Earthstone Energy rises on buyout deal with Permian Resources

Earthstone Energy

21/08/2023 12:54

** Shares of Earthstone Energy  ESTE.N  up 8% at $17.72
premarket
    ** Permian Resources  PR.N  to acquire ESTE in an all-stock
transaction 
    ** The acquisition values ESTE at $4.5 bln, including debt,
representing a 14.8% premium on stock's last close
    ** The deal to strengthen PR's position as a leading
Delaware Basin independent producer with pro-forma production of
about 300,000 barrels of oil equivalent per day (boepd)
    ** Transaction expected to close by the year-end
    ** PR shares down 2.6% at $12.55 premarket 
    ** YTD, ESTE shares up 14.1% and PR shares have gained 37.1%
through last close 

 (Reporting by Tanay Dhumal in Bengaluru)
 ((Tanay.Dhumal@thomsonreuters.com; 
Twitter: https://twitter.com/TanayDhumal))