Private company

VNOM Sub, Inc.

American crude petroleum and natural gas company based in Midland2

In its 2025 annual report the company says: “We are a publicly traded Delaware corporation focused on owning and acquiring mineral and royalty interests in oil and natural gas properties primarily in the Permian Basin. Our assets consist of mineral and royalty interests in oil and natural gas properties primarily in the Permian Basin in West Texas, substantially all of which are leased to working interest owners who bear the costs of operation and development.”68

Last updated Oct 20, 2026.

Overview

$853.6MRevenue, fiscal 20243
$359.2MNet income, fiscal 20243
  • IndustryCrude Petroleum & Natural Gas2
  • HeadquartersMidland, United States2
  • Incorporated inDE4
  • Business address500 West Texas Avenue, Suite 100, Midland, Tx 797014
  • Filer categoryLarge accelerated filer4
  • Legal formLimited Partnership2
  • Kind of organizationLimited partnership2
  • LEI5299009LINL232255G032
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressc/o CORPORATION SERVICE COMPANY, 251 LITTLE FALLS DRIVE, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 54892622

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

66.4%Operating margin3
42.1%Net margin3
19.0%Revenue growth, 20243
21.3%Return on equity3
0.64×Debt to equity3

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Other costs46¢$394.6M
  • Income tax12¢$99.7M
  • Profit42¢$359.2M

Out of $853.6M in revenue.3

Where each dollar of operating cash went, fiscal 2024

  • Dividends paid35¢$219.5M
  • Kept or used elsewhere65¢$400.1M

Out of $619.6M of cash from operations.3

Financial statements

Revenue6789103$853.6M in 2024+433% since 2017
0$250.0M$500.0M$750.0M$1.0B2017: $160.2M$160.2M20172018: $282.7M$282.7M2018+76%2019: $293.8M$293.8M2019+4%2020: $247.0M$247.0M2020−16%2021: $501.5M$501.5M2021+103%2022: $838.0M$838.0M2022+67%2023: $717.1M$717.1M2023−14%2024: $853.6M$853.6M2024+19%
Operating income6789103$566.4M in 2024+398% since 2017
0$200.0M$400.0M$600.0M$800.0M2017: $113.8M$113.8M20172018: $203.0M$203.0M2018+78%2019: $193.5M$193.5M2019−5%2020: $52.9M$52.9M2020−73%2021: $361.6M$361.6M2021+583%2022: $680.5M$680.5M2022+88%2023: $620.2M$620.2M2023−9%2024: $566.4M$566.4M2024−9%
Net income6789103$359.2M in 2024+222% since 2017
-$200.0M0$200.0M$400.0M2017: $111.5M$111.5M20172018: $144.0M$144.0M2018+29%2019: $46.3M$46.3M2019−68%2020: -$192.3M-$192.3M20202021: $57.9M$57.9M20212022: $151.7M$151.7M2022+162%2023: $200.1M$200.1M2023+32%2024: $359.2M$359.2M2024+80%
Fiscal year20172018201920202021202220232024
Revenue$160.2M6$282.7M7$293.8M8$247.0M9$501.5M10$838.0M3$717.1M3$853.6M3
Cost of revenue$789.0K6$06$06
Operating expenses$143.3M10$186.0M3$207.5M3$294.0M3
Operating income$113.8M6$203.0M7$193.5M8$52.9M9$361.6M10$680.5M3$620.2M3$566.4M3
Interest$3.2M14$34.0M10$40.4M10$48.9M10
Income before tax$258.2M10$622.4M3$547.3M3$503.9M3
Income tax$06-$72.4M7-$41.6M8$142.5M9$1.5M10-$32.7M3$46.0M3-$99.7M3
Net income$111.5M6$144.0M7$46.3M8-$192.3M9$57.9M10$151.7M3$200.1M3$359.2M3
Earnings per share$0.8510$2.003$2.693$3.823
Earnings per share (diluted)$0.8510$2.003$2.693$3.823
Shares (weighted, basic)68.3M shares1075.6M shares374.2M shares393.9M shares3
Shares (weighted, diluted)68.4M shares1075.7M shares374.2M shares393.9M shares3

Compare VNOM Sub, Inc. with another company

Corporate structure

VNOM Sub, Inc. sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of VNOM Sub, Inc.

  • Capital World Investors Filed SCHEDULE 13G/A on VNOM Sub, Inc., latest Aug 13, 2025 (2 filings since Feb 9, 2024)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on VNOM Sub, Inc., latest Jun 5, 2025 (4 filings since Feb 13, 2024)
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SCHEDULE 13G/A on VNOM Sub, Inc., latest May 14, 2025 (6 filings since Nov 7, 2024)
  • Wellington Management Company Filed SCHEDULE 13G/A on VNOM Sub, Inc., latest May 12, 2025 (5 filings since Feb 4, 2022)
  • EnCap Partners GP, LLC Filed SCHEDULE 13G/A on VNOM Sub, Inc., latest Mar 3, 2025 (2 filings since Oct 3, 2024)
  • BlackRock Filed SC 13G/A on VNOM Sub, Inc., latest Nov 12, 2024 (2 filings since Oct 22, 2024)
  • BX Guidon Topco LLC Filed SC 13D/A on VNOM Sub, Inc., latest Jan 29, 2024 (2 filings since Jan 16, 2024)
  • BX SWT ML Holdco LLC Filed SC 13D/A on VNOM Sub, Inc., latest Jan 9, 2024 (10 filings since May 2, 2022)
  • Warwick Royalty & Mineral Master Fund LP Filed SC 13G/A on VNOM Sub, Inc., latest Nov 21, 2023 (2 filings since Nov 13, 2023)
  • Blackstone Holdings III L.P. Filed SC 13D/A on VNOM Sub, Inc., latest Mar 22, 2022 (4 filings since Oct 12, 2021)
  • GOLDMAN SACHS ASSET MANAGEMENT, L.P. Filed SC 13G/A on VNOM Sub, Inc., latest Feb 1, 2022
  • VNOM Sub, Inc. Midland, Texas, United States
    • King Snake Royalty LLC Subsidiary · Texas, United States
    • VIPER ENERGY PARTNERS LP Subsidiary · Midland, Texas, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What VNOM Sub, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$5.7M3 Dec 31, 2024$5.7M3 Dec 31, 20230%
Property and equipment, net$4.6B3 Dec 31, 2024$3.8B3 Dec 31, 2023+23.1%
Oil and gas properties$4.6B3 Dec 31, 2024$3.8B3 Dec 31, 2023+23.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$26.9M3 Dec 31, 2024$25.9M3 Dec 31, 2023+3.8%

Leadership

Who has led VNOM Sub, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Travis D. Stice2014–2025
  2. Hof Matthew Kaes Van'T2025–now

President

  1. Hof Matthew Kaes Van'T2017–2020
  2. Austen Gilfillian2025–now

Chief financial officer

  1. Teresa L. Dick2014–now
201520202025
Board members and other officers (18)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • King Snake Royalty LLC Texas5
  • Viper Energy Partners LLC Delaware5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Viper Energy, Inc.Nov 13, 2023 to Aug 13, 20254
  • Viper Energy Partners LPMar 21, 2014 to Nov 8, 20234

Timeline

  1. Aug 19, 2025New chief executive Hof Matthew Kaes Van'T becomes CEO18
  2. Aug 19, 20258-K Ended a material agreement; Completed an acquisition or sale; Listing notice or transfer39
  3. Aug 4, 20258-K Results of operations40
  4. Jul 23, 20258-K Entered a material agreement; New debt or obligation; Other events41
  5. Jul 11, 20258-K Entered a material agreement; Other events42
  6. Jun 30, 20258-K Other events43
  7. Jun 12, 20258-K Entered a material agreement; Ended a material agreement; New debt or obligation44
  8. Jun 4, 20258-K Entered a material agreement45
  9. Jun 3, 20258-K Regulation FD disclosure46
  10. May 20, 20258-K Shareholder vote47
  11. May 5, 20258-K Completed an acquisition or sale; Unregistered sale of shares; Bylaws or fiscal year changed48
  12. May 5, 20258-K Results of operations49
  13. Apr 23, 20258-K Other events50
  14. Jun 17, 2014New chief executive Travis D. Stice becomes CEO19

Calendar

When it reported results

  1. Aug 4, 2025Reported quarterly or annual results40
  2. May 5, 2025Reported quarterly or annual results49
  3. Apr 16, 2025Reported quarterly or annual results51
  4. Feb 24, 2025Reported quarterly or annual results52
  5. Jan 30, 2025Reported quarterly or annual results53
  6. Nov 4, 2024Reported quarterly or annual results54
  7. Aug 5, 2024Reported quarterly or annual results55
  8. Apr 30, 2024Reported quarterly or annual results56

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

288 filings to the SEC since October 2021: 4 annual reports, 12 quarterly reports, 57 major events, 134 insider forms, 40 large holders, 41 other. The latest 20:

  1. Oct 16, 202515-12G EDGAR
  2. Aug 22, 2025EFFECT EDGAR
  3. Aug 19, 20254 EDGAR
  4. Aug 19, 20254 EDGAR
  5. Aug 19, 20254 EDGAR
  6. Aug 19, 20254 EDGAR
  7. Aug 19, 20254 EDGAR
  8. Aug 19, 20254 EDGAR
  9. Aug 19, 20254 EDGAR
  10. Aug 19, 20254 EDGAR
  11. Aug 19, 20254 EDGAR
  12. Aug 19, 20254 EDGAR
  13. Aug 19, 20254 EDGAR
  14. Aug 19, 20254 EDGAR
  15. Aug 19, 20254 EDGAR
  16. Aug 19, 2025S-8 POS EDGAR
  17. Aug 19, 2025POS AM EDGAR
  18. Aug 19, 2025POSASR EDGAR
  19. Aug 19, 2025POSASR EDGAR
  20. Aug 19, 2025POSASR EDGAR

The 288 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

136 open-market trades by officers, directors and large owners since October 2021: 2 buys and 134 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 8, 2024Diamondback Energy, Inc.10% ownerSale13,225,000$34.13$451.4MForm 4
Nov 16, 2023Burgess Ian10% ownerSale9,018,760$28.70$258.8MForm 4
Apr 18, 2023Blackstone Inc.10% ownerSale1,810,400$30.03$54.4MForm 4
Apr 18, 2023BX Guidon Topco LLC10% ownerSale1,810,400$30.03$54.4MForm 4
Apr 17, 2023Blackstone Group Management L.L.C.10% ownerSale180,000$30.63$5.5MForm 4
Apr 17, 2023Blackstone EMA II L.L.C.10% ownerSale180,000$30.63$5.5MForm 4
Apr 14, 2023Blackstone Group Management L.L.C.10% ownerSale91,100$30.53$2.8MForm 4
Apr 14, 2023Blackstone EMA II L.L.C.10% ownerSale91,100$30.53$2.8MForm 4
Apr 13, 2023Blackstone Holdings III GP L.P.10% ownerSale656,381$30.63$20.1MForm 4
Apr 13, 2023Blackstone EMA II L.L.C.10% ownerSale656,381$30.63$20.1MForm 4
Apr 12, 2023Blackstone Holdings III GP L.P.10% ownerSale40,000$30.58$1.2MForm 4
Apr 12, 2023Blackstone EMA II L.L.C.10% ownerSale40,000$30.58$1.2MForm 4
Apr 11, 2023SCHWARZMAN STEPHEN A10% ownerSale28,000$30.42$851.8KForm 4
Apr 11, 2023BX SWT ML Holdco LLC10% ownerSale28,000$30.42$851.8KForm 4
Apr 10, 2023SCHWARZMAN STEPHEN A10% ownerSale34,000$30.15$1.0MForm 4
Apr 10, 2023BX SWT ML Holdco LLC10% ownerSale34,000$30.15$1.0MForm 4
Mar 20, 2023Hu Frank C.DirectorBuy2,000$27.50$55.0KForm 4
Mar 15, 2023Armour Spencer D IIIDirectorBuy4,000$26.44$105.8KForm 4
Jan 27, 2023Blackstone Group Management L.L.C.10% ownerSale2,000$33.05$66.1KForm 4
Jan 27, 2023Blackstone Management Associates VI L.L.C.10% ownerSale2,000$33.05$66.1KForm 4

All 136 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How VNOM Sub, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVNOM Sub, Inc.1
  • CIK0001602065
  • Employer ID (EIN)46-500198568
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company68
  • Incorporated inDelaware68
  • Fiscal year endsDecember 311
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address500 West Texas Avenue, Suite 100, Midland, TX 797011
  • Phone432-221-74001
  • Shares outstanding131,313,142 Common Class A shares; 87,831,750 Common Class B shares as of Feb 21, 202568
  • Public float$3.4B as of Jun 30, 202468
  • AuditorGRANT THORNTON LLP, Oklahoma City, Oklahoma PCAOB ID 248; it also attests to the company’s internal control over financial reporting68
  • On EDGAR sinceMar 21, 20141
  • Filings574 in all: 4 (214), 8-K (118), 10-Q (34), 3 (26), SC 13G/A (20), 424B5 (19), SC 13D/A (17), CORRESP (12)1
    All 46 form types

    SC 13G (12), 10-K (11), S-3ASR (7), SCHEDULE 13G/A (7), 4/A (6), UPLOAD (6), S-1/A (5), 425 (4), 8-K/A (4), DEFA14A (4), EFFECT (4), FWP (4), POSASR (4), SCHEDULE 13D/A (4), S-8 POS (3), 10-K/A (2), 424B1 (2), ARS (2), DEF 14A (2), S-1 (2), SC 13D (2), 15-12G (1), 424A (1), 424B2 (1), 424B3 (1), 8-A12B (1), 8-A12B/A (1), CERTNAS (1), DEF 14C (1), DEFM14A (1), DEFM14C (1), DRS (1), POS AM (1), PRE 14C (1), PREM14A (1), PRER14C (1), S-3 (1), S-8 (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2025
    Quarterly report (10-Q) Aug 6, 2025
    Proxy statement (DEF 14A) Apr 10, 2025
    Latest 8-K (8-K) Aug 19, 2025

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, $0.000001 Par ValueVNOMThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Feb 26, 2025 (Section 12(b) of the Exchange Act).68

Risk factors and legal proceedings

The risks VNOM Sub, Inc. names in Item 1A of its 10-K filed Feb 26, 2025: 34 risks under these headings, as written.68

  • Risks Related to Our Business
  • Market conditions for oil and natural gas, and particularly volatility in prices for oil and natural gas, have in the past adversely affected, and may in the future adversely affect, our revenue, cash flows, profitability, growth and production.
  • Our commodity price derivatives could result in financial losses, may fail to protect us from declines in commodity prices, prevent us from fully benefiting from commodity price increases and may expose us to other risks, including counterparty credit risk.
  • The IRA and other risks relating to climate change could accelerate the transition to a low carbon economy and could impose new costs on our operations that may have a material and adverse effect on us.
  • Changing political and social perspectives on climate change and other environmental, social and governance factors may create risks and uncertainties impacting our business.
  • Conservation measures and technological advances could reduce demand for oil and natural gas.
  • Increased costs of capital could adversely affect our business.
  • We may not have sufficient available cash to pay any quarterly dividend on our Common Stock, our cash available for dividends may vary significantly from quarter to quarter and our board of directors may in the future modify or revoke our cash dividend policy at any time at its discretion. Our dividend policy could limit our ability to grow and make acquisitions.
  • We depend on a small number of operators for a substantial portion of the development and production on our mineral and royalty acreage. A reduction in the expected number of wells to be drilled on our acreage by these operators or the failure of an operator to adequately and efficiently develop and operate our acreage could have an adverse effect on our expected growth and our results of operations.
  • The development of our proved undeveloped reserves may take longer and may require higher levels of capital expenditures by operators than we currently anticipate.
  • We may not be able to terminate our leases if any of our operators declare bankruptcy, and we may experience delays and be unable to replace operators that do not make royalty payments.
  • The producing properties in which we have mineral and royalty interests are primarily concentrated in the Permian Basin of West Texas, making us vulnerable to risks (including weather-related risks) associated with a single geographic area. In addition, a large amount of our proved reserves is attributable to a small number of producing horizons within this area.
The other 23 risks
  • Our future success depends on the development or acquisition of additional reserves, and our failure to successfully identify, complete and integrate acquisitions of properties or businesses could slow our growth and adversely affect our results of operations and cash available for dividends.
  • Project areas on our properties, which are in various stages of development, may not yield oil or natural gas in commercially viable quantities.
  • Our estimated reserves are based on many assumptions that may turn out to be inaccurate. Any material inaccuracies in these reserve estimates or underlying assumptions will materially affect the quantities and present value of our reserves.
  • We are dependent on electrical power, internet and telecommunication infrastructure and information and computer systems. If any of these systems are compromised or unavailable, our business could be adversely affected.
  • We are subject to cybersecurity risks. A cyber incident could occur and result in information theft, data corruption, operational disruption and/or financial loss.
  • Evolving privacy-related laws could give rise to liabilities, which could adversely impact our business, results of operations or financial condition.
  • Risks Related to Our Indebtedness
  • Implementing our capital programs may, under certain circumstances, require an increase in our total leverage through additional debt issuances. In addition, a significant reduction in availability under the revolving credit facility and the inability to otherwise obtain financing for our capital programs could require us to curtail our capital expenditures.
  • Restrictive covenants in the Operating Company’s revolving credit facility, the indentures governing the Notes and future debt instruments may limit our ability to respond to changes in market conditions or pursue business opportunities.
  • Any significant reduction in the borrowing base under the Operating Company’s revolving credit facility as a result of the periodic borrowing base redeterminations, or otherwise, may negatively impact our ability to fund our operations, and we may not have sufficient funds to repay borrowings under the revolving credit facility if required as a result of a borrowing base redetermination.
  • Servicing our indebtedness requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay our substantial indebtedness.
  • If we experience liquidity concerns, we could face a downgrade in our debt ratings which could restrict our access to, and negatively impact the terms of, current or future financings or trade credit.
  • The borrowings under the Operating Company’s revolving credit facility expose us to interest rate risk.
  • Risks Inherent in an Investment in Us
  • Diamondback controls us and its interests may conflict with ours or yours in the future.
  • We do not have any employees, and we rely solely on the employees of Diamondback to manage our business. The management team of Diamondback, which includes the individuals who manage us, also perform similar services for Diamondback and certain of its affiliates, and thus are not solely focused on our business.
  • State and local income and other tax reimbursements due to Diamondback for our share of state and local and other taxes borne by Diamondback will reduce cash available for dividends to our common stockholders.
  • The market price of our shares of Class A Common Stock could be adversely affected by sales of substantial amounts of our Class A Common Stock in the public or private markets.
  • U.S. tax legislation may adversely affect our business, results of operations, financial condition and cash flow.
  • The provision of our certificate of incorporation requiring exclusive venue in the Court of Chancery in the State of Delaware for certain types of lawsuits may have the effect of discouraging lawsuits against us and our directors, officers and stockholders.
  • Our certificate of incorporation does not limit the ability of Diamondback and certain of its directors, principals, officers, employees and their respective affiliates to compete with us.
  • Anti-takeover provisions in our organizational documents and Delaware law might discourage or delay acquisition attempts for us that you might consider favorable.
  • Our ability to pay base and variable dividends to the holders of our Class A Common Stock or make share repurchases under our repurchase program may be limited by requirements under our certificate of incorporation, our holding company structure, applicable provisions of Delaware law and contractual restrictions or obligations.
  • Risks Related to the Pending 2025 Drop Down
  • Our ability to complete the Pending 2025 Drop Down is subject to various closing conditions outside of our control, including approval by the majority of unaffiliated stockholders and regulatory clearance.
  • We may be unable to realize anticipated cash flows or other benefits from the Pending 2025 Drop Down.

Legal proceedings

Due to the nature of our business, we are, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities. In the opinion of our management, none of the pending litigation, disputes or claims against us, if decided adversely, will have a material adverse effect on our financial condition, cash flows or results of operations. See Note 12—Commitments and Contingencies in Item 8. Financial Statements and Supplementary Data of this report.

The opening of Item 3, Legal Proceedings.68

Sources

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