Permian Resources Corp. said that affiliates of several private equity groups and company management plan to sell 48.5 million shares of Class A stock to the public at a price of $15.76 per share at a value of about $764 million.
Permian Resources is not selling any of its stock and will not receive any proceeds. Sellers include EnCap Investments LP, NGP Energy Capital Management LLC, Pearl Energy Investments and Riverstone Investment Group LLC.
Concurrent with the closing of the offering, Permian Resources has agreed to purchase from certain sellers an aggregate 2 million common units in Permian Resources Operating LLC, a Delaware limited liability company and a subsidiary of Permian Resources. The price per unit will be equal to the price per share of Class A common stock, $15.76.
Goldman Sachs & Co. LLC is serving as the underwriter for the offering. The offering is expected to close on March 6, subject to customary closing conditions.
Recommended Reading
Parker Wellbore, TDE Partner to ‘Revolutionize’ Well Drilling
2024-03-13 - Parker Wellbore and TDE are offering what they call the industry’s first downhole high power, high bandwidth data highway.
Ecopetrol, Occidental Permian JV Generating Positive Results
2024-03-07 - Ecopetrol SA's joint venture with Occidental Petroleum in the Permian continues to generate outstanding operational and financial results for the Colombian state-owned energy giant.
Equinor Brings Solar Plant Online in Brazil
2024-03-08 - Equinor says the Mendubim solar plant will produce 1.2 terawatt hours of power annually.
TotalEnergies, Sinopec to Develop SAF Unit in China
2024-03-26 - TotalEnergies and Sinopec’s production unit will have the capacity to produce 230,000 tons of sustainable aviation fuel per year.
OEP Completes Acquisition of TechnipFMC’s Measurement Solutions Business
2024-03-27 - One Equity Partners said TechnipFMC’s measurement solutions business will be rebranded as Guidant and specialize in measurement technology, automation solutions and global systems.