Viper Energy Partners LP Common Units (VNOM) Quote - XNAS | Morningstar

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Updating Our Viper FVE to $21 After Including Latest Diamondback, Viper, and Swallowtail Data Points

Sector Strategist Stephen Ellis

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis | Aug 23, 2021

After updating our model to reflect Viper's second-quarter results, our latest Diamondback model refresh, and the announced Swallowtail acquisition, we are increasing our fair value estimate to $21 per unit while maintaining our narrow moat rating.

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Company Profile

Business Description

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

Contact

500 West Texas, Suite 1200
Midland, TX, 79701

T +1 432 221-7400

IR@ViperEnergy.com

www.viperenergy.com

Sector Energy

Industry Oil & Gas Midstream

Most Recent Earnings Jun 30, 2021

Fiscal Year End Dec 31, 2021

Stock Type Distressed

Employees —

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Viper Strikes Us as a Unique Proposition

This narrow-moat firm benefits from mineral rights royalties, attractive acreage, and its relationship with Diamondback.

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Market Bites Diamondback

But we think the latest acquisition is moat-enhancing and fairly priced.

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