10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

ý QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 31, 2015

OR

o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-36505

Viper Energy Partners LP

(Exact Name of Registrant As Specified in Its Charter)

Delaware	46-5001985
(State or Other Jurisdiction of Incorporation or Organization)	(IRS Employer Identification Number)
500 West Texas, Suite 1200 Midland, Texas	79701
(Address of Principal Executive Offices)	(Zip Code)

(432) 221-7400

(Registrant Telephone Number, Including Area Code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesýNo¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YesýNo¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One):

Large Accelerated Filer	o	Accelerated Filer	o
Non-Accelerated Filer	ý	Smaller Reporting Company	o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes¨ Noý

As of May 5, 2015, 79,708,888 common limited partner units of the registrant were outstanding.

1

		Page
PART I. FINANCIAL INFORMATION
ITEM1.	Consolidated Financial Statements of Viper Energy Partners LP (unaudited)	1
	Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014	1
	Consolidated Statement of Operations for the Three Months Ended March 31, 2015 and 2014	2
	Statement of Consolidated Unitholders’ Equity and Members Equity for the Three Months Ended March 31, 2015	3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2015	4
	Notes to Consolidated Financial Statements	5
ITEM 2.	Management’s Discussion and Analysis of Financial Conditions and Results of Operations	13
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	19
ITEM 4.	Controls and Procedures	20
PART II. OTHER INFORMATION
ITEM 1.	Legal Proceedings	21
ITEM 1A.	Risk Factors	21
ITEM 2.	Exhibits	22
Signatures		23

i

GLOSSARY OF TERMS

The following includes a description of the meanings of some of the oil and natural gas industry terms used in this Quarterly Report on Form 10-Q (“Quarterly Report”)

3-D seismic. Geophysical data that depict the subsurface strata in three dimensions. 3-D seismic typically provides a more detailed and accurate interpretation of the subsurface strata than 2-D, or two-dimensional, seismic.

Basin. A large depression on the earth’s surface in which sediments accumulate.

Bbl. Stock tank barrel, or 42 U.S. gallons liquid volume, used in this Quarterly Report in reference to crude oil or other liquid hydrocarbons.

Bbls/d. Bbls per day.

BOE. Barrels of oil equivalent, with six thousand cubic feet of natural gas being equivalent to one barrel of oil.

BOE/d. BOE per day.

British Thermal Unit. The quantity of heat required to raise the temperature of one pound of water by one degree Fahrenheit.

Completion. The process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas or oil, or in the case of a dry hole, the reporting of abandonment to the appropriate agency.

Condensate. Liquid hydrocarbons associated with the production of a primarily natural gas reserve.

Crude oil. Liquid hydrocarbons retrieved from geological structures underground to be refined into fuel sources.

Delaware Act. Delaware Revised Uniform Limited Partnership Act.

Deterministic method. The method of estimating reserves or resources under which a single value for each parameter (from the geoscience, engineering or economic data) in the reserves calculation is used in the reserves estimation procedure.

Developed acreage. The number of acres that are allocated or assignable to productive wells or wells capable of production.

Development costs. Capital costs incurred in the acquisition, exploitation and exploration of proved oil and natural gas reserves divided by proved reserve additions and revisions to proved reserves.

Development well. A well drilled within the proved area of a natural gas or oil reservoir to the depth of a stratigraphic horizon known to be productive.

Differential. An adjustment to the price of oil or natural gas from an established spot market price to reflect differences in the quality and/or location of oil or natural gas.

Dry hole or dry well. A well found to be incapable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of such production exceed production expenses and taxes.

Estimated Ultimate Recovery or EUR. Estimated ultimate recovery is the sum of reserves remaining as of a given date and cumulative production as of that date.

Exploitation. A development or other project which may target proven or unproven reserves (such as probable or possible reserves), but which generally has a lower risk than that associated with exploration projects.

Exploratory well. A well drilled to find and produce natural gas or oil reserves not classified as proved, to find a new reservoir in a field previously found to be productive of natural gas or oil in another reservoir or to extend a known reservoir.

Field. An area consisting of either a single reservoir or multiple reservoirs, all grouped on or related to the same individual geological structural feature and/or stratigraphic condition.

Finding and development costs. Capital costs incurred in the acquisition, exploitation and exploration of proved oil and natural gas reserves divided by proved reserve additions and revisions to proved reserves.

ii

Fracturing. The process of creating and preserving a fracture or system of fractures in a reservoir rock typically by injecting a fluid under pressure through a wellbore and into the targeted formation.

Gross acres or gross wells. The total acres or wells, as the case may be, in which a working interest is owned.

Horizontal drilling. A drilling technique used in certain formations where a well is drilled vertically to a certain depth and then drilled at a right angle with a specified interval.

Horizontal wells. Wells drilled directionally horizontal to allow for development of structures not reachable through traditional vertical drilling mechanisms.

Inception. September 18, 2013.

MBbls. Thousand barrels of crude oil or other liquid hydrocarbons.

MBOE. One thousand barrels of crude oil equivalent, determined using a ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or natural gas liquids.

Mcf. Thousand cubic feet of natural gas.

Mcf/d. Mcf per day.

Mineral interests. The interests in ownership of the resource and mineral rights, giving an owner the right to profit from the extracted resources.

MMBtu. Million British Thermal Units.

MMcf. Million cubic feet of natural gas.

Net acres or net wells. The sum of the fractional working interest owned in gross acres.

Net revenue interest. An owner’s interest in the revenues of a well after deducting proceeds allocated to royalty and overriding interests.

NGLs. The combination of ethane, propane, butane and natural gasolines that when removed from natural gas become liquid under various levels of higher pressure and lower temperature.

NYMEX. New York Mercantile Exchange.

Oil and natural gas properties. Tracts of land consisting of properties to be developed for oil and natural gas resource extraction.

Operator. The individual or company responsible for the exploration and/or production of an oil or natural gas well or lease.

PDP. Proved developed producing.

Play. A set of discovered or prospective oil and/or natural gas accumulations sharing similar geologic, geographic and temporal properties, such as source rock, reservoir structure, timing, trapping mechanism and hydrocarbon type.

Plugging and abandonment. Refers to the sealing off of fluids in the strata penetrated by a well so that the fluids from one stratum will not escape into another or to the surface. Regulations of all states require plugging of abandoned wells.

PUD. Proved undeveloped.

Productive well. A well that is found to be capable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of the production exceed production expenses and taxes.

Prospect. A specific geographic area which, based on supporting geological, geophysical or other data and also preliminary economic analysis using reasonably anticipated prices and costs, is deemed to have potential for the discovery of commercial hydrocarbons.

Proved developed reserves. Reserves that can be expected to be recovered through existing wells with existing equipment and operating methods.

iii

Proved reserves. The estimated quantities of oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be commercially recoverable in future years from known reservoirs under existing economic and operating conditions.

Proved undeveloped reserves. Proved reserves that are expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion.

Recompletion. The process of re-entering an existing wellbore that is either producing or not producing and completing new reservoirs in an attempt to establish or increase existing production.

Reserves. Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and natural gas or related substances to the market and all permits and financing required to implement the project. Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).

Reservoir. A porous and permeable underground formation containing a natural accumulation of producible natural gas and/or oil that is confined by impermeable rock or water barriers and is separate from other reservoirs.

Resource play. A set of discovered or prospective oil and/or natural gas accumulations sharing similar geologic, geographic and temporal properties, such as source rock, reservoir structure, timing, trapping mechanism and hydrocarbon type.

Royalty interest. An interest that gives an owner the right to receive a portion of the resources or revenues without having to carry any costs of development.

SEC. Securities and Exchange Commission.

Spacing. The distance between wells producing from the same reservoir. Spacing is often expressed in terms of acres (e.g., 40-acre spacing) and is often established by regulatory agencies.

Standardized measure. The present value of estimated future net revenue to be generated from the production of proved reserves, determined in accordance with the rules and regulations of the SEC (using prices and costs in effect as of the date of estimation), less future development, production and income tax expenses, and discounted at 10% per annum to reflect the timing of future net revenue. Because we are a limited partnership, we are generally not subject to federal or state income taxes and thus make no provision for federal or state income taxes in the calculation of our standardized measure. Standardized measure does not give effect to derivative transactions.

Tight formation. A formation with low permeability that produces natural gas with very low flow rates for long periods of time.

Undeveloped acreage. Lease acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil and natural gas regardless of whether such acreage contains proved reserves.

Wellbore. The hole drilled by the bit that is equipped for oil or natural gas production on a completed well.

Working interest. An operating interest that gives the owner the right to drill, produce and conduct operating activities on the property and receive a share of production and requires the owner to pay a share of the costs of drilling and production operations.

WTI. West Texas Intermediate.

iv

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Various statements contained in this Quarterly Report that express a belief, expectation, or intention, or that are not statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Quarterly Report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In particular, the factors discussed in this Quarterly Report, including those detailed underPart II. Item 1A. Risk Factors in this Quarterly Report, could affect our actual results and cause our actual results to differ materially from expectations, estimates or assumptions expressed, forecasted or implied in such forward-looking statements.

Forward-looking statements may include statements about our:

• our ability to execute our business strategies;

• the volatility of realized oil and natural gas prices;

• the level of production on our properties;

• regional supply and demand factors, delays or interruptions of production;

• our ability to replace our oil and natural gas reserves;

• our ability to identify, complete and integrate acquisitions of properties or businesses;

• general economic, business or industry conditions;

• competition in the oil and natural gas industry;

• the ability of our operators to obtain capital or financing needed for development and exploration operations;

• title defects in the properties in which we invest;

• uncertainties with respect to identified drilling locations and estimates of reserves;

• the availability or cost of rigs, equipment, raw materials, supplies, oilfield services or personnel;

• restrictions on the use of water;

• the availability of transportation facilities;

• the ability of our operators to comply with applicable governmental laws and regulations and to obtain permits and governmental approvals;

• federal and state legislative and regulatory initiatives relating to hydraulic fracturing;

• future operating results;

• exploration and development drilling prospects, inventories, projects and programs;

• operating hazards faced by our operators; and

• the ability of our operators to keep pace with technological advancements.

All forward-looking statements speak only as of the date of this Quarterly Report. You should not place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this Quarterly Report are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

v

Viper Energy Partners LP

Consolidated Balance Sheets

(Unaudited)

	March 31,			December 31,
	2015			2014
	(In thousands, except unit amounts)
Assets
Current assets:
Cash and cash equivalents	$	9,821		$	15,110
Restricted cash	500			500
Royalty income receivable	7,084			8,239
Other current assets	492			253
Total current assets	17,897			24,102
Oil and natural gas interests, based on the full cost method of accounting ($75,266 and $91,444 excluded from depletion at March 31, 2015 and December 31, 2014, respectively)	510,999			511,085
Accumulated depletion	(41,700		)	(32,800		)
	469,299			478,285
Other assets	34,950			35,015
Total assets	$	522,146		$	537,402
Liabilities and Unitholders’ Equity/Members’ Equity
Current liabilities:
Accounts payable	$	6		$	6
Other accrued liabilities	695			2,045
Total current liabilities	701			2,051
Commitments and contingencies (Note 10)
Unitholders’ equity:
Common units (79,708,888 units issued and outstanding as of March 31, 2015 and December 31, 2014)	521,445			535,351
Total unitholders’ equity/members’ equity	521,445			535,351
Total liabilities and unitholders’ equity/members’ equity	$	522,146		$	537,402

See accompanying notes to consolidated financial statements.

1

Viper Energy Partners LP

Consolidated Statements of Operations

(Unaudited)

	Three Months Ended March 31,
	2015			2014*
	(In thousands, except per unit amounts)
Royalty income	$	16,545		$	15,853
Costs and expenses:
Production and ad valorem taxes	1,328			921
Depletion	8,901			5,567
General and administrative expenses	1,427			66
General and administrative expenses—related party	125			78
Total costs and expenses	11,781			6,632
Income from operations	4,764			9,221
Other income (expense)
Interest expense	(168		)	—
Interest expense—related party, net of capitalized interest	—			(5,368		)
Other income	486			—
Total other income (expense), net	318			(5,368		)
Net income	$	5,082		$	3,853
Net income attributable to common limited partners per unit:
Basic	$	0.06
Diluted	$	0.06
Weighted average number of limited partner units outstanding
Basic	79,708
Diluted	79,711

See accompanying notes to consolidated financial statements.

*See Note 1 for information regarding the basis of financial statement presentation.

2

Viper Energy Partners LP

Statement of Consolidated Unitholders' Equity and Members' Equity

(Unaudited)

	Limited Partners
				Predecessor
				Members’
	Common			Equity		Total
	(In thousands)
Balance at December 31, 2013	$	—		$	2,988	$	2,988
Net income	—			3,853		3,853
Balance at March 31, 2014*	$	—		$	6,841	$	6,841
Balance at December 31, 2014	$	535,351		$	—	$	535,351
Unit-based compensation	939			—		939
Distribution to public	(2,315		)	—		(2,315		)
Distribution to Diamondback	(17,612		)	—		(17,612		)
Net income attributable to the period June 23, 2014 through December 31, 2014	5,082			—		5,082
Balance at March 31, 2015	$	521,445		$	—	$	521,445

See accompanying notes to consolidated financial statements.

*See Note 1 for information regarding the basis of financial statement presentation.

3

Viper Energy Partners LP

Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended March 31,
	2015			2014*
	(In thousands)
Cash flows from operating activities:
Net income	$	5,082		$	3,853
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion	8,901			5,567
Amortization of debt issuance costs	65			—
Non-cash unit-based compensation expense	939			—
Changes in operating assets and liabilities:
Royalty income receivable	1,155			2,795
Other current assets	—			(5,828		)
Accounts payable—related party	(1,349		)	156
Accounts payable and other accrued liabilities	(240		)	—
Net cash provided by operating activities	14,553			6,543
Cash flows from investing activities:
Additions to oil and natural gas interests	—			(6,878		)
Other	85			—
Net cash provided by (used in) investing activities	85			(6,878		)
Cash flows from financing activities
Public offering costs	—			(28		)
Distribution to members	(19,927		)	—
Net cash used in financing activities	(19,927		)	(28		)
Net decrease in cash	(5,289		)	(363		)
Cash at beginning of period	15,110			762
Cash and cash equivalents at end of period	$	9,821		$	399
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	$	103		$	11,109
Supplemental disclosure of non—cash transactions:
Capitalized interest	$	—		$	2,927

See accompanying notes to consolidated financial statements.

*See Note 1 for information regarding the basis of financial statement presentation.

4

Viper Energy Partners LP

Notes to Financial Statements

(Unaudited)

1.    ORGANIZATION AND BASIS OF PRESENTATION

Organization

Viper Energy Partners LP (the “Partnership”) is a publicly traded Delaware limited partnership, the common units of which are listed on the NASDAQ Global Market under the symbol “VNOM”. The Partnership was formed by Diamondback Energy, Inc., a Delaware corporation (together with its subsidiaries, “Diamondback”), on February 27, 2014 to, among other things, own, acquire and exploit oil and natural gas properties in North America. The Partnership is currently focused on oil and natural gas properties in the Permian Basin. Unless the context requires otherwise, references to “we,” “us,” “our,” or “the Partnership” are intended to mean the business and operations of Viper Energy Partners LP and its consolidated subsidiary, Viper Energy Partners LLC (the “Predecessor”), a Delaware limited liability company.

Prior to the completion on June 23, 2014 of the Partnership’s initial public offering (the “IPO”) of 5,750,000 common units representing limited partner interests (which included 750,000 common units issued pursuant to an option to purchase additional common units granted to the underwriters), Diamondback owned all of the general and limited partner interests in the Partnership. On June 23, 2014, the Partnership completed its IPO at a price to the public of $26.00 per common unit. The Partnership received net proceeds of approximately $137.2 million from the sale of these common units, net of offering expenses and underwriting discounts and commissions.

In connection with the IPO, Diamondback contributed all of the membership interests in the Predecessor to the Partnership in exchange for 70,450,000 common units, and Viper Energy Partners GP LLC (the “General Partner”), a Delaware limited liability company, maintained its non-economic general partner interest. In addition, in connection with the closing of the IPO, the Partnership agreed to distribute to Diamondback all cash and cash equivalents and the royalty income receivable on hand in the aggregate amount of approximately $11.6 million and the net proceeds from the IPO. As of December 31, 2014, the Partnership had distributed $148.8 million to Diamondback as part of the IPO transactions. The contribution of the Predecessor to the Partnership was accounted for as a combination of entities under common control with assets and liabilities transferred at their carrying amounts in a manner similar to a pooling of interests.

On September 19, 2014, the Partnership completed an underwritten public offering of 3,500,000 common units. The common units were sold to the public at $28.50 per unit and the Partnership received net proceeds of approximately $94.8 million from the sale of these common units, net of offering expenses and underwriting discounts and commissions.

As of March 31 2015, the General Partner held a 100% non-economic general partner interest in the Partnership and Diamondback had an approximate 88.4% limited partner interest in the Partnership. Diamondback owns and controls the General Partner.

Basis of Presentation

The consolidated results of operations following the completion of the IPO are presented together with the results of operations pertaining to the Predecessor. The assets of the Predecessor consisted of mineral interests in oil and natural gas properties in the Permian Basin, which were acquired on September 19, 2013. See Note 3—Acquisitions. The contribution of the Predecessor to the Partnership on June 17, 2014 was accounted for as a combination of entities under common control with assets and liabilities transferred at their carrying amounts in a manner similar to a pooling of interests. The Partnership did not own any assets prior to June 17, 2014, the date of the contribution agreement by and among Diamondback, the Predecessor, the General Partner and the Partnership. Prior to the IPO, the Predecessor was a wholly owned subsidiary of Diamondback. For periods prior to June 17, 2014, the accompanying consolidated financial statements and related notes thereto represent the financial position, results of operations, cash flows and changes in members’ equity of the Predecessor and, for periods on and after June 17, 2014, the accompanying consolidated financial statements and related notes thereto represent the financial position, results of operations, cash flows and changes in partners’ equity of the Partnership and its wholly owned subsidiary.

The accompanying consolidated financial statements and related notes thereto were prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). All material intercompany balances and transactions are eliminated in consolidation.

5

Viper Energy Partners LP

Notes to Financial Statements - (Continued)

(unaudited)

2.    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 at the date of the financial statements.

The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in the particular circumstances. 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 properties and unit–based compensation.

New Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers”. ASU 2014-09 supersedes most of the existing revenue recognition requirements in GAAP and requires (i) an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services and (ii) requires expanded disclosures regarding the nature, amount, timing, and certainty of revenue and cash flows from contracts with customers. The standard will be effective for annual and interim reporting periods beginning after December 15, 2016, with early application not permitted. The standard allows for either full retrospective adoption, meaning the standard is applied to all periods presented in the financial statements, or modified retrospective adoption, meaning the standard is applied only to the most current period presented. The Partnership is currently evaluating the impact, if any, that the adoption of ASU 2014-09 will have on the Partnership’s financial position, results of operations, and liquidity.

In April 2015, the Financial Accounting Standards Board issued ASU 2015-03, “Interest—Imputation of Interest”. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount to simplify the presentation of debt issuance costs. The standard will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early application will be permitted for financial statements that have not previously been issued.

3.    OIL AND NATURAL GAS INTERESTS

Oil and natural gas interests include the following:

	March 31,			December 31,
	2015			2014
	(in thousands)
Oil and natural gas interests:
Subject to depletion	$	435,733		$	419,641
Not subject to depletion—acquisition costs
Incurred in 2014	47,314			48,266
Incurred in 2013	27,952			43,178
Total not subject to depletion	75,266			91,444
Gross oil and natural gas interests	510,999			511,085
Less accumulated depletion	(41,700		)	(32,800		)
Oil and natural gas interests, net	$	469,299		$	478,285

6

Costs associated with unevaluated properties are excluded from the full cost pool until a determination as to the existence of proved reserves is able to be made. The inclusion of the Partnership’s unevaluated costs into the amortization base is expected to be completed within three to five years.

7

Viper Energy Partners LP

Notes to Financial Statements - (Continued)

(unaudited)

4.    DEBT

Credit Agreement-Wells Fargo Bank

On July 8, 2014, the Partnership entered into a secured revolving credit agreement with Wells Fargo Bank, National Association, or Wells Fargo, as the administrative agent, sole book runner and lead arranger. The credit agreement, which was amended August 15, 2014 to add additional lenders to the lending group, provides for a revolving credit facility in the maximum amount of $500.0 million, subject to scheduled semi-annual and other elective collateral borrowing base redeterminations based on the Partnership’s oil and natural gas reserves and other factors (the “borrowing base”). The borrowing base is scheduled to be re-determined semi-annually with effective dates of April 1st and October 1st. In addition, the Partnership may request up to three additional redeterminations of the borrowing base during any 12-month period. As of March 31, 2015, the borrowing base was set at $110.0 million. The Partnership had no outstanding borrowings as of March 31, 2015.

The outstanding borrowings under the credit agreement bear interest at a rate elected by the Partnership that is equal to an alternative base rate (which is equal to the greatest of the prime rate, the Federal Funds effective rate plus 0.5% and 3-month LIBOR plus 1.0%) or LIBOR, in each case plus the applicable margin. The applicable margin ranges from 0.5% to 1.50% in the case of the alternative base rate and from 1.50% to 2.50% in the case of LIBOR, in each case depending on the amount of the loan outstanding in relation to the borrowing base. The Partnership is obligated to pay a quarterly commitment fee ranging from 0.375% to 0.500% per year on the unused portion of the borrowing base, which fee is also dependent on the amount of the loan outstanding in relation to the borrowing base. Loan principal may be optionally repaid from time to time without premium or penalty (other than customary LIBOR breakage), and is required to be paid (a) if the loan amount exceeds the borrowing base, whether due to a borrowing base redetermination or otherwise (in some cases subject to a cure period) and (b) at the maturity date of July 8, 2019. The loan is secured by substantially all of the assets of the Partnership and its subsidiary.

The credit agreement contains various affirmative, negative and financial maintenance covenants. These covenants, among other things, limit additional indebtedness, additional liens, sales of assets, mergers and consolidations, dividends and distributions, transactions with affiliates and entering into certain swap agreements and require the maintenance of the financial ratios described below.

Financial Covenant	Required Ratio
Ratio of total debt to EBITDAX	Not greater than 4.0 to 1.0
Ratio of current assets to liabilities, as defined in the credit agreement	Not less than 1.0 to 1.0
EBITDAX will be annualized beginning with the quarter ended September 30, 2014 and ending with the quarter ending March 31, 2015

The covenant prohibiting additional indebtedness allows for the issuance of unsecured debt of up to $250.0 million in the form of senior unsecured notes and, in connection with any such issuance, the reduction of the borrowing base by 25% of the stated principal amount of each such issuance. A borrowing base reduction in connection with such issuance may require a portion of the outstanding principal of the loan to be repaid.

The lenders may accelerate all of the indebtedness under the Partnership’s credit agreement upon the occurrence and during the continuance of any event of default. The credit agreement contains customary events of default, including non-payment, breach of covenants, materially incorrect representations, cross-default, bankruptcy and change of control. There are no cure periods for events of default due to non-payment of principal and breaches of negative and financial covenants, but non-payment of interest and breaches of certain affirmative covenants are subject to customary cure periods.

Subordinated Note

Effective September 19, 2013, the Predecessor issued a subordinated note to Diamondback for the principal sum of $440.0 million for a royalty interest acquisition. In connection with the IPO, the subordinated note was converted to equity. The note bore interest at 7.625% per annum. Interest was due and payable monthly in arrears on the first business day of each calendar month. The unpaid principal balance and all accrued interest on the note were due and payable in full on October 1, 2021. Any indebtedness evidenced by this note was subordinate in the right of payment to any indebtedness outstanding under the Diamondback credit agreement. As of March 31, 2014, there was $444.1 million of principal and interest outstanding under this note.

8

Viper Energy Partners LP

Notes to Financial Statements - (Continued)

(unaudited)

5.    RELATED PARTY TRANSACTIONS

Partnership Agreement

In connection with the closing of the IPO, the General Partner and Diamondback entered into the first amended and restated agreement of limited partnership (the “Partnership Agreement”), dated June 23, 2014.

The Partnership Agreement requires the Partnership to reimburse the General Partner for all direct and indirect expenses incurred or paid on the Partnership’s behalf and all other expenses allocable to the Partnership or otherwise incurred by the General Partner in connection with operating the Partnership’s business. The Partnership Agreement does not set a limit on the amount of expenses for which the General Partner and its affiliates may be reimbursed. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for the Partnership or on the Partnership’s behalf and expenses allocated to the General Partner by its affiliates. The General Partner is entitled to determine the expenses that are allocable to the Partnership. For the three months endedMarch 31, 2015, no expenses were allocated to the Partnership by the General Partner. At March 31, 2015, the Partnership had no outstanding amounts payable to the General Partner.

Advisory Services Agreement

In connection with the closing of the IPO, the Partnership and General Partner entered into an advisory services agreement (the “Advisory Services Agreement”) with Wexford Capital LP (“Wexford”), Diamondback’s equity sponsor, dated as of June 23, 2014, under which Wexford provides the Partnership and the General Partner with general financial and strategic advisory services related to the Partnership’s business in return for an annual fee of $500,000, plus reasonable out-of-pocket expenses. The Advisory Services Agreement has a term of two years commencing on June 23, 2014, and will continue for additional one-year periods unless terminated in writing by either party at least ten days prior to the expiration of the then current term. It may be terminated at any time by either party upon 30 days prior written notice. In the event the Partnership terminates the Advisory Services Agreement, the Partnership is obligated to pay all amounts due through the remaining term. In addition, the Partnership has agreed to pay Wexford to-be-negotiated market-based fees approved by the conflict committee of the board of directors of the General Partner for such services as may be provided by Wexford at the Partnership’s request in connection with future acquisitions and divestitures, financings or other transactions in which the Partnership may be involved. The services provided by Wexford under the Advisory Services Agreement do not extend to the Partnership’s day-to-day business or operations. The Partnership has agreed to indemnify Wexford and its affiliates from any and all losses arising out of or in connection with the Advisory Services Agreement except for losses resulting from Wexford’s or its affiliates’ gross negligence or willful misconduct. For the three months endedMarch 31, 2015, we incurred costs of $125,000, under the Advisory Services Agreement. At March 31, 2015, there were no outstanding amounts payable by the Partnership to Wexford.

Tax Sharing

In connection with the closing of the IPO, the Partnership entered into a tax sharing agreement (the “Tax Sharing Agreement”) with Diamondback pursuant to which the Partnership will reimburse Diamondback for its share of state and local income and other taxes for which the Partnership’s results are included in a combined or consolidated tax return filed by Diamondback with respect to taxable periods including or beginning on June 23, 2014. The amount of any such reimbursement is limited to the tax the Partnership would have paid had it not been included in a combined group with Diamondback. Diamondback may use its tax attributes to cause its combined or consolidated group, of which the Partnership may be a member for this purpose, to owe less or no tax. In such a situation, the Partnership would reimburse Diamondback for the tax the Partnership would have owed had the tax attributes not been available or used for the Partnership’s benefit, even though Diamondback had no cash tax expense for that period.

Shared Services Agreement

Effective September 19, 2013, the Predecessor entered into a shared services agreement with Diamondback E&P LLC, a wholly-owned subsidiary of Diamondback. This agreement was terminated in connection with the IPO. Under this agreement, Diamondback E&P LLC provided consulting and administrative services to the Predecessor. The Predecessor incurred a monthly charge for the services of $26,000. For the three months endedMarch 31, 2014, the Partnership incurred costs under this agreement of $78,000.

9

Viper Energy Partners LP

Notes to Financial Statements - (Continued)

(unaudited)

6.    UNIT–BASED COMPENSATION

On June 17, 2014, in connection with the IPO, the board of directors of the General Partner adopted the Viper Energy Partners LP Long Term Incentive Plan (“LTIP”), effective June 17, 2014, for employees, officers, consultants and directors of the General Partner and any of its affiliates, including Diamondback, who perform services for the Partnership. The LTIP provides for the grant of unit options, unit appreciation rights, restricted units, unit awards, phantom units, distribution equivalent rights, cash awards, performance awards, other unit-based awards and substitute awards. A total of 9,144,000 common units has been reserved for issuance pursuant to the LTIP. Common units that are cancelled, forfeited or withheld to satisfy exercise prices or tax withholding obligations will be available for delivery pursuant to other awards. The LTIP is administered by the board of directors of the General Partner or a committee thereof.

For the three months endedMarch 31, 2015, the Partnership incurred $0.9 million of unit–based compensation.

Unit Options

In accordance with the LTIP, the exercise price of unit options granted may not be less than the market value of the common units at the date of grant. The units issued under the LTIP will consist of new common units of the Partnership. On June 17, 2014, the Partnership granted 2,500,000 unit options to the executive officers of the General Partner. The unit options vest approximately 33% ratably on each of the next three anniversaries of the date of grant. In the event the fair market value per unit as of the exercise date is less than the exercise price per option unit, the vested options will automatically terminate and become null and void as of the exercise date.

The fair value of the unit options on the date of grant is expensed over the applicable vesting period. The Partnership estimates the fair values of unit options granted using a Black-Scholes option valuation model, which requires the Partnership to make several assumptions. At the time of grant the Partnership did not have a history of market prices, thus the expected volatility was determined using the historical volatility for a peer group of companies. The expected term of options granted was determined based on the contractual term of the awards. The risk-free interest rate is based on the U.S. treasury yield curve rate for the expected term of the unit option at the date of grant. The expected dividend yield was based upon projected performance of the Partnership.

	2014
Grant-date fair value	$	4.24
Expected volatility	36.0		%
Expected dividend yield	5.9		%
Expected term (in years)	3.0
Risk-free rate	0.99		%

The following table presents the unit option activity under the LTIP for the three months endedMarch 31, 2015:

		Weighted Average
	Unit	Exercise		Remaining	Intrinsic
	Options	Price		Term	Value
				(in years)	(in thousands)
Outstanding at December 31, 2014	2,500,000	$	26.00
Granted	—	$	—
Outstanding at March 31, 2015	2,500,000	$	26.00	2.22	$	—
Vested and Expected to vest at March 31, 2015	2,500,000	$	26.00	2.22	$	—
Exercisable at March 31, 2015	—	$	—	—	$	—

As of March 31, 2015, the unrecognized compensation cost related to unvested unit options was $7.8 million. Such cost is expected to be recognized over a weighted-average period of 2.2 years.

10

Viper Energy Partners LP

Notes to Financial Statements - (Continued)

(unaudited)

Phantom Units

Under the LTIP, the board of directors of the General Partner is authorized to issue phantom units to eligible employees. The Partnership estimates the fair values of phantom units as the closing price of the Partnership’s common units on the grant date of the award, which is expensed over the applicable vesting period. Upon vesting the phantom unit entitles the recipient one common unit of the Partnership for each phantom unit.

The following table presents the phantom unit activity under the LTIP for the three months endedMarch 31, 2015:

		Weighted Average
	Phantom	Grant-Date
	Units	Fair Value
Unvested at December 31, 2014	17,776	$	19.51
Granted	—	$	—
Vested	—	$	—
Unvested at March 31, 2015	17,776	$	19.51

As of March 31, 2015, the unrecognized compensation cost related to unvested phantom units was $0.3 million. Such cost is expected to be recognized over a weighted-average period of 1.2 years.

7.    PARTNERS’ CAPITAL AND PARTNERSHIP DISTRIBUTIONS

The Partnership has general partner and common unit partnership interests. The general partner interest is a non-economic interest and is not entitled to any cash distributions.

At March 31, 2015, the Partnership had a total of 79,708,888 common units issued and outstanding, of which 70,450,000 common units were owned by Diamondback, representing approximately 88.4% of the total Partnership common units outstanding.

The following table summarizes changes in the number of the Partnership’s common units:

	Common Units
Diamondback Energy, Inc. ownership of common units	70,450,000
Common units issued in June 23, 2014 IPO	5,750,000
Common units issued in September 19, 2014 public offering	3,500,000
Common units vested and issued under the LTIP in 2014	8,888
Balance March 31, 2015	79,708,888

The board of directors of the General Partner has adopted a policy for the Partnership to distribute all available cash generated on a quarterly basis, beginning with the quarter ending September 30, 2014. On February 5, 2015, the board of directors of the General Partner approved a cash distribution attributable to the fourth quarter of 2014 of $0.25 per unit, which was paid on February 27, 2015. This distribution included a total of $17.6 million distributed to Diamondback. 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. Available cash for each quarter will be determined by the board of directors of the General Partner following the end of such quarter. Available cash for each quarter will generally equal Adjusted EBITDA reduced for cash needed for debt service and other contractual obligations and fixed charges and reserves for future operating or capital needs that the board of directors of the General Partner deems necessary or appropriate, if any.

11

Viper Energy Partners LP

Notes to Financial Statements - (Continued)

(unaudited)

8.    EARNINGS PER UNIT

The net income per common unit on the consolidated statements of operations is based on the net income of the Partnership for the three months ended March 31, 2015, since this is the amount of net income that is attributable to the Partnership’s common units.

The Partnership’s net income is allocated wholly to the common units as the General Partner does not have an economic interest. Payments made to the Partnership’s unitholders are determined in relation to the cash distribution policy described in Note 7—Partners’ Capital and Partnership Distributions.

Basic net income per common unit is calculated by dividing net income by the weighted-average number of common units outstanding during the period. Diluted net income per common unit gives effect, when applicable, to unvested common units granted under the LTIP.

	Three Months Ended March 31,
	2015
	(In thousands, except per unit amounts)
Net income	$5,082
Net income per common unit, basic	$0.06
Net income per common unit, diluted	$0.06
Weighted-average common units outstanding, basic	79,708
Weighted-average common units outstanding, diluted	79,711

9.    COMMITMENTS AND CONTINGENCIES

The Partnership could be subject to various possible loss contingencies which arise primarily from interpretation of federal and state laws and regulations affecting the natural gas and crude oil industry. Such contingencies include differing interpretations as to the prices at which natural gas and crude oil sales may be made, the prices at which royalty owners may be paid for production from their leases, environmental issues and other matters. Management believes it has complied with the various laws and regulations, administrative rulings and interpretations.

10.    SUBSEQUENT EVENTS

On May 1, 2015, the board of directors of the General Partner approved a cash distribution for the first quarter of 2015 of $0.19 per common unit, payable on May 22, 2015, to unitholders of record at the close of business on May 15, 2015.

12

ITEM 2.         MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with our unaudited consolidated financial statements and notes thereto presented in this Quarterly Report on Form 10-Q as well as our audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014 . The following discussion contains “forward-looking statements” that reflect our future plans, estimates, beliefs, and expected performance. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors. See “Part II. Item 1A. Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements.”

Overview

We are a publicly traded Delaware limited partnership formed by Diamondback on February 27, 2014 to, among other things, own, acquire and exploit oil and natural gas properties in North America. The Partnership is currently focused on oil and natural gas properties in the Permian Basin. As of March 31, 2015, the general partner held a 100% non-economic general partner interest in us, and Diamondback had an approximate 88.4% limited partner interest in us. Diamondback also owns and controls the general partner.

We operate in one reportable segment engaged in the acquisition of oil and natural gas properties. Our assets consist primarily of producing oil and natural gas properties principally located in the Permian Basin of West Texas.

Recent Developments

Public Offerings

Prior to the completion of our IPO on June 23, 2014, Diamondback owned all of the general and limited partner interests in us. On June 23, 2014, we completed our IPO of 5,750,000 common units representing limited partner interests at a price to the public of $26.00 per common unit, which included 750,000 common units issued pursuant to an option to purchase additional common units granted to the underwriters on the same terms. We received net proceeds of approximately $137.2 million from the sale of these common units, net of offering expenses and underwriting discounts and commissions.

In connection with the IPO, Diamondback contributed all of the membership interests in our predecessor to us in exchange for 70,450,000 common units. In addition, in exchange for the contribution of our predecessor, we agreed to distribute the net proceeds from the IPO and all cash and the royalty income receivable on hand at the time of the IPO to Diamondback. We distributed $148.8 million to Diamondback during 2014, representing the net proceeds of the IPO and the royalty income receivable on hand at the time of the IPO. The contribution of the predecessor to us was accounted for as a combination of entities under common control with assets and liabilities transferred at their carrying amounts in a manner similar to a pooling of interests.

On September 19, 2014, we completed an underwritten public offering of 3,500,000 common units. The common units were sold to the public at $28.50 per unit and we received net proceeds of approximately $94.8 million from the sale of these common units, net of offering expenses and underwriting discounts and commissions.

Sources of Our Revenue

Our revenues are derived from royalty payments we receive from our operators based on the sale of oil and natural gas production, as well as the sale of natural gas liquids that are extracted from natural gas during processing. For the three months ended March 31, 2015, our revenues were derived 94% from oil sales, 3% from natural gas liquid sales and 3% from natural gas sales. For the three months ended March 31, 2014, our revenues were derived 92% from oil sales, 5% from natural gas liquid sales and 3% from natural gas sales. As a result, our revenues are more sensitive to fluctuations in oil prices than they are to fluctuations in natural gas liquids or natural gas prices. Our revenues may vary significantly from period to period as a result of changes in volumes of production sold or changes in commodity prices. Oil, natural gas liquids and natural gas prices have historically been volatile. During 2014, West Texas Intermediate posted prices ranged from $53.45 to $107.95 per Bbl and the Henry Hub spot market price of natural gas ranged from $2.74 to $8.15 per MMBtu. On March 31, 2015, the West Texas Intermediate posted price for crude oil was $47.72 per Bbl and the Henry Hub spot market price of natural gas was $2.65 per MMBtu. Since June 2014, oil prices have declined from over $105.00 per Bbl to below $50.00 per Bbl for the majority of the three months ended March 31, 2015 due in large part to increasing supplies and weakening demand growth. Lower prices ma

13

y not only decrease our revenues, but also potentially the amount of oil and natural gas that our operators can produce economically. Lower oil and natural gas prices may also result in a reduction in the borrowing base under our credit agreement, which may be determined at the discretion of our lenders.

Principal Components of Our Cost Structure

Production and Ad Valorem Taxes

Production taxes are paid on produced oil and natural gas based on a percentage of revenues from products sold at fixed rates established by federal, state or local taxing authorities. Where available, we benefit from tax credits and exemptions in our various taxing jurisdictions. We are also subject to ad valorem taxes in the counties where our production is located. Ad valorem taxes are generally based on the valuation of our oil and gas properties.

General and Administrative

In connection with the closing of the IPO, our general partner and Diamondback entered into the first amended and restated agreement of limited partnership, dated June 23, 2014. The partnership agreement requires us to reimburse our general partner for all direct and indirect expenses incurred or paid on our behalf and all other expenses allocable to us or otherwise incurred by our general partner in connection with operating our business. The partnership agreement does not set a limit on the amount of expenses for which our general partner and its affiliates may be reimbursed. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for us or on our behalf and expenses allocated to our general partner by its affiliates. Our general partner is entitled to determine the expenses that are allocable to us.

In connection with the closing of the IPO, we and our general partner entered into an advisory services agreement with Wexford, pursuant to which Wexford provides general financial and strategic advisory services to us and our general partner in exchange for a $0.5 million annual fee and certain expense reimbursement.

Our predecessor incurred costs for overhead, including the cost of management, operating and administrative services provided under the shared services agreement with Diamondback E&P LLC, a wholly owned subsidiary of Diamondback, audit and other fees for professional services and legal compliance. In connection with the closing of the IPO, the shared services agreement with Diamondback E&P LLC was terminated.

Depreciation, Depletion and Amortization

Under the full cost accounting method, we capitalize costs within a cost center and then systematically expense those costs on a units of production basis based on proved oil and natural gas reserve quantities. We calculate depletion on all capitalized costs, other than the cost of investments in unproved properties and major development projects for which proved reserves cannot yet be assigned, less accumulated amortization.

Income Tax Expense

We are organized as a pass-through entity for income tax purposes. As a result, our partners are responsible for federal income taxes on their share of our taxable income.

We are subject to the Texas margin tax. Any amounts related to operations for 2013 or for the period in 2014 prior to the closing of the IPO on June 23, 2014 will be included in Diamondback’s unitary filing for this tax. Diamondback does not expect any Texas margin tax to be due for the three months ended March 31, 2015 or 2014, so no amount has been provided in the accompanying financial statements.

Results of Operations

Results Presented and Factors Affecting the Comparability of Our Results to the Historical Financial Results of Our Predecessor

Viper Energy Partners LP was formed on February 27, 2014 and did not own any assets prior to the contribution of the predecessor to us on June 17, 2014. The assets of our predecessor consisted of mineral interests in oil and natural gas properties in the Permian Basin, which were acquired on September 19, 2013. The contribution of our predecessor to us on June 17, 2014 was accounted for as a combination of entities under common control with assets and liabilities transferred at their carrying amounts in a manner similar to a pooling of interests. Therefore, the financial and operating data below represent our predecessor’s operations for periods prior to June 17, 2014 and, for periods on and after June 17, 2014, the financial and operating data represent the combination of the predecessor and our operations.

14

Our results of operations and our future results of operations may not be comparable to the historical results of operations of our predecessor for the periods presented, primarily for the reasons described below:

Long-Term Debt

• In connection with the closing of the IPO, the subordinated note issued by our predecessor to Diamondback effective September 19, 2013 was converted to equity; therefore, we no longer have the note payable and related interest expense.

• On July 8, 2014, we entered into a secured revolving credit agreement with Wells Fargo Bank, National Association, or Wells Fargo, as the administrative agent, sole book runner and lead arranger. The credit agreement provides for a revolving credit facility in the maximum amount of $500.0 million, subject to scheduled semi-annual and other elective collateral borrowing base redeterminations based on our oil and natural gas reserves and other factors (the “borrowing base”). The borrowing base is scheduled to be redetermined semi-annually with effective dates of April 1st and October 1st. In addition, we may request up to three additional redeterminations of the borrowing base during any 12-month period. As of December 31, 2014, the borrowing base was set at $110.0 million and we had no outstanding borrowings. In connection with our Spring 2015 redetermination, the agent lender under the credit agreement has recommended that our borrowing base be increased to $175.0 million. This increase is subject to the approval of our other lenders.

General and Administrative

• We anticipate incurring incremental general and administrative expenses of approximately $2.5 million annually as a result of being a publicly traded partnership, consisting of expenses associated with SEC reporting requirements, including annual and quarterly reports to unitholders, tax return and Schedule K-1 preparation and distribution, Sarbanes-Oxley Act compliance, NASDAQ Global Select Market listing, independent auditor fees, legal fees, investor relations activities, registrar and transfer agent fees, director and officer insurance and director compensation.

• The partnership agreement requires us to reimburse the general partner for all direct and indirect expenses incurred or paid on our behalf and all other expenses allocable to us or otherwise incurred by our general partner in connection with operating our business. The partnership agreement does not set a limit on the amount of expenses for which our general partner and its affiliates may be reimbursed. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for us or on our behalf and expenses allocated to our general partner by its affiliates. Our general partner is entitled to determine the expenses that are allocable to us. For the three months endedMarch 31, 2015, no expenses were allocated to us by the general partner for reimbursement .

• On June 17, 2014, under the Long Term Incentive Plan, or LTIP, adopted in connection with the IPO, we granted awards of an aggregate of 2,500,000 unit options under the LTIP to executive officers of the general partner. For the three months endedMarch 31, 2015, we incurred $0.9 million of unit–based compensation.

• In connection with the closing of the IPO, we and our general partner entered into an advisory services agreement with Wexford pursuant to which Wexford provides general financial and strategic advisory services to us and our general partner in exchange for a $500,000 annual fee and certain expense reimbursement. For the three months endedMarch 31, 2015, we incurred costs of $125,000, under the advisory services agreement.

• In connection with the closing of the IPO, we entered into a tax sharing agreement with Diamondback pursuant to which we are required to reimburse Diamondback for our share of state and local income and other taxes for which our results are included in a combined or consolidated tax return filed by Diamondback with respect to taxable periods including or beginning on June 23, 2014. The amount of any such reimbursement is limited to the tax we would have paid had we not been included in a combined group with Diamondback. Diamondback may use its tax attributes to cause its combined or consolidated group, of which we may be a member for this purpose, to owe less or no tax. In such a situation, we would reimburse Diamondback for the tax we would have owed had the tax attributes not been available or used for our benefit, even though Diamondback had no cash tax expense for that period.

15

The following table summarizes our revenue and expenses and production data for the periods indicated.

	Three Months Ended March 31,
	2015			2014
	(unaudited, in thousands, except production data)
Operating Results:
Royalty income	$	16,545		$	15,853
Costs and expenses:
Production and ad valorem taxes	1,328			921
Depletion	8,901			5,567
General and administrative expenses	1,427			66
General and administrative expenses—related party	125			78
Total costs and expenses	11,781			6,632
Income from operations	4,764			9,221
Other income (expense)
Interest expense	(168		)	—
Interest expense—related party, net of capitalized interest	—			(5,368		)
Other income	486			—
Total other income (expense), net	318			(5,368		)
Net income	$	5,082		$	3,853
Production Data:
Oil (Bbls)	351,367			154,747
Natural gas (Mcf)	219,652			104,731
Natural gas liquids (Bbls)	48,000			23,171
Combined volumes (BOE)	435,975			195,373
Daily combined volumes (BOE/d)	4,844			2,171
% Oil	81		%	79		%

Royalty Income

Our royalty income for the three months ended March 31, 2015 and 2014 was $16.5 million and $15.9 million, respectively.

Our revenues are a function of oil, natural gas liquids and natural gas production volumes sold and average prices received for those volumes. Our operators received an average of $44.21 per Bbl of oil, $9.24 per Bbl of natural gas liquids and $2.59 per Mcf of natural gas for the volumes sold for the three months ended March 31, 2015. Our operators received an average of $93.77 per Bbl of oil, $36.25 per Bbl of natural gas liquids and $4.80 per Mcf of natural gas for the volumes sold for the three months ended March 31, 2014.

16

General and Administrative Expenses

The general and administrative expenses primarily reflect unit-based compensation, the amounts reimbursed to our general partner under our partnership agreement and amounts incurred under our advisory services agreement. For the three months ended March 31, 2015 and 2014, we incurred general and administrative expenses of $1.6 million and $0.1 million, respectively.

Net Interest Expense

The net interest expense for the three months ended March 31, 2015 reflects the interest incurred under our credit agreement. The net interest expense for the three months ended March 31, 2014 primarily relates to interest incurred under the subordinate note of the predecessor. Net interest expense for the three months ended March 31, 2015 and 2014 was $0.2 million and $5.4 million, respectively.

Adjusted EBITDA

Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance and compare the results of our operations period to period without regard to our financing methods or capital structure. In addition, management uses Adjusted EBITDA to evaluate cash flow available to pay distributions to our unitholders.

We define Adjusted EBITDA as net income (loss) plus interest expense, net of capitalized interest, non-cash unit-based compensation and depletion expense. Adjusted EBITDA is not a measure of the income (loss) as determined by GAAP. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as historic costs of depreciable assets, none of which are components of Adjusted EBITDA.

Adjusted EBITDA should not be considered an alternative to net income, royalty income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Our computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.

The following table presents a reconciliation of Adjusted EBITDA to net income, our most directly comparable GAAP financial measure for the periods indicated.

	Three Months Ended March 31,
	2015		2014
	(In thousands)
Net Income	$	5,082	$	3,853
Interest expense	168		5,368
Non-cash unit-based compensation expense	939		—
Depletion	8,901		5,567
Adjusted EBITDA	$	15,090	$	14,788

17

Liquidity and Capital Resources

Overview

Our primary sources of liquidity have been cash flows from operations and equity and debt financings, including borrowings under our credit agreement, and our primary uses of cash will be for paying distributions to our unitholders and for replacement and growth capital expenditures, including the acquisition, development and exploration of oil and natural gas properties. Our ability to generate cash is subject to a number of factors, some of which are beyond our control, including weather, commodity prices, and general economic, financial, competitive, legislative, regulatory and other factors.

Our partnership agreement does not require us to distribute any of the cash we generate from operations. We believe, however, that it will be in the best interests of our unitholders if we distribute a substantial portion of the cash we generate from operations. The board of directors of our general partner has adopted a policy to distribute an amount equal to the available cash we generate each quarter to our unitholders. On February 5, 2015, the board of directors of the General Partner approved a cash distribution attributable to the fourth quarter of 2014 of $0.25 per unit, which was paid on February 27, 2015. This distribution included a total of $17.6 million distributed to Diamondback. 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. Available cash for each quarter will be determined by the board of directors of our general partner following the end of such quarter. Available cash for each quarter will generally equal Adjusted EBITDA reduced for cash needed for debt service and other contractual obligations and fixed charges and reserves for future operating or capital needs that the board of directors of our general partner deems necessary or appropriate, if any.

Our Credit Agreement

On July 8, 2014, we entered into a $500.0 million secured revolving credit agreement with Wells Fargo as the administrative agent, sole book runner and lead arranger. The credit agreement, which was amended August 15, 2014 to add additional lenders to the lending group, matures on July 8, 2019. As of March 31, 2015, the borrowing base was set at $110.0 million and we had no outstanding borrowings. In connection with our Spring 2015 redetermination, the agent lender under the credit agreement has recommended that our borrowing base be increased to $175.0 million. This increase is subject to the approval of our other lenders.

The outstanding borrowings under the credit agreement bear interest at a rate elected by us that is equal to an alternative base rate (which is equal to the greatest of the prime rate, the Federal Funds effective rate plus 0.5% and 3-month LIBOR plus 1.0%) or LIBOR, in each case plus the applicable margin. The applicable margin ranges from 0.5% to 1.50% in the case of the alternative base rate and from 1.50% to 2.50% in the case of LIBOR, in each case depending on the amount of the loan outstanding in relation to the borrowing base. We are obligated to pay a quarterly commitment fee ranging from 0.375% to 0.500% per year on the unused portion of the borrowing base, which fee is also dependent on the amount of the loan outstanding in relation to the borrowing base. Loan principal may be optionally repaid from time to time without premium or penalty (other than customary LIBOR breakage), and is required to be paid (a) if the loan amount exceeds the borrowing base, whether due to a borrowing base redetermination or otherwise (in some cases subject to a cure period) and (b) at the maturity date of July 8, 2019. The loan is secured by substantially all of our and our subsidiaries’ assets.

The credit agreement contains various affirmative, negative and financial maintenance covenants. These covenants, among other things, limit additional indebtedness, additional liens, sales of assets, mergers and consolidations, dividends and distributions, transactions with affiliates and entering into certain swap agreements and require the maintenance of the financial ratios described below.

Financial Covenant	Required Ratio
Ratio of total debt to EBITDAX	Not greater than 4.0 to 1.0
Ratio of current assets to liabilities, as defined in the credit agreement	Not less than 1.0 to 1.0
EBITDAX will be annualized beginning with the quarter ended September 30, 2014 and ending with the quarter ending March 31, 2015

The covenant prohibiting additional indebtedness allows for the issuance of unsecured debt of up to $250.0 million in the form of senior unsecured notes and, in connection with any such issuance, the reduction of the borrowing base by 25% of the stated principal amount of each such issuance. A borrowing base reduction in connection with such issuance may require a portion of the outstanding principal of the loan to be repaid.

The lenders may accelerate all of the indebtedness under our credit agreement upon the occurrence and during the continuance of any event of default. The credit agreement contains customary events of default, including non-payment, breach

18

of covenants, materially incorrect representations, cross-default, bankruptcy and change of control. There are no cure periods for events of default due to non-payment of principal and breaches of negative and financial covenants, but non-payment of interest and breaches of certain affirmative covenants are subject to customary cure periods.

Cash Flows

The following table presents our cash flows for the period indicated.

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Cash Flow Data:
Cash flows provided by operating activities	$	14,553		$	6,543
Cash flows provided by (used in) investing activities	85			(6,878		)
Cash flows used in financing activities	(19,927		)	(28		)
Net decrease in cash	$	(5,289	)	$	(363	)

Operating Activities

Our operating cash flow is sensitive to many variables, the most significant of which is the volatility of prices for oil and natural gas. Prices for these commodities are determined primarily by prevailing market conditions. Regional and worldwide economic activity, weather and other substantially variable factors influence market conditions for these products. These factors are beyond our control and are difficult to predict.

Investing Activities

We used cash for investing activities of $6.9 million during the three months ended March 31, 2014 for the acquisition of oil and natural gas interests.    

Financing Activities

Net cash used in financing activities of $19.9 million during the three months ended March 31, 2015 primarily relates to our distribution to our unitholders for our fourth quarter 2014 distribution.

Contractual Obligations

There were no material changes in our contractual obligations and other commitments, as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014.

Critical Accounting Policies

There have been no changes to our critical accounting policies from those disclosed in the our Annual Report on Form 10-K for the year ended December 31, 2014.

Off-Balance Sheet Arrangements

We currently have no off-balance sheet arrangements.

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risk, including the effects of adverse changes in commodity prices and interest rates as described below. The primary objective of the following information is to provide quantitative and qualitative information about our potential exposure to market risks. The term “market risk” refers to the risk of loss arising from adverse changes in oil and natural gas prices and interest rates. The disclosures are not meant to be precise indicators of expected future losses, but rather indicators of reasonably possible losses.

Commodity Price Risk

19

Our major market risk exposure is in the pricing applicable to the oil and natural gas production of our operators. Realized pricing is primarily driven by the prevailing worldwide price for crude oil and spot market prices applicable to our natural gas production. Pricing for oil and natural gas production has been volatile and unpredictable, particularly during the past year, and we expect this volatility to continue in the future. The prices that our operators receive for production depend on many factors outside of our or their control.

Credit Risk

We are subject to risk resulting from the concentration of royalty interest revenues in producing oil and natural gas properties and receivables with several significant purchasers. For the three months ended March 31, 2015, two purchasers accounted for more than 10% of royalty interest revenue: Shell Trading (US) Company (78%) and RSP Permian LLC (15%). For the three months ended March 31, 2014, two purchasers accounted for more than 10% of royalty interest revenue: Shell Trading (US) Company (72%) and Enterprise Crude Oil LLC (10%). We do not require collateral and do not believe the loss of any single purchaser would materially impact our operating results, as crude oil and natural gas are fungible products with well-established markets and numerous purchasers.

Interest Rate Risk

We are subject to market risk exposure related to changes in interest rates on our indebtedness under our credit agreement. The terms of our credit agreement provide for interest on borrowings at a floating rate equal to an alternative base rate (which is equal to the greatest of the prime rate, the Federal Funds effective rate plus 0.5% and 3-month LIBOR plus 1.0%) or LIBOR, in each case plus the applicable margin. The applicable margin ranges from 0.5% to 1.50% in the case of the alternative base rate and from 1.50% to 2.50% in the case of LIBOR, in each case depending on the amount of the loan outstanding in relation to the borrowing base. We entered into this credit agreement on July 8, 2014, and as of December 31, 2014, we had no outstanding borrowings. On September 18, 2014, the last date on which borrowings were outstanding under our credit agreement, such borrowings bore interest at a weighted average rate of 2.16% An increase or decrease of 1% in the interest rate would have a corresponding decrease or increase in our interest expense of approximately $780,000 based on the $78.0 million outstanding in the aggregate under our credit agreement on September 18, 2014.

ITEM 4.          CONTROLS AND PROCEDURES

Evaluation of Disclosure Control and Procedures. Under the direction of the Chief Executive Officer and Chief Financial Officer of our general partner, we have established disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. The disclosure controls and procedures are also intended to ensure that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer of our general partner, as appropriate to allow timely decisions regarding required disclosures. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

As of March 31, 2015, an evaluation was performed under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer of our general partner, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(b) under the Exchange Act. Based upon the evaluation, the Chief Executive Officer and Chief Financial Officer of our general partner have concluded that as of March 31, 2015, our disclosure controls and procedures are effective.

Changes in Internal Control over Financial Reporting. There have not been any changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2015 that have materially affected, or are reasonably likely to materially affect, internal controls over financial reporting.

20

PART II. OTHER INFORMATION

ITEM 1.     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.

ITEM 1A.     RISK FACTORS

Our business faces many risks. Any of the risks discussed in this Form 10-Q 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 impair our business

operations.

In addition to the information set forth in this Form 10–Q, you should carefully consider the risk factors

discussed in Part I, Item 1A. Risk Factors in our Annual Report on Form 10–K for the year ended December 31,

2014. 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, 2014.

21

ITEM 2.     EXHIBITS

Exhibit Number	Description
3.1	Certificate of Limited Partnership of Viper Energy Partners LP (Incorporated by reference to Exhibit 3.1 of the Partnership’s Registration Statement on Form S-1 (File No. 333-195769) filed on May 7, 2014).
3.2	First Amended and Restated Agreement of Limited Partnership of Viper Energy Partners LP (Incorporated by reference to Exhibit 3.1 of the Partnership’s Current Report on Form 8-K (File No. 001-36505) filed on June 23, 2014).
4.1	Registration Rights Agreement, dated June 23, 2014, by and among Viper Energy Partners LP and Diamondback Energy, Inc. (Incorporated by reference to Exhibit 4.1 of the Partnership’s Current Report on Form 8-K (File No. 001-36505) filed on June 23, 2014).
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
32.1++	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) promulgated under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code.
101.INS*	XBRL Instance Document.
101.SCH*	XBRL Taxonomy Extension Schema Document.
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase.
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*	XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document.

*	Filed herewith.
++	The certifications attached as Exhibit 32.1 accompany this Quarterly Report on Form 10-Q pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed “filed” by the Registrant for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

22

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned thereunto duly authorized.

		VIPER ENERGY PARTNERS LP
		By:	VIPER ENERGY PARTNERS GP LLC
			its General Partner
Date:	May 6, 2015	By:	/s/ Travis D. Stice
			Travis D. Stice
			Chief Executive Officer
Date:	May 6, 2015	By:	/s/ Teresa L. Dick
			Teresa L. Dick
			Chief Financial Officer

23

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Travis D. Stice, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Viper Energy Partners LP (the “registrant”).

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 6, 2015	/s/ Travis D. Stice
		Travis D. Stice
		Chief Executive Officer
		Viper Energy Partners GP LLC
		(as general partner of Viper Energy Partners LP)

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Teresa L. Dick, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Viper Energy Partners LP (the “registrant”).

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 6, 2015	/s/ Teresa L. Dick
		Teresa L. Dick
		Chief Financial Officer
		Viper Energy Partners GP LLC
		(as general partner of Viper Energy Partners LP)

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF PERIOD REPORT

In connection with the Quarterly Report on Form 10-Q of Viper Energy Partners LP (the “Partnership”), as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Travis D. Stice, Chief Executive Officer of Viper Energy Partners GP LLC, the general partner of Viper Energy Partners LP, and Teresa L. Dick, Chief Financial Officer of Viper Energy Partners GP LLC, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to their knowledge:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date:	May 6, 2015	/s/ Travis D. Stice
		Travis D. Stice
		Chief Executive Officer
		Viper Energy Partners GP LLC
		(as general partner of Viper Energy Partners LP)
Date:	May 6, 2015	/s/ Teresa L. Dick
		Teresa L. Dick
		Chief Financial Officer
		Viper Energy Partners GP LLC
		(as general partner of Viper Energy Partners LP)

XML

Subsequent Events (Details) (USD $)	3 Months Ended
	Dec. 31, 2014
Subsequent Event [Line Items]
Distribution Made to Limited Partner, Distributions Declared, Per Unit	$ 0.25

XML

Unit-Based Compensation - Valuation Assumptions (Details) (Unit Options [Member], USD $)	3 Months Ended
	Mar. 31, 2015
Unit Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value (in dollars per share)	$ 4.24
Expected volatility	36.00%
Expected dividend yield	5.90%
Expected term (in years)	3 years
Risk-free rate	0.99%

XML

Summary of Significant Accounting Policies - Oil and Natural Gas Properties, Capitalized Interest, and Debt Issuance Costs (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Accounting Policies [Abstract]
Depletion of oil and gas properties	$ 8,901	$ 5,567
Interest costs capitalized	$ 0	$ 2,927

XML

Partners' Capital and Partnership Distributions Partnership Distributions (Details) (USD $)	3 Months Ended
	Dec. 31, 2014
Distribution Made to Limited Partner [Line Items]
Distribution Made to Limited Partner, Distributions Declared, Per Unit	$ 0.25

XML

Oil and Natural Gas Interests

3 Months Ended

Mar. 31, 2015

Extractive Industries [Abstract]

Oil and Natural Gas Interests

OIL AND NATURAL GAS INTERESTS

Oil and natural gas interests include the following:

	March 31,			December 31,
	2015			2014
	(in thousands)
Oil and natural gas interests:
Subject to depletion	$	435,733		$	419,641
Not subject to depletion—acquisition costs
Incurred in 2014	47,314			48,266
Incurred in 2013	27,952			43,178
Total not subject to depletion	75,266			91,444
Gross oil and natural gas interests	510,999			511,085
Less accumulated depletion	(41,700		)	(32,800		)
Oil and natural gas interests, net	$	469,299		$	478,285

Costs associated with unevaluated properties are excluded from the full cost pool until a determination as to the existence of proved reserves is able to be made. The inclusion of the Partnership’s unevaluated costs into the amortization base is expected to be completed within three to five years.

XML

Debt - Subordinated Note (Details) (Diamondback Energy, Inc. [Member], Subordinated Note [Member], USD $)	Sep. 19, 2013
Diamondback Energy, Inc. [Member] | Subordinated Note [Member]
Debt Instrument [Line Items]
Principal amount	$ 440,000,000
Stated interest rate	7.625%

XML

Debt - Financial Covenants (Details) (Wells Fargo [Member], Revolving Credit Agreement [Member], USD $)	Mar. 31, 2015	Dec. 31, 2014
Wells Fargo [Member] | Revolving Credit Agreement [Member]
Line of Credit Facility [Line Items]
Ratio of total debt to EBITDAX, not greater than 4.0		4.0
Ratio of current assets to liabilities, not less than 1.0		1.0
Maximum issuance of unsecured debt	$ 250,000,000
Reduction of borrowing base	25.00%

XML

Fair Value Measurements (Details) (Wells Fargo [Member], Revolving Credit Agreement [Member], USD $)	Mar. 31, 2015
Wells Fargo [Member] | Revolving Credit Agreement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount outstanding under credit facility	$ 0

XML

Related Party Transactions (Details) (USD $)	3 Months Ended	12 Months Ended	3 Months Ended	6 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 22, 2014
General Partner [Member] | Partnership Agreement [Member]
Related Party Transaction [Line Items]
Incurred costs for transactions with related party	$ 0
Amounts owed to related party		0
Wexford [Member] | Advisory Services Agreement [Member]
Related Party Transaction [Line Items]
Advisory services agreement, annual fee	500,000
Term of advisory services agreement	2 years
Renewal term of advisory services agreement	1 year
Minimum period for cancellation of additional one-year periods	10 days
Agreement termination, written notice period	30 days
Incurred costs for transactions with related party		125,000
Amounts owed to related party		0
Diamondback E&P LLC [Member] | Shared Service Agreement [Member]
Related Party Transaction [Line Items]
Incurred costs for transactions with related party			78,000
Predecessor [Member] | Diamondback E&P LLC [Member] | Shared Service Agreement [Member]
Related Party Transaction [Line Items]
Monthly expense for transaction with related party				$ 26,000

XML

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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 at the date of the financial statements.

The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in the particular circumstances. 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 properties and unit–based compensation.

New Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers”. ASU 2014-09 supersedes most of the existing revenue recognition requirements in GAAP and requires (i) an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services and (ii) requires expanded disclosures regarding the nature, amount, timing, and certainty of revenue and cash flows from contracts with customers. The standard will be effective for annual and interim reporting periods beginning after December 15, 2016, with early application not permitted. The standard allows for either full retrospective adoption, meaning the standard is applied to all periods presented in the financial statements, or modified retrospective adoption, meaning the standard is applied only to the most current period presented. The Partnership is currently evaluating the impact, if any, that the adoption of ASU 2014-09 will have on the Partnership’s financial position, results of operations, and liquidity.

In April 2015, the Financial Accounting Standards Board issued ASU 2015-03, “Interest—Imputation of Interest”. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount to simplify the presentation of debt issuance costs. The standard will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early application will be permitted for financial statements that have not previously been issued.

XML

Unit-Based Compensation - Additional Disclosures (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Jun. 17, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 939
Unrecognized compensation cost related to unvested unit options			$ 7,822
LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common units reserved for issuance		9,144,000
Unit options granted	0
Executive Officers of General Partner [Member] | LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit options granted		2,500,000
Unit Options [Member] | Executive Officers of General Partner [Member] | LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage for next three anniversaries		33.00%

XML

Supplemental Information on Oil and Natural Gas Operations (Unaudited) Aggregate Capitalized Costs Related to Oil and Natural Gas Production Activities (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Oil and natural gas interests:
Proved properties	$ 419,641	$ 287,732

XML

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 9,821	$ 15,110
Restricted Cash and Investments, Current	500	500
Royalty income receivable	7,084	8,239
Other current assets	492	253
Total current assets	17,897	24,102
Oil and natural gas interests, based on the full cost method of accounting ($91,444 and $160,302 excluded from depletion at December 31, 2014 and December 31, 2013, respectively)	510,999	511,085
Accumulated depletion	(41,700)	(32,800)
Oil and natural gas interests, net	469,299	478,285
Other assets	34,950	35,015
Total assets	522,146	537,402
Current liabilities:
Accounts Payable, Current	6	6
Other accrued liabilities	695	2,045
Total current liabilities	701	2,051
Commitments and contingencies
Unitholders’ equity:
Common units (79,708,888 units issued and outstanding as of December 31, 2014)	521,445	535,351
Total unitholders’ equity/members’ equity	521,445	535,351
Total liabilities and unitholders’ equity/members’ equity	$ 522,146	$ 537,402

XML

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 5,082	$ 3,853
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion	8,901	5,567
Amortization of debt issuance costs	65	0
Unit-based compensation expense	939	0
Changes in operating assets and liabilities:
Royalty income receivable	1,155	2,795
Other current assets	0	(5,828)
Accounts payable—related party	(1,349)	156
Accounts payable and other accrued liabilities	(240)	0
Net cash provided by operating activities	14,553	6,543
Cash flows from investing activities:
Additions to oil and natural gas interests	0	(6,878)
Payments for (Proceeds from) Other Investing Activities	85	0
Net cash used in investing activities	85	(6,878)
Cash flows from financing activities
Public offering costs	0	(28)
Distribution to Diamondback	(19,927)	0
Net cash provided by financing activities	(19,927)	(28)
Net increase in cash	(5,289)	(363)
Cash at beginning of period	15,110	762
Cash and cash equivalents at end of period	9,821	399
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	103	11,109
Supplemental disclosure of non—cash transactions:
Capitalized interest	$ 0	$ 2,927

XML

Unit-Based Compensation Phantom Units (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 0.3

XML

Earnings Per Unit (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Schedule of basic and diluted net income per common unit

	Three Months Ended March 31,
	2015
	(In thousands, except per unit amounts)
Net income	$5,082
Net income per common unit, basic	$0.06
Net income per common unit, diluted	$0.06
Weighted-average common units outstanding, basic	79,708
Weighted-average common units outstanding, diluted	79,711

XML

Partners' Capital and Partnership Distributions (Details)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Jun. 23, 2014	Sep. 19, 2014	Dec. 31, 2014
Limited Partners' Capital Account [Line Items]
Common units issued	79,708,888			79,708,888
Common units outstanding	79,708,888			79,708,888
Cash Distribution [Member]
Limited Partners' Capital Account [Line Items]
Cash distributions, distribution period after quarter end	60 days
Diamondback Energy, Inc. [Member] | Limited Partner [Member]
Limited Partners' Capital Account [Line Items]
Units of partnership interest	70,450,000	70,450,000
Percent of limited partnership interest	88.00%
IPO [Member] | Limited Partner [Member]
Limited Partners' Capital Account [Line Items]
Units issued in public offering		5,750,000
Public Offering [Member] | Limited Partner [Member]
Limited Partners' Capital Account [Line Items]
Units issued in public offering			3,500,000

XML

Organization and Basis of Presentation (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended	0 Months Ended		6 Months Ended
	Mar. 31, 2015	Jun. 23, 2014	Sep. 19, 2014	Dec. 31, 2014
General Partner [Member]
Limited Partners' Capital Account [Line Items]
Percent of General Partner interest	100.00%
IPO [Member] | Limited Partner [Member]
Limited Partners' Capital Account [Line Items]
Units issued in public offering		5,750,000
Price per common unit (in dollars per unit)		$ 26.00
Proceeds from sale of common units, net of offering expenses and underwriting discounts and commissions		$ 137.2
Over-Allotment Option [Member] | Limited Partner [Member]
Limited Partners' Capital Account [Line Items]
Units issued in public offering		750,000
Public Offering [Member] | Limited Partner [Member]
Limited Partners' Capital Account [Line Items]
Units issued in public offering			3,500,000
Price per common unit (in dollars per unit)			$ 28.5
Proceeds from sale of common units, net of offering expenses and underwriting discounts and commissions			94.8
Diamondback Energy, Inc. [Member]
Limited Partners' Capital Account [Line Items]
Distribution payable		11.6
Diamondback Energy, Inc. [Member] | Limited Partner [Member]
Limited Partners' Capital Account [Line Items]
Conversion of membership interests to common units		70,450,000
vnom_DistributionToRelatedParty				$ 148.8
Percent of limited partnership interest	88.00%

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Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2015

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, the common units of which are listed on the NASDAQ Global Market under the symbol “VNOM”. The Partnership was formed by Diamondback Energy, Inc., a Delaware corporation (together with its subsidiaries, “Diamondback”), on February 27, 2014 to, among other things, own, acquire and exploit oil and natural gas properties in North America. The Partnership is currently focused on oil and natural gas properties in the Permian Basin. Unless the context requires otherwise, references to “we,” “us,” “our,” or “the Partnership” are intended to mean the business and operations of Viper Energy Partners LP and its consolidated subsidiary, Viper Energy Partners LLC (the “Predecessor”), a Delaware limited liability company.

Prior to the completion on June 23, 2014 of the Partnership’s initial public offering (the “IPO”) of 5,750,000 common units representing limited partner interests (which included 750,000 common units issued pursuant to an option to purchase additional common units granted to the underwriters), Diamondback owned all of the general and limited partner interests in the Partnership. On June 23, 2014, the Partnership completed its IPO at a price to the public of $26.00 per common unit. The Partnership received net proceeds of approximately $137.2 million from the sale of these common units, net of offering expenses and underwriting discounts and commissions.

In connection with the IPO, Diamondback contributed all of the membership interests in the Predecessor to the Partnership in exchange for 70,450,000 common units, and Viper Energy Partners GP LLC (the “General Partner”), a Delaware limited liability company, maintained its non-economic general partner interest. In addition, in connection with the closing of the IPO, the Partnership agreed to distribute to Diamondback all cash and cash equivalents and the royalty income receivable on hand in the aggregate amount of approximately $11.6 million and the net proceeds from the IPO. As of December 31, 2014, the Partnership had distributed $148.8 million to Diamondback as part of the IPO transactions. The contribution of the Predecessor to the Partnership was accounted for as a combination of entities under common control with assets and liabilities transferred at their carrying amounts in a manner similar to a pooling of interests.

On September 19, 2014, the Partnership completed an underwritten public offering of 3,500,000 common units. The common units were sold to the public at $28.50 per unit and the Partnership received net proceeds of approximately $94.8 million from the sale of these common units, net of offering expenses and underwriting discounts and commissions.

As of March 31 2015, the General Partner held a 100% non-economic general partner interest in the Partnership and Diamondback had an approximate 88.4% limited partner interest in the Partnership. Diamondback owns and controls the General Partner.

Basis of Presentation

The consolidated results of operations following the completion of the IPO are presented together with the results of operations pertaining to the Predecessor. The assets of the Predecessor consisted of mineral interests in oil and natural gas properties in the Permian Basin, which were acquired on September 19, 2013. See Note 3—Acquisitions. The contribution of the Predecessor to the Partnership on June 17, 2014 was accounted for as a combination of entities under common control with assets and liabilities transferred at their carrying amounts in a manner similar to a pooling of interests. The Partnership did not own any assets prior to June 17, 2014, the date of the contribution agreement by and among Diamondback, the Predecessor, the General Partner and the Partnership. Prior to the IPO, the Predecessor was a wholly owned subsidiary of Diamondback. For periods prior to June 17, 2014, the accompanying consolidated financial statements and related notes thereto represent the financial position, results of operations, cash flows and changes in members’ equity of the Predecessor and, for periods on and after June 17, 2014, the accompanying consolidated financial statements and related notes thereto represent the financial position, results of operations, cash flows and changes in partners’ equity of the Partnership and its wholly owned subsidiary.

The accompanying consolidated financial statements and related notes thereto were prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). All material intercompany balances and transactions are eliminated in consolidation.

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014		Dec. 31, 2013
Statement of Financial Position [Abstract]
Oil and natural gas interests, based on the full cost method of accounting, amount excluded from depletion	$ 75,266	$ 91,444	[1]	$ 160,302
Common units issued	79,708,888	79,708,888
Common units outstanding	79,708,888	79,708,888

[1] See Note 1 for information regarding the basis of financial statement presentation.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

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 at the date of the financial statements.

The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in the particular circumstances. 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 properties and unit–based compensation.

New Accounting Pronouncements

New Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers”. ASU 2014-09 supersedes most of the existing revenue recognition requirements in GAAP and requires (i) an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services and (ii) requires expanded disclosures regarding the nature, amount, timing, and certainty of revenue and cash flows from contracts with customers. The standard will be effective for annual and interim reporting periods beginning after December 15, 2016, with early application not permitted. The standard allows for either full retrospective adoption, meaning the standard is applied to all periods presented in the financial statements, or modified retrospective adoption, meaning the standard is applied only to the most current period presented. The Partnership is currently evaluating the impact, if any, that the adoption of ASU 2014-09 will have on the Partnership’s financial position, results of operations, and liquidity.

In April 2015, the Financial Accounting Standards Board issued ASU 2015-03, “Interest—Imputation of Interest”. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount to simplify the presentation of debt issuance costs. The standard will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early application will be permitted for financial statements that have not previously been issued.

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Document and Entity Information	3 Months Ended
	Mar. 31, 2015	May 05, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	Viper Energy Partners LP
Entity Central Index Key	0001602065
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Units, Units Outstanding		79,708,888
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

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Oil and Natural Gas Interests (Tables)

3 Months Ended

Mar. 31, 2015

Extractive Industries [Abstract]

Aggregate capitalized costs related to oil and natural gas production activities

Oil and natural gas interests include the following:

	March 31,			December 31,
	2015			2014
	(in thousands)
Oil and natural gas interests:
Subject to depletion	$	435,733		$	419,641
Not subject to depletion—acquisition costs
Incurred in 2014	47,314			48,266
Incurred in 2013	27,952			43,178
Total not subject to depletion	75,266			91,444
Gross oil and natural gas interests	510,999			511,085
Less accumulated depletion	(41,700		)	(32,800		)
Oil and natural gas interests, net	$	469,299		$	478,285

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Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Royalty income	$ 16,545	$ 15,853
Costs and expenses:
Production and ad valorem taxes	1,328	921
Depletion	8,901	5,567
General and administrative expenses	1,427	66
General and administrative expenses—related party	125	78
Total costs and expenses	11,781	6,632
Income from operations	4,764	9,221
Other income (expense)
Interest expense	(168)	0
Interest expense—related party, net of capitalized interest	0	(5,368)
Other income (expense)	486	0
Total other income (expense), net	318	(5,368)
Net income	$ 5,082	$ 3,853
Net income attributable to common limited partners per unit:
Basic (dollars per unit)	$ 0.06
Diluted (dollars per unit)	$ 0.06
Weighted average number of limited partner units outstanding
Basic (in units)	79,708
Diluted (in units)	79,711

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Unit-Based Compensation

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Unit-Based Compensation

UNIT–BASED COMPENSATION

On June 17, 2014, in connection with the IPO, the board of directors of the General Partner adopted the Viper Energy Partners LP Long Term Incentive Plan (“LTIP”), effective June 17, 2014, for employees, officers, consultants and directors of the General Partner and any of its affiliates, including Diamondback, who perform services for the Partnership. The LTIP provides for the grant of unit options, unit appreciation rights, restricted units, unit awards, phantom units, distribution equivalent rights, cash awards, performance awards, other unit-based awards and substitute awards. A total of 9,144,000 common units has been reserved for issuance pursuant to the LTIP. Common units that are cancelled, forfeited or withheld to satisfy exercise prices or tax withholding obligations will be available for delivery pursuant to other awards. The LTIP is administered by the board of directors of the General Partner or a committee thereof.

For the three months endedMarch 31, 2015, the Partnership incurred $0.9 million of unit–based compensation.

Unit Options

In accordance with the LTIP, the exercise price of unit options granted may not be less than the market value of the common units at the date of grant. The units issued under the LTIP will consist of new common units of the Partnership. On June 17, 2014, the Partnership granted 2,500,000 unit options to the executive officers of the General Partner. The unit options vest approximately 33% ratably on each of the next three anniversaries of the date of grant. In the event the fair market value per unit as of the exercise date is less than the exercise price per option unit, the vested options will automatically terminate and become null and void as of the exercise date.

The fair value of the unit options on the date of grant is expensed over the applicable vesting period. The Partnership estimates the fair values of unit options granted using a Black-Scholes option valuation model, which requires the Partnership to make several assumptions. At the time of grant the Partnership did not have a history of market prices, thus the expected volatility was determined using the historical volatility for a peer group of companies. The expected term of options granted was determined based on the contractual term of the awards. The risk-free interest rate is based on the U.S. treasury yield curve rate for the expected term of the unit option at the date of grant. The expected dividend yield was based upon projected performance of the Partnership.

	2014
Grant-date fair value	$	4.24
Expected volatility	36.0		%
Expected dividend yield	5.9		%
Expected term (in years)	3.0
Risk-free rate	0.99		%

The following table presents the unit option activity under the LTIP for the three months endedMarch 31, 2015:

		Weighted Average
	Unit	Exercise		Remaining	Intrinsic
	Options	Price		Term	Value
				(in years)	(in thousands)
Outstanding at December 31, 2014	2,500,000	$	26.00
Granted	—	$	—
Outstanding at March 31, 2015	2,500,000	$	26.00	2.22	$	—
Vested and Expected to vest at March 31, 2015	2,500,000	$	26.00	2.22	$	—
Exercisable at March 31, 2015	—	$	—	—	$	—

As of March 31, 2015, the unrecognized compensation cost related to unvested unit options was $7.8 million. Such cost is expected to be recognized over a weighted-average period of 2.2 years.

Phantom Units

Under the LTIP, the board of directors of the General Partner is authorized to issue phantom units to eligible employees. The Partnership estimates the fair values of phantom units as the closing price of the Partnership’s common units on the grant date of the award, which is expensed over the applicable vesting period. Upon vesting the phantom unit entitles the recipient one common unit of the Partnership for each phantom unit.

The following table presents the phantom unit activity under the LTIP for the three months endedMarch 31, 2015:

		Weighted Average
	Phantom	Grant-Date
	Units	Fair Value
Unvested at December 31, 2014	17,776	$	19.51
Granted	—	$	—
Vested	—	$	—
Unvested at March 31, 2015	17,776	$	19.51

As of March 31, 2015, the unrecognized compensation cost related to unvested phantom units was $0.3 million. Such cost is expected to be recognized over a weighted-average period of 1.2 years.

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Related Party Transactions

3 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

Partnership Agreement

In connection with the closing of the IPO, the General Partner and Diamondback entered into the first amended and restated agreement of limited partnership (the “Partnership Agreement”), dated June 23, 2014.

The Partnership Agreement requires the Partnership to reimburse the General Partner for all direct and indirect expenses incurred or paid on the Partnership’s behalf and all other expenses allocable to the Partnership or otherwise incurred by the General Partner in connection with operating the Partnership’s business. The Partnership Agreement does not set a limit on the amount of expenses for which the General Partner and its affiliates may be reimbursed. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for the Partnership or on the Partnership’s behalf and expenses allocated to the General Partner by its affiliates. The General Partner is entitled to determine the expenses that are allocable to the Partnership. For the three months endedMarch 31, 2015, no expenses were allocated to the Partnership by the General Partner. At March 31, 2015, the Partnership had no outstanding amounts payable to the General Partner.

Advisory Services Agreement

In connection with the closing of the IPO, the Partnership and General Partner entered into an advisory services agreement (the “Advisory Services Agreement”) with Wexford Capital LP (“Wexford”), Diamondback’s equity sponsor, dated as of June 23, 2014, under which Wexford provides the Partnership and the General Partner with general financial and strategic advisory services related to the Partnership’s business in return for an annual fee of $500,000, plus reasonable out-of-pocket expenses. The Advisory Services Agreement has a term of two years commencing on June 23, 2014, and will continue for additional one-year periods unless terminated in writing by either party at least ten days prior to the expiration of the then current term. It may be terminated at any time by either party upon 30 days prior written notice. In the event the Partnership terminates the Advisory Services Agreement, the Partnership is obligated to pay all amounts due through the remaining term. In addition, the Partnership has agreed to pay Wexford to-be-negotiated market-based fees approved by the conflict committee of the board of directors of the General Partner for such services as may be provided by Wexford at the Partnership’s request in connection with future acquisitions and divestitures, financings or other transactions in which the Partnership may be involved. The services provided by Wexford under the Advisory Services Agreement do not extend to the Partnership’s day-to-day business or operations. The Partnership has agreed to indemnify Wexford and its affiliates from any and all losses arising out of or in connection with the Advisory Services Agreement except for losses resulting from Wexford’s or its affiliates’ gross negligence or willful misconduct. For the three months endedMarch 31, 2015, we incurred costs of $125,000, under the Advisory Services Agreement. At March 31, 2015, there were no outstanding amounts payable by the Partnership to Wexford.

Tax Sharing

In connection with the closing of the IPO, the Partnership entered into a tax sharing agreement (the “Tax Sharing Agreement”) with Diamondback pursuant to which the Partnership will reimburse Diamondback for its share of state and local income and other taxes for which the Partnership’s results are included in a combined or consolidated tax return filed by Diamondback with respect to taxable periods including or beginning on June 23, 2014. The amount of any such reimbursement is limited to the tax the Partnership would have paid had it not been included in a combined group with Diamondback. Diamondback may use its tax attributes to cause its combined or consolidated group, of which the Partnership may be a member for this purpose, to owe less or no tax. In such a situation, the Partnership would reimburse Diamondback for the tax the Partnership would have owed had the tax attributes not been available or used for the Partnership’s benefit, even though Diamondback had no cash tax expense for that period.

Shared Services Agreement

Effective September 19, 2013, the Predecessor entered into a shared services agreement with Diamondback E&P LLC, a wholly-owned subsidiary of Diamondback. This agreement was terminated in connection with the IPO. Under this agreement, Diamondback E&P LLC provided consulting and administrative services to the Predecessor. The Predecessor incurred a monthly charge for the services of $26,000. For the three months endedMarch 31, 2014, the Partnership incurred costs under this agreement of $78,000.

RELATED PARTY TRANSACTIONS

Partnership Agreement

In connection with the closing of the IPO, the General Partner and Diamondback entered into the first amended and restated agreement of limited partnership (the “Partnership Agreement”), dated June 23, 2014.

The Partnership Agreement requires the Partnership to reimburse the General Partner for all direct and indirect expenses incurred or paid on the Partnership’s behalf and all other expenses allocable to the Partnership or otherwise incurred by the General Partner in connection with operating the Partnership’s business. The Partnership Agreement does not set a limit on the amount of expenses for which the General Partner and its affiliates may be reimbursed. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for the Partnership or on the Partnership’s behalf and expenses allocated to the General Partner by its affiliates. The General Partner is entitled to determine the expenses that are allocable to the Partnership. For the three months endedMarch 31, 2015, no expenses were allocated to the Partnership by the General Partner. At March 31, 2015, the Partnership had no outstanding amounts payable to the General Partner.

Advisory Services Agreement

In connection with the closing of the IPO, the Partnership and General Partner entered into an advisory services agreement (the “Advisory Services Agreement”) with Wexford Capital LP (“Wexford”), Diamondback’s equity sponsor, dated as of June 23, 2014, under which Wexford provides the Partnership and the General Partner with general financial and strategic advisory services related to the Partnership’s business in return for an annual fee of $500,000, plus reasonable out-of-pocket expenses. The Advisory Services Agreement has a term of two years commencing on June 23, 2014, and will continue for additional one-year periods unless terminated in writing by either party at least ten days prior to the expiration of the then current term. It may be terminated at any time by either party upon 30 days prior written notice. In the event the Partnership terminates the Advisory Services Agreement, the Partnership is obligated to pay all amounts due through the remaining term. In addition, the Partnership has agreed to pay Wexford to-be-negotiated market-based fees approved by the conflict committee of the board of directors of the General Partner for such services as may be provided by Wexford at the Partnership’s request in connection with future acquisitions and divestitures, financings or other transactions in which the Partnership may be involved. The services provided by Wexford under the Advisory Services Agreement do not extend to the Partnership’s day-to-day business or operations. The Partnership has agreed to indemnify Wexford and its affiliates from any and all losses arising out of or in connection with the Advisory Services Agreement except for losses resulting from Wexford’s or its affiliates’ gross negligence or willful misconduct. For the three months endedMarch 31, 2015, we incurred costs of $125,000, under the Advisory Services Agreement. At March 31, 2015, there were no outstanding amounts payable by the Partnership to Wexford.

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Supplemental Information on Oil and Natural Gas Operations (Unaudited) Supplemental Information on Oil and Natural Gas Operations (Unaudited) (Tables)

3 Months Ended

Mar. 31, 2015

Extractive Industries [Abstract]

Aggregate capitalized costs related to oil and natural gas production activities

Oil and natural gas interests include the following:

	March 31,			December 31,
	2015			2014
	(in thousands)
Oil and natural gas interests:
Subject to depletion	$	435,733		$	419,641
Not subject to depletion—acquisition costs
Incurred in 2014	47,314			48,266
Incurred in 2013	27,952			43,178
Total not subject to depletion	75,266			91,444
Gross oil and natural gas interests	510,999			511,085
Less accumulated depletion	(41,700		)	(32,800		)
Oil and natural gas interests, net	$	469,299		$	478,285

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Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Schedule of financial covenants

These covenants, among other things, limit additional indebtedness, additional liens, sales of assets, mergers and consolidations, dividends and distributions, transactions with affiliates and entering into certain swap agreements and require the maintenance of the financial ratios described below.

Financial Covenant	Required Ratio
Ratio of total debt to EBITDAX	Not greater than 4.0 to 1.0
Ratio of current assets to liabilities, as defined in the credit agreement	Not less than 1.0 to 1.0
EBITDAX will be annualized beginning with the quarter ended September 30, 2014 and ending with the quarter ending March 31, 2015

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

The Partnership could be subject to various possible loss contingencies which arise primarily from interpretation of federal and state laws and regulations affecting the natural gas and crude oil industry. Such contingencies include differing interpretations as to the prices at which natural gas and crude oil sales may be made, the prices at which royalty owners may be paid for production from their leases, environmental issues and other matters. Management believes it has complied with the various laws and regulations, administrative rulings and interpretations.

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Partners' Capital and Partnership Distributions

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Partners' Capital and Partnership Distributions

PARTNERS’ CAPITAL AND PARTNERSHIP DISTRIBUTIONS

The Partnership has general partner and common unit partnership interests. The general partner interest is a non-economic interest and is not entitled to any cash distributions.

At March 31, 2015, the Partnership had a total of 79,708,888 common units issued and outstanding, of which 70,450,000 common units were owned by Diamondback, representing approximately 88.4% of the total Partnership common units outstanding.

The following table summarizes changes in the number of the Partnership’s common units:

	Common Units
Diamondback Energy, Inc. ownership of common units	70,450,000
Common units issued in June 23, 2014 IPO	5,750,000
Common units issued in September 19, 2014 public offering	3,500,000
Common units vested and issued under the LTIP in 2014	8,888
Balance March 31, 2015	79,708,888

The board of directors of the General Partner has adopted a policy for the Partnership to distribute all available cash generated on a quarterly basis, beginning with the quarter ending September 30, 2014. On February 5, 2015, the board of directors of the General Partner approved a cash distribution attributable to the fourth quarter of 2014 of $0.25 per unit, which was paid on February 27, 2015. This distribution included a total of $17.6 million distributed to Diamondback. 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. Available cash for each quarter will be determined by the board of directors of the General Partner following the end of such quarter. Available cash for each quarter will generally equal Adjusted EBITDA reduced for cash needed for debt service and other contractual obligations and fixed charges and reserves for future operating or capital needs that the board of directors of the General Partner deems necessary or appropriate, if any.

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Earnings Per Unit

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Unit

EARNINGS PER UNIT

The net income per common unit on the consolidated statements of operations is based on the net income of the Partnership for the three months ended March 31, 2015, since this is the amount of net income that is attributable to the Partnership’s common units.

The Partnership’s net income is allocated wholly to the common units as the General Partner does not have an economic interest. Payments made to the Partnership’s unitholders are determined in relation to the cash distribution policy described in Note 7—Partners’ Capital and Partnership Distributions.

Basic net income per common unit is calculated by dividing net income by the weighted-average number of common units outstanding during the period. Diluted net income per common unit gives effect, when applicable, to unvested common units granted under the LTIP.

	Three Months Ended March 31,
	2015
	(In thousands, except per unit amounts)
Net income	$5,082
Net income per common unit, basic	$0.06
Net income per common unit, diluted	$0.06
Weighted-average common units outstanding, basic	79,708
Weighted-average common units outstanding, diluted	79,711

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Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On May 1, 2015, the board of directors of the General Partner approved a cash distribution for the first quarter of 2015 of $0.19 per common unit, payable on May 22, 2015, to unitholders of record at the close of business on May 15, 2015.

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Unit-Based Compensation - Unit Option Activity (Details) (LTIP [Member], USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
LTIP [Member]
Number of Options
Outstanding at December 31, 2013 (units)	2,500,000
Granted (units)	0
Outstanding at September 30, 2014 (units)	2,500,000	2,500,000
Vested and Expected to vest at September 30, 2014 (units)	2,500,000
Exercisable at September 30, 2014 (units)	0
Weighted Average Exercise Price
Outstanding at December 31, 2013 (in dollars per unit)	$ 26.00
Granted (in dollars per unit)	$ 0.00
Outstanding at September 30, 2014 (in dollars per unit)	$ 26.00	$ 26.00
Vested and Expected to vest at September 30, 2014 (in dollars per unit)	$ 26.00
Exercisable at September 30, 2014 (in dollars per unit)	$ 0.00
Outstanding at end of period, remaining term		2 years 2 months 18 days
Vested and expected to vest at end of period, remaining term		2 years 2 months 18 days
Exercisable at end of period, remaining term	0 years
Outstanding at end of period, intrinsic value		$ 0
Vested and expected to vest at end of period, intrinsic value		0
Exercisable at end of period, intrinsic value		$ 0

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Partners' Capital and Partnership Distributions (Tables)

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Schedule of changes in common units

The following table summarizes changes in the number of the Partnership’s common units:

	Common Units
Diamondback Energy, Inc. ownership of common units	70,450,000
Common units issued in June 23, 2014 IPO	5,750,000
Common units issued in September 19, 2014 public offering	3,500,000
Common units vested and issued under the LTIP in 2014	8,888
Balance March 31, 2015	79,708,888

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Oil and Natural Gas Interests (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014		Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Subject to depletion		$ 419,641		$ 287,732
Total not subject to depletion	75,266	91,444	[1]	160,302
Gross oil and natural gas interests	510,999	511,085		448,034
Less accumulated depletion	(41,700)	(32,800)		(5,199)
Oil and natural gas interests, net	469,299	478,285		442,835
Incurred in 2014 [Member]
Property, Plant and Equipment [Line Items]
Total not subject to depletion		48,266		0
Incurred in 2013 [Member]
Property, Plant and Equipment [Line Items]
Total not subject to depletion		$ 43,178		$ 160,302
Minimum [Member]
Property, Plant and Equipment [Line Items]
Number of years until unevaluated properties are included in full cost pool	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Number of years until unevaluated properties are included in full cost pool	5 years

[1] See Note 1 for information regarding the basis of financial statement presentation.

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Supplemental Information on Oil and Natural Gas Operations (Unaudited) Results of Operation from Oil and Natural Gas Producing Activities (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Extractive Industries [Abstract]
Royalty income	$ 16,545	$ 15,853
Production and ad valorem taxes	(1,328)	(921)
Depletion of Oil and Gas Properties	$ (8,901)	$ (5,567)

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Statement of Consolidated Unitholders' Equity and Members' Equity (USD $) In Thousands, unless otherwise specified	Total	Limited Partner [Member]	Members' Equity [Member] Predecessor [Member]	Diamondback Energy, Inc. [Member] Limited Partner [Member]	Diamondback Limited Partner [Member]
Partners' capital at Dec. 31, 2013	$ 2,988		$ 2,988
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	3,853		3,853
Partners' capital at Mar. 31, 2014	6,841		6,841
Partners' capital at Dec. 31, 2014	535,351
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	5,082	5,082
Unit-based compensation	939	939
vnom_LimitedPartnersCapitalAccountDistributionAmount-RelatedParty					(17,612)
vnom_LimitedPartnersCapitalAccountDistributionAmount	(2,315)	(2,315)
Partners' capital at Mar. 31, 2015	$ 521,445	$ 521,445	$ 0

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Debt

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Debt

DEBT

Credit Agreement-Wells Fargo Bank

On July 8, 2014, the Partnership entered into a secured revolving credit agreement with Wells Fargo Bank, National Association, or Wells Fargo, as the administrative agent, sole book runner and lead arranger. The credit agreement, which was amended August 15, 2014 to add additional lenders to the lending group, provides for a revolving credit facility in the maximum amount of $500.0 million, subject to scheduled semi-annual and other elective collateral borrowing base redeterminations based on the Partnership’s oil and natural gas reserves and other factors (the “borrowing base”). The borrowing base is scheduled to be re-determined semi-annually with effective dates of April 1st and October 1st. In addition, the Partnership may request up to three additional redeterminations of the borrowing base during any 12-month period. As of March 31, 2015, the borrowing base was set at $110.0 million. The Partnership had no outstanding borrowings as of March 31, 2015.

The outstanding borrowings under the credit agreement bear interest at a rate elected by the Partnership that is equal to an alternative base rate (which is equal to the greatest of the prime rate, the Federal Funds effective rate plus 0.5% and 3-month LIBOR plus 1.0%) or LIBOR, in each case plus the applicable margin. The applicable margin ranges from 0.5% to 1.50% in the case of the alternative base rate and from 1.50% to 2.50% in the case of LIBOR, in each case depending on the amount of the loan outstanding in relation to the borrowing base. The Partnership is obligated to pay a quarterly commitment fee ranging from 0.375% to 0.500% per year on the unused portion of the borrowing base, which fee is also dependent on the amount of the loan outstanding in relation to the borrowing base. Loan principal may be optionally repaid from time to time without premium or penalty (other than customary LIBOR breakage), and is required to be paid (a) if the loan amount exceeds the borrowing base, whether due to a borrowing base redetermination or otherwise (in some cases subject to a cure period) and (b) at the maturity date of July 8, 2019. The loan is secured by substantially all of the assets of the Partnership and its subsidiary.

The credit agreement contains various affirmative, negative and financial maintenance covenants. These covenants, among other things, limit additional indebtedness, additional liens, sales of assets, mergers and consolidations, dividends and distributions, transactions with affiliates and entering into certain swap agreements and require the maintenance of the financial ratios described below.

Financial Covenant	Required Ratio
Ratio of total debt to EBITDAX	Not greater than 4.0 to 1.0
Ratio of current assets to liabilities, as defined in the credit agreement	Not less than 1.0 to 1.0
EBITDAX will be annualized beginning with the quarter ended September 30, 2014 and ending with the quarter ending March 31, 2015

The covenant prohibiting additional indebtedness allows for the issuance of unsecured debt of up to $250.0 million in the form of senior unsecured notes and, in connection with any such issuance, the reduction of the borrowing base by 25% of the stated principal amount of each such issuance. A borrowing base reduction in connection with such issuance may require a portion of the outstanding principal of the loan to be repaid.

The lenders may accelerate all of the indebtedness under the Partnership’s credit agreement upon the occurrence and during the continuance of any event of default. The credit agreement contains customary events of default, including non-payment, breach of covenants, materially incorrect representations, cross-default, bankruptcy and change of control. There are no cure periods for events of default due to non-payment of principal and breaches of negative and financial covenants, but non-payment of interest and breaches of certain affirmative covenants are subject to customary cure periods.

Subordinated Note

Effective September 19, 2013, the Predecessor issued a subordinated note to Diamondback for the principal sum of $440.0 million for a royalty interest acquisition. In connection with the IPO, the subordinated note was converted to equity. The note bore interest at 7.625% per annum. Interest was due and payable monthly in arrears on the first business day of each calendar month. The unpaid principal balance and all accrued interest on the note were due and payable in full on October 1, 2021. Any indebtedness evidenced by this note was subordinate in the right of payment to any indebtedness outstanding under the Diamondback credit agreement. As of March 31, 2014, there was $444.1 million of principal and interest outstanding under this note.

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Debt - Credit Facility (Details) (Wells Fargo [Member], Revolving Credit Agreement [Member], USD $)	3 Months Ended
	Mar. 31, 2015 redetermindation	Jul. 08, 2014
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 500,000,000
Number of additional redeterminations that may be requested	3
Period of redeterminations	12 months
Current borrowing capacity	110,000,000
Amount outstanding under credit facility	$ 0
Federal Funds Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
LIBOR, 3-month [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Minimum [Member]
Line of Credit Facility [Line Items]
Commitment fee on the unused portion of the borrowing base	0.375%
Minimum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Minimum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Maximum [Member]
Line of Credit Facility [Line Items]
Commitment fee on the unused portion of the borrowing base	0.50%
Maximum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Maximum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.50%

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Uncategorized Items
[vnom_Vnom_LimitedPartnersCapitalAccountDistributionAmountRelatedParty]	17,612,000

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Earnings Per Unit (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net income	$ 5,082	$ 3,853
Net income per common unit, basic (dollars per unit)	$ 0.06
Net income per common unit, diluted (dollars per unit)	$ 0.06
Weighted-average common units outstanding, basic	79,708
Weighted-average common units outstanding, diluted	79,711

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Unit-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of valuation assumptions

	2014
Grant-date fair value	$	4.24
Expected volatility	36.0		%
Expected dividend yield	5.9		%
Expected term (in years)	3.0
Risk-free rate	0.99		%

Schedule of unit option activity

The following table presents the unit option activity under the LTIP for the three months endedMarch 31, 2015:

		Weighted Average
	Unit	Exercise		Remaining	Intrinsic
	Options	Price		Term	Value
				(in years)	(in thousands)
Outstanding at December 31, 2014	2,500,000	$	26.00
Granted	—	$	—
Outstanding at March 31, 2015	2,500,000	$	26.00	2.22	$	—
Vested and Expected to vest at March 31, 2015	2,500,000	$	26.00	2.22	$	—
Exercisable at March 31, 2015	—	$	—	—	$	—