Akin Gump Advises Viper Energy in Tax Status Change
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(Dallas) – Viper Energy Partners LP, a subsidiary of Diamondback Energy, Inc., today announced that the board of directors of its general partner has unanimously approved a change of Viper’s federal income tax status from that of a pass-through partnership to that of a taxable entity via a “check the box” election. Akin Gump advised Viper in the transaction.
“Viper’s tax status election will expand our investor universe to a broader range of investors, both domestic and international, who are looking for exposure to an oil and gas company that can grow at industry leading rates without spending any capital and maintaining 90 percent margins,” stated Travis Stice, Chief Executive Officer of Viper’s general partner.
Seth Molay, a corporate partner at Akin Gump, led the team advising Viper. He was joined by oil and gas partner John Goodgame, counsel Alexandra Reuss and associates Chase Armbrust, Michelle Moreland and Cabell Massey; and tax partners W. Thomas Weir and Alison Chen.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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