Viper Energy Partners (VNOM) 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-36505
Entity Registrant Name	Viper Energy Partners LP
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	Common Units
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	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001602065
Current Fiscal Year End Date	--12-31
Common Units
Document Information [Line Items]
Entity Common Units, Units Outstanding		87,144,273
Class B Units
Document Information [Line Items]
Entity Common Units, Units Outstanding		90,709,946

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 146,814	$ 18,179
Derivative instruments	0	9,328
Other current assets	4,081	3,196
Total current assets	262,130	118,620
Property:
Oil and natural gas interests, full cost method of accounting ($1,151,711 and $1,297,221 excluded from depletion at September 30, 2023 and December 31, 2022, respectively)	3,592,768	3,464,819
Land	5,688	5,688
Accumulated depletion and impairment	(821,565)	(720,234)
Property, net	2,776,891	2,750,273
Funds held in escrow	50,000	0
Derivative instruments	0	442
Deferred income taxes (net of allowances)	48,768	49,656
Other assets	5,577	1,382
Total assets	3,143,366	2,920,373
Current liabilities:
Accrued liabilities	24,688	19,600
Derivative instruments	9,284	0
Income taxes payable	13,322	911
Total current liabilities	47,491	21,946
Long-term debt, net	675,681	576,895
Derivative instruments	1,619	7
Total liabilities	724,791	598,848
Commitments and contingencies
Unitholders’ equity:
General Partner	589	649
Common units (70,861,557 units issued and outstanding as of September 30, 2023 and 73,229,645 units issued and outstanding as of December 31, 2022)	712,728	689,178
Class B units (90,709,946 units issued and outstanding as of September 30, 2023 and December 31, 2022)	757	832
Total Viper Energy Partners LP unitholders’ equity	714,074	690,659
Non-controlling interest	1,704,501	1,630,866
Total equity	2,418,575	2,321,525
Total liabilities and unitholders’ equity	3,143,366	2,920,373
Nonrelated Party
Current assets:
Royalty income receivable (net of allowance for credit losses)	103,804	81,657
Current liabilities:
Accounts payable	197	1,129
Related Party
Current assets:
Royalty income receivable (net of allowance for credit losses)	7,431	6,260
Current liabilities:
Accounts payable	$ 0	$ 306

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Oil and natural gas interests, based on the full cost method of accounting, amount excluded from depletion	$ 1,151,711	$ 1,297,221
Common Units
Limited partners' capital account, units issued (in shares)	70,861,557	73,229,645
Limited partners' capital account, units outstanding (in shares)	70,861,557	73,229,645
Class B Units
Limited partners' capital account, units issued (in shares)	90,709,946	90,709,946
Limited partners' capital account, units outstanding (in shares)	90,709,946	90,709,946

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating income:
Royalty income	$ 195,614	$ 219,909	$ 514,896	$ 651,828
Other operating income	193	211	774	506
Total operating income	293,240	221,617	622,985	662,842
Costs and expenses:
Production and ad valorem taxes	12,286	15,638	37,794	45,547
Depletion	36,280	30,460	101,331	89,833
General and administrative expenses	1,880	2,139	6,652	5,972
Total costs and expenses	50,446	48,237	145,777	141,352
Income (loss) from operations	242,794	173,380	477,208	521,490
Other income (expense):
Interest expense, net	(11,203)	(10,731)	(32,180)	(30,158)
Gain (loss) on derivative instruments, net	(2,988)	882	(30,685)	(19,366)
Other income, net	489	162	802	200
Total other expense, net	(13,702)	(9,687)	(62,063)	(49,324)
Income (loss) before income taxes	229,092	163,693	415,145	472,166
Provision for (benefit from) income taxes	21,879	(46,409)	39,735	(37,597)
Net income (loss)	207,213	210,102	375,410	509,763
Net income (loss) attributable to non-controlling interest	128,614	130,762	232,294	379,796
Net income (loss) attributable to Viper Energy Partners LP	$ 78,599	$ 79,340	$ 143,116	$ 129,967
Net income (loss) attributable to common limited partner units:
Basic (dollars per unit)	$ 1.11	$ 1.06	$ 1.99	$ 1.70
Diluted (dollars per unit)	$ 1.11	$ 1.06	$ 1.99	$ 1.70
Weighted average number of common limited partner units outstanding:
Basic (in units)	70,925	74,943	71,803	76,215
Diluted (in units)	70,925	74,943	71,803	76,325
Revenue, Product and Service [Extensible Enumeration]	Royalty [Member]	Royalty [Member]	Royalty [Member]	Royalty [Member]
Related Party
Operating income:
Lease bonus	$ 97,237	$ 372	$ 105,585	$ 6,652
Nonrelated Party
Operating income:
Lease bonus	$ 196	$ 1,125	$ 1,730	$ 3,856

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes to Unitholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Limited Partners	General Partner	Non-Controlling Interest	Common Units Limited Partners	Class B Units Limited Partners
Beginning balance (in shares) at Dec. 31, 2021					78,546	90,710
Beginning balance at Dec. 31, 2021	$ 2,232,828		$ 729	$ 1,418,007	$ 813,161	$ 931
Increase (Decrease) in Partners' Capital [Roll Forward]
Unit-based compensation	284				284
Distribution equivalent rights payments	(64)				(64)
Distributions to public	(35,830)				(35,830)
Distributions to Diamondback	(43,003)			(42,634)	(344)	$ (25)
Distributions to General Partner	(20)		(20)
Change in ownership of consolidated subsidiaries, net	0			(14,195)	$ 14,195
Repurchased units as part of unit buyback (in shares)					(1,580)
Repurchased units as part of unit buyback	(39,260)				$ (39,260)
Net income (loss)	128,041			111,436	$ 16,605
Ending balance (in shares) at Mar. 31, 2022					76,966	90,710
Ending balance at Mar. 31, 2022	2,242,976		709	1,472,614	$ 768,747	$ 906
Beginning balance (in shares) at Dec. 31, 2021					78,546	90,710
Beginning balance at Dec. 31, 2021	2,232,828		729	1,418,007	$ 813,161	$ 931
Increase (Decrease) in Partners' Capital [Roll Forward]
Change in ownership of consolidated subsidiaries, net		$ 45,764
Net income (loss)	509,763
Ending balance (in shares) at Sep. 30, 2022					74,156	90,710
Ending balance at Sep. 30, 2022	2,290,913		669	1,566,990	$ 722,397	$ 857
Beginning balance (in shares) at Mar. 31, 2022					76,966	90,710
Beginning balance at Mar. 31, 2022	2,242,976		709	1,472,614	$ 768,747	$ 906
Increase (Decrease) in Partners' Capital [Roll Forward]
Unit-based compensation	335				335
Distribution equivalent rights payments	(113)				(113)
Distributions to public	(51,077)				(51,077)
Distributions to Diamondback	(64,012)			(63,497)	(490)	$ (25)
Distributions to General Partner	(20)		(20)
Change in ownership of consolidated subsidiaries, net	0			(11,523)	$ 11,523
Repurchased units as part of unit buyback (in shares)					(1,020)
Repurchased units as part of unit buyback	(28,949)				$ (28,949)
Net income (loss)	171,620			137,598	$ 34,022
Ending balance (in shares) at Jun. 30, 2022					75,946	90,710
Ending balance at Jun. 30, 2022	2,270,760		689	1,535,192	$ 733,998	$ 881
Increase (Decrease) in Partners' Capital [Roll Forward]
Unit-based compensation	362				$ 362
Vesting of restricted stock units (shares)					28
Distribution equivalent rights payments	(132)				$ (132)
Distributions to public	(59,901)				(59,901)
Distributions to Diamondback	(79,535)			(78,918)	(593)	$ (24)
Distributions to General Partner	(20)		(20)
Change in ownership of consolidated subsidiaries, net	0	20,046		(20,046)	$ 20,046
Repurchased units as part of unit buyback (in shares)					(1,818)
Repurchased units as part of unit buyback	(50,723)				$ (50,723)
Net income (loss)	210,102			130,762	$ 79,340
Ending balance (in shares) at Sep. 30, 2022					74,156	90,710
Ending balance at Sep. 30, 2022	2,290,913		669	1,566,990	$ 722,397	$ 857
Beginning balance (in shares) at Dec. 31, 2022					73,230	90,710
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
Vesting of restricted stock units (shares)					4
Distribution equivalent rights payments	(72)				$ (72)
Distributions to public	(35,253)				(35,253)
Distributions to Diamondback	(49,366)			(48,983)	(358)	$ (25)
Distributions to General Partner	(20)		(20)
Change in ownership of consolidated subsidiaries, net	0			(11,449)	$ 11,449
Repurchased units as part of unit buyback (in shares)					(1,115)
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	90,710
Ending balance at Mar. 31, 2023	2,292,428		629	1,624,733	$ 666,259	$ 807
Beginning balance (in shares) at Dec. 31, 2022					73,230	90,710
Beginning balance at Dec. 31, 2022	2,321,525		649	1,630,866	$ 689,178	$ 832
Increase (Decrease) in Partners' Capital [Roll Forward]
Change in ownership of consolidated subsidiaries, net		31,667
Net income (loss)	375,410
Ending balance (in shares) at Sep. 30, 2023					70,862	90,710
Ending balance at Sep. 30, 2023	2,418,575		589	1,704,501	$ 712,728	$ 757
Beginning balance (in shares) at Mar. 31, 2023					72,119	90,710
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				259
Distribution equivalent rights payments	(43)				(43)
Distributions to public	(23,513)				(23,513)
Distributions to Diamondback	(38,363)			(38,097)	(241)	$ (25)
Distributions to General Partner	(20)		(20)
Change in ownership of consolidated subsidiaries, net	0			(16,749)	$ 16,749
Repurchased units as part of unit buyback (in shares)					(912)
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	90,710
Ending balance at Jun. 30, 2023	2,286,170		609	1,619,268	$ 665,511	$ 782
Increase (Decrease) in Partners' Capital [Roll Forward]
Unit-based compensation	362				$ 362
Vesting of restricted stock units (shares)					20
Distribution equivalent rights payments	(48)				$ (48)
Distributions to public	(25,252)				(25,252)
Distributions to Diamondback	(40,200)			(39,912)	(263)	$ (25)
Distributions to General Partner	(20)		(20)
Change in ownership of consolidated subsidiaries, net	0	$ 3,469		(3,469)	$ 3,469
Repurchased units as part of unit buyback (in shares)					(365)
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	90,710
Ending balance at Sep. 30, 2023	$ 2,418,575		$ 589	$ 1,704,501	$ 712,728	$ 757

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 375,410	$ 509,763
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for (benefit from) deferred income taxes	887	(49,656)
Depletion	101,331	89,833
(Gain) loss on derivative instruments, net	30,685	19,366
Net cash receipts (payments) on derivatives	(10,019)	(27,292)
Other	2,045	4,372
Changes in operating assets and liabilities:
Royalty income receivable	(22,147)	(25,647)
Royalty income receivable—related party	(1,171)	(8,123)
Accounts payable and accrued liabilities	4,156	3,612
Accounts payable—related party	(306)	0
Income tax payable	12,411	(471)
Other	(885)	(2,516)
Net cash provided by (used in) operating activities	492,397	513,241
Cash flows from investing activities:
Acquisitions of oil and natural gas interests—related party	(75,073)	0
Acquisitions of oil and natural gas interests	(98,510)	(38,334)
Proceeds from sale of oil and natural gas interests	(3,166)	57,945
Net cash provided by (used in) investing activities	(176,749)	19,611
Cash flows from financing activities:
Proceeds from borrowings under credit facility	260,000	229,000
Repayment on credit facility	(162,000)	(288,000)
Repayment of senior notes	0	(48,963)
Repurchased units as part of unit buyback	(67,181)	(118,932)
Distributions to public	(84,181)	(147,117)
Distributions to Diamondback	(127,929)	(186,550)
Other	(5,722)	(122)
Net cash provided by (used in) financing activities	(187,013)	(560,684)
Net increase (decrease) in cash and cash equivalents	128,635	(27,832)
Cash, cash equivalents and restricted cash at beginning of period	18,179	39,448
Cash, cash equivalents and restricted cash at end of period	$ 146,814	$ 11,616

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Organization Viper Energy Partners LP (the “Partnership”) is a publicly traded Delaware limited partnership 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, 2023, Viper Energy Partners GP LLC (the “General Partner”) held a 100% general partner interest in the Partnership and Diamondback Energy, Inc. and its subsidiary, Diamondback E&P LLC (collectively, “Diamondback”) beneficially owned approximately 57% of the Partnership’s total limited partner units outstanding. Diamondback owns and controls the General Partner. 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. We report our operations in one reportable segment. These condensed consolidated financial statements have been prepared by the Partnership 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 Partnership believes the disclosures are adequate to make the information presented not misleading. This report should be read in conjunction with the Partnership’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2022, which contains a summary of the Partnership’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, unitholders’ equity, results of operations or cash flows.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates Certain amounts included in or affecting the Partnership’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 Partnership reports for assets and liabilities and the Partnership’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 and the Israel-Hamas war, rising interest rates, global supply chain disruptions, concerns about a potential economic downturn or recession, and 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 Partnership’s accounting estimates, particularly those involving financial forecasts. The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in each particular circumstance. Nevertheless, actual results may differ significantly from the Partnership’s estimates. Any effects on the Partnership’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 Partnership, 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, 2023 and December 31, 2022, Diamondback, either directly or through its consolidated subsidiaries, owed the Partnership $7.4 million and $6.3 million, respectively, for royalty income received from third parties for the Partnership’s production, which had not yet been remitted to the Partnership. Lease Bonus Income During the three and nine months ended September 30, 2023 and 2022, Diamondback paid the Partnership $97.2 million, $105.6 million, $0.4 million and $6.7 million, respectively, of lease bonus income primarily related to new leases in the Permian Basin. Lease bonus income for the three and nine months ended September 30, 2023 includes a lease bonus payment of $95.8 million to the Operating Company from a lease agreement with a subsidiary of Diamondback covering certain Permian Basin acreage on terms substantially identical to the Operating Company’s other lease arrangements with Diamondback. This transaction was considered and approved by the conflicts committee of the board of directors of the General Partner. Subsequent to September 30, 2023, we used $95.8 million in lease bonus proceeds to reduce amounts outstanding under the Operating Company’s revolving credit facility. See Note 4— Acquisitions and Divestitures for significant related party acquisitions of oil and natural gas interests. All other significant related party transactions with Diamondback or its affiliates have been stated on the face of the condensed consolidated financial statements as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022. Accrued Liabilities Accrued liabilities consist of the following: September 30, December 31, 2023 2022 (In thousands) Interest payable $ 10,348 $ 3,972 Ad valorem taxes payable 12,357 12,492 Derivatives instruments payable 807 1,684 Other 1,176 1,452 Total accrued liabilities $ 24,688 $ 19,600 Recent Accounting Pronouncements Recently Adopted Pronouncements There are no recently adopted pronouncements. Accounting Pronouncements Not Yet Adopted The Partnership considers the applicability and impact of all ASUs. There are no recent accounting pronouncements not yet adopted that are expected to have a material effect on the Partnership upon adoption, as applicable.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS	REVENUE FROM CONTRACTS WITH CUSTOMERS Royalty income represents the right to receive revenues from oil, natural gas and natural gas liquids sales obtained by the operator of the wells in which the Partnership 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 Partnership’s percentage ownership share of the revenue, net of any deductions for gathering and transportation. Virtually all of the pricing provisions in the Partnership’s contracts are tied to a market index. The following table disaggregates the Partnership’s total royalty income by product type: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Oil income $ 168,008 $ 167,934 $ 443,927 $ 514,180 Natural gas income 8,893 28,638 22,974 67,621 Natural gas liquids income 18,713 23,337 47,995 70,027 Total royalty income $ 195,614 $ 219,909 $ 514,896 $ 651,828

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	9 Months Ended
	Sep. 30, 2023
Business Combinations And Divestitures [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES 2023 Activity Drop Down Transaction On March 8, 2023, the Partnership completed the acquisition of certain mineral and royalty interests from subsidiaries of Diamondback for approximately $74.5 million in cash, including customary post-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 current production of approximately 300 BO/d. The Partnership 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 Partnership’s condensed consolidated balance sheet. The historical carrying value of the properties approximated the Drop Down purchase price. Other Acquisitions During the nine months ended September 30, 2023, the Partnership acquired, in individually insignificant transactions from unrelated third-party sellers, mineral and royalty interests representing 213 net royalty acres in the Permian Basin for an aggregate purchase price of approximately $48.9 million, subject to customary post-closing adjustments. The Partnership funded these acquisitions with cash on hand and borrowings under the Operating Company’s revolving credit facility. Upon entering into an agreement for the Acquisition (as further discussed and defined in Note 13— Subsequent Events ) in September 2023, the Partnership deposited $50.0 million of the purchase price in an escrow account, which is included in the captions “Funds held in escrow” on the condensed consolidated balance sheet and “Acquisitions of oil and natural gas interest” on the condensed consolidated statement of cash flows at September 30, 2023. 2022 Activity Acquisitions During the year ended December 31, 2022 , in individually insignificant transactions, the Partnership acquired, from unrelated third-party sellers, mineral and royalty interests representing 375 net royalty acres in the Permian Basin for an aggregate net purchase price of approximately $65.8 million, including certain customary post-closing adjustments. The Partnership funded these acquisitions with cash on hand and borrowings under the Operating Company’s revolving credit facility. Divestitures In the first quarter of 2022, the Partnership divested 325 net royalty acres of third party operated acreage located entirely in Upton and Reagan counties in the Midland Basin for an aggregate net sales price of $29.3 million, including customary closing adjustments. In the third quarter of 2022, the Partnership divested 93 net royalty acres of third party operated acreage located entirely in Loving county in the Delaware Basin for an aggregate net sales price of $29.9 million, including customary closing adjustments. In the fourth quarter of 2022, the Partnership divested its entire position in the Eagle Ford Shale consisting of 681 net royalty acres of third party operated acreage for an aggregate net sales price of $53.7 million, including customary closing adjustments.

OIL AND NATURAL GAS INTERESTS

OIL AND NATURAL GAS INTERESTS	9 Months Ended
	Sep. 30, 2023
Extractive Industries [Abstract]
OIL AND NATURAL GAS INTERESTS	OIL AND NATURAL GAS INTERESTS Oil and natural gas interests include the following: September 30, December 31, 2023 2022 (In thousands) Oil and natural gas interests: Subject to depletion $ 2,441,057 $ 2,167,598 Not subject to depletion 1,151,711 1,297,221 Gross oil and natural gas interests 3,592,768 3,464,819 Accumulated depletion and impairment (821,565) (720,234) Oil and natural gas interests, net 2,771,203 2,744,585 Land 5,688 5,688 Property, net of accumulated depletion and impairment $ 2,776,891 $ 2,750,273 As of September 30, 2023 and December 31, 2022, the Partnership had mineral and royalty interests representing 27,189 and 26,315 net royalty acres, respectively. No impairment expense was recorded on the Partnership’s oil and natural gas interests for the three and nine months ended September 30, 2023 and 2022 based on the results of the respective quarterly ceiling tests. In addition to commodity prices, the Partnership’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 com modity prices used in prior quarters, the Partnership may have material write-downs in subsequent quarters.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt consisted of the following as of the dates indicated: September 30, December 31, 2023 2022 (In thousands) 5.375% Senior unsecured notes due 2027 $ 430,350 $ 430,350 Revolving credit facility 250,000 152,000 Unamortized debt issuance costs (1,104) (1,306) Unamortized discount (3,565) (4,149) Total long-term debt $ 675,681 $ 576,895 The Operating Company’s Revolving Credit Facility On September 22, 2023, the Operating Company entered into an eleventh and separately a twelfth amendment to the existing credit agreement, which among other things, (i) extended the maturity date from June 2, 2025, to September 22, 2028, (ii) maintained the maximum credit amount of $2.0 billion, (iii) increased the borrowing base from $1.0 billion to $1.3 billion upon consummation of the Acquisition (as defined in Note 13— Subsequent Events ), (iv) increased the aggregate elected commitment amount from $750.0 million to $850.0 million, and (v) waived the automatic reduction of the borrowing base that otherwise would have occurred upon the consummation of the issuance of the 2031 Notes (as defined in Note 13— Subsequent Events ). The borrowing base is scheduled to be redetermined semi-annually in May and November. As of September 30, 2023, the Operating Company had $250.0 million of outstanding borrowings and $600.0 million available for future borrowings. During the three and nine months ended September 30, 2023 and 2022 , the weighted average interest rates on the Operating Company’s revolving credit facil ity were 7.58%, 7.37%, 4.75% and 3.53%, respectively . As of September 30, 2023, the Operating Company was in compliance with t h e financial maintenance covenants under its credit agreement.

UNITHOLDERS_ EQUITY AND DISTRIB

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
UNITHOLDERS’ EQUITY AND DISTRIBUTIONS	UNITHOLDERS’ EQUITY AND DISTRIBUTIONS The Partnership has General Partner and limited partner units. At September 30, 2023, the Partnership had a total of 70,861,557 common units issued and outstanding and 90,709,946 Class B units issued and outstanding, of which 731,500 common units and 90,709,946 Class B units were beneficially owned by Diamondback, representing approximately 57% of the Partnership’s total limited partner units outstanding. At September 30, 2023, Diamondback also beneficially owned 90,709,946 Operating Company units, representing a 56% non-controlling ownership interest in the Operating Company. The Operating Company units and the Partnership’s Class B units beneficially owned by Diamondback are exchangeable from time to time for the Partnership’s common units (that is, one Operating Company unit and one Partnership Class B unit, together, will be exchangeable for one Partnership common unit). See Note 13— Subsequent Events for further discussion of additional common units issued in the fourth quarter of 2023. Common Unit Repurchase Program The board of directors of the Partnership’s General Partner has approved a common unit repurchase program to acquire up to $750.0 million of the Partnership’s outstanding common units, excluding excise tax, over an indefinite period of time. The Partnership intends to purchase common units un der the repurchase program opportunistically with funds from cash on hand, free cash flow from operatio ns and potential l iquidity events such as the sale of assets. This repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors of the Partnership’s General Partner at any time. During the three and nine months ended September 30, 2023 and 2022, the Partnership repurchased, excluding excise tax, approximately $9.6 million, $66.5 million, $50.7 million and $118.9 million of common units under the repurchase program, respectively. Repurchases for the nine months ended September 30, 2022 included approximately $37.3 million for the repurchase of 1.5 million common units from a significant unitholder in a privately negotiated transaction in the first quarter of 2022. As of September 30, 2023, $462.9 million remains available under the repurchase program, excluding excise tax. Cash Distributions Effective with the Partnership’s distribution payable for the third quarter of 2022, the board of directors of the General Partner approved a distribution policy consisting of a base and variable distribution that takes into account capital returned to unitholders via our common unit repurchase program. The Partnership’s available cash and the available cash of the Operating Company for each quarter is determined by the board of directors of the General Partner following the end of such quarter. The cash available for distribution by the Operating Company, a non-GAAP measure, generally equals the Partnership’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 General Partner deems necessary or appropriate, lease bonus income, distribution equivalent rights payments and preferred distributions, if any. The board approved the exclusion of lease bonus income, net of applicable taxes, effective for the distribution to be paid on November 24, 2023. For a detailed description of the Partnership’s and the Operating Company’s distribution policy, see Note 7—Unitholders’ Equity and Distributions—Cash Distributions in the Partnership's Annual Report on Form 10- K for the year ended December 31, 2022. The percentage of cash available for distribution pursuant to the distribution policy may change quarterly to enable the Operating Company to retain cash flow to help strengthen the Partnership’s balance sheet while also expanding the return of capital program through the Partnership’s common unit repurchase program. Effective July 25, 2023, the board of directors of the General Partner approved an increase to the Partnership’s annual base distribution to $1.08 per common unit beginning with the distribution paid for the second quarter of 2023 . The Partnership is not required to pay distributions to its common unitholders on a quarterly or other basis. The following table presents information regarding cash distributions approved by the board of directors of the General Partner for the periods presented (in thousands, except for per unit amounts): Period Amount per Operating Company Unit Operating Company Distributions to Diamondback Amount per Common Unit Distributions to Common Unitholders (1) Declaration Date Unitholder Record Date Payment Date 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) Includes amounts paid to Diamondback for the 731,500 common units beneficially owned by Diamondback and distribution equivalent rights payments. Cash distributions will be made to the common unitholders 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 the Partnership’s public offerings of units, issuance of units for acquisitions, issuance of unit-based compensation, repurchases of common units and distribution equivalent rights paid on the Partnership’s units. These changes in ownership percentage result in adjustments to non-controlling interest and common unitholder equity, tax effected, but do not impact earnings. The following table summarizes the changes in common unitholder equity due to changes in ownership interest during the period: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Net income (loss) attributable to the Partnership $ 78,599 $ 79,340 $ 143,116 $ 129,967 Change in ownership of consolidated subsidiaries 3,469 20,046 31,667 45,764 Change from net income (loss) attributable to the Partnership's unitholders and transfers to non-controlling interest $ 82,068 $ 99,386 $ 174,783 $ 175,731

EARNINGS PER COMMON UNIT

EARNINGS PER COMMON UNIT	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER COMMON UNIT	EARNINGS PER COMMON UNIT The net income (loss) per common unit on the condensed consolidated statements of operations is based on the net income (loss) attributable to the Partnership’s common units for the three and nine months ended September 30, 2023 and 2022. The Partnership’s net income (loss) is allocated wholly to the common units, as the General Partner does not have an economic interest. Basic and diluted earnings per common unit is calculated using the two-class method. The two class method is an earnings allocation proportional to the respective ownership among holders of common units and participating securities. Basic net income (loss) per common unit is calculated by dividing net income (loss) by the weighted-average number of common units outstanding during the period. Diluted net income (loss) per common unit gives effect, when applicable, to unvested common units granted under the LTIP. A reconciliation of the components of basic and diluted earnings per common unit is presented in the table below: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands, except per unit amounts) Net income (loss) attributable to the period $ 78,599 $ 79,340 $ 143,116 $ 129,967 Less: distributed and undistributed earnings allocated to participating securities (1) 146 173 263 309 Net income (loss) attributable to common unitholders $ 78,453 $ 79,167 $ 142,853 $ 129,658 Weighted average common units outstanding: Basic weighted average common units outstanding 70,925 74,943 71,803 76,215 Effect of dilutive securities: Potential common units issuable (2) — — — 110 Diluted weighted average common units outstanding 70,925 74,943 71,803 76,325 Net income (loss) per common unit, basic $ 1.11 $ 1.06 $ 1.99 $ 1.70 Net income (loss) per common unit, diluted $ 1.11 $ 1.06 $ 1.99 $ 1.70 (1) Unvested restricted stock units that contain non-forfeitable distribution equivalent rights granted are considered participating securities and therefore are included in the earnings per unit calculation pursuant to the two-class method. (2) For the three and nine months ended September 30, 2023 and 2022, there were no potential common units excluded from the computation of diluted earnings per common unit because their inclusion would have been anti-dilutive. As discussed further in Note 13— Subsequent Events “—Recent Acquisition,” the Partnership issued approximately 7.22 million common units to Diamondback under the common unit purchase agreement and 9.02 million additional common units as consideration for the Acquisition in the fourth quarter of 2023.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The following table provides the Partnership’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, 2023 2022 2023 2022 (In thousands, except for tax rate) Provision for (benefit from) income taxes $ 21,879 $ (46,409) $ 39,735 $ (37,597) Effective tax rate 9.6 % (28.4) % 9.6 % (8.0) % The Partnership’s effective income tax rate for the three and nine months ended September 30, 2023 differed from the amount computed by applying the United States federal statutory tax rate to pre-tax income for the period primarily due to net income attributable to the non-controlling interest. The Partnership’s effective income tax rate for the three and nine months ended September 30, 2022 differed from the amount computed by applying the United States federal statutory tax rate to pre-tax income for the period primarily due to net income attributable to the non-controlling interest and the impact of maintaining a valuation allowance on the Partnership’s deferred tax assets. During the three months ended September 30, 2022, the Partnership recognized a discrete income tax benefit of $49.7 million related to a partial release of its beginning-of-the-year valuation allowance, based on a change in judgment about the realizability of its deferred tax assets in future years. As of September 30, 2023 and 2022, the Partnership 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. The Inflation Reduction Act of 2022 (“IRA”) was enacted on August 16, 2022, and imposed an excise tax of 1% on the fair market value of certain public company stock/unit repurchases for tax years beginning after December 31, 2022, and included several other provisions applicable to U.S. income taxes for corporations. The Partnership’s excise tax during the three and nine months ended September 30, 2023 was immaterial and is recognized as part of the cost basis of the units repurchased.

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES All derivative financial instruments are recorded at fair value. The Partnership 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 Partnership 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, 2023, the Partnership has put options, costless collars and fixed price basis swaps outstanding. The Partnership’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 Partnership’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 Partnership’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 Partnership and when the settlement price is above the ceiling price, the Partnership 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 Partnership 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 Partnership, which creates credit risk. The Partnership’s counterparties are all participants in the amended and restated credit agreement, which is secured by substantially all of the assets of the Operating Company; therefore, the Partnership is not required to post any collateral. The Partnership’s counterparties have been determined to have an acceptable credit risk; therefore, the Partnership does not require collateral from its counterparties. As of September 30, 2023, the Partnership 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. 2023 Puts 16,000 WTI Cushing $— $— $— $56.25 $(1.70) Jan. - Mar. 2024 Puts 14,000 WTI Cushing $— $— $— $58.57 $(1.54) Apr. - Jun. 2024 Puts 12,000 WTI Cushing $— $— $— $60.00 $(1.50) Oct. - Dec. 2023 Basis Swaps 4,000 WTI Midland $1.05 $— $— $— $— Jan. - Jun. 2024 Costless Collar 6,000 WTI Cushing $— $65.00 $95.55 $— $— NATURAL GAS Oct. - Dec. 2023 Basis Swaps 30,000 Waha Hub $(1.33) $— $— $— $— Jan. - Dec. 2024 Basis Swaps 30,000 Waha Hub $(1.20) $— $— $— $— 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 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, 2023 2022 2023 2022 (In thousands) Gain (loss) on derivative instruments $ (2,988) $ 882 $ (30,685) $ (19,366) Net cash receipts (payments) on derivatives (1) $ (3,807) $ (10,263) $ (10,019) $ (27,292)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basis As discussed in Note 11—Fair Value Measurements in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2022, certain assets and liabilities are reported at fair value on a recurring basis on the Partnership’s condensed consolidated balance sheets, including the Partnership’s derivative instruments. The fair values of the Partnership’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. These valuations are Level 2 in puts in the fair value hierarchy. The net amounts are classified as current or noncurrent based on their anticipated settlement dates. 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 Partnership’s condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022: As of September 30, 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 $ — $ 4,616 $ — $ 4,616 $ (4,616) $ — Liabilities: Current: Derivative instruments $ — $ 13,900 $ — $ 13,900 $ (4,616) $ 9,284 Non-current: Derivative instruments $ — $ 1,619 $ — $ 1,619 $ — $ 1,619 As of December 31, 2022 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 $ — $ 13,296 $ — $ 13,296 $ (3,968) $ 9,328 Non-current: Derivative instruments $ — $ 1,911 $ — $ 1,911 $ (1,469) $ 442 Liabilities: Current: Derivative instruments $ — $ 3,968 $ — $ 3,968 $ (3,968) $ — Non-current: Derivative instruments $ — $ 1,476 $ — $ 1,476 $ (1,469) $ 7 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, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Debt: Revolving credit facility $ 250,000 $ 250,000 $ 152,000 $ 152,000 5.375% Senior notes due 2027 (1) $ 425,681 $ 409,164 $ 424,895 $ 411,634 (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 Partnership 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 September 30, 2023 quoted market price, 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 our proved oil and natural gas interests to fair value when they are impaired or held for sale. Fair Value of Financial Assets The Partnership has other financial instruments consisting of cash and cash equivalents, royalty income receivable, funds held in escrow, 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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESThe Partnership 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 Partnership, cannot be predicted with certainty, the Partnership’s management believes that none of these matters, if ultimately decided adversely, will have a material adverse effect on the Partnership’s financial condition, results of operations or cash flows. The Partnership’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 Partnership’s assessment. The Partnership 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Pending Conversion into Corporation As previously reported, on July 31, 2023, the Partnership announced its intent to convert its legal status from a Delaware limited partnership into a Delaware corporation (the “Conversion”). The Conversion was unanimously approved by the board of directors of the General Partner in November 2023. On November 2, 2023, the General Partner, on behalf of the Partnership, filed the certificate of conversion and the certificate of incorporation with the Secretary of the State of Delaware and notified Nasdaq of such filings. The Partnership anticipates that the Conversion will become effective at 12:01 a.m. (Eastern Time) on November 13, 2023. See “ Management ’ s Discussion and Analysis of Financial Condition and Results of Operations — Recent Developments —Pending Conversion into Corporation” for additional information regarding the Conversion. 2031 Notes Offering On October 19, 2023, the Partnership completed an offering (the “2031 Notes Offering”) of $400.0 million in aggregate principal amount of its 7.375% Senior Notes maturing on November 1, 2031 (the “2031 Notes”). The Partnership received net proceeds of approximately $394.4 million, after deducting the initial purchasers’ discount and expected transactions costs, from the 2031 Notes Offering. The Partnership loaned the gross proceeds to the Operating Company, which used the proceeds to partially fund the cash portion of the Acquisition as defined and discussed further below. The 2031 Notes are senior unsecured obligations of the Partnership, initially guaranteed on a senior unsecured basis by the Operating Company, and will pay interest semi-annually. Neither Diamondback nor the General Partner will guarantee the 2031 Notes. In the future, each of the Partnership’s restricted subsidiaries that either (i) guarantees any of its or a guarantor’s indebtedness, or (ii) is a domestic restricted subsidiary and is an obligor with respect to any indebtedness under any credit facility will be required to guarantee the 2031 Notes. Viper Issuance of Common Units to Diamondback On October 31, 2023, the Partnership 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 pursuant to a common unit purchase and sale agreement entered into with Diamondback on September 4, 2023. The net proceeds of this common unit issuance were used to fund a portion of the cash consideration for the Acquisition, as defined and discussed further below. Acquisition On November 1, 2023, the Partnership 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 (collectively, “the Sellers,” and affiliates of Warwick Capital Partners and GRP Energy Capital) pursuant to a definitive purchase and sale agreement for approximately 9.02 million common units and $750.0 million in cash, subject to customary post-closing adjustments (the “Acquisition”). The mineral and royalty interests acquired in the 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 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 2031 Notes Offering and proceeds from the $200.0 million common unit issuance to Diamondback. Following the completion of the Acquisition, Diamondback beneficially owned approximately 56% of the Partnership’s total limited partner units outstanding. Cash Distribution On November 2, 2023, the board of directors of the General Partner approved a cash distribution for the third quarter of 2023 by the Operating Company under its distribution policy of $0.70 per Operating Company unit, payable on November 24, 2023, to eligible unitholders of record at the close of business on November 16, 2023. On November 2, 2023, the board of directors of the General Partner also approved a cash distribution for the third quarter of 2023 by the Partnership under its distribution policy of $0.57 per common unit, payable on November 24, 2023, to eligible unitholders of record at the close of business on November 16, 2023. The distribution to common unitholders consists of a base quarterly distribution of $0.27 per common unit and a variable quarterly distribution of $0.30 per common unit. The distribution record and payment dates will occur after the effective date of the Conversion; accordingly, Viper Energy, Inc. (“Viper Inc.”) will pay the base quarterly distribution and variable quarterly distribution to holders of Class A common stock (“Class A Common Stock”) post-Conversion under the same terms as approved by the board of directors of the General Partner.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to the period	$ 78,599	$ 79,340	$ 143,116	$ 129,967

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
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 ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
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. We report our operations in one reportable segment. These condensed consolidated financial statements have been prepared by the Partnership 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 Partnership believes the disclosures are adequate to make the information presented not misleading. This report should be read in conjunction with the Partnership’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2022, which contains a summary of the Partnership’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, unitholders’ equity, results of operations or cash flows.
Use of Estimates	Use of Estimates Certain amounts included in or affecting the Partnership’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 Partnership reports for assets and liabilities and the Partnership’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 and the Israel-Hamas war, rising interest rates, global supply chain disruptions, concerns about a potential economic downturn or recession, and 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 Partnership’s accounting estimates, particularly those involving financial forecasts. The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in each particular circumstance. Nevertheless, actual results may differ significantly from the Partnership’s estimates. Any effects on the Partnership’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
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Pronouncements There are no recently adopted pronouncements. Accounting Pronouncements Not Yet Adopted The Partnership considers the applicability and impact of all ASUs. There are no recent accounting pronouncements not yet adopted that are expected to have a material effect on the Partnership upon adoption, as applicable.
Revenue from Contracts with Customers	Royalty income represents the right to receive revenues from oil, natural gas and natural gas liquids sales obtained by the operator of the wells in which the Partnership 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 Partnership’s percentage ownership share of the revenue, net of any deductions for gathering and transportation. Virtually all of the pricing provisions in the Partnership’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 Partnership's Annual Report on Form 10-K for the year ended December 31, 2022, certain assets and liabilities are reported at fair value on a recurring basis on the Partnership’s condensed consolidated balance sheets, including the Partnership’s derivative instruments. The fair values of the Partnership’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. These valuations are Level 2 in puts in the fair value hierarchy. The net amounts are classified as current or noncurrent based on their anticipated settlement dates.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: September 30, December 31, 2023 2022 (In thousands) Interest payable $ 10,348 $ 3,972 Ad valorem taxes payable 12,357 12,492 Derivatives instruments payable 807 1,684 Other 1,176 1,452 Total accrued liabilities $ 24,688 $ 19,600

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates the Partnership’s total royalty income by product type: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Oil income $ 168,008 $ 167,934 $ 443,927 $ 514,180 Natural gas income 8,893 28,638 22,974 67,621 Natural gas liquids income 18,713 23,337 47,995 70,027 Total royalty income $ 195,614 $ 219,909 $ 514,896 $ 651,828

OIL AND NATURAL GAS INTERESTS (

OIL AND NATURAL GAS INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2023
Extractive Industries [Abstract]
Aggregate Capitalized Costs Related to Oil and Natural Gas Production Activities	Oil and natural gas interests include the following: September 30, December 31, 2023 2022 (In thousands) Oil and natural gas interests: Subject to depletion $ 2,441,057 $ 2,167,598 Not subject to depletion 1,151,711 1,297,221 Gross oil and natural gas interests 3,592,768 3,464,819 Accumulated depletion and impairment (821,565) (720,234) Oil and natural gas interests, net 2,771,203 2,744,585 Land 5,688 5,688 Property, net of accumulated depletion and impairment $ 2,776,891 $ 2,750,273

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 2022 (In thousands) 5.375% Senior unsecured notes due 2027 $ 430,350 $ 430,350 Revolving credit facility 250,000 152,000 Unamortized debt issuance costs (1,104) (1,306) Unamortized discount (3,565) (4,149) Total long-term debt $ 675,681 $ 576,895

UNITHOLDERS_ EQUITY AND DISTR_2

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Cash Distributions	The following table presents information regarding cash distributions approved by the board of directors of the General Partner for the periods presented (in thousands, except for per unit amounts): Period Amount per Operating Company Unit Operating Company Distributions to Diamondback Amount per Common Unit Distributions to Common Unitholders (1) Declaration Date Unitholder Record Date Payment Date 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) Includes amounts paid to Diamondback for the 731,500 common units beneficially owned by Diamondback and distribution equivalent rights payments.
Schedule of Change in Ownership Interest	The following table summarizes the changes in common unitholder equity due to changes in ownership interest during the period: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Net income (loss) attributable to the Partnership $ 78,599 $ 79,340 $ 143,116 $ 129,967 Change in ownership of consolidated subsidiaries 3,469 20,046 31,667 45,764 Change from net income (loss) attributable to the Partnership's unitholders and transfers to non-controlling interest $ 82,068 $ 99,386 $ 174,783 $ 175,731

EARNINGS PER COMMON UNIT (Table

EARNINGS PER COMMON UNIT (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income (Loss) Per Common Unit	A reconciliation of the components of basic and diluted earnings per common unit is presented in the table below: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands, except per unit amounts) Net income (loss) attributable to the period $ 78,599 $ 79,340 $ 143,116 $ 129,967 Less: distributed and undistributed earnings allocated to participating securities (1) 146 173 263 309 Net income (loss) attributable to common unitholders $ 78,453 $ 79,167 $ 142,853 $ 129,658 Weighted average common units outstanding: Basic weighted average common units outstanding 70,925 74,943 71,803 76,215 Effect of dilutive securities: Potential common units issuable (2) — — — 110 Diluted weighted average common units outstanding 70,925 74,943 71,803 76,325 Net income (loss) per common unit, basic $ 1.11 $ 1.06 $ 1.99 $ 1.70 Net income (loss) per common unit, diluted $ 1.11 $ 1.06 $ 1.99 $ 1.70 (1) Unvested restricted stock units that contain non-forfeitable distribution equivalent rights granted are considered participating securities and therefore are included in the earnings per unit calculation pursuant to the two-class method. (2) For the three and nine months ended September 30, 2023 and 2022, there were no potential common units excluded from the computation of diluted earnings per common unit because their inclusion would have been anti-dilutive.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table provides the Partnership’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, 2023 2022 2023 2022 (In thousands, except for tax rate) Provision for (benefit from) income taxes $ 21,879 $ (46,409) $ 39,735 $ (37,597) Effective tax rate 9.6 % (28.4) % 9.6 % (8.0) %

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	As of September 30, 2023, the Partnership 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. 2023 Puts 16,000 WTI Cushing $— $— $— $56.25 $(1.70) Jan. - Mar. 2024 Puts 14,000 WTI Cushing $— $— $— $58.57 $(1.54) Apr. - Jun. 2024 Puts 12,000 WTI Cushing $— $— $— $60.00 $(1.50) Oct. - Dec. 2023 Basis Swaps 4,000 WTI Midland $1.05 $— $— $— $— Jan. - Jun. 2024 Costless Collar 6,000 WTI Cushing $— $65.00 $95.55 $— $— NATURAL GAS Oct. - Dec. 2023 Basis Swaps 30,000 Waha Hub $(1.33) $— $— $— $— Jan. - Dec. 2024 Basis Swaps 30,000 Waha Hub $(1.20) $— $— $— $—
Summary 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, 2023 2022 2023 2022 (In thousands) Gain (loss) on derivative instruments $ (2,988) $ 882 $ (30,685) $ (19,366) Net cash receipts (payments) on derivatives (1) $ (3,807) $ (10,263) $ (10,019) $ (27,292)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Consolidated Balance Sheets	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 Partnership’s condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022: As of September 30, 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 $ — $ 4,616 $ — $ 4,616 $ (4,616) $ — Liabilities: Current: Derivative instruments $ — $ 13,900 $ — $ 13,900 $ (4,616) $ 9,284 Non-current: Derivative instruments $ — $ 1,619 $ — $ 1,619 $ — $ 1,619 As of December 31, 2022 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 $ — $ 13,296 $ — $ 13,296 $ (3,968) $ 9,328 Non-current: Derivative instruments $ — $ 1,911 $ — $ 1,911 $ (1,469) $ 442 Liabilities: Current: Derivative instruments $ — $ 3,968 $ — $ 3,968 $ (3,968) $ — Non-current: Derivative instruments $ — $ 1,476 $ — $ 1,476 $ (1,469) $ 7
Offsetting Assets	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 Partnership’s condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022: As of September 30, 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 $ — $ 4,616 $ — $ 4,616 $ (4,616) $ — Liabilities: Current: Derivative instruments $ — $ 13,900 $ — $ 13,900 $ (4,616) $ 9,284 Non-current: Derivative instruments $ — $ 1,619 $ — $ 1,619 $ — $ 1,619 As of December 31, 2022 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 $ — $ 13,296 $ — $ 13,296 $ (3,968) $ 9,328 Non-current: Derivative instruments $ — $ 1,911 $ — $ 1,911 $ (1,469) $ 442 Liabilities: Current: Derivative instruments $ — $ 3,968 $ — $ 3,968 $ (3,968) $ — Non-current: Derivative instruments $ — $ 1,476 $ — $ 1,476 $ (1,469) $ 7
Offsetting Liabilities	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 Partnership’s condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022: As of September 30, 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 $ — $ 4,616 $ — $ 4,616 $ (4,616) $ — Liabilities: Current: Derivative instruments $ — $ 13,900 $ — $ 13,900 $ (4,616) $ 9,284 Non-current: Derivative instruments $ — $ 1,619 $ — $ 1,619 $ — $ 1,619 As of December 31, 2022 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 $ — $ 13,296 $ — $ 13,296 $ (3,968) $ 9,328 Non-current: Derivative instruments $ — $ 1,911 $ — $ 1,911 $ (1,469) $ 442 Liabilities: Current: Derivative instruments $ — $ 3,968 $ — $ 3,968 $ (3,968) $ — Non-current: Derivative instruments $ — $ 1,476 $ — $ 1,476 $ (1,469) $ 7
Fair Value Measurements, Nonrecurring	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, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Debt: Revolving credit facility $ 250,000 $ 250,000 $ 152,000 $ 152,000 5.375% Senior notes due 2027 (1) $ 425,681 $ 409,164 $ 424,895 $ 411,634 (1) The carrying value includes associated deferred loan costs and any discount.

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details)	9 Months Ended
	Sep. 30, 2023 segment
Limited Partners' Capital Account [Line Items]
Number of reportable segments	1
Viper Energy Partners LP | Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Percent of general partner interest	100%
Percent of limited partnership interest	57%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 08, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Repayments of lines of credit				$ 162,000	$ 288,000
Subsequent Event
Related Party Transaction [Line Items]
Repayments of lines of credit	$ 95,800
Diamondback Energy, Inc.
Related Party Transaction [Line Items]
Lease bonus		$ 95,800		95,800
Affiliated Entity | Royalty Income Receivable
Related Party Transaction [Line Items]
Royalty income		7,400		7,400		$ 6,300
Affiliated Entity | Lease Bonus Income
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 97,200	$ 105,600	$ 400	$ 6,700

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Interest payable	$ 10,348	$ 3,972
Ad valorem taxes payable	12,357	12,492
Derivatives instruments payable	807	1,684
Other	1,176	1,452
Total accrued liabilities	$ 24,688	$ 19,600

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Royalty income	$ 195,614	$ 219,909	$ 514,896	$ 651,828
Oil income
Disaggregation of Revenue [Line Items]
Royalty income	168,008	167,934	443,927	514,180
Natural gas income
Disaggregation of Revenue [Line Items]
Royalty income	8,893	28,638	22,974	67,621
Natural gas liquids income
Disaggregation of Revenue [Line Items]
Royalty income	$ 18,713	$ 23,337	$ 47,995	$ 70,027

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Acquisitions (Details) $ in Thousands		9 Months Ended	12 Months Ended
	Mar. 08, 2023 USD ($) a bbl	Sep. 30, 2023 USD ($) a	Dec. 31, 2022 USD ($) a
Asset Acquisition [Line Items]
Funds held in escrow		$ 50,000	$ 0
Drop Down Acquisition
Asset Acquisition [Line Items]
Aggregate purchase price	$ 74,500
Net royalty (acres) | a	660
Percentage of acreage acquired	100%
Average net royalty interest	7.20%
Oil production per day | bbl	300
2023 Acquisition Permian Basin
Asset Acquisition [Line Items]
Aggregate purchase price		$ 48,900
Net royalty (acres) | a		213
Funds held in escrow		$ 50,000
2022 Acquisition Permian Basin
Asset Acquisition [Line Items]
Aggregate purchase price			$ 65,800
Net royalty (acres) | a			375

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Divestitures (Details) - Discontinued Operations, Disposed of by Sale $ in Millions	3 Months Ended
	Dec. 31, 2022 USD ($) a	Sep. 30, 2022 USD ($) a	Mar. 31, 2022 USD ($) a
Midland Basin | Third Party Operated Acreage
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land divested | a			325
Proceeds from sale of acres | $			$ 29.3
Delaware Basin | Third Party Operated Acreage
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land divested | a		93
Proceeds from sale of acres | $		$ 29.9
Delaware Basin | Eagle Ford Shale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land divested | a	681
Proceeds from sale of acres | $	$ 53.7

OIL AND NATURAL GAS INTERESTS_2

OIL AND NATURAL GAS INTERESTS (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) a	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) a	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) a
Oil and natural gas interests:
Subject to depletion	$ 2,441,057,000		$ 2,441,057,000		$ 2,167,598,000
Not subject to depletion	1,151,711,000		1,151,711,000		1,297,221,000
Gross oil and natural gas interests	3,592,768,000		3,592,768,000		3,464,819,000
Accumulated depletion and impairment	(821,565,000)		(821,565,000)		(720,234,000)
Oil and natural gas interests, net	2,771,203,000		2,771,203,000		2,744,585,000
Land	5,688,000		5,688,000		5,688,000
Property, net	$ 2,776,891,000		$ 2,776,891,000		$ 2,750,273,000
Mineral properties, net royalty acres | a	27,189		27,189		26,315
Impairment	$ 0	$ 0	$ 0	$ 0

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	$ (1,104)	$ (1,306)
Unamortized discount	(3,565)	(4,149)
Total long-term debt	675,681	576,895
Revolving credit facility
Line of Credit Facility [Line Items]
Long term debt gross	$ 250,000	152,000
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

DEBT - Narrative (Details)

DEBT - Narrative (Details) - Revolving credit facility - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 22, 2023	May 31, 2023
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity					$ 2,000,000,000
Credit facility borrowing base					1,300,000,000	$ 1,000,000,000
Commitment amount					$ 850,000,000	$ 750,000,000
Debt outstanding	$ 250,000,000		$ 250,000,000
Credit facility remaining borrowing capacity	$ 600,000,000		$ 600,000,000
Weighted average interest rate	7.58%	4.75%	7.37%	3.53%

UNITHOLDERS_ EQUITY AND DISTR_3

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS - Narrative (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Jul. 25, 2023	Dec. 31, 2022
Limited Partners' Capital Account [Line Items]
Stock repurchased	$ 9,650,000	$ 24,509,000	$ 33,022,000	$ 50,723,000	$ 28,949,000	$ 39,260,000
Annual base distribution (usd per share)									$ 1.08
Cash Distribution
Limited Partners' Capital Account [Line Items]
Cash distributions, period after end of each quarter							60 days
Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units outstanding (in shares)	731,500						731,500
Conversion of shares converted (in shares)							1
Viper Energy Partners LP | Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Percent of limited partnership interest							57%
Ownership percentage by noncontrolling owners	56%						56%
Common Units
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units issued (in shares)	70,861,557						70,861,557			73,229,645
Limited partners' capital account, units outstanding (in shares)	70,861,557						70,861,557			73,229,645
Conversion of shares, stock issued (in shares)							1
Common Units | Common Unit Repurchase Program
Limited Partners' Capital Account [Line Items]
Authorized amount	$ 750,000,000						$ 750,000,000
Stock repurchased	9,600,000			$ 50,700,000			66,500,000	$ 118,900,000
Remaining authorized repurchase amount	$ 462,900,000						$ 462,900,000
Common Units | Common Unit Repurchase Program | Affiliated Entity
Limited Partners' Capital Account [Line Items]
Stock repurchased								$ 37,300,000
Stock repurchased (in shares)								1,500,000
Common Units | Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units issued (in shares)	731,500						731,500
Limited partners' capital account, units outstanding (in shares)	731,500						731,500
Class B Units
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units issued (in shares)	90,709,946						90,709,946			90,709,946
Limited partners' capital account, units outstanding (in shares)	90,709,946						90,709,946			90,709,946
Conversion of shares converted (in shares)							1
Class B Units | Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units issued (in shares)	90,709,946						90,709,946
Limited partners' capital account, units outstanding (in shares)	90,709,946						90,709,946
Operating Company Units | Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units outstanding (in shares)	90,709,946						90,709,946

UNITHOLDERS_ EQUITY AND DISTR_4

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS - Partnership Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Jul. 25, 2023	Apr. 26, 2023	Feb. 15, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Limited Partners' Capital Account [Line Items]
Distributions				$ 25,252	$ 23,513	$ 35,253	$ 59,901	$ 51,077	$ 35,830
Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units outstanding (in shares)				731,500
Common Units
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units outstanding (in shares)				70,861,557						73,229,645
Common Units | Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units outstanding (in shares)				731,500
Cash Distribution
Limited Partners' Capital Account [Line Items]
Cash distributions, amount per common unit (in USD per share)	$ 0.36	$ 0.33	$ 0.49
Cash Distribution | Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Cash distributions, amount per common unit (in USD per share)	$ 0.44	$ 0.42	$ 0.54
Cash Distribution | Common Units
Limited Partners' Capital Account [Line Items]
Distributions	$ 25,563	$ 23,797	$ 35,683
Cash Distribution | Common Units | Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Distributions	$ 39,912	$ 38,097	$ 48,983

UNITHOLDERS_ EQUITY AND DISTR_5

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS - Ownership Interest in Subsidiary Changes (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Partnership	$ 78,599			$ 79,340			$ 143,116	$ 129,967
Change in ownership of consolidated subsidiaries	0	$ 0	$ 0	0	$ 0	$ 0
Limited Partners
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Partnership	78,599			79,340			143,116	129,967
Change in ownership of consolidated subsidiaries	3,469			20,046			31,667	45,764
Change from net income (loss) attributable to the Partnership's unitholders and transfers to non-controlling interest	$ 82,068			$ 99,386			$ 174,783	$ 175,731

EARNINGS PER COMMON UNIT (Detai

EARNINGS PER COMMON UNIT (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) attributable to the period	$ 78,599	$ 79,340	$ 143,116	$ 129,967
Less: distributed and undistributed earnings allocated to participating securities	146	173	263	309
Net income (loss) attributable to common unitholders	$ 78,453	$ 79,167	$ 142,853	$ 129,658
Weighted average common units outstanding:
Basic weighted average common units outstanding (in shares)	70,925,000	74,943,000	71,803,000	76,215,000
Effect of dilutive securities:
Potential common units issuable (in shares)	0	0	0	110,000
Diluted weighted average common units outstanding (in shares)	70,925,000	74,943,000	71,803,000	76,325,000
Net income (loss) per common unit, basic (in USD per share)	$ 1.11	$ 1.06	$ 1.99	$ 1.70
Net income (loss) per common unit, diluted (in USD per share)	$ 1.11	$ 1.06	$ 1.99	$ 1.70
Anti-dilutive for potentially dilute basic earnings per common unit (in shares)	0	0	0	0

EARNINGS PER COMMON UNIT - Narr

EARNINGS PER COMMON UNIT - Narrative (Details) - Subsequent Event - shares shares in Thousands	Oct. 31, 2023	Nov. 07, 2023
Subsequent Event [Line Items]
Number of shares issued (in shares)	7,220
Equity transferred (in shares)		9,020

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ 21,879	$ (46,409)	$ 39,735	$ (37,597)
Effective tax rate	9.60%	(28.40%)	9.60%	(8.00%)
Valuation allowance decrease		$ 49,700

DERIVATIVES - Open Derivative P

DERIVATIVES - Open Derivative Positions (Details) bbl in Thousands	9 Months Ended
	Sep. 30, 2023 MMBTU $ / bbl $ / MMBTU bbl
OIL | WTI Cushing | Puts | 2023 | 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)	56.25
Deferred premium at a weighted average price (USD per Bbl/MMBtu)	(1.70)
OIL | WTI Cushing | Puts | 2024 | Jan. - Mar.
Derivative [Line Items]
Volume (BBls) | bbl	14
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)	58.57
Deferred premium at a weighted average price (USD per Bbl/MMBtu)	(1.54)
OIL | WTI Cushing | Puts | 2024 | Apr. - Jun.
Derivative [Line Items]
Volume (BBls) | bbl	12
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)	60
Deferred premium at a weighted average price (USD per Bbl/MMBtu)	(1.50)
OIL | WTI Cushing | Costless Collar | 2024 | Jan. - Jun.
Derivative [Line Items]
Volume (BBls) | bbl	6
Weighted average differential (per Bbl)	0
Weighted Average Floor Price (USD per Bbl/MMBtu)	65
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	95.55
Strike Price (USD per Bbl/MMBtu)	0
Deferred premium at a weighted average price (USD per Bbl/MMBtu)	0
OIL | WTI Midland | Basis Swaps | 2023 | Oct. - Dec.
Derivative [Line Items]
Volume (BBls) | bbl	4
Weighted average differential (per Bbl)	1.05
Weighted Average Floor Price (USD per Bbl/MMBtu)	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	0
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 | 2023 | Oct. - Dec.
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	30,000
Weighted average differential (per Bbl) | $ / MMBTU	(1.33)
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 | 2024 | Jan. - Dec.
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	30,000
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

DERIVATIVES - Gains and Losses

DERIVATIVES - Gains and Losses on Derivative Instruments Included in Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) on derivative instruments	$ (2,988)	$ 882	$ (30,685)	$ (19,366)
Net cash receipts (payments) on derivatives	$ (3,807)	(10,263)	$ (10,019)	(27,292)
Cash paid on commodity contract		$ 2,400		$ 6,600

FAIR VALUE MEASUREMENTS - Recur

FAIR VALUE MEASUREMENTS - Recurring Measurements (Details) - Fair Value, Recurring - Derivative instruments - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Assets:
Total Gross Fair Value	$ 4,616	$ 13,296
Gross Amounts Offset in Balance Sheet	(4,616)	(3,968)
Net Fair Value Presented in Balance Sheet	0	9,328
Noncurrent Assets
Assets:
Total Gross Fair Value		1,911
Gross Amounts Offset in Balance Sheet		(1,469)
Net Fair Value Presented in Balance Sheet		442
Current Liabilities
Liabilities:
Total Gross Fair Value	13,900	3,968
Gross Amounts Offset in Balance Sheet	(4,616)	(3,968)
Net Fair Value Presented in Balance Sheet	9,284	0
Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	1,619	1,476
Gross Amounts Offset in Balance Sheet	0	(1,469)
Net Fair Value Presented in Balance Sheet	1,619	7
Level 1 | Current Assets
Assets:
Total Gross Fair Value	0	0
Level 1 | Noncurrent Assets
Assets:
Total Gross Fair Value		0
Level 1 | Current Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 1 | Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 2 | Current Assets
Assets:
Total Gross Fair Value	4,616	13,296
Level 2 | Noncurrent Assets
Assets:
Total Gross Fair Value		1,911
Level 2 | Current Liabilities
Liabilities:
Total Gross Fair Value	13,900	3,968
Level 2 | Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	1,619	1,476
Level 3 | Current Assets
Assets:
Total Gross Fair Value	0	0
Level 3 | Noncurrent Assets
Assets:
Total Gross Fair Value		0
Level 3 | Current Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 3 | Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
5.375% senior notes due 2027 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage	5.375%
Carrying Value | Fair Value, Nonrecurring | 5.375% senior notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 425,681	$ 424,895
Carrying Value | Fair Value, Nonrecurring | Revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	250,000	152,000
Fair Value | Fair Value, Nonrecurring | 5.375% senior notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	409,164	411,634
Fair Value | Fair Value, Nonrecurring | Revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 250,000	$ 152,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, shares in Thousands, $ in Millions	Nov. 02, 2023 $ / shares	Nov. 01, 2023 USD ($) a shares	Oct. 31, 2023 USD ($) $ / shares shares	Oct. 19, 2023 USD ($)	Jul. 25, 2023 $ / shares	Apr. 26, 2023 $ / shares	Feb. 15, 2023 $ / shares	Nov. 07, 2023 shares	Sep. 30, 2023
Viper Energy Partners LP | Diamondback Energy, Inc.
Subsequent Event [Line Items]
Ownership percentage by noncontrolling owners									56%
Cash Distribution
Subsequent Event [Line Items]
Cash distributions, amount per common unit (in USD per share)					$ 0.36	$ 0.33	$ 0.49
Cash Distribution | Diamondback Energy, Inc.
Subsequent Event [Line Items]
Cash distributions, amount per common unit (in USD per share)					$ 0.44	$ 0.42	$ 0.54
Subsequent Event
Subsequent Event [Line Items]
Number of shares issued (in shares) | shares			7,220
Sale of stock price (usd per share)			$ 27.72
Proceeds from sale of stock | $			$ 200
Equity transferred (in shares) | shares								9,020
Subsequent Event | 2031 Notes
Subsequent Event [Line Items]
Debt instrument, face amount | $				$ 400
Debt instrument, interest rate, stated percentage				7.375%
Proceeds from issuance of senior long-term debt | $				$ 394.4
Subsequent Event | Viper Energy Partners LP | Diamondback Energy, Inc.
Subsequent Event [Line Items]
Ownership percentage by noncontrolling owners		56%
Subsequent Event | Viper Acquisition
Subsequent Event [Line Items]
Equity transferred (in shares) | shares		9,020
Aggregate purchase price | $		$ 750
Subsequent Event | 2023 Permian Basin Acquisition
Subsequent Event [Line Items]
Net royalty (acres) | a		4,600
Subsequent Event | 2023 Other Major Basin Acquisitions
Subsequent Event [Line Items]
Net royalty (acres) | a		2,700
Subsequent Event | Cash Distribution | Operating Company Units
Subsequent Event [Line Items]
Cash distributions, amount per common unit (in USD per share)	$ 0.70
Subsequent Event | Cash Distribution | Common Units
Subsequent Event [Line Items]
Dividends payable (usd per share)	0.57
Subsequent Event | Fixed Dividend | Common Units
Subsequent Event [Line Items]
Dividends payable (usd per share)	0.27
Subsequent Event | Variable Dividend | Common Units
Subsequent Event [Line Items]
Dividends payable (usd per share)	$ 0.30