Permian Resources falls on deal to buy Occidental's Delaware Basin assets for $818 mln

Permian Resources

29/07/2024 16:19

(Updates)
    ** Shares of oil and gas producer Permian Resources  PR.N 
fall marginally to $15.25
    ** Co to buy certain Delaware Basin assets in Texas and New
Mexico from Occidental Petroleum  OXY.N  for $818 million
    ** PR to buy a total of 29,500 net acres in the Barilla Draw
Field, with an estimated combined net production of 15,000
barrels of oil equivalent per day (boepd) in Q4 of 2024
    ** Deal expected to close in Q3 of 2024
    ** "The attractive purchase prices coupled with the
announced equity offering results in accretive financials across
the board" - Truist Securities
        ** Truist also raises PR's price target to $22 from $21
  
        ** Shares of OXY fall 1.2% to $59.83 along with a
decline in crude prices  O/R 
  
    ** YTD, PR stock is up marginally

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))