Permian Resources dips on secondary offering launch

Permian Resources

13/05/2024 13:10

** Permian Resources'  PR.N  shares dip 0.2% to $16.53
premarket after O&G producer commences secondary offering
    ** Midland, Texas-based co announces ~51.8 mln shares to be
sold by EnCap Investments, NGP Energy, Pearl Energy Investments
and Riverstone along with certain of co's board members
    ** Concurrently with closing of offering, co plans to
purchase 1.8 mln common units and cancel corresponding Class C
shares held by selling holders
    ** PR will have ~624.2 mln Class A shares and ~144 mln Class
C shares outstanding after the offering, per the SEC filing
    ** Goldman Sachs sole bookrunner for offering
    ** PR late last Tues reported Q1 top and bottom line beat,
per LSEG, and increased midpoint of its FY oil and total
production guidance by 2% to 150 mln barrels/day and 320 mln
barrels of oil equivalent/day
    ** Through Fri, shares up ~22% YTD and up nearly 80% over
the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))