How much does Viper have left to spend on buybacks?

As of July 31, 2026, Viper has approximately $984 million remaining under its share repurchase authorization. The company initiated this buyback program on November 9, 2020, and has repurchased 24.3 million shares to date for $766 million at an average price of $31.50 per share.

Why did Viper change its capital return policy?

The Board removed the requirement to return at least 75% of quarterly cash available for distribution, replacing it with a 32% increase in the base dividend to $2.00 per Class A share annually. This provides flexibility to balance opportunistic share repurchases, debt reduction, and accretive M&A without being locked into a fixed payout ratio.

What is Viper's share count impact from buybacks?

In Q2 2026 alone, 3.0 million shares were repurchased, reducing share count and supporting per-share metrics. Since November 2020, repurchases of 24.3 million shares have materially compressed the share count, contributing to reported per-share earnings growth.

Who is executing these buybacks, and how?

Viper appears to be executing through open-market repurchases under Rule 10b-18. The filing does not specify an Accelerated Share Repurchase (ASR) agreement or other structured mechanism; instead, it reflects ordinary course purchases at prevailing market prices, with Q2 execution averaging $44.34 per share.

How do buybacks fit into Viper's overall capital allocation?

Viper's revised framework prioritizes: (1) a durable, growing base dividend of $2.00 per share annually (protected down to ~$30/bbl WTI); (2) opportunistic share repurchases when accretive; and (3) disciplined M&A and debt reduction. Total Q2 2026 return of capital was $197 million ($1.03 per share), comprising base dividend, variable dividend, and $132 million in buybacks.

Does Viper have the financial capacity to continue buybacks?

Yes. The company reported $2.0 billion in total liquidity as of June 30, 2026, with $77 million in cash and $1.9 billion available on its revolving credit facility. Q2 2026 cash available for distribution was $262 million, supporting both dividends and repurchases without liquidity stress.

VNOM 8-K Filed 2026-08-03 Execution disclosure

Viper Energy repurchased 3.0M shares in Q2 2026 for $132M

Oil and gas royalty company executing ongoing buyback program; $984M remains in authorization

Shares repurchased3.0M

Avg price paid$44.34

Remaining$984M

MechanismRule 10b-18 open-market purcha

What the filing says

Viper Energy, Inc. (NASDAQ:VNOM) repurchased approximately 3.0 million Class A common shares during the second quarter of 2026 for an aggregate purchase price of approximately $132 million, excluding excise tax, at an average price of $44.34 per share. Additionally, the company repurchased approximately 0.7 million shares during Q3 2026 through July 31, 2026 for approximately $29 million at an average price of $42.82 per share.

Since the initiation of Viper's common stock repurchase program on November 9, 2020 through July 31, 2026, the company has repurchased approximately 24.3 million shares of common stock (including both Class A shares and Class B shares paired with OpCo Units) for an aggregate purchase price of approximately $766 million, excluding excise tax, at an average price of $31.50 per share. The company has approximately $984 million remaining on its share buyback authorization.

The repurchase activity is part of a revised capital allocation framework announced in Q2 2026. The company's Board approved a 32% increase to the base dividend to $2.00 per Class A share annually while removing the previous quarterly commitment to return at least 75% of cash available for distribution. According to the filing, the increased flexibility is expected to allow the company to continue opportunistic share repurchases while also supporting disciplined M&A execution. The execution mechanism is not specified in the filing but aligns with the company's ongoing Rule 10b-18 open-market repurchase program.

During the second quarter of 2026, Viper repurchased approximately 3.0 million shares of the Company's Class A common stock for an aggregate purchase price of approximately $132 million, excluding excise tax (average price of $44.34 per share). — Viper Energy, Inc. 8-K filing · View on SEC EDGAR →

What this means

Viper's Q2 2026 buyback of $132 million represents active capital return to shareholders in conjunction with increased dividend capacity. Since initiating the program in November 2020, the company has returned roughly $766 million via repurchases at an average price of $31.50 per share, with $984 million remaining in authorization. The revised return-of-capital framework removes a fixed 75% cash-distribution threshold, providing management greater flexibility to balance buybacks, debt reduction, and M&A—a shift toward discretionary execution rather than formulaic payouts. With ~$2 billion in total liquidity and substantial cash generation from energy assets, the company appears well-positioned to sustain both dividends and opportunistic repurchases.

Frequently asked questions

How much does Viper have left to spend on buybacks?: As of July 31, 2026, Viper has approximately $984 million remaining under its share repurchase authorization. The company initiated this buyback program on November 9, 2020, and has repurchased 24.3 million shares to date for $766 million at an average price of $31.50 per share.
Why did Viper change its capital return policy?: The Board removed the requirement to return at least 75% of quarterly cash available for distribution, replacing it with a 32% increase in the base dividend to $2.00 per Class A share annually. This provides flexibility to balance opportunistic share repurchases, debt reduction, and accretive M&A without being locked into a fixed payout ratio.
What is Viper's share count impact from buybacks?: In Q2 2026 alone, 3.0 million shares were repurchased, reducing share count and supporting per-share metrics. Since November 2020, repurchases of 24.3 million shares have materially compressed the share count, contributing to reported per-share earnings growth.
Who is executing these buybacks, and how?: Viper appears to be executing through open-market repurchases under Rule 10b-18. The filing does not specify an Accelerated Share Repurchase (ASR) agreement or other structured mechanism; instead, it reflects ordinary course purchases at prevailing market prices, with Q2 execution averaging $44.34 per share.
How do buybacks fit into Viper's overall capital allocation?: Viper's revised framework prioritizes: (1) a durable, growing base dividend of $2.00 per share annually (protected down to ~$30/bbl WTI); (2) opportunistic share repurchases when accretive; and (3) disciplined M&A and debt reduction. Total Q2 2026 return of capital was $197 million ($1.03 per share), comprising base dividend, variable dividend, and $132 million in buybacks.
Does Viper have the financial capacity to continue buybacks?: Yes. The company reported $2.0 billion in total liquidity as of June 30, 2026, with $77 million in cash and $1.9 billion available on its revolving credit facility. Q2 2026 cash available for distribution was $262 million, supporting both dividends and repurchases without liquidity stress.

execution oil-gas energy-sector rule-10b-18 dividend-plus-buyback

Source. This editorial summary is based on the SEC filing linked above. BuybackStocks aggregates and editorializes publicly available SEC EDGAR filings. Not investment advice. Past authorization announcements do not guarantee future repurchase activity or share price performance. See our full disclosures policy.