Permian Resources stockholders launch 46.1 million share offering

Permian Resources Corporation (NYSE: PR) announced that certain affiliates of Pearl Energy Investments and Riverstone Investment Group LLC will sell 46,112,899 shares of Class A common stock in an underwritten public offering.

The Midland, Texas-based oil and natural gas company will not sell any shares in the offering and will not receive proceeds from the transaction, according to a company statement.

Concurrently with the offering's closing, Permian Resources plans to purchase 2,000,000 common units in its subsidiary Permian Resources Operating, LLC from certain selling stockholders. The purchase price per unit will equal the price per share at which underwriters buy the Class A common stock. The company will cancel a corresponding number of its Class C common stock shares held by those stockholders.

Morgan Stanley, Citigroup and Goldman Sachs & Co. LLC serve as underwriters for the offering. The transaction remains subject to market and other conditions, with no assurance regarding completion timing or final terms.

The offering proceeds under a registration statement filed with the Securities and Exchange Commission that became effective November 8, 2023. The Class A common stock offering does not depend on completing the concurrent unit purchase, though the unit purchase requires the stock offering's completion.

Permian Resources operates as an independent oil and natural gas company focused on properties in the Permian Basin, with concentration in the Delaware Basin core area.

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