Diamondback’s Viper Buys Minerals Rival for $4.1 Billion (1)

Viper Energy Inc., the mineral and royalty unit of Diamondback Energy Inc., agreed to buy Sitio Royalties Corp. for about $4.1 billion, including debt, in the latest deal focused on the Permian Basin.

The deal marks a rare consolidation move among two of the biggest publicly traded owners of mineral rights and royalties in the US shale patch. It’s also the second major transaction for Viper this year, after its $4.5 billion acquisition of certain minerals and royalties from Diamondback announced in January.

“This is just another step toward being, kind of, the big mineral champion in the ...