Shares of Permian Resources Corp (NYSE:PR) slid 3.7% on Monday following the announcement of the pricing of a major public offering of Class A common stock by certain existing shareholders.
The offering, set at $13.53 per share, includes 46,112,899 shares being sold by affiliates of Pearl Energy Investments and Riverstone Investment Group LLC. Permian Resources itself will not receive any proceeds, as it is not selling shares in this transaction.
In a parallel move, the company has agreed to acquire 2,000,000 common units representing limited liability company interests in Permian Resources Operating, LLC from some of the selling stockholders. These units will be purchased at the same price per unit as the public offering, and the corresponding number of Class C shares held by these stockholders will be canceled.
Morgan Stanley, Citigroup, and Goldman Sachs & Co. LLC are acting as underwriters for the offering, which is expected to close on September 16, 2025, subject to standard closing conditions. While the stock offering is independent of the unit purchase, the acquisition of units depends on the offering’s completion.
The size of the offering appears to be weighing on the stock, as investors react to the potential impact of the new shares entering the market.
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