Tackling energy challenges with some venom, Viper Energy Partners was formed by Diamondback Energy to own, acquire, and exploit oil and natural gas properties in North America. It plans expansion via organic growth and by pursuing accretive growth opportunities through acquisitions of assets from Diamondback Energy and from third parties. Its initial assets consist of oil and gas holdings in the Permian Basin in West Texas, substantially all of which are leased to working interest owners who bear the costs of operation and development. Diamondback Energy contributed these assets, which it acquired in September 2013 from a third party for cash, to Viper Energy following its 2014 IPO.