Welcome to our dedicated page for Permian Resources news (Ticker: PR), a resource for investors and traders seeking the latest updates and insights on Permian Resources stock.
Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company headquartered in Midland, Texas, with operations concentrated in the Permian Basin and a focus on the core of the Delaware Basin in West Texas and Southeast New Mexico. This news page aggregates company-issued updates and market-moving announcements related to Permian Resources’ exploration and production activities, corporate structure and financing.
Recent press releases highlight operational results, including quarterly production updates, capital expenditures, cost metrics and guidance revisions. The company regularly reports on drilling and completion performance, lease operating expenses and marketing arrangements designed to improve netbacks on oil, NGL and natural gas sales. These operational updates provide insight into how Permian Resources is developing its acreage position and managing costs within the Delaware Basin.
Investors following PR news will also see announcements on capital allocation decisions, such as base cash dividends on Class A common stock, share repurchases under an authorized program and the use of debt reduction alongside acquisitions. The company has communicated on bolt-on acquisitions within its core footprint, grassroots leasing and larger transactions that expand its position in New Mexico and Texas.
Corporate and capital markets developments are another key theme in Permian Resources’ news flow. The company has announced secondary offerings by existing shareholders, changes to its credit facilities, redemption of exchangeable senior notes and a corporate reorganization that transitions to a new public holding company while maintaining trading under the PR ticker. For readers tracking the crude petroleum and natural gas extraction sector, this page offers a centralized view of Permian Resources’ official news and disclosures over time.
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.
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.
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