Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Announces Closing of GRP Acquisition

MIDLAND, Texas, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Viper Energy Partners LP VNOM ("Viper" or the "Company"), a subsidiary of Diamondback Energy, Inc. FANG ("Diamondback"), today announced that it has completed its previously announced acquisition of certain mineral and royalty interests from affiliates of Warwick Capital Partners and GRP Energy Capital (the "GRP Acquisition"). Aggregate consideration consisted of $750 million in cash and approximately 9.02 million Viper common units, subject to customary post-closing adjustments. The cash portion of the transaction was funded with cash on hand, proceeds from the recently completed $400 million bond offering, $200 million in net proceeds from the issuance of 7.22 million common units to Diamondback under the common unit purchase agreement, dated as of September 4, 2023, and borrowings under the Company's revolving credit facility.

About Viper Energy Partners LP

Viper is a limited partnership formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin. For more information, please visit www.viperenergy.com.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than historical facts, that address activities that Viper assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events, including specifically the statements regarding the pending acquisition and any potential capital markets transactions and other funding sources for the pending acquisition. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of Viper. Information concerning these risks and other factors can be found in Viper's filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission's web site at http://www.sec.gov. Viper undertakes no obligation to update or revise any forward-looking statement.

Investor Contacts:

Adam Lawlis

+1 432.221.7467

alawlis@viperenergy.com

Austen Gilfillian

+1 432.221.7420

agilfillian@viperenergy.com

Source: Viper Energy Partners LP; Diamondback Energy, Inc.