0001602065-23-000053 | 10-Q | XBRL Viewer

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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 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 June 30, 2023 and December 31, 2022:


	As of June 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	$	—	$	1,541	$	—	$	1,541	$	(1,541)	$	—



Liabilities:
Current:
Derivative instruments	$	—	$	9,890	$	—	$	9,890	$	(1,541)	$	8,349
Non-current:
Derivative instruments	$	—	$	3,373	$	—	$	3,373	$	—	$	3,373


	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


	As of June 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	$	—	$	1,541	$	—	$	1,541	$	(1,541)	$	—



Liabilities:
Current:
Derivative instruments	$	—	$	9,890	$	—	$	9,890	$	(1,541)	$	8,349
Non-current:
Derivative instruments	$	—	$	3,373	$	—	$	3,373	$	—	$	3,373


	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


	As of June 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	$	—	$	1,541	$	—	$	1,541	$	(1,541)	$	—



Liabilities:
Current:
Derivative instruments	$	—	$	9,890	$	—	$	9,890	$	(1,541)	$	8,349
Non-current:
Derivative instruments	$	—	$	3,373	$	—	$	3,373	$	—	$	3,373


	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:


	June 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Debt:
Revolving credit facility	$	224,000	$	224,000	$	152,000	$	152,000
5.375% senior notes due 2027(1)	$	425,416	$	413,097	$	424,895	$	411,634

(1) The carrying value includes associated deferred loan costs and any discount.

EARNINGS PER COMMON UNIT

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

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 six months ended June 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands, except per unit amounts)
Net income (loss) attributable to the period	$	30,550	$	34,022	$	64,517	$	50,627
Less: distributed and undistributed earnings allocated to participating securities(1)	56		113		123		177
Net income (loss) attributable to common unitholders	$	30,494	$	33,909	$	64,394	$	50,450
Weighted average common units outstanding:
Basic weighted average common units outstanding	71,771		76,620		72,249		76,861
Effect of dilutive securities:
Potential common units issuable(2)	—		109		—		117
Diluted weighted average common units outstanding	71,771		76,729		72,249		76,978
Net income (loss) per common unit, basic	$	0.42	$	0.44	$	0.89	$	0.66
Net income (loss) per common unit, diluted	$	0.42	$	0.44	$	0.89	$	0.66

(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 six months ended June 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.

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Jun. 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 June 30, 2023, Viper Energy Partners GP LLC (the “General Partner”) held a 100% general partner interest in the Partnership and Diamondback Energy, Inc. (“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.

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS - Partnership Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Apr. 26, 2023	Feb. 15, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Limited Partners' Capital Account [Line Items]
Distributions			$ 23,513	$ 35,253	$ 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)			71,206,622				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)	$ 0.33	$ 0.49
Cash Distribution \| Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Cash distributions, amount per common unit (in USD per share)	$ 0.42	$ 0.54
Cash Distribution \| Common Units
Limited Partners' Capital Account [Line Items]
Distributions	$ 23,797	$ 35,683
Cash Distribution \| Common Units \| Diamondback Energy, Inc.
Limited Partners' Capital Account [Line Items]
Distributions	$ 38,097	$ 48,983

ORGANIZATION AND BASIS OF PRESENTATION (Details)	6 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Details)	Jun. 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	100.00%
Percent of limited partnership interest	57.00%

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

DERIVATIVES

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 June 30, 2023, the Partnership has put options 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.

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 June 30, 2023, the Partnership had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.


					Swaps	Puts
Settlement Month	Settlement Year	Type of Contract	Bbls/Mcf Per Day	Index	Weighted Average Differential		Strike Price	Deferred Premium
OIL
Jul. - Sep.	2023	Puts	12,000	WTI Cushing	$—		$55.00	$1.80
Oct. - Dec.	2023	Puts	12,000	WTI Cushing	$—		$55.00	$1.85

Jul. - Dec.	2023	Basis Swaps	4,000	Argus WTI Midland	$1.05		$—	$—
NATURAL GAS
Jul. - 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Gain (loss) on derivative instruments	$	(12,594)	$	(1,889)	$	(27,697)	$	(20,248)
Net cash receipts (payments) on derivatives(1)	$	(3,997)	$	(6,765)	$	(6,212)	$	(17,029)

(1)The six months ended June 30, 2022 includes cash paid on commodity contracts terminated prior to their contractual maturity of $4.2 million.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 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, 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.
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 inputs in the fair value hierarchy. The net amounts are classified as current or noncurrent based on their anticipated settlement dates.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 18
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 20
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

OIL AND NATURAL GAS INTERESTS

6 Months Ended

Jun. 30, 2023

Extractive Industries [Abstract]

OIL AND NATURAL GAS INTERESTS

Oil and natural gas interests include the following:


	June 30,		December 31,
	2023		2022
	(In thousands)
Oil and natural gas interests:
Subject to depletion	$	2,394,553	$	2,167,598
Not subject to depletion	1,195,923		1,297,221
Gross oil and natural gas interests	3,590,476		3,464,819
Accumulated depletion and impairment	(785,286)		(720,234)
Oil and natural gas interests, net	2,805,190		2,744,585
Land	5,688		5,688
Property, net of accumulated depletion and impairment	$	2,810,878	$	2,750,273

As of June 30, 2023 and December 31, 2022, the Partnership had mineral and royalty interests representing 27,178 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 six months ended June 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 commodity prices used in prior quarters, the Partnership may have material write-downs in subsequent quarters.

FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Jun. 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	$ 425,416	$ 424,895
Carrying Value \| Fair Value, Nonrecurring \| Revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	224,000	152,000
Fair Value \| Fair Value, Nonrecurring \| 5.375% senior notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	413,097	411,634
Fair Value \| Fair Value, Nonrecurring \| Revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 224,000	$ 152,000

DERIVATIVES - Open Derivative Positions (Details) bbl in Thousands, Mcf in Thousands	6 Months Ended
	Jun. 30, 2023 $ / bbl $ / MMBTU bbl Mcf
OIL \| WTI Cushing \| Puts \| 2023 \| Jul. - Sep.
Derivative [Line Items]
Volume \| bbl	12
Weighted average differential (per Bbl)	0
Strike Price (USD per Bbl)	55.00
Deferred premium at a weighted average price (USD per Bbl)	1.80
OIL \| WTI Cushing \| Puts \| 2023 \| Oct. - Dec.
Derivative [Line Items]
Volume \| bbl	12
Weighted average differential (per Bbl)	0
Strike Price (USD per Bbl)	55.00
Deferred premium at a weighted average price (USD per Bbl)	1.85
OIL \| Argus WTI Midland \| Basis Swap \| 2023 \| Jul. - Dec.
Derivative [Line Items]
Volume \| bbl	4
Weighted average differential (per Bbl)	1.05
Strike Price (USD per Bbl)	0
Deferred premium at a weighted average price (USD per Bbl)	0
NATURAL GAS \| Waha Hub \| Basis Swap \| 2023 \| Jul. - Dec.
Derivative [Line Items]
Volume \| Mcf	30
Weighted average differential (per Bbl) \| $ / MMBTU	(1.33)
Strike Price (USD per Bbl)	0
Deferred premium at a weighted average price (USD per Bbl)	0
NATURAL GAS \| Waha Hub \| Basis Swap \| 2024 \| Jan. - Dec.
Derivative [Line Items]
Volume \| Mcf	30
Weighted average differential (per Bbl)	(1.20)
Strike Price (USD per Bbl)	0
Deferred premium at a weighted average price (USD per Bbl)	0

ACQUISITIONS AND DIVESTITURES	6 Months Ended
ACQUISITIONS AND DIVESTITURES	Jun. 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, approximately 72% of which is from oil. 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 Additionally in the first half of 2023, the Partnership acquired, in individually insignificant transactions from unrelated third-party sellers, mineral and royalty interests representing 203 net royalty acres in the Permian Basin for an aggregate purchase price of approximately $48.1 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. 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.

INCOME TAXES (Tables)

6 Months Ended

Jun. 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 June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
	(In thousands, except for tax rate)
Provision for (benefit from) income taxes	$	8,450		$	6,182		$	17,856		$	8,812
Effective tax rate	9.6		%	3.5		%	9.6		%	2.9		%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

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, 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 June 30, 2023 and December 31, 2022, Diamondback, either directly or through its consolidated subsidiaries, owed the Partnership $4.4 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 six months ended June 30, 2023 and the six months ended June 30, 2022, Diamondback, either directly or through its consolidated subsidiaries, paid the Partnership $1.3 million, $8.3 million and $6.3 million, respectively, of lease bonus income primarily related to new leases in the Midland Basin. There was no lease bonus income for the three months ended June 30, 2022.

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 June 30, 2023 and for the three and six months ended June 30, 2023 and 2022.

Accrued Liabilities

Accrued liabilities consist of the following:


	June 30,		December 31,
	2023		2022
	(In thousands)
Interest payable	$	4,449	$	3,972
Ad valorem taxes payable	9,963		12,492
Derivatives instruments payable	1,756		1,684
Other	1,959		1,452
Total accrued liabilities	$	18,127	$	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.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 168,197	$ 299,661
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for (benefit from) deferred income taxes	532	0
Depletion	65,051	59,373
(Gain) loss on derivative instruments, net	27,697	20,248
Net cash receipts (payments) on derivatives	(6,212)	(17,029)
Other	1,222	2,893
Changes in operating assets and liabilities:
Royalty income receivable	892	(53,876)
Royalty income receivable—related party	1,876	(8,445)
Accounts payable and accrued liabilities	(2,583)	(5,580)
Accounts payable—related party	(306)	0
Income tax payable	673	2,288
Other	(4,370)	(513)
Net cash provided by (used in) operating activities	252,669	299,020
Cash flows from investing activities:
Acquisitions of oil and natural gas interests—related party	(75,073)	0
Acquisitions of oil and natural gas interests	(48,609)	1,862
Proceeds from sale of oil and natural gas interests	(1,975)	29,336
Other	1,200	0
Net cash provided by (used in) investing activities	(124,457)	31,198
Cash flows from financing activities:
Proceeds from borrowings under credit facility	191,000	144,000
Repayment on credit facility	(119,000)	(198,000)
Repayment of senior notes	0	(48,963)
Repurchased units as part of unit buyback	(57,531)	(68,209)
Distributions to public	(58,881)	(87,084)
Distributions to Diamondback	(87,729)	(107,015)
Other	(1,171)	(83)
Net cash provided by (used in) financing activities	(133,312)	(365,354)
Net increase (decrease) in cash and cash equivalents	(5,100)	(35,136)
Cash, cash equivalents and restricted cash at beginning of period	18,179	39,448
Cash, cash equivalents and restricted cash at end of period	$ 13,079	$ 4,312

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 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.

DEBT - Narrative (Details) - Revolving credit facility - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	May 31, 2023	May 30, 2023
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity					$ 2,000,000,000
Credit facility borrowing base					1,000,000,000	$ 580,000,000
Commitment amount					$ 750,000,000	$ 500,000,000
Debt outstanding	$ 224,000,000		$ 224,000,000
Credit facility remaining borrowing capacity	$ 526,000,000		$ 526,000,000
Weighted average interest rate	7.53%	3.20%	7.24%	2.88%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


	June 30,		December 31,
	2023		2022
	(In thousands)
Interest payable	$	4,449	$	3,972
Ad valorem taxes payable	9,963		12,492
Derivatives instruments payable	1,756		1,684
Other	1,959		1,452
Total accrued liabilities	$	18,127	$	19,600

DEBT

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

DEBT

Long-term debt consisted of the following as of the dates indicated:


	June 30,		December 31,
	2023		2022
	(In thousands)
5.375% senior unsecured notes due 2027	$	430,350	$	430,350
Revolving credit facility	224,000		152,000
Unamortized debt issuance costs	(1,171)		(1,306)
Unamortized discount	(3,763)		(4,149)
Total long-term debt	$	649,416	$	576,895

The Operating Company’s Revolving Credit Facility

On May 31, 2023, the Operating Company entered into a tenth amendment to the existing credit agreement, which among other things, (i) maintained the maximum credit amount of $2.0 billion, (ii) increased the borrowing base from $580.0 million to $1.0 billion and (iii) increased the elected commitment amount from $500.0 million to $750.0 million. The borrowing base is scheduled to be redetermined semi-annually in May and November. As of June 30, 2023, the Operating Company had $224.0 million of outstanding borrowings and $526.0 million available for future borrowings. During the three and six months ended June 30, 2023 and 2022, the weighted average interest rates on the Operating Company’s revolving credit facility were 7.53%, 7.24%, 3.20% and 2.88%, respectively. The revolving credit facility will mature on June 2, 2025.

As of June 30, 2023, the Operating Company was in compliance with the financial maintenance covenants under its credit agreement.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating income:
Royalty income	$ 158,197	$ 238,830	$ 319,282	$ 431,919
Other operating income	179	163	581	295
Total operating income	160,787	239,322	329,745	441,225
Costs and expenses:
Production and ad valorem taxes	12,621	16,039	25,508	29,909
Depletion	34,064	31,962	65,051	59,373
General and administrative expenses	2,008	1,880	4,772	3,833
Total costs and expenses	48,693	49,881	95,331	93,115
Income (loss) from operations	112,094	189,441	234,414	348,110
Other income (expense):
Interest expense, net	(11,291)	(9,782)	(20,977)	(19,427)
Gain (loss) on derivative instruments, net	(12,594)	(1,889)	(27,697)	(20,248)
Other income, net	172	32	313	38
Total other expense, net	(23,713)	(11,639)	(48,361)	(39,637)
Income (loss) before income taxes	88,381	177,802	186,053	308,473
Provision for (benefit from) income taxes	8,450	6,182	17,856	8,812
Net income (loss)	79,931	171,620	168,197	299,661
Net income (loss) attributable to non-controlling interest	49,381	137,598	103,680	249,034
Net income (loss) attributable to Viper Energy Partners LP	$ 30,550	$ 34,022	$ 64,517	$ 50,627
Net income (loss) attributable to common limited partner units:
Basic (dollars per unit)	$ 0.42	$ 0.44	$ 0.89	$ 0.66
Diluted (dollars per unit)	$ 0.42	$ 0.44	$ 0.89	$ 0.66
Weighted average number of common limited partner units outstanding:
Basic (in units)	71,771	76,620	72,249	76,861
Diluted (in units)	71,771	76,729	72,249	76,978
Revenue, Product and Service [Extensible Enumeration]	Royalty [Member]	Royalty [Member]	Royalty [Member]	Royalty [Member]
Related Party
Operating income:
Lease bonus	$ 1,277	$ 0	$ 8,348	$ 6,280
Nonrelated Party
Operating income:
Lease bonus	$ 1,134	$ 329	$ 1,534	$ 2,731

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS - Narrative (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Limited Partners' Capital Account [Line Items]
Stock repurchased	$ 24,509,000	$ 33,022,000	$ 28,949,000	$ 39,260,000
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					57.00%
Ownership percentage by noncontrolling owners	56.00%				56.00%
Common Units
Limited Partners' Capital Account [Line Items]
Limited partners' capital account, units issued (in shares)	71,206,622				71,206,622		73,229,645
Limited partners' capital account, units outstanding (in shares)	71,206,622				71,206,622		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	24,300,000		$ 28,900,000		57,000,000	$ 68,200,000
Remaining authorized repurchase amount	$ 472,400,000				$ 472,400,000
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

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

6 Months Ended

Jun. 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Oil income	$	139,300	$	191,195	$	275,919	$	346,246
Natural gas income	5,090		23,793		14,081		38,983
Natural gas liquids income	13,807		23,842		29,282		46,690
Total royalty income	$	158,197	$	238,830	$	319,282	$	431,919

DERIVATIVES - Gains and Losses on Derivative Instruments Included in Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) on derivative instruments	$ (12,594)	$ (1,889)	$ (27,697)	$ (20,248)
Net cash receipts (payments) on derivatives	$ (3,997)	$ (6,765)	$ (6,212)	(17,029)
Cash paid on commodity contract				$ 4,200

OIL AND NATURAL GAS INTERESTS (Details)	3 Months Ended		6 Months Ended
OIL AND NATURAL GAS INTERESTS (Details)	Jun. 30, 2023 USD ($) a	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) a	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) a
Oil and natural gas interests:
Subject to depletion	$ 2,394,553,000		$ 2,394,553,000		$ 2,167,598,000
Not subject to depletion	1,195,923,000		1,195,923,000		1,297,221,000
Gross oil and natural gas interests	3,590,476,000		3,590,476,000		3,464,819,000
Accumulated depletion and impairment	(785,286,000)		(785,286,000)		(720,234,000)
Oil and natural gas interests, net	2,805,190,000		2,805,190,000		2,744,585,000
Land	5,688,000		5,688,000		5,688,000
Property, net	$ 2,810,878,000		$ 2,810,878,000		$ 2,750,273,000
Mineral properties, net royalty acres \| a	27,178		27,178		26,315
Impairment	$ 0	$ 0	$ 0	$ 0

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	$ (1,171)	$ (1,306)
Unamortized discount	(3,763)	(4,149)
Total long-term debt	649,416	576,895
Revolving credit facility
Line of Credit Facility [Line Items]
Long term debt gross	$ 224,000	152,000
5.375 % Senior 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

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of June 30, 2023, the Partnership had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.


					Swaps	Puts
Settlement Month	Settlement Year	Type of Contract	Bbls/Mcf Per Day	Index	Weighted Average Differential		Strike Price	Deferred Premium
OIL
Jul. - Sep.	2023	Puts	12,000	WTI Cushing	$—		$55.00	$1.80
Oct. - Dec.	2023	Puts	12,000	WTI Cushing	$—		$55.00	$1.85

Jul. - Dec.	2023	Basis Swaps	4,000	Argus WTI Midland	$1.05		$—	$—
NATURAL GAS
Jul. - 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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Gain (loss) on derivative instruments	$	(12,594)	$	(1,889)	$	(27,697)	$	(20,248)
Net cash receipts (payments) on derivatives(1)	$	(3,997)	$	(6,765)	$	(6,212)	$	(17,029)

(1)The six months ended June 30, 2022 includes cash paid on commodity contracts terminated prior to their contractual maturity of $4.2 million.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS (Tables)

6 Months Ended

Jun. 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

(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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Net income (loss) attributable to the Partnership	$	30,550	$	34,022	$	64,517	$	50,627

Change in ownership of consolidated subsidiaries	16,749		11,523		28,198		25,718




Change from net income (loss) attributable to the Partnership's unitholders and transfers to non-controlling interest	$	47,299	$	45,545	$	92,715	$	76,345

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Interest payable	$ 4,449	$ 3,972
Ad valorem taxes payable	9,963	12,492
Derivatives instruments payable	1,756	1,684
Other	1,959	1,452
Total accrued liabilities	$ 18,127	$ 19,600

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 13,079	$ 18,179
Derivative instruments	0	9,328
Other current assets	7,566	3,196
Total current assets	105,794	118,620
Property:
Oil and natural gas interests, full cost method of accounting ($1,195,923 and $1,297,221 excluded from depletion at June 30, 2023 and December 31, 2022, respectively)	3,590,476	3,464,819
Land	5,688	5,688
Accumulated depletion and impairment	(785,286)	(720,234)
Property, net	2,810,878	2,750,273
Derivative instruments	0	442
Deferred income taxes (net of allowances)	49,124	49,656
Other assets	1,242	1,382
Total assets	2,967,038	2,920,373
Current liabilities:
Accrued liabilities	18,127	19,600
Derivative instruments	8,349	0
Income taxes payable	1,584	911
Total current liabilities	28,079	21,946
Long-term debt, net	649,416	576,895
Derivative instruments	3,373	7
Total liabilities	680,868	598,848
Commitments and contingencies
Unitholders’ equity:
General Partner	609	649
Common units (71,206,622 units issued and outstanding as of June 30, 2023 and 73,229,645 units issued and outstanding as of December 31, 2022)	665,511	689,178
Class B units (90,709,946 units issued and outstanding as of June 30, 2023 and December 31, 2022)	782	832
Total Viper Energy Partners LP unitholders’ equity	666,902	690,659
Non-controlling interest	1,619,268	1,630,866
Total equity	2,286,170	2,321,525
Total liabilities and unitholders’ equity	2,967,038	2,920,373
Nonrelated Party
Current assets:
Royalty income receivable (net of allowance for credit losses)	80,765	81,657
Current liabilities:
Accounts payable	19	1,129
Related Party
Current assets:
Royalty income receivable (net of allowance for credit losses)	4,384	6,260
Current liabilities:
Accounts payable	$ 0	$ 306

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS

The Partnership has General Partner and limited partner units. At June 30, 2023, the Partnership had a total of 71,206,622 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 units outstanding. At June 30, 2023, Diamondback also beneficially owns 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).

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 under the repurchase program opportunistically with funds from cash on hand, free cash flow from operations and potential liquidity 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 six months ended June 30, 2023 and 2022, the Partnership repurchased, excluding excise tax, approximately $24.3 million, $57.0 million, $28.9 million and $68.2 million of common units under the repurchase program, respectively. Repurchases for the six months ended June 30, 2022 include 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 June 30, 2023, $472.4 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. 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. 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

(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, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Net income (loss) attributable to the Partnership	$	30,550	$	34,022	$	64,517	$	50,627

Change in ownership of consolidated subsidiaries	16,749		11,523		28,198		25,718




Change from net income (loss) attributable to the Partnership's unitholders and transfers to non-controlling interest	$	47,299	$	45,545	$	92,715	$	76,345

SUBSEQUENT EVENTS (Details) - $ / shares	Jul. 25, 2023	Apr. 26, 2023	Feb. 15, 2023	Jun. 30, 2023
Cash Distribution
Subsequent Event [Line Items]
Cash distributions, amount per common unit (in USD per share)		$ 0.33	$ 0.49
Fixed Dividend \| Common Units
Subsequent Event [Line Items]
Dividends payable (usd per share)				$ 0.27
Variable Dividend \| Common Units
Subsequent Event [Line Items]
Dividends payable (usd per share)				$ 0.09
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (in USD per share)	$ 1.08
Subsequent Event \| Cash Distribution \| Common Units
Subsequent Event [Line Items]
Cash distributions, amount per common unit (in USD per share)	0.36
Subsequent Event \| Cash Distribution \| Common Class B
Subsequent Event [Line Items]
Cash distributions, amount per common unit (in USD per share)	$ 0.44

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to the period	$ 30,550	$ 34,022	$ 64,517	$ 50,627

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ 8,450	$ 6,182	$ 17,856	$ 8,812
Effective tax rate	9.60%	3.50%	9.60%	2.90%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

EARNINGS PER COMMON UNIT (Tables)

6 Months Ended

Jun. 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands, except per unit amounts)
Net income (loss) attributable to the period	$	30,550	$	34,022	$	64,517	$	50,627
Less: distributed and undistributed earnings allocated to participating securities(1)	56		113		123		177
Net income (loss) attributable to common unitholders	$	30,494	$	33,909	$	64,394	$	50,450
Weighted average common units outstanding:
Basic weighted average common units outstanding	71,771		76,620		72,249		76,861
Effect of dilutive securities:
Potential common units issuable(2)	—		109		—		117
Diluted weighted average common units outstanding	71,771		76,729		72,249		76,978
Net income (loss) per common unit, basic	$	0.42	$	0.44	$	0.89	$	0.66
Net income (loss) per common unit, diluted	$	0.42	$	0.44	$	0.89	$	0.66

UNITHOLDERS’ EQUITY AND DISTRIBUTIONS - Ownership Interest in Subsidiary Changes (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Partnership	$ 30,550		$ 34,022		$ 64,517	$ 50,627
Change in ownership of consolidated subsidiaries	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	30,550		34,022		64,517	50,627
Change in ownership of consolidated subsidiaries	16,749		11,523		28,198	25,718
Change from net income (loss) attributable to the Partnership's unitholders and transfers to non-controlling interest	$ 47,299		$ 45,545		$ 92,715	$ 76,345

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

INCOME TAXES

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

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 June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
	(In thousands, except for tax rate)
Provision for (benefit from) income taxes	$	8,450		$	6,182		$	17,856		$	8,812
Effective tax rate	9.6		%	3.5		%	9.6		%	2.9		%

The Partnership’s effective income tax rate for the three and six months ended June 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 six months ended June 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.

As of June 30, 2023, 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.

As of June 30, 2022, the Partnership had a full valuation allowance against its deferred tax assets, based on its assessment of all available evidence, both positive and negative, supporting realizability of the Partnership’s deferred tax assets.

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 six months ended June 30, 2023 was immaterial and is recognized as part of the cost basis of the units repurchased.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

EARNINGS PER COMMON UNIT (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) attributable to the period	$ 30,550	$ 34,022	$ 64,517	$ 50,627
Less: distributed and undistributed earnings allocated to participating securities	56	113	123	177
Net income (loss) attributable to common unitholders	$ 30,494	$ 33,909	$ 64,394	$ 50,450
Weighted average common units outstanding:
Basic weighted average common units outstanding (in shares)	71,771,000	76,620,000	72,249,000	76,861,000
Effect of dilutive securities:
Potential common units issuable (in shares)	0	109,000	0	117,000
Diluted weighted average common units outstanding (in shares)	71,771,000	76,729,000	72,249,000	76,978,000
Net income (loss) per common unit, basic (in USD per share)	$ 0.42	$ 0.44	$ 0.89	$ 0.66
Net income (loss) per common unit, diluted (in USD per share)	$ 0.42	$ 0.44	$ 0.89	$ 0.66
Anti-dilutive for potentially dilute basic earnings per common unit (in shares)	0	0	0	0

ACQUISITIONS AND DIVESTITURES - Acquisitions (Details) $ in Millions		6 Months Ended	12 Months Ended
	Mar. 08, 2023 USD ($) a bbl	Jun. 30, 2023 USD ($) a	Dec. 31, 2022 USD ($) a
2023 Acquisition Permian Basin
Asset Acquisition [Line Items]
Aggregate purchase price \| $		$ 48.1
Net royalty (acres) \| a		203
2022 Acquisition Permian Basin
Asset Acquisition [Line Items]
Aggregate purchase price \| $			$ 65.8
Net royalty (acres) \| a			375
Drop Down Acquisition
Asset Acquisition [Line Items]
Aggregate purchase price \| $	$ 74.5
Net royalty (acres) \| a	660
Percentage of acreage acquired	100.00%
Average net royalty interest	7.20%
Oil production per day \| bbl	300
Production of oil, rate	72.00%

REVENUE FROM CONTRACTS WITH CUSTOMERS

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Oil income	$	139,300	$	191,195	$	275,919	$	346,246
Natural gas income	5,090		23,793		14,081		38,983
Natural gas liquids income	13,807		23,842		29,282		46,690
Total royalty income	$	158,197	$	238,830	$	319,282	$	431,919

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 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

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Royalty income	$ 158,197	$ 238,830	$ 319,282	$ 431,919
Oil income
Disaggregation of Revenue [Line Items]
Royalty income	139,300	191,195	275,919	346,246
Natural gas income
Disaggregation of Revenue [Line Items]
Royalty income	5,090	23,793	14,081	38,983
Natural gas liquids income
Disaggregation of Revenue [Line Items]
Royalty income	$ 13,807	$ 23,842	$ 29,282	$ 46,690

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Cash Distribution On July 25, 2023, the board of directors of the General Partner approved an increase to the Partnership’s annual base dividend to $1.08 per common unit beginning with the distribution payable for the second quarter of 2023, and a cash distribution for the second quarter of 2023 of $0.36 per common unit and $0.44 per Class B unit, payable on August 17, 2023, to eligible unitholders of record at the close of business on August 10, 2023. For the second quarter of 2023, the distribution to common unitholders consists of a base quarterly distribution of $0.27 per common unit and a variable quarterly distribution of $0.09 per common unit.

DEBT (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Maturities of Long-Term Debt

Long-term debt consisted of the following as of the dates indicated:


	June 30,		December 31,
	2023		2022
	(In thousands)
5.375% senior unsecured notes due 2027	$	430,350	$	430,350
Revolving credit facility	224,000		152,000
Unamortized debt issuance costs	(1,171)		(1,306)
Unamortized discount	(3,763)		(4,149)
Total long-term debt	$	649,416	$	576,895

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		$ 25,718
Net income (loss)	299,661
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
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)	$ 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
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		28,198
Net income (loss)	168,197
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
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)	$ 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

OIL AND NATURAL GAS INTERESTS (Tables)

6 Months Ended

Jun. 30, 2023

Extractive Industries [Abstract]

Aggregate Capitalized Costs Related to Oil and Natural Gas Production Activities

Oil and natural gas interests include the following:


	June 30,		December 31,
	2023		2022
	(In thousands)
Oil and natural gas interests:
Subject to depletion	$	2,394,553	$	2,167,598
Not subject to depletion	1,195,923		1,297,221
Gross oil and natural gas interests	3,590,476		3,464,819
Accumulated depletion and impairment	(785,286)		(720,234)
Oil and natural gas interests, net	2,805,190		2,744,585
Land	5,688		5,688
Property, net of accumulated depletion and impairment	$	2,810,878	$	2,750,273

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 28, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 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	Q2
Entity Central Index Key	0001602065
Current Fiscal Year End Date	--12-31
Common Units
Document Information [Line Items]
Entity Common Units, Units Outstanding		70,904,057
Class B Units
Document Information [Line Items]
Entity Common Units, Units Outstanding		90,709,946

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Oil and natural gas interests, based on the full cost method of accounting, amount excluded from depletion	$ 1,195,923	$ 1,297,221
Common Units
Limited partners' capital account, units issued (in shares)	71,206,622	73,229,645
Limited partners' capital account, units outstanding (in shares)	71,206,622	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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Affiliated Entity - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Royalty Income Receivable
Related Party Transaction [Line Items]
Royalty income receivable (net of allowance for credit losses)	$ 4,400,000		$ 4,400,000		$ 6,300,000
Midland Basin Lease Bonus Income
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 1,300,000	$ 0	$ 8,300,000	$ 6,300,000

FAIR VALUE MEASUREMENTS - Recurring Measurements (Details) - Fair Value, Recurring - Derivative instruments - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets
Assets:
Total Gross Fair Value	$ 1,541	$ 13,296
Gross Amounts Offset in Balance Sheet	(1,541)	(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	9,890	3,968
Gross Amounts Offset in Balance Sheet	(1,541)	(3,968)
Net Fair Value Presented in Balance Sheet	8,349	0
Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	3,373	1,476
Gross Amounts Offset in Balance Sheet	0	(1,469)
Net Fair Value Presented in Balance Sheet	3,373	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	1,541	13,296
Level 2 \| Noncurrent Assets
Assets:
Total Gross Fair Value		1,911
Level 2 \| Current Liabilities
Liabilities:
Total Gross Fair Value	9,890	3,968
Level 2 \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	3,373	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

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

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 inputs in the fair value hierarchy. The net amounts are classified as current or noncurrent based on their anticipated settlement dates.


	As of June 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	$	—	$	1,541	$	—	$	1,541	$	(1,541)	$	—



Liabilities:
Current:
Derivative instruments	$	—	$	9,890	$	—	$	9,890	$	(1,541)	$	8,349
Non-current:
Derivative instruments	$	—	$	3,373	$	—	$	3,373	$	—	$	3,373


	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:


	June 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Debt:
Revolving credit facility	$	224,000	$	224,000	$	152,000	$	152,000
5.375% senior notes due 2027(1)	$	425,416	$	413,097	$	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 June 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, 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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