Permian Resources Corp

Permian Resources replaced its prior credit agreement with a new $3.0 billion senior unsecured revolving credit facility maturing in 2031, a significant upgrade from its earlier secured borrowing-base facilities reflecting its stronger post-merger credit profile.

debt financing

Permian Resources Corp deregistered its securities, ending its obligation to file reports with the SEC.

listing compliance notice

Permian Resources completed its reorganization on January 7, 2026. Old PR became a wholly owned subsidiary of the new holding company PRC NewCo Inc, which took the Permian Resources Corporation name, and Old PR was renamed Permian Resources Holdings Inc. Certain OpCo unit holders had their Class C shares cancelled and exchanged their units one-for-one for new Class A shares.

business combination

Permian Resources Corp's exchange filed to remove a class of its securities from listing.

listing compliance notice

Permian Resources announced a reorganization under a new holding company, PRC NewCo Inc, which will replace it as the NYSE-listed public company. Class A shares convert one-for-one into new Class A shares still trading as PR, and no shareholder vote is needed. Certain holders of operating-company units will surrender their Class C shares for no consideration and swap their units for 48,916,754 new Class A shares, expected in Q1 2026. The company also amended its credit agreement (technical changes to permit the reorganization). The existing company is expected to be renamed Permian Resources Holdings Inc., and the new parent will take the Permian Resources Corporation name.

capital raising announcement

Permian Resources called for redemption all of its outstanding 3.25% exchangeable senior notes due 2028 (issued in March 2021), triggering noteholders' right to exchange or be cashed out ahead of the redemption date.

debt financing

Permian Resources extended its credit facility's maturity, closed its Barilla Draw acquisition (adding ~29,500 net acres), raised its quarterly dividend 150% to $0.15/share under a new return-of-capital strategy, and received credit rating upgrades from Moody's, S&P and Fitch as it targets investment-grade status in 2025.

debt financing

Permian Resources' operating subsidiary issued $1.0 billion of new 6.25% senior notes due 2033 and used part of the proceeds to tender for and fully retire its $300 million of 7.75% notes due 2026.

debt financing

Permian Resources' operating subsidiary issued a further $500 million of its 7.000% senior notes due 2032 under the existing September 2023 indenture. The new notes join the original $500 million as a single series, bringing it to $1 billion.

debt financing

Permian Resources completed its acquisition of Earthstone Energy after shareholders of both companies approved the deal, issuing about 211 million shares to Earthstone holders; Earthstone was delisted from the NYSE and ceased separate SEC reporting.

business combination

Permian Resources' operating subsidiary issued $500 million of new 7.000% senior notes due 2032.

debt financing

Permian Resources registered with the SEC the shares it will issue to Earthstone Energy shareholders in the pending merger, filing the joint proxy statement/prospectus both companies' shareholders would vote on.

business combination

Permian Resources and Earthstone Energy jointly announced their merger agreement, valuing the combined company at roughly $14 billion with over 400,000 net Permian acres and about 300,000 boe/d of pro forma production; each Earthstone share converts to 1.446 Permian Resources shares.

business combination

Permian Resources agreed to acquire Earthstone Energy, a complementary Delaware Basin operator, in an all-stock deal worth an estimated $4.5 billion enterprise value, expecting about $175 million in annual synergies and over 30% free cash flow per share accretion.

material agreement

Permian Resources Corp's securities were notified for removal from listing and registration on its exchange.

listing compliance notice

the exchange certified Permian Resources Corp's securities for listing, clearing them to begin trading.

listing compliance notice

Centennial Resource Development completed its merger with Colgate Energy Partners and renamed itself Permian Resources Corporation, establishing headquarters in Midland, Texas as the largest pure-play E&P company in the Delaware Basin.

asset acquisition disposition

Centennial's shareholders voted to approve the Colgate Energy merger, clearing the way to close the deal that would create the combined company later renamed Permian Resources Corporation.

business combination

Centennial filed the final proxy for the Colgate merger and set the special shareholder meeting for August 29, 2022 (record date July 25, 2022). The terms are unchanged from the preliminary proxy: 269,300,000 Class C shares plus $525 million in cash for Colgate's owner, with the board unanimously recommending a vote for. The charter vote was split into separate proposals (A to D). Shareholders still hold about 51% of the combined stock after closing.

business combination

Centennial filed a preliminary proxy for a shareholder vote on the merger agreed May 19, 2022 with Colgate Energy Partners III. Colgate's owner would receive 269,300,000 Class C shares (with matching units) plus $525 million in cash, leaving current shareholders with about 51% of the combined stock and Colgate's owner about 49%. The deal needs shareholder approval of the share issuance and a charter change (more authorized shares among other changes), and the price could be adjusted down for title and environmental defects.

business combination

Centennial agreed to merge with Colgate Energy Partners III in a deal where Colgate's owner would receive 269,300,000 Class C shares, matching operating units and $525 million in cash. The deal was subject to a Centennial shareholder vote and regulatory conditions.

business combination

Centennial replaced its credit agreement with a new facility (initial $1.15 billion borrowing base, $750 million elected commitments) and launched a $350 million share repurchase program, reporting a swing to $138 million of full-year 2021 net income after 2020's pandemic-driven loss.

debt financing

As the oil market recovered, Centennial issued $150 million of new 3.25% exchangeable senior notes due 2028, convertible into Centennial common stock - its first equity-linked debt issuance and a lower-cost financing option than its prior secured notes.

debt financing

Nasdaq notified Centennial on August 10, 2020 that its stock had closed below the $1.00 minimum bid for 30 consecutive business days. The company had until February 8, 2021 to regain compliance, with no immediate effect on trading.

listing compliance notice

Centennial settled its distressed exchange offers, swapping about $254 million of its unsecured 2026 and 2027 notes for $127 million of new 8.00% second-lien secured notes due 2025 - noteholders took a discount to move up in the capital structure amid the COVID oil price crash.

debt financing

Centennial terminated its $150 million sale of water infrastructure to WaterBridge after WaterBridge failed to close by the contractual deadline; Centennial believes it is entitled to keep the $10 million deposit held in escrow.

material agreement termination

Centennial's lenders set a new $700 million borrowing base in the spring 2020 redetermination and reduced the elected commitments to $700 million. The amendments also tightened covenants and pricing and allowed the new second- and third-lien notes.

debt financing

Amid the COVID-19 oil price crash, Nasdaq warned Centennial that its stock had traded below the $1 minimum bid price for 30 straight days, risking delisting; separately the company launched distressed exchange offers, proposing to swap its unsecured 2026 and 2027 notes for new second- and third-lien secured notes.

listing compliance notice

Centennial agreed to sell its Delaware Basin saltwater disposal and water transportation infrastructure to WaterBridge for $150 million, with up to $75 million more in potential earnout payments.

material agreement

Centennial issued $500 million of new 6.875% senior notes due 2027, using the proceeds to repay revolving credit facility borrowings.

debt financing

Centennial replaced its credit agreement with a new five-year facility providing an $800 million initial borrowing base and up to $1.5 billion in maximum revolving credit.

debt financing

Centennial closed its $400 million offering of 5.375% senior notes due 2026.

debt financing

Centennial priced an upsized $400 million (from a planned $350 million) offering of 5.375% senior notes due 2026 and voluntarily cut its revolving credit facility commitments to $475 million as it shifted funding toward the new notes.

material agreement

Centennial launched a private offering of $350 million in senior unsecured notes due 2026 to repay revolving credit facility borrowings, with lenders waiving the usual borrowing-base reduction that new debt would otherwise trigger.

debt financing

Centennial's lenders raised its revolving credit facility's borrowing base from $350 million to $575 million and doubled the maximum facility size to $1 billion.

debt financing

Centennial completed its roughly $350 million acquisition of Northern Delaware Basin properties from GMT Exploration, funded by a concurrent private stock placement.

asset acquisition disposition

Centennial agreed to sell 23,500,000 new Class A shares at $14.50 each (about $341 million) to investors in a private placement. The money is meant to fund its pending purchase of GMT Exploration assets, and the sale closes only if that acquisition closes (expected around June 8, 2017). The agreements lapse if not closed by June 30, 2017 (extendable to July 15). This adds to the share count, so it dilutes existing holders, while funding the GMT deal noted in the context.

capital raising announcement

Centennial agreed to buy undeveloped and producing oil and gas properties in the Northern Delaware Basin from GMT Exploration for about $350 million, marking its strategic entry into that area and raising its 2020 oil production target to 60,000 bbl/d.

debt financing

Permian Resources Corp's exchange filed to remove a class of its securities from listing.

listing compliance notice

Centennial closed its roughly $855 million acquisition of Reeves County, Texas leasehold and upstream assets from Silverback Exploration, funded by a $910 million private placement of equity (including $430 million from Riverstone) alongside an increased borrowing base on its revolving credit facility.

asset acquisition disposition

Centennial signed agreements with outside investors to buy 33,012,380 new Class A shares at $14.54 each, about $480 million, to help fund the pending Silverback acquisition. Together with the Riverstone commitment, the press release puts total equity commitments at $910 million, with Riverstone and affiliates taking $430 million in common and convertible preferred. Closing is expected on or before December 30, 2016 and depends on the Silverback deal closing. A 2% fee goes to the placement agents and 2% to a Riverstone affiliate. This continues the Silverback financing; the new shares dilute existing holders (an inference).

capital raising announcement

Centennial agreed to take over a Riverstone affiliate's contract to buy Silverback Exploration's Reeves County, Texas leasehold and related assets for $855 million cash, with closing expected December 30, 2016. To help pay, a Riverstone affiliate agreed to buy up to about $400 million (plus up to about $100 million more) of Class A shares and non-voting convertible Series B preferred at $14.54 per share, and Centennial will reimburse a $50 million deposit and pay a fee of at least $8 million. Series B converts at 250-to-1 into Class A once stockholders approve. This is a new acquisition thread following the Centennial deal, and share issuance dilutes existing holders (an inference from the new issuance).

capital raising announcement

Newly renamed Centennial Resource Development dismissed WithumSmith+Brown and engaged KPMG (which had already audited Centennial Resource Production's own books) as its independent auditor, with no disagreements over accounting matters.

auditor change

Centennial Resource Development filed an 8-K/A after the October 11, 2016 closing of its acquisition of about 89% of Centennial Resource Production. It added CRP's unaudited nine-month 2016 financials, updated management discussion and pro forma combined statements.

asset acquisition disposition

Silver Run Acquisition Corporation completed its acquisition of approximately 89% of Centennial Resource Production and renamed itself Centennial Resource Development, Inc., converting from a blank-check SPAC into an operating Permian Basin oil and gas company.

business combination

Permian Resources Corp's exchange filed to remove a class of its securities from listing.

listing compliance notice

Silver Run filed its definitive proxy for the special meeting to approve the Centennial Resource Production acquisition, replacing the July preliminary version. The proposals are the same in substance, including the Class C stock, the increase in authorised Class A shares from 200 million to 600 million, the Riverstone and other private placements and the incentive plan. The preliminary proposal to add one-to-one share-to-unit maintenance provisions is no longer listed as a separate item; the proxy lists the elimination of old SPAC provisions as the 'Additional Charter Proposal'. The name is now planned as Centennial Resource Development, Inc. rather than 'Corp.', and the trust figure is updated to about $500.3 million as of June 30, 2016 (about $10.00 per share). Shareholders can still redeem; the deal is not yet completed in this filing.

business combination

Silver Run and the Centennial sellers amended their contribution agreement, resetting the cash consideration structure for the pending Centennial acquisition to about $1.19 billion (plus up to $200 million more under a seller cash election); separately, Silver Run's sponsor extended it a small $300,000 working-capital note to cover expenses until the deal closes.

debt financing

Silver Run filed a preliminary proxy asking its stockholders to vote on buying about 89% of Centennial Resource Production (the deal announced in July), with a stated transaction value of about $1.39 billion. Votes are also sought on creating a new Class C stock, raising authorised Class A shares from 200 million to 600 million, up to 81,005,000 shares sold to Riverstone affiliates plus 20,000,000 to other investors, a long-term incentive plan, and a name change to Centennial Resource Development Corp. Public holders can redeem for their share of the roughly $500 million trust (about $10.00 per share illustratively). The sponsor, officers and directors (about 20% of shares) have agreed to vote in favour. This continues the July deal and is still preliminary.

business combination

Silver Run signed an Agreement to Assign with Riverstone affiliate New Centennial, under which it agreed to assume the rights to buy about 89% of Centennial Resource Production. The assignment was conditional on stockholder approval and other conditions, and either party could terminate it if approval was not obtained by October 10, 2016.

listing compliance notice

Silver Run agreed to acquire roughly 89% of Centennial Resource Production, an oil and gas company in the core of the Southern Delaware Basin, from NGP-affiliated sellers, backed by an estimated $810 million equity commitment from Riverstone Holdings (which would become Silver Run's largest shareholder, ~51%) plus $200 million from Capital World and Fidelity funds to help pay the cash consideration.

business combination

Silver Run Acquisition Corporation, an energy-focused blank-check company, completed a $500 million IPO on NASDAQ, raising capital to pursue a future acquisition or merger in the energy sector.

business combination

Nasdaq certified Permian Resources Corp's securities for listing, clearing them to begin trading.

listing compliance notice