Viper Energy Prices Secondary Common Stock Offering

Diamondback Energy and Affiliates of EnCap, Oaktree Sell Shares

Published on Mar. 2, 2026

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Viper Energy, Inc. 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 will be approximately $798 million, with Viper not receiving any of the proceeds.

Why it matters

The secondary offering allows Diamondback Energy and investment firms EnCap and Oaktree to monetize a portion of their stakes in Viper Energy, a publicly traded oil and gas royalty company. This transaction provides liquidity for the selling shareholders while maintaining Viper's public float.

The details

In connection with the secondary offering, Viper has agreed to purchase 1,000,000 units in its operating company, VNOM Holding Company LLC, from certain Oaktree affiliates at the same price per share as the secondary offering. The secondary offering is not contingent on the completion of this concurrent unit purchase.

  • The secondary offering is expected to close on March 4, 2026, subject to customary closing conditions.
  • Certain selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 2,608,696 shares to cover over-allotments.

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 oil and gas exploration and production company that is selling shares in the secondary offering.

EnCap Investments, L.P.

A private equity firm that is selling shares in the secondary offering through its affiliates.

Oaktree Capital Management, L.P.

A global alternative investment management firm that is selling shares in the secondary offering through its affiliates and also participating in the concurrent unit purchase.

VNOM Holding Company LLC

Viper Energy's operating company, from which Viper is purchasing 1,000,000 units concurrently with the secondary offering.

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The takeaway

This secondary offering allows major shareholders of Viper Energy to monetize a portion of their holdings while maintaining Viper's public float, providing liquidity for the selling shareholders and continuing Viper's status as a publicly traded oil and gas royalty company.