Latham & Watkins Advises Viper Energy and Diamondback Energy in Secondary Common Stock Offering

Viper Energy, Inc. (NASDAQ: VNOM) announced the pricing of an underwritten public offering of 17,391,304 shares of its Class A common stock by Diamondback Energy, Inc. and certain affiliates of EnCap Investments, L.P. and Oaktree Capital Management, L.P. The gross proceeds from the sale of the shares by the selling stockholders will be approximately US$798 million. Viper will not receive any proceeds from the sale of the shares. In connection with the secondary offering, Viper has agreed to purchase an aggregate of 1,000,000 units in Viper’s operating company, VNOM Holding Company LLC, from affiliates of Oaktree Capital Management, L.P., at a price per unit equal to the price per share to be received by the selling stockholders in the secondary offering.

Latham & Watkins LLP represents Viper Energy and Diamondback Energy in the transaction with a corporate and capital markets deal team led by New York partner Zach Podolsky and Houston partners Nick Dhesi and Ryan Lynch, with associates Chase Browndorf, Emily Brown, Paul Robe, and Luisa Yokubaitis. Houston partners Tim Fenn and Bryant Lee, with associate Molly Elkins, advised on tax matters, and Washington, D.C. partner William Hackett advised on certain disclosure and reporting matters.