| Item 7.01. | Regulation FD Disclosure. |
On September 6, 2023, Permian Resources Corporation (NYSE: PR) (“Permian Resources” or “our,” “us” or “we”) issued a press release announcing that, subject to market conditions, Permian Resources Operating, LLC, a subsidiary of Permian Resources, intends to offer (the “Notes Offering”) for sale in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), to eligible purchasers $500.0 million aggregate principal amount of senior unsecured notes due 2032. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated into this Item 7.01 by reference.
In addition, the information contained in Item 8.01 of this Current Report on Form 8-K is incorporated into this Item 7.01 by reference.
The information furnished pursuant to this Item 7.01 (including the exhibit) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (as amended, the “Exchange Act”), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act or the Exchange Act.
On September 6, 2023, in connection with the Notes Offering, Permian Resources provided certain updated disclosures to potential investors, the relevant disclosure is set forth below.
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As of June 30, 2023, we had approximately 181,000 net leasehold acres, 95% of which we operate, and approximately 43,000 net royalty acres. Approximately 67% of our total acreage is located in Texas, primarily in Reeves and Ward Counties, and the remaining 33% is located in Lea and Eddy Counties in New Mexico. As of June 30, 2023, approximately 97% of our net acreage is held by production. As adjusted to give effect to the Earthstone Transactions (as defined herein), our net leasehold position as of June 30, 2023 would have comprised approximately 404,000 net acres spanning the Delaware and Midland Basins. Of this net leasehold acreage position, approximately 73% is in Texas and 27% is in New Mexico, with 94% operated and 97% held by production. The previously announced pending merger with Earthstone Energy, Inc. (“Earthstone”), Earthstone’s acquisition of all of the issued and outstanding equity interests of Novo Oil & Gas Legacy Holdings, LLC, Novo Intermediate, LLC and Novo Oil & Gas Holdings, LLC (the “Novo Acquisition”) in August 2023 and the acquisition by Northern Oil and Gas, Inc. immediately following consummation of the Novo Acquisition of an undivided one-third interest in Novo’s oil and gas and related assets acquired by Earthstone pursuant to the Novo Acquisition are referred to herein as the “Earthstone Transactions.”
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As of August 31, 2023, we had approximately $90.3 million of cash and cash equivalents and $445.0 million of outstanding borrowings under our credit facility, with $1.0 billion of borrowing capacity under the credit facility (net of $5.8 million of outstanding letters of credit).
| Item 9.01 | Financial Statements and Exhibits. |
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Exhibit | | Description |
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| 99.1 | | Press Release, dated September 6, 2023. |
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| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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