Viper Energy Launches 17,391,304 Share Secondary Offering By Diamondback Energy And Affiliates

Viper Energy, Inc. (NASDAQ:VNOM) ("Viper") announced today 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. (together, the "Selling Stockholders"), subject to market and other conditions (the "Secondary Offering"). Viper will not receive any proceeds from the sale of the shares by the Selling Stockholders. The Selling Stockholders have also granted the underwriters a 30-day option to purchase up to an additional 2,608,696 shares of Viper's Class A common stock, solely to cover over-allotments.

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 Selling Stockholders in the Secondary Offering (the "Concurrent OpCo Unit Purchase"). The Secondary Offering is not conditioned upon the completion of the Concurrent OpCo Unit Purchase, but the Concurrent OpCo Unit Purchase is conditioned upon the completion of the Secondary Offering.

J.P. Morgan and Goldman Sachs & Co. LLC are acting as joint book-running managers for the Secondary Offering.