Permian Resources Corporation (NYSE: PR) has announced the commencement of an underwritten public offering of 26,500,000 shares of its Class A Common Stock. Concurrently, Permian Resources Operating, LLC, a subsidiary of Permian Resources, intends to offer $750 million in senior unsecured notes due 2033 in a private placement.
The proceeds from these offerings are intended to fund part of the acquisition cost for oil and gas properties owned by Occidental Petroleum Corporation. The acquisition is expected to close in the third quarter of 2024 but is not contingent on the completion of either offering. Any remaining proceeds will be used for general corporate purposes.
Goldman Sachs & Co. LLC and Morgan Stanley are serving as underwriters for the equity offering. The equity offering is subject to market conditions with no assurance regarding its completion or terms.
The equity offering will be made through a registration statement filed with the U.S. Securities and Exchange Commission (SEC) that became effective on May 24, 2024. Copies of related documents can be obtained from Goldman Sachs & Co. LLC or Morgan Stanley & Co. LLC.
This announcement does not constitute an offer to sell or solicit an offer to buy securities in any jurisdiction where such actions would be unlawful without proper registration or qualification.
Permian Resources is based in Midland, Texas, focusing on acquiring and developing high-return oil and natural gas properties in the Delaware Basin.
Forward-looking statements within this press release involve risks and uncertainties that could cause actual results to differ materially from those anticipated. These include risks related to the acquisition timing and other factors detailed in Permian Resources' SEC filings.
For further information:
Hays Mabry – Vice President, Investor Relations
(432) 315-0114
ir@permianres.com