Diamondback energy, inc. announces drop down transaction

Midland, texas, jan. 30, 2025 (globe newswire) -- diamondback energy, inc. (nasdaq: fang) (“diamondback” or the “company”) today announced that it has entered into a definitive purchase agreement with viper energy, inc. (“viper”), a subsidiary of diamondback, to sell certain mineral and royalty interests from subsidiaries of diamondback for $1 billion in cash and approximately 69.6 million units of viper's operating subsidiary (“opco”, and such units the “opco units”) in a drop down transaction ("drop down"). the tax advantaged opco units, which will be issued together with an equal number of shares of class b common stock of viper, are exchangeable for shares of class a common stock of viper.
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