Permian Resources files to sell 27.5M shares of Class A common stock for holders

Permian Resources announced the commencement of an underwritten public offering of an aggregate 27.5M shares of its Class A common stock, par value $0.0001 per share by certain affiliates of NGP Energy Capital and certain affiliates of Riverstone Investment Group. Concurrently with the closing of the offering, the Company intends to purchase from the NGP Stockholders 2.75M common units representing limited liability company interests in Permian Resources Operating, LLC, a Delaware limited liability company and a subsidiary of Permian Resources, 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.