Diamondback Energy, Inc. 4

What Happened Diamondback Energy, listed as a 10% owner of Viper Energy, converted derivative securities into 510,071 Class A shares and sold those 510,071 VNOM shares in an open-market transaction on March 19, 2026. The shares were sold at $45.69 per share for proceeds of $23,305,144. The filing records both the conversion of derivative securities and the subsequent sale of the resulting shares. This is a sale (liquidity event) rather than a purchase.

Key Details

• Transaction date: March 19, 2026; Filing date: March 23, 2026 (appears within the normal Form 4 filing window).
• Sale: 510,071 shares at $45.69 each; total proceeds reported $23,305,144.
• The filing shows conversion of derivative securities into common shares and disposal of those shares (derivative conversion entries and sale entry).
• Shares owned after the transaction: not specified in the excerpt provided.
• Footnotes: F1 notes Class B common stock (with associated operating company units) is redeemable for one share of Class A common stock under the VNOM Holding Company LLC agreement; F2 notes the Class B shares and operating units were issued in connection with the merger that closed on August 19, 2025.

Context This filing involves a 10% institutional owner (Diamondback Energy), not an individual executive; institutional sales often reflect portfolio or corporate treasury decisions rather than insider sentiment about operations. The filing documents a conversion of derivative holdings (redeemable Class B shares/units) into Class A common stock followed by an open-market sale — effectively a conversion plus disposition rather than an exercise-to-hold purchase.