Permian Resources lifts after secondary offering prices

Permian Resources

13/05/2024 15:36

(Updates with pricing details)
    ** Permian Resources'  PR.N  shares up 1.1% at $16.75 on
Mon, looking to snap 3-day losing streak, after O&G producer's
secondary offering prices
    ** Midland, Texas-based co announces ~51.8 mln shares sold
by EnCap Investments, NGP Energy, Pearl Energy Investments and
Riverstone along with certain of co's board members at $16.47
    ** PR's shares closed at $16.57 on Fri
    ** Co also plans to purchase 1.8 mln common units and cancel
corresponding Class C shares held by selling holders
    ** PR to 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
    ** With move on the session, PR's shares up ~23% YTD and up
about 75% 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))