The combination of strong Q3 results, raised production guidance, and two accretive acquisitions (McElroy Ranch closed, Buckhorn pending) signals continued execution on Viper's consolidation strategy. Monitor the Buckhorn Acquisition closing in Q4 2026 and the impact of higher net debt ($2.4B) on leverage ratios.
Price Chart
Executive Summary
Viper Energy reported Q3 2026 net income of $300M on total operating income of $661M, with average daily oil production of 69,076 bod (up 6% QoQ). The company raised full-year 2026 production guidance to 67,250-67,750 bod, announced the $529M McElroy Ranch Acquisition (closed in September) and the Pending Buckhorn Acquisition ($280M cash + 1.8M shares), and declared a $0.50/Class A share base dividend.
Key Financial Metrics
Key Facts
- Q3 2026 net income of $300M vs $197M net loss in Q3 2025
- Total operating income of $661M, up 58% from $418M in Q3 2025
- Average daily oil production of 69,076 bod, up 23% from 56,087 bod in Q3 2025
- Full-year 2026 production guidance raised to 67,250-67,750 bod (midpoint 67,500 bod)
- Q4 2026 production guidance initiated at 70,000-71,000 bod
- McElroy Ranch Acquisition closed in September for ~$529M (7,359 net royalty acres)
- Pending Buckhorn Acquisition for $280M cash + 1.8M Class A shares, expected to close in Q4 2026
- Q3 2026 base dividend of $0.50 per Class A share declared
- Repurchased 2.1M Class A shares for ~$90M in Q3 2026
- Adjusted EBITDA of $596M, Free Cash Flow of $520M
- Net debt of $2.4B as of September 30, 2026
Financial Impact
Q3 2026 net income of $300M vs net loss of $197M in Q3 2025; total operating income up 58% YoY to $661M; production up 23% YoY; guidance raised for full year 2026
Risk Factors
- Net debt increased to $2.4B from $1.6B at Q2 2026, driven by acquisition funding
- Pending Buckhorn Acquisition adds $280M cash consideration and 1.8M shares, increasing share count
- Commodity price volatility could impact realized prices and cash flows
- Integration risks from multiple acquisitions (Riverbend, McElroy Ranch, Buckhorn)
- Dependence on Diamondback and third-party operators for development activity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0002074176-26-000062 |
| Document: vnom-20261102.htm | 0002074176-26-000062 |
| Document: 0002074176-26-000062-index-headers.html | 0002074176-26-000062 |
| Document: 0002074176-26-000062-index.html | 0002074176-26-000062 |
| Document: 0002074176-26-000062.txt | 0002074176-26-000062 |
| 8-K Data (Synthetic) | 0002074176-26-000062 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 2, 2026 2d ago | 8-K | No price | awaiting T+60 | awaiting T+60 | No price |
Nov 2, 2026 2d ago | Press Release | $44.17 | awaiting T+60 | awaiting T+60 | $41.06 (−7.04%) |
Oct 12, 2026 23d ago | Institutional Cluster | $43.37 | awaiting T+60 | awaiting T+60 | $41.06 (−5.33%) |
Sep 30, 2026 5w ago | Press Release | $39.89 | awaiting T+60 | awaiting T+60 | $41.06 (+2.93%) |
Sep 16, 2026 7w ago | 8-K | $42.93 | awaiting T+60 | awaiting T+60 | $41.06 (−4.36%) |
Sep 8, 2026 8w ago | 8-K | $45.27 | awaiting T+60 | awaiting T+60 | $41.06 (−9.30%) |
Jul 2, 2026 17w ago | 8-K | $40.75 $40.53 | ▼ −0.54% | ▼ −3.34% | $41.06 (+0.76%) |
Jul 1, 2026 18w ago | Press Release | $40.75 $40.93 | ▲ +0.44% | ▼ −3.13% | $41.06 (+0.76%) |
Jun 15, 2026 20w ago | 8-K | $43.46 $44.84 | ▲ +3.18% | ▲ +2.18% | $41.06 (−5.52%) |
Jun 12, 2026 20w ago | Institutional Cluster | $44.38 $44.89 | ▲ +1.15% | ▼ −2.11% | $41.06 (−7.48%) |
US Market Status
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