assets
Assets:
Total Gross Fair Value	0	0
Level 1 \| Derivative instruments \| Current Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 1 \| Derivative instruments \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 1 \| 2026 WTI Contingent Liability \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	0
Level 2 \| Derivative instruments \| Current Assets
Assets:
Total Gross Fair Value	12,585	7,040
Level 2 \| Derivative instruments \| Noncurrent Assets
Assets:
Total Gross Fair Value	3,704	1,269
Level 2 \| Derivative instruments \| Current Liabilities
Liabilities:
Total Gross Fair Value	10,691	9,643
Level 2 \| Derivative instruments \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	977	1,378
Level 2 \| 2026 WTI Contingent Liability \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	4,789
Level 3 \| Derivative instruments \| Current Assets
Assets:
Total Gross Fair Value	0	0
Level 3 \| Derivative instruments \| Noncurrent Assets
Assets:
Total Gross Fair Value	0	0
Level 3 \| Derivative instruments \| Current Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 3 \| Derivative instruments \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	0	$ 0
Level 3 \| 2026 WTI Contingent Liability \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	$ 0

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ 17,194	$ 21,879	$ 42,729	$ 39,735
Effective tax rate	13.60%	9.60%	11.40%	9.60%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

ACQUISITIONS AND DIVESTITURES - Acquisitions (Details) shares in Thousands, $ in Millions					1 Months Ended	9 Months Ended	12 Months Ended
	Sep. 03, 2024 USD ($) a	Nov. 01, 2023 USD ($) a shares	Oct. 31, 2023 USD ($)	Mar. 08, 2023 USD ($) a bbl	Jan. 31, 2026 USD ($) $ / bbl	Sep. 30, 2024 USD ($) a	Dec. 31, 2023 USD ($) a
2023 Viper Issuance of Common Units to Diamondback
Asset Acquisition [Line Items]
Proceeds from sale of stock			$ 200.0
7.375% Senior unsecured notes due 2031 \| Senior Notes
Asset Acquisition [Line Items]
Debt instrument, interest rate, stated percentage						7.375%
Q Acquisitions
Asset Acquisition [Line Items]
Net royalty (acres) \| a	406
Q Acquisitions \| Forecast \| WTI 2025 Average 3
Asset Acquisition [Line Items]
Consideration transferred					$ 5.4
M Acquisitions
Asset Acquisition [Line Items]
Net royalty (acres) \| a	267
Permian Basin Acquisition
Asset Acquisition [Line Items]
Net royalty (acres) \| a						256
Aggregate purchase price						$ 52.0
GRP Acquisition
Asset Acquisition [Line Items]
Aggregate purchase price		$ 747.6
Equity transferred (in shares) \| shares		9,020
2023 Permian Basin Acquisition
Asset Acquisition [Line Items]
Net royalty (acres) \| a		4,600
2023 Other Major Basin Acquisitions
Asset Acquisition [Line Items]
Net royalty (acres) \| a		2,700
Drop Down Acquisition
Asset Acquisition [Line Items]
Net royalty (acres) \| a				660
Aggregate purchase price				$ 74.5
Percentage of acreage acquired				100.00%
Average net royalty interest				7.20%
Oil production per day \| bbl				300
2023 Acquisition Permian Basin
Asset Acquisition [Line Items]
Net royalty (acres) \| a							286
Aggregate purchase price							$ 70.4
Tumbleweed-Q Royalties, LLC \| Q Acquisitions
Asset Acquisition [Line Items]
Contingent consideration liability	$ 2.9
Aggregate purchase price	113.6
Tumbleweed-Q Royalties, LLC \| Q Acquisitions \| Forecast
Asset Acquisition [Line Items]
Consideration transferred					5.4
Tumbleweed-Q Royalties, LLC \| Q Acquisitions \| Forecast \| WTI 2025 Average 1
Asset Acquisition [Line Items]
Consideration transferred					$ 2.2
Tumbleweed-Q Royalties, LLC \| Q Acquisitions \| Forecast \| WTI 2025 Average 1 \| Minimum
Asset Acquisition [Line Items]
Average price \| $ / bbl					60.00
Tumbleweed-Q Royalties, LLC \| Q Acquisitions \| Forecast \| WTI 2025 Average 1 \| Maximum
Asset Acquisition [Line Items]
Average price \| $ / bbl					65.00
Tumbleweed-Q Royalties, LLC \| Q Acquisitions \| Forecast \| WTI 2025 Average 2
Asset Acquisition [Line Items]
Consideration transferred					$ 3.2
Tumbleweed-Q Royalties, LLC \| Q Acquisitions \| Forecast \| WTI 2025 Average 2 \| Minimum
Asset Acquisition [Line Items]
Average price \| $ / bbl					65.00
Tumbleweed-Q Royalties, LLC \| Q Acquisitions \| Forecast \| WTI 2025 Average 2 \| Maximum
Asset Acquisition [Line Items]
Average price \| $ / bbl					75.00
Tumbleweed-Q Royalties, LLC \| Q Acquisitions \| Forecast \| WTI 2025 Average 3
Asset Acquisition [Line Items]
Average price \| $ / bbl					75.00
MC TWR Royalties, LP and MC TWR Intermediate, LLC \| M Acquisitions
Asset Acquisition [Line Items]
Contingent consideration liability	1.9
Aggregate purchase price	$ 75.8
MC TWR Royalties, LP and MC TWR Intermediate, LLC \| M Acquisitions \| Forecast
Asset Acquisition [Line Items]
Consideration transferred					$ 3.6
MC TWR Royalties, LP and MC TWR Intermediate, LLC \| M Acquisitions \| Forecast \| WTI 2025 Average 1
Asset Acquisition [Line Items]
Consideration transferred					$ 1.4
MC TWR Royalties, LP and MC TWR Intermediate, LLC \| M Acquisitions \| Forecast \| WTI 2025 Average 1 \| Minimum
Asset Acquisition [Line Items]
Average price \| $ / bbl					60.00
MC TWR Royalties, LP and MC TWR Intermediate, LLC \| M Acquisitions \| Forecast \| WTI 2025 Average 1 \| Maximum
Asset Acquisition [Line Items]
Average price \| $ / bbl					65.00
MC TWR Royalties, LP and MC TWR Intermediate, LLC \| M Acquisitions \| Forecast \| WTI 2025 Average 2
Asset Acquisition [Line Items]
Consideration transferred					$ 2.2
MC TWR Royalties, LP and MC TWR Intermediate, LLC \| M Acquisitions \| Forecast \| WTI 2025 Average 2 \| Minimum
Asset Acquisition [Line Items]
Average price \| $ / bbl					65.00
MC TWR Royalties, LP and MC TWR Intermediate, LLC \| M Acquisitions \| Forecast \| WTI 2025 Average 2 \| Maximum
Asset Acquisition [Line Items]
Average price \| $ / bbl					75.00
MC TWR Royalties, LP and MC TWR Intermediate, LLC \| M Acquisitions \| Forecast \| WTI 2025 Average 3
Asset Acquisition [Line Items]
Consideration transferred					$ 3.6
Average price \| $ / bbl					75.00

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narratives (Details) - Affiliated Entity - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Royalty Income Receivable
Related Party Transaction [Line Items]
Royalty income	$ 36.0		$ 36.0		$ 3.3
Lease Bonus Income
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 0.1	$ 97.2	$ 0.2	$ 105.6

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 168,649	$ 25,869
Income tax receivable	0	813
Derivative instruments	2,795	358
Prepaid expenses and other current assets	3,882	4,467
Total current assets	320,180	143,517
Property:
Oil and natural gas interests, full cost method of accounting ($1,622,601 and $1,769,341 excluded from depletion at September 30, 2024 and December 31, 2023, respectively)	4,771,268	4,628,983
Land	5,688	5,688
Accumulated depletion and impairment	(1,016,173)	(866,352)
Property, net	3,760,783	3,768,319
Funds held in escrow	43,050	0
Derivative instruments	2,727	92
Deferred income taxes (net of allowances)	74,617	56,656
Other assets	4,653	5,509
Total assets	4,206,010	3,974,093
Current liabilities:
Accrued liabilities	41,465	27,021
Derivative instruments	901	2,961
Income taxes payable	1,816	1,925
Total current liabilities	44,208	33,256
Long-term debt, net	821,505	1,083,082
Derivative instruments	0	201
Other long-term liabilities	4,789	0
Total liabilities	870,502	1,116,539
Commitments and contingencies (Note 12)
Stockholders’ equity:
Additional paid-in capital	1,429,649	1,031,078
Retained earnings (accumulated deficit)	(28,691)	(16,786)
Total Viper Energy, Inc. stockholders’ equity	1,400,958	1,014,292
Non-controlling interest	1,934,550	1,843,262
Total equity	3,335,508	2,857,554
Total liabilities and stockholders’ equity	4,206,010	3,974,093
Common Class A
Stockholders’ equity:
Common Stock	0	0
Common Class B
Stockholders’ equity:
Common Stock	0	0
Nonrelated Party
Current assets:
Royalty income receivable	108,857	108,681
Current liabilities:
Accounts payable	26	19
Related Party
Current assets:
Royalty income receivable	35,997	3,329
Current liabilities:
Accounts payable	$ 0	$ 1,330

STOCKHOLDERS’ EQUITY - Ownership Interest in Subsidiary Changes (Details) - USD ($) $ in Thousands	3 Months Ended					9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Company	$ 48,917		$ 78,599			$ 149,178	$ 143,116
Change in ownership of consolidated subsidiaries, net	0	$ 17,455	0	$ 0	$ 0
Affiliated Entity
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Company	48,917		78,599			149,178	143,116
Change in ownership of consolidated subsidiaries, net	(155,839)		3,469			(79,485)	31,667
Change from net income (loss) attributable to the Company's stockholders and transfers with non-controlling interest	$ (106,922)		$ 82,068			$ 69,693	$ 174,783

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

OIL AND NATURAL GAS INTERESTS (Details)	3 Months Ended		9 Months Ended
OIL AND NATURAL GAS INTERESTS (Details)	Sep. 30, 2024 USD ($) a	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) a	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) a
Oil and natural gas interests:
Subject to depletion	$ 3,148,667,000		$ 3,148,667,000		$ 2,859,642,000
Not subject to depletion	1,622,601,000		1,622,601,000		1,769,341,000
Gross oil and natural gas interests	4,771,268,000		4,771,268,000		4,628,983,000
Accumulated depletion and impairment	(1,016,173,000)		(1,016,173,000)		(866,352,000)
Oil and natural gas interests, net	3,755,095,000		3,755,095,000		3,762,631,000
Land	5,688,000		5,688,000		5,688,000
Property, net	$ 3,760,783,000		$ 3,760,783,000		$ 3,768,319,000
Mineral properties, net royalty acres \| a	32,567		32,567		34,217
Impairment	$ 0	$ 0	$ 0	$ 0

INCOME TAXES - Narrative (Details) - USD ($) shares in Thousands	1 Months Ended
	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Conversion of Stock [Line Items]
Increase in deferred tax asset	$ 28,200,000
Valuation allowance increase	$ 10,800,000
Excise tax payable		$ 0	$ 0
Common Class B
Conversion of Stock [Line Items]
Shares converted (in shares)	5,280
Operating Company Units
Conversion of Stock [Line Items]
Shares converted (in shares)	5,280
Common Class A
Conversion of Stock [Line Items]
Shares issued (in shares)	5,280
Class A - from Operating Units Transaction
Conversion of Stock [Line Items]
Shares issued (in shares)	5,280

STOCKHOLDERS’ EQUITY

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

STOCKHOLDERS’ EQUITY

At September 30, 2024, the Company had a total of 102,947,008 shares of Class A Common Stock issued and outstanding and 85,431,453 shares of Class B Common Stock issued and outstanding. All of the shares of Class B Common Stock were beneficially owned by Diamondback, representing approximately 45% of the Company’s total shares outstanding. Diamondback also beneficially owned 85,431,453 Operating Company units, representing a 45% non-controlling ownership interest in the Operating Company, and the Company owned the remaining 102,947,008 Operating Company units. The Operating Company units and the Company’s Class B Common Stock beneficially owned by Diamondback are exchangeable from time to time for the Company’s Class A Common Stock (that is, one Operating Company unit and one share of the Company’s Class B Common Stock, together, are exchangeable for one share of the Company’s Class A Common Stock).

2024 Equity Offering

On September 13, 2024, the Company completed an underwritten public offering of approximately 11.50 million shares of its Class A Common Stock, which included 1.50 million shares issued pursuant to an option to purchase additional shares of Class A Common Stock granted to the underwriters, at a price to the public of $42.50 per share for total net proceeds of approximately $475.9 million, after the underwriters’ discount and transaction costs (the “2024 Equity Offering”). The net proceeds were used to fund a portion of the cash consideration for the TWR Acquisition as defined below in Note 13—Subsequent Events. Pending closing of the TWR Acquisition, the Company temporarily repaid all of the amounts outstanding under the Operating Company’s revolving credit facility with a portion of the net proceeds from the 2024 Equity Offering.

2023 Viper Issuance of Common Units to Diamondback

In October 2023, the Company issued approximately 7.22 million of its common units to Diamondback at a price of $27.72 per unit for total net proceeds of approximately $200.0 million. The net proceeds were used to fund a portion of the cash consideration for the GRP Acquisition.

Common Stock Repurchase Program

The Company’s board of directors has authorized a $750.0 million common stock repurchase program, with respect to the repurchase of the Company’s Class A Common Stock, excluding excise tax, over an indefinite period of time. The Company has and intends to continue to purchase shares of Class A Common Stock under the repurchase program opportunistically with funds from cash on hand, free cash flow from operations and potential liquidity events such as the sale of assets. This repurchase program may be suspended from time to time, modified, extended or discontinued by the Company’s board of directors at any time.

There were no repurchases of Class A Common Stock during the three and nine months ended September 30, 2024. During the three and nine months ended September 30, 2023 the Company repurchased, excluding excise tax, approximately $9.6 million and $66.5 million common units under the repurchase program, respectively. As of September 30, 2024, approximately $434.2 million remains available under the repurchase program, excluding excise tax.

Cash Dividends

The board of directors of the Company has established a dividend policy, whereby the Operating Company distributes all or a portion of its available cash on a quarterly basis to its unitholders (including Diamondback, the Company and, following the TWR Acquisition completed on October 1, 2024, TWR IV). The Company in turn distributes all or a portion of the available cash it receives from the Operating Company to holders of its Class A Common Stock through base and variable dividends that take into account capital returned to stockholders via its stock repurchase program. The Company’s available cash and the available cash of the Operating Company for each quarter is determined by the board of directors following the end of such quarter.

The cash available for distribution by the Operating Company, a non-GAAP measure, generally equals the Company’s consolidated Adjusted EBITDA for the applicable quarter, less cash needed for income taxes payable, debt service, contractual obligations, fixed charges and reserves for future operating or capital needs that the board of directors of the Company deems necessary or appropriate, lease bonus income (net of applicable taxes), distribution equivalent rights payments, preferred dividends, and an adjustment for changes in ownership interests that occurred subsequent to the quarter, if any. For a detailed description of the Company’s and the Operating Company’s dividend policy, see Note 7—Stockholders’ Equity—Cash Dividends in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

The percentage of cash available for distribution by the Operating Company pursuant to its distribution policy may change quarterly to enable the Operating Company to retain cash flow to help strengthen the Company’s balance sheet while also expanding the return of capital program through the Company’s stock repurchase program. The Company is not required to pay dividends to its Class A Common stockholders on a quarterly or other basis.

The following table presents information regarding cash dividends paid during the periods presented (in thousands, except for per share amounts):


	Distributions
	(In thousands, except share amounts)
Period	Amount per Operating Company Unit		Operating Company Distributions to Diamondback		Amount per Common Share		Common Stockholders(1)(2)		Declaration Date	Stockholder Record Date	Payment Date
2024
Q4 2023	$	0.69	$	62,590	$	0.56	$	48,337	February 15, 2024	March 5, 2024	March 12, 2024
Q1 2024	$	0.70	$	59,803	$	0.59	$	54,077	April 25, 2024	May 15, 2024	May 22, 2024
Q2 2024	$	0.76	$	64,927	$	0.64	$	58,669	August 1, 2024	August 15, 2024	August 22, 2024


2023
Q4 2022	$	0.54	$	48,983	$	0.49	$	35,683	February 15, 2023	March 3, 2023	March 10, 2023
Q1 2023	$	0.42	$	38,097	$	0.33	$	23,797	April 26, 2023	May 11, 2023	May 18, 2023
Q2 2023	$	0.44	$	39,912	$	0.36	$	25,563	July 25, 2023	August 10, 2023	August 17, 2023

(2)For distributions paid in 2023, includes amounts paid to Diamondback for the 731,500 common units then beneficially owned by Diamondback.

Cash dividends will be made to the common stockholders of record on the applicable record date, generally within 60 days after the end of each quarter.

Change in Ownership of Consolidated Subsidiaries

Non-controlling interest in the accompanying condensed consolidated financial statements represents Diamondback’s ownership in the net assets of the Operating Company. Diamondback’s relative ownership interest in the Operating Company can change due to its purchase or sale of the Company’s Common Stock, the Company’s public offerings of shares of Class A Common Stock, issuance of shares of Class A Common Stock or Operating Company units for acquisitions, share-based compensation, repurchases of shares of Class A Common Stock and distribution equivalent rights paid on the Company’s Class A Common Stock. These changes in ownership percentage result in adjustments to non-controlling interest and stockholders’ equity, tax effected, but do not impact earnings.

The following table summarizes the changes in stockholders’ equity due to changes in ownership interest during the period:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Net income (loss) attributable to the Company	$	48,917	$	78,599	$	149,178	$	143,116
Change in ownership of consolidated subsidiaries	(155,839)		3,469		(79,485)		31,667
Change from net income (loss) attributable to the Company's stockholders and transfers with non-controlling interest	$	(106,922)	$	82,068	$	69,693	$	174,783

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Maturities of Long-Term Debt

Long-term debt consisted of the following as of the dates indicated:


	September 30,		December 31,
	2024		2023
	(In thousands)
5.375% Senior unsecured notes due 2027	$	430,350	$	430,350
7.375% Senior unsecured notes due 2031	400,000		400,000
Revolving credit facility	—		263,000
Unamortized debt issuance costs	(6,098)		(6,903)
Unamortized discount	(2,747)		(3,365)
Total long-term debt	$	821,505	$	1,083,082

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	$ (6,098)	$ (6,903)
Unamortized discount	(2,747)	(3,365)
Total long-term debt	821,505	1,083,082
Revolving credit facility
Line of Credit Facility [Line Items]
Long term debt gross	$ 0	263,000
5.375% Senior unsecured notes due 2027 \| Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage	5.375%
Long term debt gross	$ 430,350	430,350
7.375% Senior unsecured notes due 2031 \| Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage	7.375%
Long term debt gross	$ 400,000	$ 400,000

DEBT - Narrative (Details) - Revolving credit facility - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 22, 2023
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity					$ 2,000,000,000.0
Credit facility borrowing base					$ 1,300,000,000
Commitment amount	$ 850,000,000.0		$ 850,000,000.0
Debt outstanding	0		0
Credit facility remaining borrowing capacity	$ 850,000,000.0		$ 850,000,000.0
Weighted average interest rate	7.51%	7.58%	7.52%	7.37%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

Certain amounts included in or affecting the Company’s financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the financial statements are prepared. These estimates and assumptions affect the amounts the Company reports for assets and liabilities and the Company’s disclosure of contingent assets and liabilities as of the date of the financial statements.

Making accurate estimates and assumptions is particularly difficult in the oil and natural gas industry given the challenges resulting from volatility in oil and natural gas prices. For instance, the war in Ukraine, the Israel-Hamas war and other conflicts in the Middle East, higher interest rates, global supply chain disruptions and recent measures to combat persistent inflation and instability in the financial sector have contributed to recent pricing and economic volatility. The financial results of companies in the oil and natural gas industry have been and may continue to be impacted materially as a result of changing market conditions. Such circumstances generally increase uncertainty in the Company’s accounting estimates, particularly those involving financial forecasts.

The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in each particular circumstance. Nevertheless, actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas interests, estimates of third party operated royalty income related to expected sales volumes and prices, the recoverability of costs of unevaluated properties, the fair value determination of assets and liabilities, including those acquired by the Company, fair value estimates of commodity derivatives and estimates of income taxes, including deferred tax valuation allowances.

Related Party Transactions

Royalty Income Receivable

As of September 30, 2024 and December 31, 2023, Diamondback, either directly or through its consolidated subsidiaries, owed the Company $36.0 million and $3.3 million, respectively, for royalty income received from third parties for the Company’s production, which had not yet been remitted to the Company.

Lease Bonus Income

During the three and nine months ended September 30, 2024 and 2023, Diamondback paid the Company $0.1 million, $0.2 million, $97.2 million and $105.6 million, respectively, of lease bonus income primarily related to new leases in the Midland Basin.

Other Related Party Transactions

See Note 4—Acquisitions and Divestitures for significant related party acquisitions of oil and natural gas interests.

See Note 7—Stockholder's Equity for further details regarding equity transactions with related parties.

All other significant related party transactions with Diamondback or its affiliates have been stated on the face of the condensed consolidated financial statements.

Accrued Liabilities

Accrued liabilities consist of the following as of the dates indicated:


	September 30,		December 31,
	2024		2023
	(In thousands)
Interest payable	$	21,939	$	11,036
Ad valorem taxes payable	14,273		13,299
Derivatives instruments payable	790		1,279
Other	4,463		1,407
Total accrued liabilities	$	41,465	$	27,021

Recent Accounting Pronouncements

Recently Adopted Pronouncements

There are no recently adopted pronouncements.

Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures,” which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The amendments are effective for annual periods beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures,” which requires that certain information in a reporting entity’s tax rate reconciliation be disaggregated, and provides additional requirements regarding income taxes paid. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses,” which requires additional disclosure about specified categories of expenses included in relevant expense captions presented on the income statement. The amendments are effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity.

The Company considers the applicability and impact of all ASUs. ASUs not discussed above were assessed and determined to be either not applicable, previously disclosed, or not material upon adoption.

OIL AND NATURAL GAS INTERESTS (Tables)

9 Months Ended

Sep. 30, 2024

Extractive Industries [Abstract]

Schedule of Oil and Natural Gas Interest

Oil and natural gas interests include the following for the periods presented:


	September 30,		December 31,
	2024		2023
	(In thousands)
Oil and natural gas interests:
Subject to depletion	$	3,148,667	$	2,859,642
Not subject to depletion	1,622,601		1,769,341
Gross oil and natural gas interests	4,771,268		4,628,983
Accumulated depletion and impairment	(1,016,173)		(866,352)
Oil and natural gas interests, net	3,755,095		3,762,631
Land	5,688		5,688
Property, net of accumulated depletion and impairment	$	3,760,783	$	3,768,319

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS TWR Acquisition On October 1, 2024, the Company and the Operating Company acquired all of the issued and outstanding equity interests in TWR IV, LLC and TWR IV SellCo, LLC from Tumbleweed Royalty IV, LLC (“TWR IV”) and TWR IV SellCo Parent, LLC (the “TWR Acquisition”), pursuant to a definitive purchase and sale agreement for consideration consisting of approximately (i) $458.9 million in cash, subject to transaction costs and customary post-closing adjustments, (ii) 10.09 million Operating Company units to TWR IV, (iii) an option (the “TWR Class B Option”) granted to TWR IV to acquire up to 10.09 million shares of the Company’s Class B Common Stock, and (iv) contingent cash consideration of up to $41.0 million, payable in January of 2026, based on the WTI 2025 Average. The contingent cash consideration payment will be (i) $16.4 million if the WTI 2025 Average is between $60.00 and $65.00, (ii) $24.6 million if the WTI 2025 Average is between $65.00 and $75.00, or (iii) $41.0 million if the WTI 2025 Average is greater than $75.00. TWR IV can exchange some or all of the Operating Company units received for an equal number of shares of Class A Common Stock upon expiration of a six month lockup period, and any Operating Company units so exchanged will reduce the number of shares of Class B Common Stock subject to the TWR Class B Option. The mineral and royalty interests acquired in the TWR Acquisition represent approximately 3,067 net royalty acres located primarily in the Permian Basin. The Company funded the cash consideration through a combination of cash on hand, borrowings under the Operating Company’s revolving credit facility and proceeds from the 2024 Equity Offering. Following the completion of the TWR Acquisition, as of October 1, 2024, Viper Energy, Inc. owned approximately 52% of the Operating Company units and remained the managing member of the Operating Company. Cash Dividend On October 31, 2024, the board of directors of the Company approved a cash dividend for the third quarter of 2024 of $0.61 per share of Class A Common Stock and $0.73 per Operating Company unit, in each case, payable on November 21, 2024, to holders of record at the close of business on November 14, 2024. The dividend on Class A Common Stock consists of a base quarterly dividend of $0.30 per share and a variable quarterly dividend of $0.31 per share. The dividend declared on the Operating Company units gives effect to the Operating Company units issued to TWR IV on October 1, 2024, as discussed above.

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table provides the Company’s provision for (benefit from) income taxes and the effective income tax rate for the dates indicated:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(In thousands, except for tax rate)
Provision for (benefit from) income taxes	$	17,194		$	21,879		$	42,729		$	39,735
Effective tax rate	13.6		%	9.6		%	11.4		%	9.6		%

Condensed Consolidated Statements of Changes to Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands

Total

Common Class A

Common Class B

General Partner

Non-Controlling Interest

Common Stock

Common Class A

Common Stock

Common Class B

Additional Paid-in Capital

Retained Earnings (Accumulated Deficit)

Non-Controlling Interest

Common Units

Limited Partners

Class B Units

Limited Partners

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of shares upon vesting of equity awards / Net proceeds from the issuance of common stock (in shares)

4,000

Change in ownership of consolidated subsidiaries, net

$ 0

$ (11,449)

$ 11,449

Net income (loss)

88,266

54,299

$ 33,967

Beginning balance (in shares) at Dec. 31, 2022

73,230,000

90,710,000

Beginning balance at Dec. 31, 2022

2,321,525

$ 649

1,630,866

$ 689,178

$ 832

Increase (Decrease) in Partners' Capital [Roll Forward]

Unit-based compensation

370

$ 370

Issuance of shares upon vesting of equity awards / Net proceeds from the issuance of common stock (in shares)

4,000

Distribution equivalent rights payments

(72)

$ (72)

Distributions to public

(35,253)

Distributions to Diamondback

(49,366)

(48,983)

(358)

$ (25)

Distributions to General Partner

(20)

Change in ownership of consolidated subsidiaries, net

(11,449)

$ 11,449

Repurchased units as part of unit buyback (in shares)

(1,115,000)

Repurchased units as part of unit buyback

(33,022)

$ (33,022)

Net income (loss)

88,266

54,299

$ 33,967

Ending balance (in shares) at Mar. 31, 2023

72,119,000

90,710,000

Ending balance at Mar. 31, 2023

2,292,428

629

1,624,733

$ 666,259

$ 807

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

375,410

Beginning balance (in shares) at Dec. 31, 2022

73,230,000

90,710,000

Beginning balance at Dec. 31, 2022

2,321,525

649

1,630,866

$ 689,178

$ 832

Increase (Decrease) in Partners' Capital [Roll Forward]

Net income (loss)

375,410

Ending balance (in shares) at Sep. 30, 2023

70,862,000

90,710,000

Ending balance at Sep. 30, 2023

2,418,575

589

1,704,501

$ 712,728

$ 757

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Change in ownership of consolidated subsidiaries, net

(16,749)

16,749

Net income (loss)

79,931

49,381

$ 30,550

Beginning balance (in shares) at Mar. 31, 2023

72,119,000

90,710,000

Beginning balance at Mar. 31, 2023

2,292,428

629

1,624,733

$ 666,259

$ 807

Increase (Decrease) in Partners' Capital [Roll Forward]

Unit-based compensation

259

Distribution equivalent rights payments

(43)

Distributions to public

(23,513)

Distributions to Diamondback

(38,363)

(38,097)

(241)

$ (25)

Distributions to General Partner

(20)

Change in ownership of consolidated subsidiaries, net

(16,749)

$ 16,749

Repurchased units as part of unit buyback (in shares)

(912,000)

Repurchased units as part of unit buyback

(24,509)

$ (24,509)

Net income (loss)

79,931

49,381

$ 30,550

Ending balance (in shares) at Jun. 30, 2023

71,207,000

90,710,000

Ending balance at Jun. 30, 2023

2,286,170

609

1,619,268

$ 665,511

$ 782

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of shares upon vesting of equity awards / Net proceeds from the issuance of common stock (in shares)

20,000

Change in ownership of consolidated subsidiaries, net

(3,469)

$ 3,469

Net income (loss)

207,213

128,614

78,599

Increase (Decrease) in Partners' Capital [Roll Forward]

Unit-based compensation

362

$ 362

Issuance of shares upon vesting of equity awards / Net proceeds from the issuance of common stock (in shares)

20,000

Distribution equivalent rights payments

(48)

$ (48)

Distributions to public

(25,252)

Distributions to Diamondback

(40,200)

(39,912)

(263)

$ (25)

Distributions to General Partner

(20)

Change in ownership of consolidated subsidiaries, net

(3,469)

$ 3,469

Repurchased units as part of unit buyback (in shares)

(365,000)

Repurchased units as part of unit buyback

(9,650)

$ (9,650)

Net income (loss)

207,213

128,614

$ 78,599

Ending balance (in shares) at Sep. 30, 2023

70,862,000

90,710,000

Ending balance at Sep. 30, 2023

2,418,575

$ 589

$ 1,704,501

$ 712,728

$ 757

Beginning balance (in shares) at Dec. 31, 2023

86,144,273

90,709,946

86,144,000

^[1]

90,710,000

^[1]

Beginning balance at Dec. 31, 2023

2,857,554

$ 1,031,078

$ (16,786)

$ 1,843,262

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common shares issued to related party (in shares)

^[1]

5,279,000

(5,279,000)

Equity-based compensation

485

Issuance of shares upon vesting of equity awards / Net proceeds from the issuance of common stock (in shares)

^[1]

1,000

Distribution equivalent rights payments

(56)

Dividends to stockholders

(43,791)

Dividends to Diamondback

(67,060)

(4,490)

(62,590)

Change in ownership of consolidated subsidiaries, net

17,455

69,753

(52,298)

Cash paid for tax withholding on vested equity awards

(28)

Net income (loss)

99,575

43,360

56,215

Ending balance (in shares) at Mar. 31, 2024

^[1]

91,424,000

85,431,000

Ending balance at Mar. 31, 2024

2,864,134

1,101,308

(21,763)

1,784,589

Increase (Decrease) in Partners' Capital [Roll Forward]

Issuance of shares upon vesting of equity awards / Net proceeds from the issuance of common stock (in shares)

^[1]

1,000

Change in ownership of consolidated subsidiaries, net

17,455

69,753

(52,298)

Net income (loss)

99,575

43,360

56,215

Beginning balance (in shares) at Dec. 31, 2023

86,144,273

90,709,946

86,144,000

^[1]

90,710,000

^[1]

Beginning balance at Dec. 31, 2023

2,857,554

1,031,078

(16,786)

1,843,262

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

330,846

Ending balance (in shares) at Sep. 30, 2024

102,947,008

85,431,453

102,947,000

^[1]

85,431,000

^[1]

Ending balance at Sep. 30, 2024

3,335,508

1,429,649

(28,691)

1,934,550

Increase (Decrease) in Partners' Capital [Roll Forward]

Net income (loss)

330,846

Beginning balance (in shares) at Mar. 31, 2024

^[1]

91,424,000

85,431,000

Beginning balance at Mar. 31, 2024

2,864,134

1,101,308

(21,763)

1,784,589

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity-based compensation

830

Distribution equivalent rights payments

(116)

Dividends to stockholders

(53,941)

Dividends to Diamondback

(59,823)

(20)

(59,803)

Change in ownership of consolidated subsidiaries, net

6,601

(6,601)

Net income (loss)

122,226

56,901

65,325

Ending balance (in shares) at Jun. 30, 2024

^[1]

91,424,000

85,431,000

Ending balance at Jun. 30, 2024

2,873,310

1,108,739

(18,939)

1,783,510

Increase (Decrease) in Partners' Capital [Roll Forward]

Change in ownership of consolidated subsidiaries, net

6,601

(6,601)

Net income (loss)

122,226

56,901

65,325

Equity-based compensation

845

Issuance of shares upon vesting of equity awards / Net proceeds from the issuance of common stock (in shares)

11,523,000

Net proceeds from the issuance of common stock

475,904

Distribution equivalent rights payments

(123)

Dividends to stockholders

(58,526)

Dividends to Diamondback

(64,947)

(20)

(64,927)

Change in ownership of consolidated subsidiaries, net

(155,839)

155,839

Net income (loss)

109,045

48,917

60,128

Ending balance (in shares) at Sep. 30, 2024

102,947,008

85,431,453

102,947,000

^[1]

85,431,000

^[1]

Ending balance at Sep. 30, 2024

3,335,508

1,429,649

(28,691)

1,934,550

Increase (Decrease) in Partners' Capital [Roll Forward]

Issuance of shares upon vesting of equity awards / Net proceeds from the issuance of common stock (in shares)

11,523,000

Change in ownership of consolidated subsidiaries, net

$ (155,839)

155,839

Net income (loss)

$ 109,045

$ 48,917

$ 60,128

[1]	The par values of the outstanding shares of Class A Common Stock and Class B Common Stock each round to zero during the periods presented.

ACQUISITIONS AND DIVESTITURES	9 Months Ended
ACQUISITIONS AND DIVESTITURES	Sep. 30, 2024
Business Combinations And Divestitures [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES 2024 Activity Acquisitions Q Acquisition On September 3, 2024 (the “Q Closing Date”), the Company and the Operating Company acquired all of the issued and outstanding equity interests in Tumbleweed-Q Royalties, LLC (the “Q Acquisition”), pursuant to a definitive purchase and sale agreement for consideration consisting of (i) approximately $113.6 million in cash, subject to transaction costs and customary post-closing adjustments, and (ii) contingent cash consideration of up to $5.4 million, payable in January of 2026, based on the average price of WTI sweet crude oil prompt month futures contracts for the calendar year 2025 (the “WTI 2025 Average”). The contingent cash consideration payment will be (i) $2.2 million if the WTI 2025 Average is between $60.00 and $65.00, (ii) $3.2 million if the WTI 2025 Average is between $65.00 and $75.00, or (iii) $5.4 million if the WTI 2025 Average is greater than $75.00. The Company recorded the contingent cash consideration at its fair value of $2.9 million on the Q Closing Date (the “Q Contingent Liability”). The mineral and royalty interests acquired in the Q Acquisition represent approximately 406 net royalty acres located primarily in the Permian Basin. The Company funded the cash consideration, and intends to fund the contingent cash consideration, for the Q Acquisition through a combination of cash on hand and borrowings under the Operating Company’s revolving credit facility. M Acquisition On September 3, 2024 (the “M Closing Date”), the Company and the Operating Company acquired all of the issued and outstanding equity interests in MC TWR Royalties, LP and MC TWR Intermediate, LLC (the “M Acquisition”), pursuant to a definitive purchase and sale agreement for consideration consisting of (i) approximately $75.8 million in cash, subject to transaction costs and customary post-closing adjustments, and (ii) contingent cash consideration of up to $3.6 million, payable in January of 2026, based on the WTI 2025 Average. The contingent cash consideration payment will be (i) $1.4 million if the WTI 2025 Average is between $60.00 and $65.00, (ii) $2.2 million if the WTI 2025 Average is between $65.00 and $75.00, or (iii) $3.6 million if the WTI 2025 Average is greater than $75.00. The Company recorded the contingent cash consideration at its fair value of $1.9 million on the M Closing Date (the “M Contingent Liability”). The mineral and royalty interests acquired in the M Acquisition represent approximately 267 net royalty acres located primarily in the Permian Basin. The Company funded the cash consideration, and intends to fund the contingent cash consideration, for the M Acquisition through a combination of cash on hand and borrowings under the Operating Company’s revolving credit facility. See Note 11—Fair Value Measurements for further discussion of the fair value of the Q Contingent Liability and the M Contingent Liability, (collectively, the “2026 WTI Contingent Liability“). Other Acquisitions During the nine months ended September 30, 2024, the Company acquired, in individually insignificant transactions from unrelated third-party sellers, mineral and royalty interests representing 256 net royalty acres in the Permian Basin for an aggregate purchase price of approximately $52.0 million, subject to customary post-closing adjustments. Divestitures In the second quarter of 2024, the Company divested all of its non-Permian assets for a purchase price of approximately $87.2 million, including transaction costs and customary post-closing adjustments. The divested properties consisted of approximately 2,713 net royalty acres with current production of approximately 450 BO/d. The Company recorded the proceeds as a reduction of its full cost pool with no gain or loss recognized on the sale. 2023 Activity Acquisitions GRP Acquisition On November 1, 2023, the Company and the Operating Company acquired certain mineral and royalty interests from Royalty Asset Holdings, LP, Royalty Asset Holdings II, LP and Saxum Asset Holdings, LP, affiliates of Warwick Capital Partners and GRP Energy Capital (collectively, “GRP,”) pursuant to a definitive purchase and sale agreement for approximately 9.02 million common units and $747.6 million in cash, including transaction costs and customary post-closing adjustments (the “GRP Acquisition”). The mineral and royalty interests acquired in the GRP Acquisition represent approximately 4,600 net royalty acres in the Permian Basin, plus approximately 2,700 additional net royalty acres in other major basins. The cash consideration for the GRP Acquisition was funded through a combination of cash on hand and held in escrow, borrowings under the Operating Company’s revolving credit facility, proceeds from the issuance of the 7.375% Senior unsecured notes due 2031 and proceeds from the $200.0 million common unit issuance to Diamondback, as discussed further in Note 7—Stockholder s ’ Equity. Drop Down Transaction On March 8, 2023, the Company acquired certain mineral and royalty interests from subsidiaries of Diamondback for approximately $74.5 million in cash, including customary closing adjustments for net title benefits (the ‘‘Drop Down’’). The mineral and royalty interests acquired in the Drop Down represent approximately 660 net royalty acres in Ward County in the Southern Delaware Basin, 100% of which are operated by Diamondback, and have an average net royalty interest of approximately 7.2% and production of approximately 300 BO/d. The Company funded the Drop Down through a combination of cash on hand and borrowings under the Operating Company’s revolving credit facility. The Drop Down was accounted for as a transaction between entities under common control with the properties acquired recorded at Diamondback’s historical carrying value in the Company’s condensed consolidated balance sheet. The historical carrying value of the properties approximated the Drop Down purchase price. Other Acquisitions Additionally, during the year ended December 31, 2023, the Company acquired, in individually insignificant transactions from unrelated third-party sellers, mineral and royalty interests representing 286 net royalty acres in the Permian Basin for an aggregate purchase price of approximately $70.4 million, including customary closing adjustments. The Company funded these acquisitions with cash on hand and borrowings under the Operating Company’s revolving credit facility.

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Assets and Liabilities Measured at Fair Value on a Recurring Basis

As discussed in Note 11—Fair Value Measurements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, certain assets and liabilities are reported at fair value on a recurring basis on the Company’s condensed consolidated balance sheets, including the Company’s derivative instruments and the 2026 WTI Contingent Liability. The 2026 WTI Contingent Liability is recorded in “Other long-term liabilities” on the Company’s condensed consolidated balance sheet at September 30, 2024, with the change in fair value being recognized in “Gain (loss) on derivative instruments, net” on the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2024.

The fair values of the Company’s derivative contracts are measured internally using established commodity futures price strips for the underlying commodity provided by a reputable third party, the contracted notional volumes, and time to maturity. The net amounts are classified as current or noncurrent based on their anticipated settlement dates. The fair value of the 2026 WTI Contingent Liability is estimated using observable market data and a Monte Carlo pricing model, which are considered Level 2 inputs in the fair value hierarchy.


	As of September 30, 2024
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In thousands)
Assets:
Current:
Derivative instruments	$	—	$	12,585	$	—	$	12,585	$	(9,790)	$	2,795
Non-current:

Derivative instruments	$	—	$	3,704	$	—	$	3,704	$	(977)	$	2,727
Liabilities:
Current:
Derivative instruments	$	—	$	10,691	$	—	$	10,691	$	(9,790)	$	901
Non-current:
Derivative instruments	$	—	$	977	$	—	$	977	$	(977)	$	—
2026 WTI Contingent Liability	$	—	$	4,789	$	—	$	4,789	$	—	$	4,789


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In thousands)
Assets:
Current:
Derivative instruments	$	—	$	7,040	$	—	$	7,040	$	(6,682)	$	358
Non-current:

Derivative instruments	$	—	$	1,269	$	—	$	1,269	$	(1,177)	$	92
Liabilities:
Current:
Derivative instruments	$	—	$	9,643	$	—	$	9,643	$	(6,682)	$	2,961
Non-current:
Derivative instruments	$	—	$	1,378	$	—	$	1,378	$	(1,177)	$	201

Assets and Liabilities Not Recorded at Fair Value

The following table provides the fair value of financial instruments that are not recorded at fair value in the condensed consolidated balance sheets:


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Debt:
Revolving credit facility	$	—	$	—	$	263,000	$	263,000
5.375% senior unsecured notes due 2027(1)	$	426,770	$	429,033	$	425,949	$	422,122
7.375% senior unsecured notes due 2031(1)	$	394,735	$	422,000	$	394,133	$	418,408

(1) The carrying value includes associated deferred loan costs and any discount.

The fair value of the Operating Company’s revolving credit facility approximates the carrying value based on borrowing rates available to the Company for bank loans with similar terms and maturities and is classified as Level 2 in the fair value hierarchy. The fair value of the Notes was determined using the quoted market price at each period end, a Level 1 classification in the fair value hierarchy.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis in certain circumstances. These assets and liabilities can include mineral and royalty interests acquired in asset acquisitions and subsequent write-downs of the Company’s proved oil and natural gas interests to fair value when they are impaired or held for sale.

Fair Value of Financial Assets

The Company has other financial instruments consisting of cash and cash equivalents, royalty income receivable, income tax receivable, funds held in escrow, prepaid expenses and other current assets, accounts payable, accrued liabilities and income taxes payable. The carrying value of these instruments approximate their fair value because of the short-term nature of the instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

OIL AND NATURAL GAS INTERESTS

9 Months Ended

Sep. 30, 2024

Extractive Industries [Abstract]

OIL AND NATURAL GAS INTERESTS

Oil and natural gas interests include the following for the periods presented:


	September 30,		December 31,
	2024		2023
	(In thousands)
Oil and natural gas interests:
Subject to depletion	$	3,148,667	$	2,859,642
Not subject to depletion	1,622,601		1,769,341
Gross oil and natural gas interests	4,771,268		4,628,983
Accumulated depletion and impairment	(1,016,173)		(866,352)
Oil and natural gas interests, net	3,755,095		3,762,631
Land	5,688		5,688
Property, net of accumulated depletion and impairment	$	3,760,783	$	3,768,319

As of September 30, 2024 and December 31, 2023, the Company had mineral and royalty interests representing approximately 32,567 and 34,217 net royalty acres, respectively.

No impairment expense was recorded on the Company’s oil and natural gas interests for the three and nine months ended September 30, 2024 and 2023 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 and other factors will determine its actual ceiling test limitations and impairment analysis in future periods. If the trailing 12-month commodity prices decline as compared to the commodity prices used in prior quarters, the Company could have material write-downs in subsequent quarters.