Diamondback Energy’s (FANG) Viper Energy Completes Acquisition of Riverbend Oil & Gas IX Assets

Diamondback Energy Inc. (NASDAQ:FANG) is one of the 10 Most Undervalued NASDAQ Stocks to Buy Right Now. On July 1, Viper Energy, a subsidiary of Diamondback Energy, announced the completion of its acquisition of Riverbend Oil & Gas IX, LLC. The transaction involved the transfer of mineral and royalty interests to Viper in exchange for $337 million in cash and ~3.7 million shares of Viper’s Class A common stock, subject to customary post-closing adjustments.

The cash portion of the acquisition was financed through a mix of existing cash reserves and new borrowings under the company’s credit facility. By integrating these assets, Viper continues to execute its strategy of owning and exploiting oil-weighted properties, with a primary focus on the Permian Basin.

Diamondback Energy's (FANG) Viper Energy Completes Acquisition of Riverbend Oil & Gas IX Assets

QiuJu Song/Shutterstock.com

This acquisition marks a significant expansion of Viper’s mineral and royalty holdings in North America. As a corporation formed by Diamondback Energy Inc. (NASDAQ:FANG), Viper remains dedicated to acquiring and developing high-value energy interests to enhance its portfolio within its targeted oil-weighted basins.

Diamondback Energy Inc. (NASDAQ:FANG) is an independent American oil and natural gas company. It focuses on the exploration, acquisition, development, and production of unconventional onshore oil and gas reserves, operating exclusively in the Permian Basin in West Texas.

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