By Connor Hart
Diamondback Energy inked a deal to sell certain mineral and royalty interests to Viper Energy for $1 billion cash, plus equity.
The Midland, Texas, oil and natural-gas company said Thursday that it will additionally receive 69.6 million units of Viper's operating subsidiary. These units are valued at about $4.45 billion, based on the volume-weighted average sales price of Viper's common stock for the 30-trading day period ending on Jan. 24, it said.
The deal is expected to close in the second half of the year, pending closing conditions and shareholder approval.
Viper said it intends to fund the transaction through a combination of cash on hand, borrowings under its credit facility and proceeds from one or more capital markets transactions.
Diamondback Chief Executive Travis Stice said the deal will accelerate the company's debt reduction and increase its exposure to Viper's growth profile and minerals position.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 30, 2025 16:30 ET (21:30 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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