Permian Resources Corp. said that affiliates of several private equity groups and company management plan to sell 48.5 million shares of Class A stock to the public at a price of $15.76 per share at a value of about $764 million.
Permian Resources is not selling any of its stock and will not receive any proceeds. Sellers include EnCap Investments LP, NGP Energy Capital Management LLC, Pearl Energy Investments and Riverstone Investment Group LLC.
Concurrent with the closing of the offering, Permian Resources has agreed to purchase from certain sellers an aggregate 2 million common units in Permian Resources Operating LLC, a Delaware limited liability company and a subsidiary of Permian Resources. The price per unit will be equal to the price per share of Class A common stock, $15.76.
Goldman Sachs & Co. LLC is serving as the underwriter for the offering. The offering is expected to close on March 6, subject to customary closing conditions.
Recommended Reading
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
CEO: Magnolia Hunting Giddings Bolt-ons that ‘Pack a Punch’ in ‘24
2024-02-16 - Magnolia Oil & Gas plans to boost production volumes in the single digits this year, with the majority of the growth coming from the Giddings Field.
Endeavor Integration Brings Capital Efficiency, Durability to Diamondback
2024-02-22 - The combined Diamondback-Endeavor deal is expected to realize $3 billion in synergies and have 12 years of sub-$40/bbl breakeven inventory.
Patterson-UTI Braces for Activity ‘Pause’ After E&P Consolidations
2024-02-19 - Patterson-UTI saw net income rebound from 2022 and CEO Andy Hendricks says the company is well positioned following a wave of E&P consolidations that may slow activity.
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.