Viper Energy, Inc. (Nasdaq: VNOM), a subsidiary of Diamondback Energy, Inc. (Nasdaq: FANG), has announced that Viper and its operating subsidiary, VNOM Holding Company LLC, have adopted a distribution reinvestment plan (OpCo DRIP) that allows holders of operating company units other than Viper to reinvest their cash distributions in additional units and corresponding shares of Viper’s Class B common stock. Diamondback, Viper’s largest stockholder, has elected to participate in the OpCo DRIP beginning with Viper’s third quarter distribution, with future participation subject to quarterly review at Diamondback. The OpCo DRIP was unanimously approved by both Viper’s audit committee and board of directors.
Latham & Watkins LLP advised Viper Energy on the OpCo DRIP with a team led by New York partner Zach Podolsky and Houston partner Ryan Lynch, with associates Wei Cai, Morgen Seim, Mary Tursi, and Candace Cravey. Advice was also provided on tax matters by Houston partners Tim Fenn and Bryant Lee.
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