.5

Viper Energy, Inc.

Unaudited Pro Forma Condensed Combined Financial Statements

Pending Sitio Transaction

As previously announced, on June 2, 2025, Viper Energy, Inc., a Delaware corporation (“Viper”), and Viper Energy Partners LLC, a Delaware limited liability company (“Viper OpCo”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Sitio Royalties Corp., a Delaware corporation (“Sitio”), Sitio Royalties Operating Partnership, LP, a Delaware limited partnership and a subsidiary of Sitio, (“Sitio OpCo”) New Cobra Pubco, Inc., a Delaware corporation and a wholly owned subsidiary of Viper (“New Viper”), Cobra Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of New Viper, and Scorpion Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of New Viper, pursuant to which New Viper would acquire, through a series of transactions, Sitio and Sitio OpCo (the “Sitio Transaction”) in an all-equity transaction and the retirement of Sitio’s debt, which totaled $1.1 billion as of March 31, 2025. As a result of the Sitio Transaction, Viper and Sitio will become direct wholly owned subsidiaries of New Viper, which will be renamed “Viper Energy, Inc.” upon completion of the Sitio Transaction. Additionally, upon completion of the Sitio Transaction, former Viper stockholders and former Sitio stockholders will own equity interests in New Viper, which is expected to be listed for trading on the Nasdaq. For pro forma purposes, the term “Viper” may be used in reference to both historical Viper Energy, Inc. prior to the consummation of the Sitio Transaction and New Viper following the consummation of the Sitio Transaction as the context requires.

The consideration for the Sitio Transaction for Sitio equity holders will consist of 0.4855 shares of Class A common stock of New Viper (“New Viper Class A Common Stock”) for each share of Sitio Class A common stock, and 0.4855 units representing limited liability company interests in Viper OpCo (“Viper OpCo Units”), for each unit of Sitio’s OpCo Units (along with a corresponding amount of Class B common stock of New Viper (“New Viper Class B Common Stock” and together with the New Viper Class A Common Stock, “New Viper Common Stock”). Each share of Sitio Class C common stock will automatically be cancelled in the transaction for no consideration and cease to exist upon closing of the Sitio Transaction. The mineral and royalty interests owned by Sitio and to be acquired in the Sitio Transaction represent approximately 25,300 net royalty acres in the Permian Basin, plus an additional ~9,000 net royalty acres in other major basins (DJ, Eagle Ford, Williston) for total acreage of approximately 34,300 net royalty acres. On a pro forma basis, New Viper expects to own 85,700 net royalty acres in the Permian Basin, approximately 43% of which will be operated by Diamondback Energy, Inc. (“Diamondback”), and an average 1.8% net royalty interest in approximately 33,300 gross producing horizontal wells (~608 net wells) with estimated Q4 2025 average production of 64 – 68 MBO/d (122 – 130 MBOE/d).

The Sitio Transaction was unanimously approved by the board of directors of each company and has been approved by the written consent of Diamondback (and certain of its subsidiaries) as Viper’s majority stockholders. The Merger Agreement and the Sitio Transaction are subject to approval by a majority of Sitio’s stockholders and customary regulatory approval. Stockholders holding an aggregate of approximately 48% of Sitio’s outstanding voting power have agreed to vote in favor of the transaction subject to certain exceptions.

The Sitio Transaction will be accounted for as an asset acquisition in accordance with ASC 805, with Viper as the accounting acquirer. As such, for pro forma purposes, the fair value of the consideration paid by Viper for the Sitio Transaction and the allocation of that amount to the underlying assets acquired was recorded on a relative fair value basis. Additionally, transaction costs directly related to the Sitio Transaction were capitalized as a component of the purchase price.

Recently Completed Significant Acquisitions

2025 Drop Down

On January 30, 2025, Viper and Viper OpCo, as buyer parties, entered into a definitive equity purchase agreement with Endeavor Energy Resources, LP (the “Endeavor Seller”), 1979 Royalties LP and 1979 Royalties GP, LLC (collectively, the “Endeavor Subsidiaries”), each of which is a subsidiary of Viper’s parent, Diamondback, to acquire the Endeavor Subsidiaries from the Endeavor Seller for consideration consisting of (i) $1.0 billion in cash, and (ii) the issuance of 69,626,640 Viper OpCo Units and an equivalent number of shares of Viper Class B Common Stock (collectively, the “Endeavor Equity Issuance”), in each case subject to customary closing adjustments including, among other things, for net title benefits (such transaction, the “2025 Drop Down”). The 2025 Drop Down closed on May 1, 2025 (the “2025 Drop Down Closing Date”).

The Viper OpCo Units and Viper Class B Common Stock included in the Endeavor Equity Issuance, as well as the Viper OpCo Units and Viper Class B Common Stock otherwise beneficially owned by Diamondback, are exchangeable from time to time for shares of Viper Class A Common Stock (that is, one Viper OpCo Unit and one share of Viper Class B Common Stock, together, are exchangeable for one share of Viper Class A Common Stock). The mineral and royalty interests owned by the Endeavor Subsidiaries and acquired in the 2025 Drop Down represent approximately 22,847 net royalty acres in the Permian Basin, approximately 69% of which are operated by Diamondback, and have an average net royalty interest of approximately 2.8% and oil production of approximately 17,097 BO/d (the “Endeavor Mineral and Royalty Interests”).

 

1

The 2025 Drop Down is accounted for as a transaction between entities under common control with the Endeavor Mineral and Royalty Interests recorded at the Endeavor Seller’s historical carrying value in Viper’s consolidated balance sheet. Diamondback recently acquired the Endeavor Mineral and Royalty Interests in its transaction with the Endeavor Seller in September 2024. As of the 2025 Drop Down Closing Date, Diamondback’s historical carrying value of the Endeavor Mineral and Royalty Interests was approximately $4.4 billion. Viper funded a portion of the $1.0 billion cash portion of the 2025 Drop Down with proceeds from its public equity offering completed on February 3, 2025 (the “2025 Equity Offering”) of 28,336,000 shares of Viper Class A Common Stock.

Tumbleweed Acquisitions

As previously disclosed in its Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on October 2, 2024, Viper and Viper OpCo completed the acquisition, on October 1, 2024 (the “TWR Closing Date”), of all of the issued and outstanding equity interests in Tumbleweed Royalty IV, LLC and TWR IV SellCo LLC (collectively, “TWR”) pursuant to a definitive purchase and sale agreement (the “TWR Acquisition”). The mineral and royalty interests acquired in the TWR Acquisition represent approximately 3,067 net royalty acres in the Permian Basin. Consideration for the TWR Acquisition consisted of (i) cash consideration of approximately $464 million, including transaction costs and certain customary post-closing adjustments, (ii) 10,093,670 Viper OpCo Units and an option to acquire an equal number of shares of Class B Common Stock, and (iii) contingent cash consideration of up to $41 million payable in January of 2026, based on the average price of West Texas Intermediate (“WTI”) sweet crude oil prompt month futures contracts for the calendar year 2025 (the “WTI 2025 Average”). The cash consideration was funded through a combination of cash on hand, borrowings under Viper OpCo’s revolving credit facility and proceeds from a public offering of Class A Common Stock in September 2024.

On September 3, 2024 (the “Q&M Closing Date”), Viper and Viper OpCo completed the related acquisitions of all of the issued and outstanding equity interests in (i) Tumbleweed-Q Royalties, LLC (“Tumbleweed Q”) from Tumbleweed-Q Royalty Partners, LLC (the “Q Acquisition”), and (ii) MC TWR Royalties, LP and MC TWR Intermediate, LLC (collectively, “Tumbleweed M”) from MC Tumbleweed Royalty, LLC (the “M Acquisition”), pursuant to definitive purchase and sale agreements (collectively, the “Q&M Acquisitions”).

The mineral and royalty interests acquired in the Q Acquisition represent approximately 406 net royalty acres in the Permian Basin. Consideration for the Q Acquisition consisted of (i) $114 million in cash, including transaction costs and certain customary post-closing adjustments, and (ii) contingent cash consideration of up to $5 million payable in January of 2026, based on the WTI 2025 Average.

The mineral and royalty interests acquired in the M Acquisition represent approximately 267 net royalty acres in the Permian Basin. Consideration for the M Acquisition consisted of (i) $76 million in cash, including transaction costs and certain customary post-closing adjustments, and (ii) contingent cash consideration of up to $4 million payable in January of 2026, based on the WTI 2025 Average.

The TWR Acquisition, Q Acquisition and M Acquisition, which are considered related businesses, (collectively, the “Tumbleweed Acquisitions”) were accounted for as asset acquisitions in accordance with ASC 805. As such, for pro forma purposes, the fair value of the consideration paid by Viper for each of the Tumbleweed Acquisitions and the allocation of that amount to the underlying assets acquired was recorded on a relative fair value basis. Additionally, transaction costs directly related to the Tumbleweed Acquisitions were capitalized as a component of the purchase price.

Pro Forma Financial Statement Presentation

The following unaudited pro forma condensed combined financial statements (the “pro forma financial statements”) are based on Viper’s historical consolidated financial statements, adjusted to give effect to transaction adjustments for (i) the assets and liabilities to be acquired in the Sitio Transaction, (ii) the impacts of assets acquired in the 2025 Drop Down and the related 2025 Equity Offering, and (iii) the impacts of the previously completed Tumbleweed Acquisitions not reflected in Viper’s historical consolidated financial statements for the year ended December 31, 2024.

The following pro forma financial statements present (i) Viper’s unaudited condensed combined pro forma balance sheet as of March 31, 2025 (the “pro forma balance sheet”), (ii) Viper’s unaudited pro forma condensed combined statement of operations for the year ended December 31, 2024, and (iii) Viper’s unaudited pro forma condensed combined statement of operations for the three months ended March 31, 2025.

The pro forma balance sheet assumes that the Sitio Transaction and the 2025 Drop Down (including the related 2025 Equity Offering) each occurred on March 31, 2025.

The pro forma statements of operations for the year ended December 31, 2024 and the three months ended March 31, 2025 give pro forma effect to (i) the Sitio Transaction, (ii) the 2025 Drop Down and related 2025 Equity Offering, and (iii) the Tumbleweed Acquisitions through their respective closing dates, as if all such transactions had occurred on January 1, 2024, the beginning of the earliest period presented.

 

2

The pro forma adjustments related to the Sitio Transaction, the 2025 Drop Down, the 2025 Equity Offering and the Tumbleweed Acquisitions are based on available information and certain assumptions that management believes are factually supportable, as further described below in Note 3—Pro Forma Adjustments and Assumptions. In the opinion of management, all adjustments necessary to present fairly the pro forma financial statements have been made.

These pro forma financial statements are for informational purposes only and do not purport to represent what Viper’s financial position and results of operations would have been had the Sitio Transaction, the 2025 Drop Down, the 2025 Equity Offering and the Tumbleweed Acquisitions occurred on the dates indicated. The pro forma financial statements do not reflect the benefits of potential cost savings or the costs that may be necessary to achieve such savings, and, accordingly, do not attempt to predict or suggest future results. As such, these pro forma financial statements should not be used to project Viper’s financial performance for any future period. A number of factors may affect the results.

As Viper is the acquirer for accounting purposes, the following pro forma presentation assumes that Viper is issuing common stock in the Sitio Transaction. Class A common stock of Viper is referred to as “Viper Class A Common Stock” and Class B common stock of Viper is referred to as “Viper Class B Common Stock”.

The pro forma financial statements have been developed from and should be read in conjunction with:

 

a.

the separate historical consolidated financial statements and related notes thereto in Viper’s filings with the SEC;

 

b.

the separate historical consolidated financial statements and related notes thereto in Sitio’s filings with the SEC;

 

c.

the historical unaudited consolidated financial statements of TWR and related notes for the nine months ended September 30, 2024, which are incorporated by reference from .3 to Viper’s Current Report on Form 8-K filed with the SEC on January 30, 2025;

 

d.

the unaudited consolidated financial statements of Tumbleweed-Q Royalty Partners, LLC as of and for the six months ended June 30, 2024 and the unaudited consolidated financial statements of MC Tumbleweed Royalty, LLC as of and for the six months ended June 30, 2024, which unaudited financial statements are included as .5 and 99.6, respectively to Viper’s Current Report on Form 8-K, filed with the SEC on September 11, 2024;

 

e.

the audited statements of revenues and direct operating expenses and related notes for the Endeavor Mineral and Royalty Interests for the years ended December 31, 2024 and 2023, which were included in Viper’s Definitive Proxy Statement Relating to Merger or Acquisition on Form DEFM14A filed with the SEC on March 31, 2025; and

 

f.

the unaudited consolidated financial statements of revenues and direct operating expenses and related notes for the Endeavor Mineral and Royalty Interests for the three months ended March 31, 2025, which unaudited financial statements are included as .4 to Viper’s Current Report on Form 8-K containing this exhibit.

 

3

Viper Energy, Inc.

Unaudited Pro Forma Condensed Combined Balance Sheet

 

		As of March 31, 2025
		Historical				2025 Drop Down
		Viper				Acquisition Transaction Adjustments (Note 3)								Viper Pro Forma Combined
		(In millions, except par values and share data)
Assets
Current assets:
Cash and cash equivalents		$	560			$	(560	)			(b)			$	—
Royalty income receivable (net of allowance for credit losses)			146				—								146
Royalty income receivable—related party			41				—								41
Income tax receivable			2				—								2
Derivative instruments			31				—								31
Prepaid expenses and other current assets			12				—								12
Total current assets			792				(560	)							232
Property:
Oil and natural gas interests, full cost method of accounting			6,097				4,407				(b)(d)				10,504
Land			6				—								6
Accumulated depletion and impairment			(1,148	)			—								(1,148	)
Property, net			4,955				4,407								9,362
Derivative instruments			12				—								12
Deferred income taxes (net of allowances)			249				(201	)			(d)				48
Funds held in escrow			223				(223	)			(b)				—
Other assets			7				—								7
Total assets		$	6,238			$	3,423							$	9,661
Liabilities and Unitholders’ Equity
Current liabilities:
Accounts payable—related party		$	2			$	—							$	2
Accrued liabilities			66				6				(c)				72
Derivative instruments			5				—								5
Income taxes payable			18				—								18
Total current liabilities			91				6								97
Long-term debt, net			822				217				(b)				1,039
Derivative instruments			2				—								2
Total liabilities			915				223								1,138
Stockholders’ equity:
Class A Common Stock, $0.000001 par value			—				—								—
Class B Common Stock, $0.000001 par value			—				—								—
Additional paid-in capital			2,566				726				(d)				3,292
Retained earnings (accumulated deficit)			108				(6	)			(c)				102
Total Viper Energy, Inc. stockholders’ equity			2,674				720								3,394
Non-controlling interest			2,649				2,480				(b)(d)				5,129
Total equity			5,323				3,200								8,523
Total liabilities and unitholders’ equity		$	6,238			$	3,423							$	9,661

 

4

Viper Energy, Inc.

Unaudited Pro Forma Condensed Combined Balance Sheet - Continued

 

		As of March 31, 2025
		Historical								Acquisition Transaction Adjustments (Note 3)
		Viper(1)				Sitio				Reclass Adjustments								Acquisition Transaction Adjustments (Note 3)								Viper Pro Forma Combined
		(In millions, except par values and share data)
Assets
Current assets:
Cash and cash equivalents		$	—			$	2			$	—							$	—							$	2
Royalty income receivable (net of allowance for credit losses)			146				—				126				(a	)			—								272
Royalty income receivable—related party			41				—				—								—								41
Accrued revenue and accounts receivable			—				126				(126	)			(a	)			—								—
Income tax receivable			2				—				—								—								2
Derivative instruments			31				—				—								—								31
Prepaid expenses and other current assets			12				7				—								—								19
Total current assets			232				135				—								—								367
Property:
Oil and natural gas interests, full cost method of accounting			10,504				—				5,422				(a	)			(1,120	)			(e)(f)(g)(h)(i)(k)				14,806
Land			6				—				—								—								6
Accumulated depletion and impairment			(1,148	)			—				(896	)			(a	)			896				(i)				(1,148	)
Oil and natural gas properties, successful efforts method:
Unproved properties			—				2,419				(2,419	)			(a	)			—								—
Proved properties			—				3,003				(3,003	)			(a	)			—								—
Other property and equipment			—				4				—								—								4
Accumulated depreciation, depletion, amortization and impairment			—				(896	)			896				(a	)			—								—
Property, net			9,362				4,530				—								(224	)							13,668
Derivative instruments			12				—				—								—								12
Deferred income taxes (net of allowances)			48				—				(48	)			(a	)			—								—
Deferred financing costs			—				8				—								(8	)			(h)				—
Operating lease right-of-use asset			—				6				—								—								6
Other assets			7				3				—								—								10
Total assets		$	9,661			$	4,682			$	(48	)						$	(232	)						$	14,063
Liabilities and Unitholders’ Equity
Current liabilities:
Accounts payable—related party		$	2			$	—			$	—							$	—							$	2
Accrued liabilities			72				—				56				(a	)			10				(g)(h)				138
Accounts payable and accrued expenses			—				56				(56	)			(a	)			—								—
Derivative instruments			5				—				—								—								5
Income taxes payable			18				—				—								—								18
Operating lease liability			—				2				—								—								2
Total current liabilities			97				58				—								10								165
Long-term debt, net			1,039				1,077				—								65				(h)(j)				2,181
Derivative instruments			2				—				—								—								2
Deferred tax liability			—				237				(48	)			(a	)			(49	)			(k)(l)				140
Non-current operating lease liability			—				5				—								—								5
Other long-term liabilities			—				1				—								—								1
Total liabilities			1,138				1,378				(48	)							26								2,494
Stockholders’ equity:
Viper Class A Common Stock, $0.000001 par value			—				—				—								—								—
Viper Class B Common Stock, $0.000001 par value			—				—				—								—								—
Sitio Class A Common Stock, par value $0.0001 per share			—				—				—								—								—
Sitio Class C Common Stock, par value $0.0001 per share			—				—				—								—								—
Additional paid-in capital			3,292				1,683				—								(150	)			(e)(f)(l)				4,825
Retained earnings (accumulated deficit)			102				(137	)			—								129				(e)(j)				94
Class A Treasury Shares, 5,327,641 shares at March 31, 2025			—				(119	)			—								119				(e)				—
Class C Treasury Shares, 52,748 shares at March 31, 2025			—				(1	)			—								1				(e)				—
Total Viper Energy, Inc. stockholders’ equity			3,394				1,426				—								99								4,919
Non-controlling interest			5,129				1,878				—								(357	)			(e)(f)(l)				6,650
Total equity			8,523				3,304				—								(258	)							11,569
Total liabilities and unitholders’ equity		$	9,661			$	4,682			$	(48	)						$	(232	)						$	14,063

 

(1)	Viper’s historical balance sheet as of March 31, 2025 in this table includes the effects of pro forma adjustments for the 2025 Drop Down from the pro forma condensed combined balance sheet above.

 

5

Viper Energy, Inc.

Unaudited Pro Forma Condensed Combined Statement of Operations

 

		Year Ended December 31, 2024
		Historical																Transaction Accounting Adjustments (Note 3)
		Viper				TWR Acquisition				Q Acquisition				M Acquisition				Reclass Adjustments								Acquisition Transaction Adjustments (Note 3)								Viper Pro Forma Combined
		(In millions, except per share amounts, shares in thousands)
Operating income:
Royalty income		$	854			$	54			$	7			$	5			$	(1	)			(a)			$	—							$	919
Lease bonus income			6				—				—				—				6				(a)				—								12
Lease bonus and other income			—				4				1				1				(6	)			(a)				—								—
Other operating income			1				—				—				—				—								—								1
Total operating income			861				58				8				6				(1	)							—								932
Costs and expenses:
Production and ad valorem taxes			61				3				—				—				—								—								64
Gathering and transportation			—				1				—				—				(1	)			(a)				—								—
Depletion			214				—				—				—				27				(a)				(2	)			(n)				239
Depletion, depreciation and amortization			—				22				3				2				(27	)			(a)				—								—
General and administrative expenses—related party			11				—				—				—				—								—								11
General and administrative expenses			8				115				2				1				—								(116	)			(m)				10
Total costs and expenses			294				141				5				3				(1	)							(118	)							324
Income (loss) from operations			567				(83	)			3				3				—								118								608
Other income (expense):
Interest expense, net			(74	)			—				—				—				—								(15	)			(o)				(89	)
Gain (loss) on extinguishment of debt			—				1				—				—				—								—								1
Gain (loss) on derivative instruments, net			11				—				—				—				—								(1	)			(p)				10
Earnings from equity method investment			—				1				—				—				—								(1	)			(m)				—
Total other income (expense), net			(63	)			2				—				—				—								(17	)							(78	)
Income (loss) before income taxes			504				(81	)			3				3				—								101								530
Provision for (benefit from) income taxes			(100	)			—				—				—				—								3				(q)				(97	)
Net income (loss)			604				(81	)			3				3				—								98								627
Net income (loss) attributable to non-controlling interest			245				—				—				—				—								12				(r)				257
Net income (loss) attributable to Viper Energy, Inc.		$	359			$	(81	)		$	3			$	3			$	—							$	86							$	370
Net income (loss) attributable to common shares:
Basic		$	3.82																															$	3.62
Diluted		$	3.82																															$	3.62
Weighted average number of common shares outstanding:
Basic			93,932																								8,044				(s)				101,976
Diluted			93,932																								8,044				(s)				101,976

 

6

Viper Energy, Inc.

Unaudited Pro Forma Condensed Combined Statement of Operations - Continued

 

		Year Ended December 31, 2024
		Historical								Acquisition Transaction Adjustments (Note 3)										Historical				Reclass Adjustments						Acquisition Transaction Adjustments (Note 3)
		Viper(1)				Drop Down										Viper Pro Forma Combined				Sitio																Viper Pro Forma Combined
		(In millions, except per share amounts, shares in thousands)
Operating income:
Royalty income		$	919			$	461			$	—					$	1,380			$	611			$	—					$	—					$	1,991
Lease bonus income			12				—				—						12				—				9			(a)			—						21
Lease bonus and other income			—				—				—						—				13				(13	)		(a)			—						—
Other operating income			1				—				—						1				—				4			(a)			—						5
Total operating income			932				461				—						1,393				624				—						—						2,017
Costs and expenses:
Production and ad valorem taxes			64				32				—						96				46				—						—						142
Depletion			239				—				221			(t)			460				—				320			(a)			(57	)		(z)			723
Depletion, depreciation and amortization			—				—				—						—				320				(320	)		(a)			—						—
General and administrative expenses —related party			11				—				9			(u)			20				—				—						—						20
General and administrative expenses			10				—				—						10				55				—						8			(j)			73
Total costs and expenses			324				32				230						586				421				—						(49	)					958
Income (loss) from operations			608				429				(230	)					807				203				—						49						1,059
Other income (expense):
Interest expense, net			(89	)			—				(14	)		(v)			(103	)			(85	)			—						11			(aa)			(177	)
Gain (loss) on extinguishment of debt			1				—				—						1				—				—						(44	)		(bb)			(43	)
Gain (loss) on derivative instruments, net			10				—				—						10				(5	)			—						—						5
Total other income (expense), net			(78	)			—				(14	)					(92	)			(90	)			—						(33	)					(215	)
Income (loss) before income taxes			530				429				(244	)					715				113				—						16						844
Provision for (benefit from) income taxes			(97	)			—				9			(w)			(88	)			18				—						15			(dd)			(55	)
Net income (loss)			627				429				(253	)					803				95				—						1						899
Net income (loss) attributable to non-controlling interest			257				—				142			(x)			399				54				—						5			(cc)			458
Net income (loss) attributable to Viper Energy, Inc.		$	370			$	429			$	(395	)				$	404			$	41			$	—					$	(4	)				$	441
Net income (loss) attributable to common shares:
Basic		$	3.62													$	3.09																			$	2.60
Diluted		$	3.62													$	3.09																			$	2.60
Weighted average number of common shares outstanding:
Basic			101,976								28,336			(y)			130,312														39,008			(ee)			169,320
Diluted			101,976								28,336			(y)			130,312														39,008			(ee)			169,320

 

(1)	Viper’s historical income statement for the year ended December 31, 2024 in this table includes the effects of pro forma adjustments for the Tumbleweed Acquisitions from the pro forma condensed combined statement of operations above.

 

7

Viper Energy, Inc.

Unaudited Pro Forma Condensed Combined Statement of Operations - Continued

 

		Three Months Ended March 31, 2025
		Historical								Acquisition Transaction Adjustments (Note 3)										Historical				Reclass Adjustments						Acquisition Transaction Adjustments (Note 3)
		Viper				Drop Down										Viper Pro Forma Combined				Sitio																Viper Pro Forma Combined
		(In millions, except per share amounts, shares in thousands)
Operating income:
Royalty income		$	244			$	112			$	—					$	356			$	158			$	—					$	—					$	514
Lease bonus income			1				—				—						1				—				4			(a)			—						5
Lease bonus and other income			—				—				—						—				5				(5	)		(a)			—						—
Other operating income			—				—				—						—				—				1			(a)			—						1
Total operating income			245				112				—						357				163				—						—						520
Costs and expenses:
Production and ad valorem taxes			17				7				—						24				13				—						—						37
Depletion			67				—				54			(t)			121				—				77			(a)			(7	)		(z)			191
Depletion, depreciation and amortization			—				—				—						—				77				(77	)		(a)			—						—
General and administrative expenses—related party			4				—				—						4				—				—						—						4
General and administrative expenses			2				—				—						2				16				—						—						18
Total costs and expenses			90				7				54						151				106				—						(7	)					250
Income (loss) from operations			155				105				(54	)					206				57				—						7						270
Other income (expense):
Interest expense, net			(13	)			—				(3	)		(v)			(16	)			(23	)			—						4			(aa)			(35	)
Gain (loss) on derivative instruments, net			32				—				—						32				(1	)			—						—						31
Total other income (expense), net			19				—				(3	)					16				(24	)			—						4						(4	)
Income (loss) before income taxes			174				105				(57	)					222				33				—						11						266
Provision for (benefit from) income taxes			21				—				20			(w)			41				7				—						14			(dd)			62
Net income (loss)			153				105				(77	)					181				26				—						(3	)					204
Net income (loss) attributable to non-controlling interest			78				—				47			(x)			125				16				—						4			(cc)			145
Net income (loss) attributable to Viper Energy, Inc.		$	75			$	105			$	(124	)				$	56			$	10			$	—					$	(7	)				$	59
Net income (loss) attributable to common shares:
Basic		$	0.62													$	0.43																			$	0.35
Diluted		$	0.62													$	0.43																			$	0.35
Weighted average number of common shares outstanding:
Basic			120,926								10,390			(y)			131,316														39,008			(ee)			170,324
Diluted			121,030								10,390			(y)			131,420														39,008			(ee)			170,428

 

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