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 a corporate reorganization, becoming a subsidiary of a new public holding company that itself took the Permian Resources Corporation name (with the prior entity renamed Permian Resources Holdings), and converted Class C shares held by management into Class A shares to simplify its Up-C ownership structure.

business combination

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

listing compliance notice

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 added $500 million more to its 7.000% notes due 2032, bringing that note series to $1 billion outstanding, likely helping fund the newly closed Earthstone acquisition.

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 agreed to combine with Colgate Energy Partners in an all-equity 'merger of equals' creating a $7.0 billion Permian Basin pure-play with about 180,000 net acres and 135,000 boe/d of production; Sean Smith becomes Executive Chair while Colgate's Will Hickey and James Walter become Co-CEOs of the combined company.

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 issued Centennial a second warning that its stock remained below the $1 minimum bid price requirement, continuing the delisting risk first flagged in April.

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 cut its revolving credit borrowing base to $700 million (from $800 million) in the spring 2020 redetermination and reduced elected commitments to match, tightening credit amid collapsed oil prices.

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 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

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

Silver Run filed updated financial statements for Centennial Resource Production and pro forma combined financials ahead of completing its acquisition of the company, which closed on October 11, 2016 and was renamed Centennial Resource Development, Inc.

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 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 formally entered the Agreement to Assign taking on Riverstone affiliate New Centennial's rights to acquire approximately 89% of Centennial Resource Production, converting the previously announced deal into a binding obligation.

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