Viper Energy prices $798 million secondary stock offering

Viper Energy Inc. (NASDAQ: VNOM) announced the pricing of a secondary offering of 17.4 million shares of its Class A common stock by selling stockholders including Diamondback Energy Inc. and affiliates of EnCap Investments L.P. and Oaktree Capital Management L.P.

The offering will generate gross proceeds of approximately $798 million for the selling stockholders. Viper will not receive any proceeds from the share sale. The offering is expected to close March 4, 2026, subject to customary closing conditions.

The selling stockholders have granted underwriters a 30-day option to purchase up to an additional 2.6 million shares to cover over-allotments.

Separately, Viper agreed to purchase 1 million units in its operating company, VNOM Holding Company LLC, from certain Oaktree affiliates. The purchase price per unit will equal the price per share received by selling stockholders in the secondary offering. The unit purchase is contingent on completion of the secondary offering, though the secondary offering is not dependent on the unit purchase.

J.P. Morgan and Goldman Sachs & Co. LLC are serving as joint book-running managers for the secondary offering.

Viper is a Delaware corporation that owns and acquires mineral and royalty interests in oil and natural gas properties primarily in the Permian Basin. The company has filed a registration statement with the Securities and Exchange Commission for the offering.

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