News & Events

The Firm is representing J.P. Morgan Securities LLC as financial advisor to Sitio Royalties Corp. (“Sitio”) in connection with Sitio’s proposed acquisition by Viper Energy, Inc. (“Viper”) in an all-equity transaction valued at approximately $4.1 billion. The consideration will consist of 0.4855 shares of Class A common stock of a new holding company (“pro forma Viper”) for each share of Sitio Class A common stock, and 0.4855 units of Viper’s operating subsidiary, Viper Energy Partners LLC, for each unit of Sitio’s operating subsidiary (along with a corresponding amount of Class B common stock of pro forma Viper for each share of Sitio Class C common stock). The transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2025.

Sitio is a shareholder returns-driven company focused on large-scale consolidation of oil & gas mineral and royalty interests across premium basins, with a diversified set of operators. Viper is a corporation formed by Diamondback Energy, Inc. to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests.