(1) | Represents the estimated maximum number of shares of Class A Common Stock, par value $0.0001 per share, of Permian Resources Corporation (the “Registrant”) to be issued upon the completion of the mergers and other transactions contemplated by the Agreement and Plan of Merger, dated as of August 21, 2023, by and among the Registrant, Permian Resources Operating, LLC, Earthstone Energy, Inc. (“Earthstone”) Earthstone Energy Holdings, LLC, Smits Merger Sub I Inc. and Smits Merger Sub II LLC (as may be amended, the “Merger Agreement”) and is based upon the product of (a) an exchange ratio in the Merger Agreement of 1.446 multiplied by (b) 111,501,490 shares of Class A common stock, par value $0.001 per share, of Earthstone (“Earthstone Class A Common Stock”), which is the sum of (i) 106,331,055 shares of Earthstone Class A Common Stock estimated to be issued and outstanding immediately prior to completion of the mergers, (ii) 907,215 shares of Earthstone Class A Common Stock underlying outstanding time-based restricted stock units estimated to be outstanding immediately prior to completion of the mergers and (iii) 4,263,220 shares of Earthstone Class A Common Stock underlying performance-based restricted stock units (assuming attainment of the applicable performance metrics at the maximum level of performance) estimated to be outstanding immediately prior to completion of the mergers. |