Permian Resources (PR) prices 27.5 million share secondary at $11

Permian Resources Corporation (NYSE: PR) announced the pricing of an underwritten public offering of an aggregate 27,500,000 shares of its Class A common stock, par value $0.0001 per share, at a price to the public of $11.00 per share, by certain affiliates of NGP Energy Capital and certain affiliates of Riverstone Investment Group LLC. Permian Resources will not sell any shares of Class A common stock in the offering and will not receive any proceeds therefrom. The selling stockholders also granted the underwriters a 30-day option to purchase up to an additional aggregate 4,125,000 shares of Class A common stock at the public offering price, less the underwriting discounts and commissions.

Concurrently with the closing of the offering, the Company has agreed to purchase (the “Concurrent OpCo Unit Purchase”) from the NGP Stockholders 2,750,000 common units representing limited liability company interests (“OpCo Units”) in Permian Resources Operating, LLC, a Delaware limited liability company and a subsidiary of Permian Resources (“OpCo”), at a price per OpCo Unit equal to the price per share at which the underwriters purchase shares of Class A common stock in the offering and to cancel a corresponding number of shares of the Company’s Class C common stock. The offering of Class A common stock is not conditioned upon the completion of the Concurrent OpCo Unit Purchase, but the Concurrent OpCo Unit Purchase is conditioned upon the completion of the offering.

J.P. Morgan and Citigroup are serving as joint book-running managers for the offering. The offering is expected to close on March 10, 2023, subject to customary closing conditions.

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