MIDLAND, Texas, May 09, 2018 (GLOBE NEWSWIRE) -- Viper Energy Partners LP (NASDAQ:VNOM) (“Viper”), a subsidiary
of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced that Viper’s federal income tax status change from that
of a pass-through partnership to that of a taxable entity via a “check the box” election will be effective as of tomorrow, May 10,
2018.
After the effectiveness of the tax status election and the completion of related transactions, the minerals
business will continue to be conducted through Viper's wholly-owned subsidiary, which will be taxed as a partnership for federal
and state income tax purposes.
About Viper Energy Partners LP
Viper is a limited partnership formed by Diamondback to own, acquire and exploit oil and natural gas properties
in North America, with a focus on oil-weighted basins, primarily the Permian Basin in West Texas and the Eagle Ford Shale.
About Diamondback Energy, Inc.
Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the
acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin
in West Texas. Diamondback’s activities are primarily focused on the horizontal exploitation of multiple intervals within the
Wolfcamp, Spraberry, Clearfork, Bone Spring and Cline formations.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws. All
statements, other than historical facts, that address activities that Viper assumes, plans, expects, believes, intends or
anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The
forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome
and timing of future events. These forward-looking statements involve certain risks and uncertainties that could cause the results
to differ materially from those expected by the management of Viper. Information concerning these risks and other factors can be
found in Viper’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained
free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov. Viper undertakes no obligation to update
or revise any forward-looking statement.
Investor Contact:
Adam Lawlis
+1 432.221.7467
alawlis@viperenergy.com
