Permian Resources Corporation, also known as the "Company" (NYSE: PR), announced today the pricing of an underwritten public offering of 51,765,000 shares of its Class A Common Stock. The shares have a par value of $0.0001 each and are priced at $16.47 per share for the public. The offering is being made by certain 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, collectively referred to as the "Selling Stockholders". It's important to note that Permian Resources will not sell any shares in this offering nor receive any proceeds from it.
In conjunction with the closing of this offering, the Company has agreed to purchase 1,800,000 common units representing limited liability company interests ("OpCo Units") in Permian Resources Operating, LLC from some of the Selling Stockholders. This subsidiary is a Delaware limited liability company and part of Permian Resources. The price per OpCo Unit will be equal to the price per share at which the underwriter purchases shares of Class A common stock in the offering. A corresponding number of shares from the Company’s Class C Common Stock held by these Selling Stockholders will be cancelled in return. Although completion of this Concurrent OpCo Unit Purchase is conditioned upon completion of the offering, completion of the offering itself is not dependent on this transaction.
Goldman Sachs & Co. LLC has been appointed as underwriter for this offering which is expected to close on May 15, 2024 subject to customary closing conditions.
The Company previously filed a registration statement with U.S Securities and Exchange Commission (the “SEC”) regarding this offer which became automatically effective upon filing on November 8, 2023.
The prospectus and prospectus supplement meeting requirements under Securities Act of 1933 can be obtained from Goldman Sachs & Co. LLC or by accessing the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy shares of Class A common stock or any other securities. There will be no sale of securities in any state or jurisdiction where such offer, solicitation or sale would be unlawful without registration or qualification under the securities laws of that state or jurisdiction.
Permian Resources is an independent oil and natural gas company headquartered in Midland, Texas. The Company focuses on the responsible acquisition, optimization and development of high-return oil and natural gas properties with assets and operations concentrated in the core of the Delaware Basin.
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. All statements regarding completion of the offering and Concurrent OpCo Unit Purchase, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives are forward-looking statements. These statements are based on management’s current expectations about future events and are subject to all risks and uncertainties related to oil and natural gas development, production, gathering and sale. Actual results could differ materially from those anticipated due to factors including commodity price volatility, inflation, lack of availability of drilling equipment and services among others as detailed in Company's filings with SEC.