Permian Resources Corp Stock Price, News & Analysis

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.

Realty Income (NYSE: O), known as The Monthly Dividend Company®, has announced the full redemption of its 6.000% Series A Cumulative Redeemable Preferred Stock on September 30, 2024. The company will redeem all 6,900,000 outstanding shares at $25.00 per share, plus accrued and unpaid dividends of approximately $0.3750 per share, for a total payment of about $25.375 per share.

This strategic move aligns with Realty Income's capital management strategy and aims to enhance the efficiency of its funding and balance sheet structure. The final dividend payment date is set for September 30, 2024, with a record date of September 13, 2024. Realty Income, an S&P 500 company, boasts a portfolio of 15,450 properties across the U.S. and Europe, and has declared 650 consecutive monthly dividends to date.

Permian Resources (NYSE: PR) reported its second quarter 2024 results and revised its full-year guidance upwards. The company announced daily oil production of 152.9 MBbls/d and total production of 338.8 MBoe/d, marking increases of 1% and 6%, respectively, from the previous quarter.

Operating efficiency improved, with controllable cash costs down by 8% and drilling costs per foot reduced by 13% from 2023. The company generated adjusted free cash flow of $332 million and returned $193 million to shareholders via dividends and share repurchases. Additionally, Permian completed the acquisition of 29,500 net acres from Occidental for $817.5 million.

Updated guidance now forecasts oil production of 151-153 MBbls/d and total production of 320-330 MBoe/d. The company's financials also showed net cash provided by operating activities of $938 million and $1.10 per adjusted basic share.

Permian Resources (NYSE: PR) has announced a quarterly dividend payout for shareholders. The Board of Directors declared a quarterly base cash dividend of $0.06 per share of Class A common stock, equivalent to $0.24 per share annually. Additionally, a quarterly variable cash dividend of $0.15 per share was declared. The combined total dividend is $0.21 per share. Both base and variable dividends will be paid on August 27, 2024, to shareholders of record as of August 19, 2024. This dividend announcement demonstrates Permian Resources' commitment to returning value to its shareholders through a combination of fixed and variable dividend structures.

Permian Resources (NYSE: PR) announced the final results and expiration of its cash tender offer for its 7.75% Senior Notes due 2026. As of August 2, 2024, the company received tenders for $298,703,000 of the outstanding Notes, representing 99.57% of the aggregate principal amount. The purchase price is set at $1,014.67 per $1,000 principal amount, plus accrued interest. Payment will be made on August 8, 2024. Permian Resources intends to redeem any remaining Notes not purchased in the Tender Offer on or about February 15, 2025. The company plans to fund the purchase using proceeds from a contemporaneous notes offering by its subsidiary, Permian Resources Operating,

Permian Resources (NYSE: PR) has announced the pricing terms for its cash tender offer to purchase any and all of its outstanding 7.75% Senior Notes due 2026. The purchase price is set at $1,014.67 per $1,000 principal amount of Notes validly tendered and accepted. The tender offer will expire on August 2, 2024, at 5:00 p.m. New York City time, unless extended or terminated earlier.

The tender offer is conditioned upon the completion of a contemporaneous notes offering by Permian Resources Operating, Settlement for all tendered Notes is expected on August 8, 2024. The company intends to redeem any remaining Notes not purchased in the tender offer on or about February 15, 2025, at 100.000% of the principal amount plus accrued interest.

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.