Viper Energy is making leadership changes alongside a similar shake-up underway at its parent company Diamondback Energy. (Source: Shutterstock.com, Viper Energy)
Viper Energy is making leadership changes alongside similar changes underway at its parent company Diamondback Energy.
Diamondback owned approximately 56% of Viper’s outstanding shares as of year-end 2023, according to regulatory filings.
Diamondback on Feb. 20 announced a succession plan for current CEO Travis Stice to step down at the company’s 2025 shareholder meeting. He will transition to executive chairman of the Diamondback board.
Current Diamondback President Kaes Van’t Hof will succeed Stice as CEO of the Permian Basin E&P. He will also join the Diamondback board.
Relatedly, Stice will transition from his role as CEO of Viper effective immediately. He will remain on the Viper board.
“Viper is a truly unique business model that established credibility with the market in a differentiated way from the start,” Stice said in a Feb. 20 statement. “The momentum at Viper today is very strong, its future is bright, and I look forward to supporting the company through my position on the board.”
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Van’t Hof, current Viper president, transitioned to CEO of the minerals and royalties company effective immediately.
“Since its IPO in 2014, Viper has been a leader and category killer in its space, a testament to the vision and successful execution of what was then a new and exciting business model,” Van’t Hof said.
Austen Gilfillian, Viper’s current vice president, succeeded Van’t Hof as president at Viper.
“I am also extremely excited to announce Austen's promotion to president,” Van’t Hof said. “Austen has proven leadership skills and has developed and implemented a business strategy that has led to significant growth and outperformance at Viper, a trend we expect to continue.”
Viper’s leadership team will continue to be built out going forward, Van’t Hof said.
In January, Viper announced a $4.45 billion acquisition of Permian Basin mineral and royalty interests from Diamondback.
Diamondback will exchange the interests for $1 billion in cash and approximately 69.6 million units of Viper’s operating subsidiary.
Analysts had expected the Diamondback “drop-down” transaction as the company works to reduce debt after a $26 billion acquisition of Endeavor Energy Resources.
Alongside the drop-down deal, Viper announced plans to acquire mineral and royalty interests from Morita Ranches Minerals LLC in a cash-and-equity deal valued at about $330 million.
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