BUZZ-Viper Energy dips after launching stock offering to fund Diamondback drop down deal

Viper Energy's VNOM.O shares down 0.5% at $46 in extended trading after announcing acquisition-related equity raise

Texas-based VNOM launches 22 mln share offering to fund pending buy of certain mineral and royalty-interest owning subsidiaries of its parent, Diamondback Energy FANG.O

The drop down transaction is valued at $4.45 bln, FANG says

VNOM also announces Q4 avg daily production of 29,859 bo/d and recorded net operating income of $229.7 mln

JP Morgan, Citigroup, Mizuho and Morgan Stanley jt bookrunners for the stock offering

VNOM shares on Thurs closed down 1.3% at $46.24. Stock down ~6% YTD but up nearly 50% over the past 12 months

Co has about 188.4 mln shares outstanding for roughly $8.7 bln market cap, per LSEG