Permian Resources Corporation (NYSE: PR), a Texas-based independent oil and natural gas company, announced the initiation of an underwritten public offering of 51,765,000 shares of its Class A Common Stock. The shares, par value $0.0001 per share, are being offered by affiliates of EnCap Investments L.P., NGP Energy Capital Management L.L.C., Pearl Energy Investments, Riverstone Investment Group LLC and a member of the Company’s Board of Directors.
The company clarified that it will not sell any shares in this offering and therefore will not receive any proceeds from it. Concurrently with the closing of the offering, Permian Resources plans to purchase 1,800,000 common units representing limited liability company interests in Permian Resources Operating, LLC from certain selling stockholders at a price equal to the price per share at which the underwriter purchases shares of Class A common stock in the offering.
Goldman Sachs & Co. LLC is serving as the underwriter for this offering. The completion of this offering is subject to market conditions and other factors.
The proposed offering is made pursuant to a registration statement previously filed by Permian Resources with the U.S. Securities and Exchange Commission (SEC) that became automatically effective on November 8, 2023.
This press release does not constitute an offer to sell or a solicitation of an offer to buy shares or any other securities. The sale of securities in any state or jurisdiction where such offer would be unlawful without registration or qualification under the securities laws is prohibited.
Permian Resources specializes in acquiring, optimizing and developing high-return oil and natural gas properties. Its assets and operations are primarily located in Delaware Basin's core area.
The press release also includes forward-looking statements regarding future operations, financial position, estimated revenues and losses among others. These statements are based on management's current expectations about future events but are subject to various risks including commodity price volatility, inflation, lack of availability of drilling and production equipment and services among others.