Latham & Watkins Advises Viper Energy on McElroy Ranch and Buckhorn Minerals Acquisitions

Viper Energy, Inc. (Nasdaq: VNOM) has announced two acquisitions of mineral and royalty interests in the Permian Basin. In September 2026, Viper completed the McElroy Ranch acquisition in two separate but related transactions for an aggregate purchase price of approximately US$529 million, acquiring approximately 7,359 net royalty acres in Upton and Crane Counties. Viper also entered into a definitive agreement to acquire certain mineral and royalty interests from Buckhorn Minerals for US$280 million in cash and approximately 1.8 million shares of Viper’s Class A common stock. The Buckhorn acquisition includes 1,552 net royalty acres, substantially all of which are in the Midland Basin, and is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

Latham & Watkins LLP advised Viper Energy on the McElroy Ranch acquisition with a deal team led by Houston partner Chris Heasley and New York partner Zach Podolsky, with associates Jay Harper and Tanner Jarrell. Advice was also provided on tax matters by Houston partner Tim Fenn, with associate Christopher Garza.

Latham also advised Viper Energy on the Buckhorn Minerals acquisition with a deal team led by Houston partners Chris Heasley and Ryan Lynch, and New York partner Zach Podolsky, with associates Morgen Seim, Jay Harper, Brock Jones, Graysen Mechler, and Victoria Wade. Advice was also provided on tax matters by Houston partners Tim Fenn and Bryant Lee, with associate Christopher Garza; and on environmental matters by Orange County partner Joshua Bledsoe.