Welcome to our dedicated page for Permian Resources Corporation news (Ticker: PR), a resource for investors and traders seeking the latest updates and insights on Permian Resources Corporation stock.
Permian Resources Corporation (symbol: PR) is an independent oil and natural gas company committed to delivering substantial returns to its stakeholders. Focused on the responsible acquisition, optimization, and development of oil and liquids-rich natural gas assets, the company plays a significant role in the energy sector.
Permian Resources Corp's operations are primarily concentrated in the core of the Permian Basin, one of the most prolific oil-producing regions in the United States. The company's properties consist of large, contiguous acreage blocks located in West Texas and New Mexico. This strategic positioning allows for efficient and cost-effective extraction of valuable resources.
With over 40,000 net acres and more than 1,350 drilling locations primarily in Reeves County, Permian Resources Corp is pursuing a growth strategy grounded in technical leadership, strong well results, attractive investment returns, and a conservative balance sheet.
In recent years, Permian Resources Corp has focused on several key projects aimed at enhancing production and optimizing resource extraction. These initiatives have led to improved operational efficiencies and increased output, positioning the company as a leader in the industry.
Headquartered in Denver, Colorado, Permian Resources Corp is committed to maintaining a strong financial position while delivering value to its stakeholders. The company's team of experienced professionals leverages technical expertise and innovative approaches to maximize the potential of its assets.
For more information about Permian Resources Corporation, please visit their website. If you are interested in a career with Permian Resources Corp, please submit your resume to centennialcareers@cdevinc.com.
Permian Resources (NYSE: PR) announced that its subsidiary, Permian Resources Operating, , has priced a $1,000.0 million private placement of 6.25% senior notes due 2033. This offering was upsized from an initial $750.0 million. The notes, maturing on February 1, 2033, will pay interest semi-annually at 6.25% per year. Priced at par, the notes will be guaranteed by Permian Resources and its subsidiaries. The net proceeds will be used to:
- Purchase outstanding 7.75% Senior Notes due 2026
- Fund the acquisition of assets from Occidental Petroleum affiliates
- Repay a portion of outstanding credit facility debt
The offering is expected to close on August 5, 2024, subject to customary conditions.
Permian Resources (NYSE: PR) has announced the pricing of a public offering of 26,500,000 shares of Class A Common Stock at $15.30 per share. Concurrently, its subsidiary plans to offer $750 million in senior unsecured notes due 2033 in a private placement. The company intends to use the proceeds to fund part of its recently announced acquisition of assets from Occidental Petroleum , expected to close in Q3 2024. If the acquisition doesn't complete, funds will be used for general corporate purposes. The equity offering is expected to close on July 30, 2024, subject to customary conditions. Goldman Sachs & Co. and Morgan Stanley are serving as underwriters for the equity offering.
Permian Resources (NYSE: PR) has announced a cash tender offer for its 7.75% Senior Notes due 2026. The offer, made through its subsidiary Permian Resources Operating, , aims to purchase any and all of the outstanding $300 million in notes. The purchase price will be determined based on a fixed spread plus the yield of a specified U.S. Treasury security. Key points:
- Tender offer expires on August 2, 2024, at 5:00 p.m. New York City time
- Expected settlement date is August 8, 2024
- Offer is conditional on completing a contemporaneous debt financing
- Company intends to redeem any unpurchased notes on February 15, 2025
Permian Resources is the second-largest Permian Basin pure-play E&P company, focused on high-return oil and natural gas properties in the Delaware Basin.
Permian Resources (NYSE: PR) has announced a $750.0 million private placement of senior unsecured notes due 2033. The offering is subject to market conditions and will be made to eligible purchasers under Rule 144A and Regulation S. Concurrently, the company has launched a tender offer to purchase any and all of its outstanding 7.75% Senior Notes due 2026. The net proceeds will be used to:
- Purchase outstanding 2026 Notes through the tender offer
- Fund the redemption of any remaining 2026 Notes
- Partially fund the acquisition of assets from Occidental Petroleum affiliates
- Repay a portion of outstanding credit facility debt
This offering is not registered under the Securities Act and is only available to qualified institutional buyers and non-U.S. persons.
Permian Resources (NYSE: PR) has announced a public offering of 26,500,000 shares of Class A Common Stock. Concurrently, its subsidiary plans to offer $750 million in senior unsecured notes due 2033 in a private placement. The company intends to use the proceeds to fund a portion of the purchase price for the acquisition of assets from Occidental Petroleum , expected to close in Q3 2024. If the acquisition doesn't complete, the funds will be used for general corporate purposes. Goldman Sachs & Co. and Morgan Stanley are serving as underwriters for the equity offering, which is subject to market conditions.
Permian Resources (NYSE: PR) has announced a strategic bolt-on acquisition of core Delaware Basin assets from Occidental (NYSE: OXY) for $817.5 million. The deal includes ~29,500 net acres, ~9,900 net royalty acres, and ~15,000 Boe/d production, primarily in Reeves County, Texas. Key highlights include:
1. Over 200 gross operated, two-mile locations with high NRIs
2. Substantial midstream assets, including >100 miles of pipelines and water infrastructure
3. Attractive valuation at ~3.4x 2025E EBITDAX and ~17% free cash flow yield
4. Accretive to cash flow, free cash flow, and NAV per share
5. Financed through a combination of equity and debt
6. Expected to maintain leverage of ~1x net debt-to-EBITDAX
The transaction is set to close by the end of Q3 2024, with an effective date of July 1, 2024.
Permian Resources (NYSE: PR) has announced its upcoming second quarter 2024 earnings conference call. The company will release its financial and operating results after market close on Tuesday, August 6, 2024. Management will host an earnings conference call the following day, Wednesday, August 7, 2024, at 9:00 a.m. Central (10:00 a.m. Eastern).
Interested parties can participate in the call by dialing (800) 267-6316 (Conference ID: PRCQ224) or via the internet at www.permianres.com. A replay of the call will be available on the Company's website or by phone at (800) 925-9354 (Passcode: 24995) for 14 days following the call.
Permian Resources (NYSE: PR) announced the extension of a registration rights agreement with its Private Equity Stockholders, including EnCap Investments, Pearl Energy, and Riverstone Investment Group. The company has reduced sponsor ownership from over 50% in 2022 to approximately 16% today. Additionally, Pearl Energy will distribute around 23 million shares of Class A common stock to its equity holders. Currently, no investor owns more than 7%, and only Pearl holds a board seat. Permian's management team holds about 7% of total shares, with long-term equity constituting 100% of the Co-CEO’s compensation.
Permian Resources (NYSE: PR) has completed the liquidation of Lynden Energy Corp., a Canadian subsidiary, as part of its post-merger integration with Earthstone Energy.
The company has applied to the British Columbia Securities Commission (BCSC) and the Ontario Securities Commission (OSC) for an order to cease being a reporting issuer in Canada.
This move aims to simplify Permian Resources' corporate structure and reduce tax obligations, with no impact on previously announced financial and operational results. Permian Resources will continue to report under U.S. securities laws and NYSE rules.
Permian Resources announced the pricing of a secondary public offering of 51,765,000 shares of Class A Common Stock at $16.47 per share by certain affiliates. The Company will not receive any proceeds from the offering. Concurrently, the Company will purchase 1,800,000 common units from certain Selling Stockholders. The offering is expected to close on May 15, 2024, and is being underwritten by Goldman Sachs & Co.
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