MIDLAND, Texas - Permian Resources Corporation (NYSE: PR), an independent oil and natural gas company, announced today the initiation of a public offering of 51,765,000 shares of Class A Common Stock by certain affiliates.
The selling shareholders include affiliates of EnCap Investments L.P., NGP Energy Capital Management L.L.C., Pearl Energy Investments, Riverstone Investment Group LLC, and a member of the company's Board of Directors.
The company itself will not be selling any shares or receiving proceeds from this offering. In conjunction with the offering's close, Permian Resources plans to purchase 1,800,000 common units representing limited liability company interests in its subsidiary, Permian Resources Operating, LLC, from some of the selling shareholders. This purchase is contingent upon the completion of the stock offering.
Goldman Sachs (NYSE:GS) & Co. LLC is acting as the underwriter for the offering, which is subject to market conditions and other factors. There is no certainty regarding the completion or the terms of the offering.
The offering is being made through a prospectus and prospectus supplement as per the Securities Act of 1933. These documents are available from Goldman Sachs & Co. LLC's Prospectus Department or the SEC's website.
Permian Resources, headquartered in Midland, Texas, is concentrated on the acquisition, optimization, and development of oil and natural gas properties, specifically in the Delaware Basin.
The information for this article is based on a press release statement from Permian Resources Corporation.
InvestingPro Insights
As Permian Resources Corporation (NYSE: PR) navigates through its latest public offering of Class A Common Stock, the market is closely observing its financial health and growth trajectory. According to InvestingPro data, the company has a market capitalization of $12.76 billion, reflecting its substantial presence in the oil and gas sector. An essential metric for investors, the price-to-earnings (P/E) ratio, stands at 14.3, offering a glimpse into how the stock is valued in relation to the company's earnings. Moreover, the company's revenue growth is particularly robust, with a remarkable increase of 56.13% over the last twelve months as of Q1 2024.
Two InvestingPro Tips suggest a positive outlook for Permian Resources. Analysts are anticipating sales growth in the current year, which aligns with the significant revenue growth already observed. Additionally, the company's earnings prospects seem promising, as evidenced by seven analysts revising their earnings estimates upwards for the upcoming period. This consensus could indicate confidence in the company's operational efficiency and profitability potential.
For investors seeking more comprehensive analysis and additional InvestingPro Tips, there are more insights available on the platform. Currently, there are over 7 tips that provide a deeper understanding of Permian Resources' financial and operational outlook. These tips can be accessed by interested parties who wish to make informed investment decisions. To benefit further, users can utilize the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
It is crucial for investors to consider these metrics and tips when evaluating Permian Resources' public offering and overall investment potential. The company's strong revenue growth and positive analyst revisions offer a glimpse into its promising future, yet each investment decision should be made with comprehensive research and due diligence.
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