Permian Resources files to sell 48.5M shares of Class A common stock for holders

Permian Resources announced the commencement of an underwritten public offering of an aggregate 48.5M shares of its Class A Common Stock by certain affiliates of EnCap Investments L.P., NGP Energy Capital Management L.L.C., Pearl Energy Investments and Riverstone Investment Group LLC and certain members of the company’s management. Concurrently with the closing of the offering, the company intends to purchase from certain of the Selling Stockholders an aggregate 2M 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 underwriter purchases 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, held by such Selling Stockholders. 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. Goldman Sachs & Co. is serving as the underwriter for the offering.