A month has gone by since the last earnings report for Viper Energy Partners (VNOM Quick QuoteVNOM - Free Report) . Shares have added about 7.2% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Viper Energy due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Viper Energy Inc. before we dive into how investors and analysts have reacted as of late.

VNOM Q2 Earnings Beat Estimates on Higher Output & Realized Prices

Viper reported second-quarter 2026 adjusted earnings of 76 cents per share, beating the Zacks Consensus Estimate of 73 cents per share by 4.1%. The bottom line increased from 41 cents per share a year ago.

Operating income of $677 million surpassed the consensus estimate of $639 million by 5.95%. The top line increased 128% from $297 million in the prior-year quarter.

The strong quarterly earnings are driven by higher production and improved realized oil prices. Average daily production reached 134,363 barrels of oil equivalent per day (Boe/d), up 69.5% from the prior-year quarter.

VNOM's Q2 Production Surges

Total production was 12.23 million barrels of oil equivalent (MMBoe), up 69.5% from 7.22 MMBoe a year ago. Oil production increased 56.4% to 5.92 million barrels (MMBbl) from 3.79 MMBbl in the prior-year quarter.

Natural gas output rose 87% to 18.95 billion cubic feet (Bcf) from 10.13 Bcf reported a year earlier. Natural gas liquids production increased 81% to 3.15 MMBbl from 1.74 MMBbl recorded in the prior-year quarter.

Average daily oil volumes increased to 65,077 barrels per day (Bbl/d) from 41,615 Bbl/d.

Development activity remained strong across the asset base. During the quarter, 691 gross horizontal wells, normalized to 10,000-foot laterals, were turned to production on Viper's Permian Basin acreage. These represented 19.8 net wells on a 100% royalty-interest basis.

Viper's Realized Prices Strengthen

The average unhedged realized price was $53.82 per barrel of oil equivalent, 35.3% above the year-ago level of $39.78. The average realized oil price increased 54.4% to $98.28 per barrel from $63.62 recorded a year earlier.

Natural gas liquids realized price was $23.83 per barrel, up 15.1% from the year-ago figure of $20.70 per barrel. The average natural gas price declined to 5 cents per thousand cubic feet from 99 cents per thousand cubic feet. The combined realized price including hedges was $55.12 per barrel of oil equivalent, higher than the $41.03 per barrel of oil equivalent recorded in the prior-year quarter.

Hedged oil prices averaged $96.42 per barrel, while hedged natural gas prices were $1.48 per thousand cubic feet. The hedging benefit in natural gas more than offset the lower hedged oil realization compared with unhedged prices.

VNOM's Costs Rise With Expanded Scale

Total costs and expenses were $249 million, up 53.7% from $162 million a year ago. Depreciation, depletion and amortization increased to $195 million from $124 million, while production and ad valorem taxes rose to $43 million from $21 million.

Cash operating costs were $4.17 per barrel of oil equivalent compared with $3.60 a year ago. The increase reflected production and ad valorem taxes of $3.52 per barrel, partly offset by a lower cash general and administrative cost of 65 cents per barrel.

Consolidated net income was $331 million, up from $84 million a year earlier. Net income attributable to Viper totaled $142 million compared with $37 million in the prior-year quarter.

Viper Maintains Cash Flow

Net cash provided by operating activities was $487 million, up 183.1% from $172 million in the prior-year quarter. Consolidated adjusted earnings before income, taxes, depreciation and amortization (EBITDA) totaled $642 million, while cash available for distribution to Class A common stockholders was $262 million, or $1.37 per share.

VNOM’s Balance Sheet

As of June 30, 2026, Viper’s cash was $77 million and total debt was $1.7 billion. Net debt totaled $1.6 billion. The company had roughly $2 billion of total liquidity, including about $1.9 billion available under its revolving credit facility.

The debt balance included $500 million of senior notes due 2030, $1.1 billion of senior notes due 2035 and $95 million borrowed under the revolving credit facility.

Viper Boosts Its Base Dividend

Viper declared a second-quarter base dividend of 38 cents per Class A share and a variable dividend of 29 cents. The combined payout of 67 cents per share is payable on Aug. 20, 2026, to stockholders of record on Aug. 13.

The board approved a 32% increase in the annualized base dividend to $2 per Class A share, effective in the third quarter. Management expects the higher base payout to be protected down to roughly $30 per barrel WTI.

During the second quarter, VNOM repurchased about 3 million Class A shares for roughly $132 million at an average price of $44.34 per share. Total second-quarter capital returns were $197 million, representing 75% of cash available for distribution.

VNOM Raises Q3 & 2026 Production View

The company expects third-quarter 2026 production guidance to be between 133,500 Boe/d and 135,500 Boe/d. Oil production is expected in the range of 67,500-68,500 Bbl/d.

For 2026, Viper raised its production outlook to 132,500-135,000 Boe/d, including oil volumes in the range of 66,000-67,250 Bbl/d. The guidance incorporates the Riverbend acquisition, which closed July 1, 2026.

After giving effect to the acquisition, Viper had about 90,212 net royalty acres and 1,798 gross horizontal wells in active development as of July 1. The company identified 1,589 gross line-of-sight wells that may support future production growth.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in fresh estimates.

The consensus estimate has shifted 10.03% due to these changes.

VGM Scores

Currently, Viper Energy has a strong Growth Score of A, a grade with the same score on the momentum front. However, the stock was allocated a score of F on the value side, putting it in the fifth quintile for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Viper Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Viper Energy belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, Range Resources (RRC Quick QuoteRRC - Free Report) , has gained 6.8% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Range Resources reported revenues of $795.3 million in the last reported quarter, representing a year-over-year change of +8.5%. EPS of $0.79 for the same period compares with $0.66 a year ago.

For the current quarter, Range Resources is expected to post earnings of $0.67 per share, indicating a change of +17.5% from the year-ago quarter. The Zacks Consensus Estimate has changed +5.6% over the last 30 days.

Range Resources has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.