FANG · 10-Q · 2026Q2 · Full report

Viper Secondary Offering

Diamondback Energy, Inc. · 2026-08-05 · Importance 34 · Surprise 42

On March 4, 2026, Diamondback exchanged approximately 12.39 million Viper Class B shares and equivalent Viper LLC Units for Viper Class A shares and sold the shares in a secondary public offering. On March 19, 2026, underwriters exercised an option for approximately 0.51 million additional Viper Class A shares. Aggregate cash proceeds were approximately $[amount not visible] million and were used for general corporate purposes and accelerated debt reduction. Diamondback continued consolidating Viper because it remained the primary beneficiary of the variable-interest entity.

Key facts

• On March 12, 2026, SGF completed a secondary public offering providing for the sale of 12.65 million shares of the Company’s common stock to the SGF Underwriters at $170.18875 per share. source
• On March 4, 2026, Viper completed a secondary public offering (the “Secondary Offering”) source
• The Company exchanged approximately 12.39 million shares of Viper Class B common stock for an equivalent number of shares of Viper Class A common stock and subsequently sold such shares in the Secondary Offering source
• On March 19, 2026, the Underwriters exercised an option to purchase approximately 0.51 million additional shares of Viper Class A common stock from the Company source