Viper Energy Inc

ITEM 1A. RISK FACTORS

Our business faces many risks. Any of the risks discussed in this report and our other SEC filings could have a material impact on our business, financial position or results of operations. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also materially impair our business operations, financial condition or future results.

As of the date of this filing, we continue to be subject to the risk factors previously disclosed in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024, and in subsequent filings we make with the SEC. TExcept as discussed below, there have been no material changes in our risk factors from those described in our Annual Report on Form 10-K for the year ended December 31, 2023.

We may be unable to realize anticipated cash flows or other benefits from the Tumbleweed Acquisitions.

Our ability to achieve the anticipated benefits from the Tumbleweed Acquisitions will depend in part upon an assessment of several factors, including:

recoverable reserves;

future natural gas and oil prices and their appropriate differentials;

34

existing and future production on the mineral and royalty acreage subject to the Tumbleweed Acquisitions and the operators plans with respect to such acreage;

any title defects; and

environmental and other regulatory, permitting and similar matters.

The accuracy of these assessments is inherently uncertain. In connection with these assessments, we have performed a review of the subject properties that we believe to be generally consistent with industry practices. Our review may not reveal all existing or potential problems or permit us to become sufficiently familiar with the assets to fully assess their deficiencies and potential recoverable reserves. Inspections will not always be performed on every well, and structural and environmental problems are not necessarily observable even when an inspection is undertaken. The integration process may be subject to delays or changed circumstances, and we can give no assurance that the acquired mineral and royalty interests will generate cash flow in accordance with our expectations. Significant acquisitions, including the Tumbleweed Acquisitions, and other strategic transactions may involve other risks that may cause our business to be adversely impacted, including:

diversion of our managements attention to evaluating and negotiating significant acquisitions and strategic transactions; and

the failure to realize the full benefit that we expect in estimated proved reserves, production volume or other benefits anticipated from an acquisition, or to realize these benefits within the expected time frame.