Permian Resources Completes Acquisition of Earthstone Energy
01 Noviembre 2023 - 7:26AM
Business Wire
Permian Resources Corporation (“Permian Resources” or the
“Company”) (NYSE: PR) today announced that it has completed its
acquisition of Earthstone Energy, Inc. (“Earthstone”) (NYSE: ESTE).
The transaction was previously approved by Permian Resources and
Earthstone shareholders at special meetings held on October 30,
2023.
James Walter, Co-CEO of Permian Resources, commented, “We are
excited to complete this transaction and welcome the Earthstone
team to Permian Resources. This acquisition reinforces Permian
Resources’ position as a premier Delaware Basin independent E&P
which is uniquely situated to drive profitable growth and
development in the world-class Permian Basin.”
“We look forward to leveraging our deep Delaware Basin
experience and increased scale to deliver upon the significant
synergies provided by this combination, driving incremental value
for our combined shareholder base. We appreciate the strong support
from shareholders and are confident in the tangible and long-term
value expected to be created through this transaction,” said Will
Hickey, Co-CEO of the Company.
Under the terms of the merger, each share of Earthstone common
stock was converted into the right to receive 1.446 shares of
Permian Resources common stock. As a result, Permian Resources
expects to issue approximately 211 million shares of common stock
related to the transaction. In addition, Earthstone stock will no
longer be listed for trading on the NYSE, and Earthstone will no
longer have reporting obligations under the Securities Exchange Act
of 1934.
About Permian Resources
Headquartered in Midland, Texas, Permian Resources is an
independent oil and natural gas company focused on the responsible
acquisition, optimization and development of high-return oil and
natural gas properties. The Company’s assets and operations are
concentrated in the core of the Delaware Basin. For more
information, please visit www.permianres.com.
Cautionary Note Regarding Forward-Looking Statements
The information in this press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
historical fact included in this press release, regarding our
strategy, future operations, financial position, estimated revenues
and losses, projected costs, prospects, plans and objectives of
management are forward-looking statements. When used in this press
release, the words “could,” “may,” “believe,” “anticipate,”
“intend,” “estimate,” “expect,” “project,” “goal,” “plan,” “target”
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. These forward-looking statements are based
on management’s current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events.
Forward-looking statements may include statements about:
- volatility of oil, natural gas and NGL prices or a prolonged
period of low oil, natural gas or NGL prices and the effects of
actions by, or disputes among or between, members of the
Organization of Petroleum Exporting Countries (“OPEC”), such as
Saudi Arabia, and other oil and natural gas producing countries,
such as Russia, with respect to production levels or other matters
related to the price of oil;
- political and economic conditions in or affecting other
producing regions or countries, including the Middle East, Russia,
Eastern Europe, Africa and South America;
- our business strategy and future drilling plans;
- our reserves and our ability to replace the reserves we produce
through drilling and property acquisitions;
- our ability to realize the anticipated benefits and synergies
from the Earthstone merger and effectively integrate Earthstone's
assets;
- our drilling prospects, inventories, projects and
programs;
- our financial strategy, return of capital program, liquidity
and capital required for our development program;
- our realized oil, natural gas and NGL prices;
- the timing and amount of our future production of oil, natural
gas and NGLs;
- our ability to identify, complete and effectively integrate
acquisitions of properties or businesses;
- our hedging strategy and results;
- our competition and government regulations;
- our ability to obtain permits and governmental approvals;
- our pending legal or environmental matters;
- the marketing and transportation of our oil, natural gas and
NGLs;
- our leasehold or business acquisitions;
- costs of developing or operating our properties;
- our anticipated rate of return;
- general economic conditions;
- weather conditions in the areas where we operate;
- credit markets;
- our ability to make dividends, distributions and share
repurchases;
- uncertainty regarding our future operating results; and
- our plans, objectives, expectations and intentions contained in
this press release that are not historical.
We caution you that these forward-looking statements are subject
to all of the risks and uncertainties, most of which are difficult
to predict and many of which are beyond our control, incident to
the development, production, gathering and sale of oil and natural
gas. These risks include, but are not limited to, commodity price
volatility, inflation, lack of availability of drilling and
production equipment and services, risks relating to the Earthstone
merger, environmental risks, drilling and other operating risks,
regulatory changes, the uncertainty inherent in estimating reserves
and in projecting future rates of production, cash flow and access
to capital, the timing of development expenditures and the other
risks described in our filings with the SEC.
Reserve engineering is a process of estimating underground
accumulations of oil and natural gas that cannot be measured in an
exact way. The accuracy of any oil and gas reserve estimate depends
on the quality of available data, the interpretation of such data,
and price and cost assumptions made by reserve engineers. In
addition, the results of drilling, testing and production
activities may justify revisions of estimates that were made
previously. If significant, such revisions would change the
schedule of any further production and development drilling.
Accordingly, reserve estimates may differ significantly from the
quantities of oil and natural gas that are ultimately
recovered.
Should one or more of the risks or uncertainties described in
this press release occur, or should underlying assumptions prove
incorrect, our actual results and plans could differ materially
from those expressed in any forward-looking statements. All
forward-looking statements, expressed or implied, included in this
press release are expressly qualified in their entirety by this
cautionary statement. This cautionary statement should also be
considered in connection with any subsequent written or oral
forward-looking statements that we or persons acting on our behalf
may issue.
Except as otherwise required by applicable law, we disclaim any
duty to update any forward-looking statements, all of which are
expressly qualified by the statements in this section, to reflect
events or circumstances after the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20231031828761/en/
Hays Mabry – Sr. Director, Investor Relations Mae Herrington –
Engineering Advisor, Investor Relations (832) 240-3265
ir@permianres.com
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