PR reaffirms $4.0B borrowing base, adjusts margin on ratings

Rhea-AI Filing Summary

Permian Resources Corporation reported that its subsidiary, Permian Resources Operating, LLC, entered into a Tenth Amendment to its Third Amended and Restated Credit Agreement. The amendment reaffirmed a $4.0 billion borrowing base and kept elected revolving commitments at $2.5 billion.

The amendment also adjusted the Applicable Margin by adding a new borrowing base utilization pricing grid that applies when the Company holds a BBB- or better index debt rating from Fitch. It further provides, subject to certain conditions, for reduced interest rates during an “investment grade period,” generally defined as when the Company has an index debt rating of Baa3/BBB- or better from Moody’s or S&P, respectively, and ending upon the Company’s election or if ratings fall below Ba1/BB+.

Insights

Credit markets analyst

Liquidity levels reaffirmed; potential rate cuts tied to ratings.

Permian Resources kept its borrowing base at $4.0 billion and elected revolving commitments at $2.5 billion, preserving access to bank liquidity. The amendment updates the pricing grid to recognize a Fitch index debt rating of BBB- or better, aligning loan spreads with credit quality.

The terms also allow reduced interest rates during an investment grade period defined by Baa3/BBB- or better from Moody’s or S&P, with the period ending by company election or if ratings drop below Ba1/BB+. Actual borrowing costs will depend on the Company’s prevailing ratings and utilization under the grid.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________

FORM 8-K

___________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 24, 2025

___________________

PERMIAN RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

___________________

Delaware

001-37697

47-5381253

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

300 N. Marienfeld St., Suite 1000

Midland, Texas 79701

(Address of principal executive offices, including zip code)

(432) 695-4222

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

___________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

PR

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 1.01. Entry Into a Material Definitive Agreement.

Amendments to the Third Amended and Restated Credit Agreement

On October 24, 2025, Permian Resources Operating, LLC (“OpCo”), a consolidated subsidiary of Permian Resources Corporation (“Permian Resources” and, together with OpCo the “Company”), entered into the Tenth Amendment to Third Amended and Restated Credit Agreement (the “Tenth Amendment”) among OpCo, each of the lenders and guarantors party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The Tenth Amendment amends OpCo’s Third Amended and Restated Credit Agreement, dated as of February 18, 2022, as amended. Capitalized terms used in this Current Report on Form 8-K but not otherwise defined herein have the meanings given to them in the Tenth Amendment.

The Tenth Amendment, among other things, (i) reaffirmed the borrowing base at $4.0 billion, (ii) reaffirmed the aggregate elected revolving commitments at $2.5 billion and (iii) adjusted the Applicable Margin by (a) adding a new borrowing base utilization pricing grid applicable on any day during a borrowing base period on which the Company has an index debt rating of BBB- or better from Fitch Ratings, Inc. and (b) subject to certain conditions, reducing the interest rates applicable on any day during an investment grade period, which is generally defined as the period when the Company has an index debt rating from one or more of Moody’s Investors Service, Inc. (“Moody’s”) or Standard & Poor’s Rating Service, a division of S&P Global, Inc. (“S&P”), of Baa3/BBB- or better, respectively, and ending when the Company so elects or when the Company has an index debt rating from Moody’s and S&P below Ba1 and BB+, respectively.

The above description of the Tenth Amendment is a summary and does not purport to be complete and is qualified in its entirety by reference to the Tenth Amendment, which is attached and filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under “Item 1.01. Entry into a Material Definitive Agreement” above is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.			Description
10.1			Tenth Amendment to Third Amended and Restated Credit Agreement, dated as of October 24, 2025.
104			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			PERMIAN RESOURCES CORPORATION
			By:			/s/ GUY M. OLIPHINT
						Guy M. Oliphint Executive Vice President and Chief Financial Officer
			Date:			October 30, 2025

FAQ

What did PR change in its credit agreement?

The Tenth Amendment reaffirmed a $4.0 billion borrowing base and $2.5 billion in elected revolving commitments, and adjusted the Applicable Margin with a new pricing grid.

What is Permian Resources’ current borrowing base?

The borrowing base was reaffirmed at $4.0 billion.

How large are PR’s elected revolving commitments?

Elected revolving commitments were reaffirmed at $2.5 billion.

When could PR see reduced interest rates under the facility?

Interest rates may be reduced during an investment grade period, generally when ratings are Baa3/BBB- or better from Moody’s or S&P, subject to conditions.

What ratings trigger the new pricing grid in the amendment?

A Fitch index debt rating of BBB- or better applies the new borrowing base utilization pricing grid.

What could end the investment grade period for PR?

It ends upon the Company’s election or if ratings fall below Ba1/BB+ from Moody’s and S&P, respectively.