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Viper Energy announces public offering of Class A common stock
Diamondback Energy and affiliates of EnCap Investments and Oaktree Capital to sell shares
Published on Mar. 2, 2026
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Viper Energy, Inc. announced the launch 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. Viper will not receive any proceeds from the sale of the shares by the Selling Stockholders.
Why it matters
The secondary offering allows Diamondback Energy and investment firms to monetize part of their stake in Viper Energy, which is a publicly traded company that owns and acquires mineral and royalty interests in oil and gas properties primarily in the Permian Basin. This transaction provides liquidity for the selling shareholders while allowing Viper to continue operating as a publicly traded company.
The details
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. J.P. Morgan and Goldman Sachs & Co. LLC are acting as joint book-running managers for the secondary offering.
- The secondary offering was announced on March 2, 2026.
The players
Viper Energy, Inc.
A publicly traded Delaware corporation that owns and acquires mineral and royalty interests in oil and natural gas properties primarily in the Permian Basin.
Diamondback Energy, Inc.
An energy company that is selling shares in the secondary offering.
EnCap Investments, L.P.
An investment firm that is selling shares in the secondary offering through its affiliates.
Oaktree Capital Management, L.P.
An investment firm that is selling shares in the secondary offering through its affiliates and also participating in the concurrent OpCo unit purchase.
J.P. Morgan
One of the joint book-running managers for the secondary offering.
Goldman Sachs & Co. LLC
One of the joint book-running managers for the secondary offering.
What’s next
The secondary offering is subject to market and other conditions, and the concurrent OpCo unit purchase is conditioned upon the completion of the secondary offering.
The takeaway
This transaction allows Diamondback Energy and investment firms to monetize part of their stake in Viper Energy, while providing Viper with additional liquidity to continue its operations in the Permian Basin.
