MIDLAND, Texas – Permian Resources Corporation (NYSE: PR) announced that funds affiliated with EnCap Investments L.P., Pearl Energy Investments, and Riverstone Investment Group LLC have amended and extended their registration rights agreement. This extension aims to maintain the partnership as these Private Equity Stockholders monetize common stock in the future.
Since its formation, Permian Resources and its Private Equity Stockholders have monetized approximately 200 million shares of common stock. This has reduced the combined sponsor ownership from over 50% in 2022 to around 16%, while delivering leading total shareholder returns relative to peers.
James Walter, Co-CEO of Permian Resources, stated, "We are proud of our relationship with our Private Equity Stockholders and our ability to achieve their monetization objectives in an orderly fashion while ensuring any sales of common stock are done in a thoughtful and organized manner. This effort over the last two years has allowed us to simultaneously accomplish our goal of generating peer-leading shareholder returns while reducing sponsor ownership over time."
In conjunction with the amended registration rights agreement, certain funds affiliated with Pearl Energy Investments will convert and distribute approximately 23 million shares of Class A common stock to certain equity holders, including limited partners. These equity holders are primarily large accredited institutional investors expected to remain long-term investors in Permian Resources. No other Private Equity Stockholder elected to distribute their common stock at this time.
After this distribution, the Private Equity Stockholders will own about 16% of the Company’s total shares outstanding, with no party owning more than 7%, and only Pearl holding a Board seat. The management team owns approximately 7% of total shares outstanding.
Permian Resources is an independent oil and natural gas company headquartered in Midland, Texas. It focuses on acquiring, optimizing, and developing high-return oil and natural gas properties in the Delaware Basin.
The press release includes forward-looking statements under Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on current expectations but involve risks and uncertainties that could cause actual results to differ materially.
For further information or inquiries:
Hays Mabry – Vice President, Investor Relations
(432) 315-0114
ir@permianres.com