Permian Resources Announces Significant Increase to its Base Dividend
Permian Resources (NYSE:PR) has announced a significant update to its return of capital strategy, increasing its quarterly base dividend by 150% from $0.06 to $0.15 per share ($0.60 annually). This provides a leading base dividend yield among U.S. independent E&Ps. The Board has also authorized a new $1 billion share repurchase program, replacing the existing $500 million program. The company aims to maintain this dividend even if oil prices fall below $50 per barrel for over two years, supported by its low-cost structure in the Delaware Basin and strong balance sheet.
Permian Resources expects to commence the new quarterly base dividend of $0.15 per share with its third quarter 2024 dividend. The company's Co-CEOs emphasize that this strategy will provide better visibility for shareholders and position the company for continued strong dividend growth and leading total shareholder returns.
Permian Resources (NYSE:PR) ha annunciato un aggiornamento significativo della sua strategia di ritorno di capitale, aumentando il suo dividendo base trimestrale del 150%, passando da $0,06 a $0,15 per azione ($0,60 annuali). Questo offre un rendimento da dividendo base tra i più competitivi tra le aziende indipendenti di esplorazione e produzione (E&P) negli Stati Uniti. Il Consiglio ha anche autorizzato un nuovo programma di riacquisto di azioni da $1 miliardo, sostituendo il programma esistente da $500 milioni. L'azienda punta a mantenere questo dividendo anche se i prezzi del petrolio scendessero sotto i $50 al barile per oltre due anni, sostenuta dalla sua struttura a basso costo nel Delaware Basin e da un forte bilancio.
Permian Resources prevede di avviare il nuovo dividendo base trimestrale di $0,15 per azione con il dividendo del terzo trimestre 2024. I Co-CEO dell'azienda sottolineano che questa strategia offrirà una migliore visibilità per gli azionisti e posizionerà l'azienda per una continua forte crescita dei dividendi e rendimenti totali degli azionisti tra i migliori.
Permian Resources (NYSE:PR) ha anunciado una actualización significativa de su estrategia de retorno de capital, incrementando su dividendo base trimestral en un 150%, pasando de $0.06 a $0.15 por acción ($0.60 anuales). Esto proporciona un rendimiento de dividendo base competitivo entre las empresas E&P independientes de EE. UU. El Consejo también ha autorizado un nuevo programa de recompra de acciones por $1 mil millones, reemplazando el programa existente de $500 millones. La compañía tiene como objetivo mantener este dividendo incluso si los precios del petróleo caen por debajo de $50 por barril durante más de dos años, respaldada por su estructura de bajos costos en la Cuenca de Delaware y un sólido balance.
Permian Resources espera comenzar el nuevo dividendo base trimestral de $0.15 por acción con el dividendo del tercer trimestre de 2024. Los Co-CEOs de la compañía enfatizan que esta estrategia ofrecerá una mejor visibilidad para los accionistas y posicionará a la compañía para un crecimiento continuo fuerte en los dividendos y para ofrecer rendimientos totales destacados a los accionistas.
퍼미안 리소스 (NYSE:PR)는 자본 환원 전략에 대한 중요한 업데이트를 발표하며, 분기 기본 배당금을 150% 증가시켜 주당 $0.06에서 $0.15로 조정했습니다 ($0.60 연간). 이는 미국의 독립 E&P(탐사 및 생산) 회사들 중 높은 배당 수익률을 제공합니다. 이사회는 또한 새로운 10억 달러 규모의 자사주 매입 프로그램을 승인했습니다, 기존의 5억 달러 프로그램을 대체하는 것입니다. 회사는 델라웨어 분지의 저비용 구조와 강한 재무 상태를 바탕으로 기름값이 배럴당 $50 이하로 2년 이상 떨어져도 이 배당금을 유지하는 것을 목표로 하고 있습니다.
퍼미안 리소스는 2024년 제3분기 배당금 지급부터 주당 $0.15의 새로운 분기 기본 배당금을 시작할 계획입니다. 회사의 공동 CEO들은 이 전략이 주주들에게 더 나은 가시성을 제공하고 회사의 지속적인 강력한 배당 성장 및 총주주 수익을 위한 위치를 강화할 것이라고 강조합니다.
Permian Resources (NYSE:PR) a annoncé une mise à jour significative de sa stratégie de retour de capital, augmentant son dividende de base trimestriel de 150 %, passant de 0,06 $ à 0,15 $ par action (0,60 $ par an). Cela offre un rendement de dividende de base parmi les plus compétitifs parmi les entreprises indépendantes de recherche et de production (E&P) aux États-Unis. Le Conseil a également autorisé un nouveau programme de rachat d'actions de 1 milliard de dollars, remplaçant le programme existant de 500 millions de dollars. L'entreprise vise à maintenir ce dividende même si les prix du pétrole tombent en dessous de 50 $ le baril pendant plus de deux ans, soutenue par sa structure à faible coût dans le Delaware Basin et un bilan solide.
Permian Resources prévoit de commencer le nouveau dividende de base trimestriel de 0,15 $ par action avec le dividende du troisième trimestre 2024. Les co-CEO de l'entreprise soulignent que cette stratégie offrira une meilleure visibilité pour les actionnaires et positionnera l'entreprise pour une poursuite d'une forte croissance des dividendes et des rendements totaux des actionnaires de premier plan.
Permian Resources (NYSE:PR) hat ein bedeutendes Update zu seiner Kapitalrückführungsstrategie angekündigt, den quartalsweisen Basisdividende um 150 % von 0,06 $ auf 0,15 $ pro Aktie zu erhöhen (0,60 $ jährlich). Dies sorgt für eine führende Basisdividendenrendite unter den unabhängigen E&Ps in den USA. Der Vorstand hat auch ein neues Aktienrückkaufprogramm über 1 Milliarde Dollar genehmigt, das das bestehende Programm über 500 Millionen Dollar ersetzt. Das Unternehmen strebt an, diese Dividende beizubehalten, selbst wenn die Ölpreise über zwei Jahre unter 50 $ pro Barrel fallen, gestützt durch seine kostengünstige Struktur im Delaware Basin und eine starke Bilanz.
Permian Resources plant, die neue quartalsweise Basisdividende von 0,15 $ pro Aktie mit der Dividende des dritten Quartals 2024 zu beginnen. Die Co-CEOs des Unternehmens betonen, dass diese Strategie den Aktionären eine bessere Sichtbarkeit bieten und das Unternehmen für ein anhaltendes starkes Dividendenwachstum und führende Gesamtrenditen für die Aktionäre positionieren wird.
- 150% increase in quarterly base dividend from $0.06 to $0.15 per share
- New $1 billion share repurchase program authorized
- Dividend sustainable at oil prices below $50 per barrel for over two years
- Leading cost structure in the Delaware Basin
- Strong balance sheet supporting dividend policy
- None.
As part of its updated shareholder return policy, the Board of Directors has also authorized a new share repurchase program of
“We have always believed that the base dividend is the most important and most efficient mechanism for returning cash to investors over time, and our updated dividend policy underscores that priority,” said James Walter, Co-CEO of Permian Resources. “Additionally, the revised return of capital strategy will provide better visibility for our shareholders to current and future dividends, while positioning Permian Resources to continue delivering strong dividend growth and leading total shareholder returns for years to come.”
“We are confident that our new base dividend is sustainable through future downcycles, which we define as being comfortably maintained for over two years at oil prices below
Since inception, Permian Resources has been focused on maximizing value for its shareholders and has delivered best-in-class returns for the E&P sector over the last two years. During this time, Permian Resources has continued to demonstrate its low-cost leadership in the
The Company’s updated shareholder return policy replaces its previous formulaic variable return policy. Permian Resources expects its first quarterly base dividend of
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About Permian Resources
Headquartered in
Cautionary Note Regarding Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release, other than statements of historical fact, including statements regarding our financial strategy, return of capital programs, liquidity, general strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, and other plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “goal,” “plan,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.
Forward-looking statements may include statements about:
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volatility of oil, natural gas and NGL prices or a prolonged period of low oil, natural gas or NGL prices and the effects of actions by, or disputes among or between, members of the Organization of Petroleum Exporting Countries (“OPEC”), such as
Saudi Arabia , and other oil and natural gas producing countries, such asRussia , with respect to production levels or other matters related to the price of oil, natural gas and NGLs; -
political and economic conditions and events in or affecting other producing regions or countries, including the
Middle East ,Russia ,Eastern Europe ,Africa andSouth America ; - our business strategy and future drilling plans;
- our reserves and our ability to replace the reserves we produce through drilling and property acquisitions;
- our drilling prospects, inventories, projects and programs;
- our leverage and capital required for our development program;
- the timing and amount of our future production of oil, natural gas and NGLs;
- our ability to identify, complete and effectively integrate acquisitions of properties, assets or businesses;
- our hedging strategy and results;
- our competition;
- our ability to obtain permits and governmental approvals;
- our compliance with government regulations, including those related to climate change as well as environmental, health and safety regulations and liabilities thereunder;
- our pending legal matters;
- the marketing and transportation of our oil, natural gas and NGLs;
- our leasehold or business acquisitions;
- cost of developing or operating our properties;
- our anticipated rate of return;
- general economic conditions;
- weather conditions in the areas where we operate;
- credit markets;
- our ability to make dividends, distributions and share repurchases;
- uncertainty regarding our future operating results;
- our plans, objectives, expectations and intentions contained in this press release that are not historical; and
- the other factors described in our most recent Annual Report on Form 10-K, and any updates to those factors set forth in our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the exploration for and development, production, gathering and sale of oil, natural gas and NGLs. Factors which could cause our actual results to differ materially from the results contemplated by forward-looking statements include, but are not limited to:
- commodity price volatility (including regional basis differentials);
- uncertainty inherent in estimating oil, natural gas and NGL reserves, including the impact of commodity price declines on the economic producibility of such reserves, and in projecting future rates of production;
- geographic concentration of our operations;
- lack of availability of drilling and production equipment and services;
- lack of transportation and storage capacity as a result of oversupply, government regulations or other factors;
- risks relating to the merger of the Company with Earthstone Energy, Inc. and its subsidiaries;
- risks related to our recent bolt-on transactions, including the risk that we may fail to complete and integrate such acquisitions on the terms and timing currently contemplated, or at all, and/or to realize the expected benefits of such acquisitions;
- competition in the oil and natural gas industry for assets, materials, qualified personnel and capital;
- drilling and other operating risks;
- environmental and climate related risks, including seasonal weather conditions;
-
regulatory changes, including those that may result from the
U.S. Supreme Court’s recent decision overturning the Chevron deference doctrine and that may impact environmental, energy, and natural resources regulation; - the possibility that the industry in which we operate may be subject to new or volatile local, state and federal regulatory or legislative actions (including additional taxes and changes in the environmental, health and safety regulation and regulations addressing climate change);
- restrictions on the use of water, including limits on the use of produced water and potential restrictions on the availability to water disposal facilities;
- availability to cash flow and access to capital;
- inflation;
- changes in our credit ratings or adverse changes in interest rates;
- changes in the financial strength of counterparties to our credit agreement and hedging contracts;
- the timing of development expenditures;
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political and economic conditions and events in foreign oil and natural gas producing countries, including embargoes, continued hostilities in the
Middle East and other sustained military campaigns, including the conflict inIsrael and its surrounding areas, the war inUkraine and associated economic sanctions onRussia , conditions inSouth America ,Central America ,China andRussia , and acts of terrorism or sabotage; - changes in local, regional, national, and international economic conditions;
- security threats, including evolving cybersecurity risks such as those involving unauthorized access, denial-of-service attacks, third-party service provider failures, malicious software, data privacy breaches by employees, insiders or other with authorized access, cyber or phishing-attacks, ransomware, social engineering, physical breaches or other actions; and
- other risks described in our filings with the SEC.
Reserve engineering is a process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data, and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered.
Should one or more of the risks or uncertainties described in this press release occur, or should any underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.
Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.
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Hays Mabry – Vice President, Investor Relations
(832) 240-3265
ir@permianres.com
Source: Permian Resources Corporation
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