Diamondback Energy acquired Sitio Royalties Corp. (acquired by Viper Energy) for ~$4.1 billion (all-equity, including ~$1.1 billion of Sitio net debt), a transaction completed in August 2025, structured as all-stock. The deal was a Merger.
Sitio Royalties Corp. (acquired by Viper Energy) operates in Mineral & royalty interests (Permian) - via subsidiary Viper Energy, is based in Permian Basin, plus DJ, Eagle Ford and Williston basins. Diamondback's minerals subsidiary Viper Energy acquired Sitio Royalties in an all-equity merger, consolidating two of the largest public mineral-and-royalty owners. The interests acquired represent roughly 25,300 net royalty acres in the Permian plus about 9,000 net royalty acres in the DJ, Eagle Ford and Williston basins. As Viper's controlling stockholder, Diamondback approved the deal by written consent.
Scaling Viper's Permian royalty position through consolidation, deepening exposure to Diamondback-operated acreage.
~34,300 net royalty acres total, heavily weighted to the Permian and to Diamondback-operated units. Combined under a new Viper parent entity; Diamondback remains controlling stockholder
Advisory firms were not disclosed for this transaction.