SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, including its publicly traded subsidiary, Viper Energy, Inc., after all significant intercompany balances and transactions have been eliminated upon consolidation. As of September 30, 2026, the Company is managed as one operating and reportable segment, the upstream segment, which is engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas and includes the activities of Viper as well as the Company’s remaining midstream operations. On August 19, 2025, upon completion of Viper’s Sitio Acquisition (as defined and discussed in Note 4—Acquisitions and Divestitures), VNOM Sub, Inc., (formerly Viper Energy, Inc., “Former Viper”) became a wholly owned subsidiary of Viper Energy, Inc. (formerly New Cobra Pubco, Inc., “New Viper”). As of September 30, 2026, the Company owned approximately 40% of Viper’s combined outstanding Class A common stock and Class B common stock on a fully diluted basis. This gives effect to an option for certain Viper LLC equity holders to purchase and exchange up to approximately 6.75 million shares of Class B common stock paired with an equivalent number of units representing limited liability company interests in Viper’s operating subsidiary (“Viper LLC Units”) into Viper Class A common stock. The Company determined that it controls the activities of Viper in accordance with the guidance for variable interest entities in Accounting Standards Codification (“ASC”) Topic 810, “Consolidation,” and therefore continues to consolidate Viper in the Company’s financial statements at September 30, 2026 as discussed further in Note 2—Summary of Significant Accounting Policies. The results of operations attributable to the non-controlling interest in Viper are presented within equity and net income and are shown separately from the equity and net income attributable to the Company. 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 Quarterly Report on Form 10–Q should be read in conjunction with the Company’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2025, 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 condensed consolidated 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 condensed consolidated financial statements are prepared. Actual results could differ from those estimates.
Variable Interest Entity	Variable Interest Entities Consolidated Variable Interest Entity Viper Viper is a publicly traded corporation formed by the Company in 2014 to provide an attractive return to its stockholders (the largest of which is Diamondback) by focusing on business results, maximizing dividends through organic growth and pursuing accretive growth opportunities through acquisitions of mineral, royalty, overriding royalty, net profits and similar interests from the Company and from third parties. Viper has no employees and the Company provides management, operating and administrative services to Viper under a services and secondment agreement, including the services of the executive officers and other employees. Viper meets the definition of a variable interest entity (“VIE”) under ASC Topic 810, “Consolidation,” and the Company continues to be the primary beneficiary of the VIE through its ability, via existing contractual agreements, to direct the activities that most significantly affect Viper’s economic performance. The Company also has the obligation to absorb losses and the right to receive benefits that could be significant to Viper. As such, the Company continues to consolidate the activity of Viper. On March 4, 2026, Viper completed a secondary public offering with the Company and certain other Viper stockholders, along with J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC as underwriters (the “Underwriters”) (the “Secondary Offering”). The Company exchanged approximately 12.39 million shares of Viper Class B common stock and an equivalent number of Viper LLC Units for an equivalent number of shares of Viper Class A common stock and subsequently sold such shares in the Secondary Offering. On March 19, 2026, the Underwriters exercised an option to purchase approximately 0.51 million additional shares of Viper Class A common stock from the Company, bringing the aggregate cash proceeds to approximately $589 million. The Company’s proceeds from the Secondary Offering were used for general corporate purposes and to accelerate debt reduction. The Secondary Offering was evaluated and determined not to be an event that would cause the Company to change its conclusion regarding Viper’s status as a VIE, and the Company continues to be the primary beneficiary. Viper maintains its own capital structure that is separate from the Company, and the Company is not under any obligation to provide additional financial support or investment to Viper. Viper’s assets cannot be used by the Company for general corporate purposes and the creditors of Viper’s liabilities do not have recourse to the Company’s assets. The assets and liabilities of Viper are included in the Company’s condensed consolidated balance sheets and disclosed parenthetically, if material. Unconsolidated Variable Interest Entities Power JV On September 8, 2026, a wholly owned subsidiary of the Company entered into a joint venture agreement with a third party to form a power JV (the “Power JV”) to pursue power generation development opportunities. The Company’s initial contributions to the Power JV consisted of approximately $78 million in pre-funded capital contributions and 1,433 acres of net surface acreage with a fair value of approximately $22 million in exchange for a 35% membership interest. As of September 30, 2026, the Power JV met the definition of a VIE in which the Company has a variable interest. The Company has determined it is not the primary beneficiary as it does not have the power to direct the activities that most significantly affect the Power JV’s economic performance. Accordingly, the Company accounts for its investment in the Power JV under the equity method of accounting and includes its investment in the caption “Other assets” on the condensed consolidated balance sheet. At September 30, 2026, the Company’s maximum exposure to any potential losses associated with the Power JV was limited to the Company’s investment of approximately $100 million. Should independent financing not be obtained and utilized by the Power JV, the Company has agreed to fund certain additional capital commitments which it estimates could range between approximately $250 million and $700 million. Solitude JV On August 16, 2026, the Company entered into a joint venture agreement with certain third parties to form SPS Parent, LLC (the “Solitude JV”) for the purpose of constructing and operating two large intrastate natural gas pipelines from the Permian Basin to Katy, Texas. The Company received a 7.5% membership interest in the Solitude JV and funded $25 million in capital commitments during the three months ended September 30, 2026. As of September 30, 2026, the Solitude JV was assessed and determined to be a VIE in which the Company has variable interests. The Company has determined it is not the primary beneficiary as it does not have the power to direct the activities that most significantly affect the Solitude JV. Accordingly, the Company accounts for its investment in the Solitude JV under the equity method of accounting and includes its investment in the caption “Other assets” on the condensed consolidated balance sheet. At September 30, 2026, the Company’s maximum exposure to potential losses for the Solitude JV, including its current investment and future unfunded capital commitments, was approximately $269 million.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Pronouncements No significant accounting pronouncements were adopted during the three and nine months ended September 30, 2026. Accounting Pronouncements Not Yet Adopted 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 listed above were assessed and determined to be either not applicable, previously disclosed, or not material upon adoption.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2026

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, including its publicly traded subsidiary, Viper Energy, Inc., after all significant intercompany balances and transactions have been eliminated upon consolidation. As of September 30, 2026, the Company is managed as one operating and reportable segment, the upstream segment, which is engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas and includes the activities of Viper as well as the Company’s remaining midstream operations.

On August 19, 2025, upon completion of Viper’s Sitio Acquisition (as defined and discussed in Note 4—Acquisitions and Divestitures), VNOM Sub, Inc., (formerly Viper Energy, Inc., “Former Viper”) became a wholly owned subsidiary of Viper Energy, Inc. (formerly New Cobra Pubco, Inc., “New Viper”).

As of September 30, 2026, the Company owned approximately 40% of Viper’s combined outstanding Class A common stock and Class B common stock on a fully diluted basis. This gives effect to an option for certain Viper LLC equity holders to purchase and exchange up to approximately 6.75 million shares of Class B common stock paired with an equivalent number of units representing limited liability company interests in Viper’s operating subsidiary (“Viper LLC Units”) into Viper Class A common stock. The Company determined that it controls the activities of Viper in accordance with the guidance for variable interest entities in Accounting Standards Codification (“ASC”) Topic 810, “Consolidation,” and therefore continues to consolidate Viper in the Company’s financial statements at September 30, 2026 as discussed further in Note 2—Summary of Significant Accounting Policies. The results of operations attributable to the non-controlling interest in Viper are presented within equity and net income and are shown separately from the equity and net income attributable to the Company.

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 Quarterly Report on Form 10–Q should be read in conjunction with the Company’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2025, 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.

Use of Estimates

Certain amounts included in or affecting the Company’s condensed consolidated 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 condensed consolidated financial statements are prepared. Actual results could differ from those estimates.

Variable Interest Entity

Variable Interest Entities

Consolidated Variable Interest Entity

Viper

Viper is a publicly traded corporation formed by the Company in 2014 to provide an attractive return to its stockholders (the largest of which is Diamondback) by focusing on business results, maximizing dividends through organic growth and pursuing accretive growth opportunities through acquisitions of mineral, royalty, overriding royalty, net profits and similar interests from the Company and from third parties. Viper has no employees and the Company provides management, operating and administrative services to Viper under a services and secondment agreement, including the services of the executive officers and other employees.

Viper meets the definition of a variable interest entity (“VIE”) under ASC Topic 810, “Consolidation,” and the Company continues to be the primary beneficiary of the VIE through its ability, via existing contractual agreements, to direct the activities that most significantly affect Viper’s economic performance. The Company also has the obligation to absorb losses and the right to receive benefits that could be significant to Viper. As such, the Company continues to consolidate the activity of Viper.

On March 4, 2026, Viper completed a secondary public offering with the Company and certain other Viper stockholders, along with J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC as underwriters (the “Underwriters”) (the “Secondary Offering”). The Company exchanged approximately 12.39 million shares of Viper Class B common stock and an equivalent number of Viper LLC Units for an equivalent number of shares of Viper Class A common stock and subsequently sold such shares in the Secondary Offering. On March 19, 2026, the Underwriters exercised an option to purchase approximately 0.51 million additional shares of Viper Class A common stock from the Company, bringing the aggregate cash proceeds to approximately $589 million. The Company’s proceeds from the Secondary Offering were used for general corporate purposes and to accelerate debt reduction. The Secondary Offering was evaluated and determined not to be an event that would cause the Company to change its conclusion regarding Viper’s status as a VIE, and the Company continues to be the primary beneficiary.

Viper maintains its own capital structure that is separate from the Company, and the Company is not under any obligation to provide additional financial support or investment to Viper. Viper’s assets cannot be used by the Company for general corporate purposes and the creditors of Viper’s liabilities do not have recourse to the Company’s assets. The assets and liabilities of Viper are included in the Company’s condensed consolidated balance sheets and disclosed parenthetically, if material.

Unconsolidated Variable Interest Entities

Power JV

On September 8, 2026, a wholly owned subsidiary of the Company entered into a joint venture agreement with a third party to form a power JV (the “Power JV”) to pursue power generation development opportunities. The Company’s initial contributions to the Power JV consisted of approximately $78 million in pre-funded capital contributions and 1,433 acres of net surface acreage with a fair value of approximately $22 million in exchange for a 35% membership interest.

As of September 30, 2026, the Power JV met the definition of a VIE in which the Company has a variable interest. The Company has determined it is not the primary beneficiary as it does not have the power to direct the activities that most significantly affect the Power JV’s economic performance. Accordingly, the Company accounts for its investment in the Power JV under the equity method of accounting and includes its investment in the caption “Other assets” on the condensed consolidated balance sheet.

At September 30, 2026, the Company’s maximum exposure to any potential losses associated with the Power JV was limited to the Company’s investment of approximately $100 million. Should independent financing not be obtained and utilized by the Power JV, the Company has agreed to fund certain additional capital commitments which it estimates could range between approximately $250 million and $700 million.

Solitude JV

On August 16, 2026, the Company entered into a joint venture agreement with certain third parties to form SPS Parent, LLC (the “Solitude JV”) for the purpose of constructing and operating two large intrastate natural gas pipelines from the Permian Basin to Katy, Texas. The Company received a 7.5% membership interest in the Solitude JV and funded $25 million in capital commitments during the three months ended September 30, 2026. As of September 30, 2026, the Solitude JV was assessed and determined to be a VIE in which the Company has variable interests. The Company has determined it is not the primary beneficiary as it does not have the power to direct the activities that most significantly affect the Solitude JV. Accordingly, the Company accounts for its investment in the Solitude JV under the equity method of accounting and includes its investment in the caption “Other assets” on the condensed consolidated balance sheet.

At September 30, 2026, the Company’s maximum exposure to potential losses for the Solitude JV, including its current investment and future unfunded capital commitments, was approximately $269 million.

Recent Accounting Pronouncements

Recently Adopted Pronouncements

No significant accounting pronouncements were adopted during the three and nine months ended September 30, 2026.

Accounting Pronouncements Not Yet Adopted

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 listed above were assessed and determined to be either not applicable, previously disclosed, or not material upon adoption.