Skip to content

PR · Permian Resources

32 filings

10-Q

PR 10-Q Quarterly Reports

Permian Resources - 32 quarterly reports

Filing record · 2016–202610-K1010-Q328-K167

2026-Q2
Permian Resources Quarterly Report for Q2 Ended Jun 30, 2026
Permian Resources Corporation's 10-Q for the quarter ended June 30, 2026 shows strong top-line growth. Oil and gas sales were $1.86 billion for the three months ended June 30, 2026, up 55% from $1.20 billion a year earlier, driven mainly by an oil realized price of $97.81 per Bbl (up 56%) and 12% higher oil production. Net income was $792.5 million for the quarter versus $245.0 million, and diluted EPS was $0.93 versus $0.28. For the six months, net income was $842.9 million and net cash provided by operating activities was $2.32 billion. Realized natural gas prices were negative, at negative $2.40 per Mcf for the quarter, reflecting negative regional Waha pricing, which the company says it partly offset through purchased gas sales and curtailments. The balance sheet and capital structure changed significantly. The company completed a corporate reorganization on January 7, 2026, and by March 31, 2026 the noncontrolling interest was fully eliminated. Long-term debt, net, fell to $2.99 billion from $3.55 billion at year-end 2025, after the redemption of $550.0 million of 8.00% senior notes due 2027 in April 2026. The company entered a new $3.0 billion senior unsecured revolving credit facility maturing April 30, 2031, with no borrowings outstanding at June 30, 2026. The filing states that the company achieved investment grade ratings from S&P, Moody's and Fitch. Cash dividends were $0.16 per share for the quarter, totaling $269.1 million for the six months. Subsequent events include the July 15, 2026 redemption of the 9.875% senior notes due 2031 at 104.938% of their $325.0 million principal, and the July 31, 2026 acquisition of approximately 20,500 net leasehold acres in Ward County, Texas, for an unadjusted base purchase price of $520.0 million, funded with cash on hand and Credit Agreement borrowings.
Aug 6, 2026
2026-Q1
Permian Resources Quarterly Report for Q1 Ended Mar 31, 2026
Permian Resources Corporation's first-quarter 2026 10-Q reports oil and gas sales of $1.39 billion, essentially flat versus $1.38 billion a year earlier, while net income fell to $50.4 million from $390.6 million. The decline was driven largely by a $339.9 million net loss on derivative instruments, which included a $369.3 million non-cash mark-to-market loss, compared with a $57.7 million gain in the prior-year period. Operating income was $467.2 million versus $504.5 million, and net production rose 11% to 412,850 Boe/d, helped by bolt-on acquisitions of $204.9 million. Realized natural gas prices turned negative, at $(0.29) per Mcf, due to negative regional Waha prices. Balance sheet and capital return were the main structural developments in the quarter. The company reorganized into a new public holding company on January 7, 2026, and eliminated its noncontrolling interest by March 31, 2026. It achieved investment grade ratings from S&P in the first quarter and from Moody's on April 1, 2026, joining Fitch's rating from July 2025. Total debt was $3.55 billion, and the company paid $134.9 million in dividends ($0.16 per share). Subsequent to quarter end, it redeemed the $550.0 million 8.00% senior notes due 2027 on April 15, 2026, and entered an unsecured $3.0 billion revolving credit facility on April 30, 2026, which replaced the prior secured facility.
May 7, 2026
2025-Q3
Permian Resources Quarterly Report for Q3 Ended Sep 30, 2025
Permian Resources Corporation's Form 10-Q for the quarter ended September 30, 2025 shows oil and gas sales of $1,321.8 million for the three months ended September 30, 2025, up from $1,215.6 million a year earlier, and net income of $81.5 million versus $456.5 million, reflecting a $264.3 million loss on extinguishment of debt tied to the redemption of its 3.25% Convertible Senior Notes. For the nine months, net cash provided by operating activities was $2.70 billion, and drilling and development capital expenditures were $1.49 billion, with $830.3 million spent on acquisitions of oil and natural gas properties. The company reported net production of 389,653 Boe/d for the nine months ended September 30, 2025, up from 335,166 Boe/d a year earlier. Average realized oil price fell to $65.93 per Bbl for the nine months from $76.80, while the average realized natural gas price rose to $0.78 per Mcf from a negative $0.13. At September 30, 2025, the company had no borrowings under its $4.0 billion borrowing base credit facility, $2.5 billion of available borrowing capacity, and $3.54 billion of senior notes, net. Dividends and distributions paid totaled $366.8 million for the nine months, and $73.7 million was spent on share repurchases. Subsequent to quarter end, the company amended its Credit Agreement in connection with the October 24, 2025 fall borrowing base redetermination, reaffirming the borrowing base at $4.0 billion and elected commitments at $2.5 billion, and declared a quarterly base dividend of $0.15 per share of Class A Common Stock on November 5, 2025.
Nov 6, 2025
2025-Q2
Permian Resources Quarterly Report for Q2 Ended Jun 30, 2025
Permian Resources Corporation reported second-quarter 2025 oil and gas sales of $1.20 billion, compared with $1.25 billion in the second quarter of 2024, a decrease the filing describes as 4%. Net income was $245.0 million for the quarter, with $207.1 million attributable to Class A Common Stock, and diluted earnings per share were $0.28, versus $0.36 a year earlier. Net production rose 14% year over year to 385,118 Boe/d, offsetting a 22% decline in the average realized oil price to $62.71 per Bbl. Net gains on derivative instruments of $73.0 million also supported quarterly results. For the first six months of 2025, net cash provided by operating activities was $1.94 billion, up $350.7 million from the prior-year period. The company funded $1.0 billion of drilling and development capital expenditures and $650.3 million of acquisitions, paid $241.6 million in dividends and distributions, and repurchased $43.3 million of Class A stock. The largest transaction in the period was the June 16, 2025 acquisition of approximately 13,000 net leasehold acres from Apache Corporation for an unadjusted purchase price of $608 million. The company had no borrowings under its $4.0 billion borrowing base credit agreement, with $2.5 billion of available capacity, and total debt of $4.0 billion. Management expects 2025 drilling, completion and facilities capital expenditures of $1.92 billion to $2.02 billion, to be funded from operating cash flow. After the period end, the One Big Beautiful Bill Act was signed into law on July 4, 2025. The company does not expect it to have a material impact on 2025 results of operations and cash flows. On August 6, 2025, the board declared a quarterly base dividend of $0.15 per share of Class A Common Stock, payable September 30, 2025.
Aug 7, 2025
2025-Q1
Permian Resources Quarterly Report for Q1 Ended Mar 31, 2025
Permian Resources Corporation reported first-quarter 2025 net income of $390.6 million, up from $229.6 million in the first quarter of 2024, and net income attributable to Class A Common Stock of $329.3 million versus $146.6 million. Oil and gas sales rose to $1.38 billion from $1.24 billion, with total production of 33,589 MBoe (373,209 Boe/d). Average oil price fell to $70.48 per Bbl from $76.13, while the average natural gas price rose to $1.35 per Mcf from $0.75. Net cash provided by operating activities was $898.0 million, compared with $647.6 million a year earlier, and the company funded its first-quarter development capital spending of $500.7 million entirely from operating cash flow. The balance sheet shows cash of $702.2 million at March 31, 2025, and total debt, net, of $4.0 billion. The company redeemed $175 million of its 2031 Senior Notes in January 2025 at 109.875% of principal, and it had no borrowings under its $2.5 billion elected-commitment revolving credit facility. Dividends paid in the quarter totaled $106.1 million, and the base dividend was $0.15 per share. Subsequent events include an agreement announced in May 2025 to acquire oil and gas properties from Apache Corporation for $608 million, expected to close in the second quarter of 2025 and to be funded with cash on hand. The company also reaffirmed its $4.0 billion borrowing base and $2.5 billion in elected commitments in the spring 2025 redetermination, and it repurchased 4.1 million Class A shares for $43.3 million in April 2025.
May 8, 2025
2024-Q3
Permian Resources Quarterly Report for Q3 Ended Sep 30, 2024
Permian Resources Corporation's Form 10-Q for the quarter ended September 30, 2024 reports third-quarter oil and gas sales of $1,215.6 million, up from $758.5 million a year earlier, with net income attributable to Class A Common Stock of $386.4 million ($0.53 diluted per share) versus $45.4 million in the prior-year quarter. Nine-month oil and gas sales were $3.70 billion and net cash provided by operating activities was $2.54 billion, compared with $1.37 billion a year earlier. Third-quarter results were boosted by a $238.5 million net gain on derivative instruments, while natural gas sales were negative for the quarter because Waha gas prices averaged negative $1.00 per MMBtu. The company's growth was driven by the Earthstone Merger completed November 1, 2023 and by 2024 acquisitions, including the $743.5 million Bolt-On Acquisition from affiliates of Occidental Petroleum completed September 17, 2024. Third-quarter net production averaged 347,091 Boe/d, up 102% year over year. To fund the Bolt-On Acquisition, the company issued $1.0 billion of 6.25% senior notes due 2033 and completed a public offering of 26.5 million Class A shares with net proceeds of $402.2 million. Long-term debt, net, was $4.18 billion at September 30, 2024, and the revolving credit facility had no borrowings outstanding against $2.5 billion of available capacity. Capital returns increased: the quarterly base dividend was raised to $0.15 per share, the variable dividend paid in the quarter was $0.15 per share, and the Board authorized a new $1 billion share repurchase program replacing the $500 million program. Subsequent to quarter end, the company declared a $0.15 base dividend payable November 22, 2024 and amended its Credit Agreement to extend maturity to February 2028.
Nov 7, 2024
2024-Q2
Permian Resources Quarterly Report for Q2 Ended Jun 30, 2024
Permian Resources Corporation's Form 10-Q for the quarter ended June 30, 2024 shows net income attributable to Class A Common Stock of $235.1 million for the three months ended June 30, 2024, up from $73.4 million a year earlier, on oil and gas sales of $1,246.1 million versus $623.4 million. For the six months, oil and gas sales were $2,489.1 million, net income attributable to Class A Common Stock was $381.7 million, and cash provided by operating activities was $1,586.0 million. Results reflect the Earthstone Merger completed November 1, 2023, which drove sharply higher production: total net production rose 104% to 30,827 MBoe for the quarter. Realized natural gas prices fell 99% in the quarter, reflecting negative Waha prices averaging negative $0.59 per MMBtu. The balance sheet shows total assets of $15.41 billion and total long-term debt, net, of $3.87 billion at June 30, 2024. Cash and cash equivalents were $47.8 million, and the Credit Agreement had a $4.0 billion borrowing base, $2.5 billion in elected commitments, and $375.0 million outstanding. During the six months, the company paid $213.0 million in dividends, distributed $57.1 million to noncontrolling interest owners, repurchased $61.0 million of Class C stock, redeemed $356.4 million of 6.875% senior notes due 2027, and spent $1.04 billion on drilling and development capital expenditures. The 2024 capital budget is stated as $1.9 billion to $2.1 billion. Subsequent events include an agreement announced July 27, 2024 to acquire oil and gas properties from Occidental Petroleum affiliates for $817.5 million, a July 30, 2024 equity offering of 26.5 million Class A shares with net proceeds of $402.8 million, and an August 5, 2024 issuance of $1.0 billion of 6.25% senior notes due 2033. The company also declared a base dividend of $0.06 and a variable dividend of $0.15 per share, totaling $0.21 per share.
Aug 7, 2024
2024-Q1
Permian Resources Quarterly Report for Q1 Ended Mar 31, 2024
Permian Resources Corporation reported first-quarter 2024 oil and gas sales of $1.24 billion, up from $616.3 million in the prior-year quarter, and the filing states that total net revenues rose 102%. Net income was $229.6 million, compared with $219.8 million, and net income attributable to Class A Common Stock was $146.6 million, compared with $102.1 million. Diluted earnings per share were $0.25, versus $0.31 a year earlier. Average net production was 319,514 Boe/d, up 108% from 153,822 Boe/d, reflecting wells placed online since the first quarter of 2023 and the November 1, 2023 Earthstone Merger. Results were pressured by a $121.1 million net loss on derivative instruments, $168.7 million in lease operating expenses, and interest expense of $72.6 million. Cash flow from operations was $647.6 million, up from $438.2 million, and funded $519.6 million of drilling and development capital expenditures, $97.0 million of property acquisitions, and $115.5 million in dividends and distributions. The company repurchased 2.0 million Class C shares for $31.4 million. Cash and cash equivalents were $12.7 million at March 31, 2024, and long-term debt, net, was $3.91 billion. The filing reports a 2024 drilling, completion and facilities capital budget of $1.9 billion to $2.1 billion, which management expects to fund from operating cash flow. Subsequent to quarter-end, the company redeemed its $356.4 million 6.875% Senior Notes due 2027 on April 5, 2024, and amended its Credit Agreement to increase elected commitments to $2.5 billion from $2.0 billion, with the borrowing base reaffirmed at $4.0 billion. On May 7, 2024, the board declared a total return of $0.20 per share, comprising a $0.06 base dividend and a $0.14 variable dividend.
May 8, 2024
2023-Q3
Permian Resources Quarterly Report for Q3 Ended Sep 30, 2023
Permian Resources Corporation's third-quarter 2023 Form 10-Q reports oil and gas sales of $758.5 million for the three months ended September 30, 2023, up from $549.8 million a year earlier, while net income attributable to Class A Common Stock was $45.4 million versus $224.4 million. Net production reached 171,966 Boe/d, up from 92,003 Boe/d, reflecting the Colgate Merger completed September 1, 2022 and new wells. Results were offset by a $151.8 million net loss on derivative instruments in the quarter and interest expense of $40.6 million. For the nine months, cash provided by operating activities was $1.37 billion, and the company funded its $1.1 billion of drilling and development capital expenditures from operating cash flow. The company had no borrowings outstanding under its Credit Agreement at September 30, 2023 and $1.5 billion of available borrowing capacity, and it issued $500.0 million of 7.00% senior notes due 2032 in September 2023. The 2023 capital expenditure budget is stated as $1.25 billion to $1.45 billion. Total long-term debt, net, was $2.25 billion at quarter end. Subsequent to the quarter, the Earthstone Merger closed on November 1, 2023, with Permian issuing 161.0 million Class A and 49.5 million Class C shares, a preliminary share consideration value of approximately $3.0 billion, and assuming $1.05 billion of Earthstone senior notes. The filing states the combined company will hold approximately 223,000 acquired net leasehold acres, over 400,000 net acres in total, and production of about 300,000 Boe per day. The Board declared a base dividend of $0.05 and a variable dividend of $0.07 per Class A share, a total of $0.12, payable November 28, 2023.
Nov 8, 2023
2023-Q2
Permian Resources Quarterly Report for Q2 Ended Jun 30, 2023
Permian Resources Corporation's Form 10-Q for the quarter ended June 30, 2023 shows oil and gas sales of $623.4 million for the three months ended June 30, 2023, up from $472.7 million a year earlier, and $1.24 billion for the six months, up from $819.9 million. Production growth was the main driver: total net production for the quarter was 15,093 MBoe (165,850 Boe/d), up 136%, aided by the September 2022 Colgate Energy Partners III merger. Realized prices fell sharply, with the average oil price down 32% and natural gas down 80% year over year, though hedging gains partly offset this. Net income attributable to Class A Common Stock was $73.4 million for the quarter, with diluted EPS of $0.21, compared with $191.8 million net income and $0.60 diluted EPS a year earlier. Net income was $149.0 million before noncontrolling interest of $75.6 million. Cash flow from operations was $886.7 million for the six months, versus $455.1 million in the prior year, and the company funded its capital program from operating cash flow. Drilling and development capital expenditures were $686.6 million for the six months, and the company expects 2023 drilling, completion and facilities capital of $1.25 billion to $1.45 billion. Long-term debt, net was $2.06 billion at June 30, 2023, including $300 million drawn on a $1.5 billion elected-commitment credit facility with a $2.5 billion borrowing base. Shareholder returns included $85.5 million of dividends and distributions and $29.4 million of share repurchases in the first half. The board declared base and variable dividends totaling $0.10 per share on August 2, 2023. The company also completed a $98 million acquisition of roughly 4,000 net leasehold acres in Lea County, New Mexico, and sold its Reeves County saltwater disposal assets for $125 million, including $60 million of contingent consideration. Chief Operating Officer Matt Garrison is departing effective September 1, 2023, and Chief Accounting Officer Brent Jensen plans to retire on November 30, 2023.
Aug 3, 2023
2023-Q1
Permian Resources Quarterly Report for Q1 Ended Mar 31, 2023
Permian Resources Corporation's first-quarter 2023 Form 10-Q reports oil and gas sales of $616.3 million for the three months ended March 31, 2023, up from $347.3 million a year earlier, with net income of $219.8 million and net income attributable to Class A Common Stock of $102.1 million. Production rose sharply to 153,822 Boe/d from 61,359 Boe/d, reflecting the September 1, 2022 merger with Colgate Energy Partners III, LLC, while realized oil prices fell to $74.38 per Bbl from $89.17 per Bbl. Lease operating expenses increased to $74.5 million, depreciation, depletion and amortization rose to $188.2 million, and merger and integration expense was $13.3 million. Cash flow from operations was $438.2 million, which funded $315.3 million of drilling and development capital expenditures and a $100.8 million acquisition, with the company stating it expects to fund its 2023 capital budget of $1.25 billion to $1.45 billion entirely from operating cash flow. Long-term debt, net, declined to $2.04 billion from $2.14 billion, and borrowings under the credit facility were $285 million at quarter end. The company also repurchased 2.8 million shares of Class C Common Stock for $29.4 million and, after quarter end, declared a base quarterly dividend of $0.05 per share plus an initial variable dividend of $0.05 per share.
May 9, 2023
2022-Q3
Permian Resources Quarterly Report for Q3 Ended Sep 30, 2022
Permian Resources Corporation's third-quarter 2022 Form 10-Q, filed November 9, 2022, reflects the September 1, 2022 completion of its merger with Colgate Energy Partners III, LLC. The merger added Colgate's assets, approximately 105,000 net leasehold acres and 25,000 net royalty acres located primarily in Reeves and Ward Counties in Texas and Eddy County in New Mexico. Consideration was 269,300,000 shares of Class C Common Stock, 269,300,000 Common Units and $525 million in cash. The Colgate owners hold approximately 48% of OpCo, which is presented as a noncontrolling interest. Total assets rose to $8.61 billion at September 30, 2022 from $3.80 billion at December 31, 2021, and long-term debt, net, rose to $2.30 billion from $825.6 million. For the three months ended September 30, 2022, oil and gas sales were $549.8 million, up from $288.5 million a year earlier. Net income was $343.5 million, of which $224.4 million was attributable to Class A Common Stock, and diluted EPS was $0.70. Results include a $181.3 million net gain on derivative instruments and $59.3 million of merger and integration expense. For the nine months ended September 30, 2022, net cash provided by operating activities was $843.4 million, and drilling and development capital expenditures were $397.9 million. Cash paid for the Merger, net of cash acquired, was $496.7 million. The company reported that its disclosure controls were effective as of September 30, 2022. It disclosed a pending EPA air emissions penalty that it does not expect to be material, though it may exceed $300,000. A contingent loss of zero to $7.6 million relates to a lawsuit by a transportation provider stemming from Winter Storm Uri. On November 8, 2022, the board declared a quarterly dividend of $0.05 per share, payable November 29, 2022.
Nov 9, 2022
2022-Q2
Permian Resources Quarterly Report for Q2 Ended Jun 30, 2022
Centennial Resource Development, Inc. reported net income of $191.8 million for the second quarter of 2022 and $207.6 million for the six months ended June 30, 2022, compared with a net loss of $25.1 million and $59.7 million, respectively, in the 2021 periods. Oil and gas sales rose to $472.7 million in the quarter and $819.9 million for the six months, driven by higher realized prices and a 15% increase in oil production. Operating cash flow for the first half of 2022 was $455.1 million, and the company ended the period with $201.1 million in cash and no borrowings outstanding under its Credit Agreement, with $744.2 million of available borrowing capacity. The filing is dominated by the pending merger with Colgate Energy Partners III, LLC, a merger of equals in which Colgate's unitholder will receive 269,300,000 shares of Class C common stock and $525 million in cash, and the company will assume $1.0 billion of Colgate's senior notes and credit facility borrowings. The merger is expected to close shortly after the August 29, 2022 shareholder meeting. Until it closes or is terminated, restrictions tied to the merger have prevented share repurchases under the $350 million repurchase program. The company also recorded $5.7 million of merger and integration expense in the quarter and disclosed a $72.0 million termination fee exposure. The company's derivative losses were significant, with a net loss on derivative instruments of $34.1 million in the quarter and $163.7 million for the six months, reflecting hedge settlements in a high-price environment. Income tax expense was $41.5 million in the quarter, reflecting a partial release of the valuation allowance. On July 15, 2022, the Credit Agreement was amended to increase elected commitments to $1.5 billion and the borrowing base to $2.5 billion, effective upon the merger's closing.
Aug 4, 2022
2022-Q1
Permian Resources Quarterly Report for Q1 Ended Mar 31, 2022
Centennial Resource Development, Inc. (now Permian Resources Corporation) reported net income of $15.8 million for the three months ended March 31, 2022, compared with a net loss of $34.6 million in the prior-year quarter. Oil and gas sales rose to $347.3 million from $192.4 million, driven by higher realized prices and production. Total net production was 5,522 MBoe, or 61,359 Boe/d, up 13% from the prior year. Results were partly offset by a net loss on derivative instruments of $129.5 million, including a non-cash mark-to-market loss of $86.6 million. The company generated $160.1 million of net cash from operating activities and funded its $81.2 million of drilling and development expenditures entirely from operations. It paid down all borrowings under its Credit Agreement, which had no balance outstanding at March 31, 2022 and $744.2 million of available borrowing capacity. In February 2022 the company amended its credit facility, raising elected commitments to $750 million and extending maturity to February 2027, and its board authorized a $350 million share repurchase program. No shares had been repurchased under that program as of quarter end. The company expects its 2022 capex budget to be between $365 million and $425 million, and it intends to fund the remainder of that budget from operating cash flow. Derivative positions as of March 31, 2022 included crude oil swaps, collars and basis swaps covering periods through 2023, and total long-term debt, net was $801.2 million.
May 5, 2022
2021-Q3
Permian Resources Quarterly Report for Q3 Ended Sep 30, 2021
Centennial Resource Development, Inc. (now Permian Resources Corporation) reported net income of $37.1 million for the third quarter of 2021, compared with a net loss of $51.5 million in the third quarter of 2020, and a net loss of $22.6 million for the nine months ended September 30, 2021 (versus a $596.5 million net loss in the prior-year period, which included a $591.8 million proved property impairment). Oil and gas sales rose to $288.5 million for the quarter from $149.1 million, and to $713.5 million for the nine months from $432.4 million, driven by higher realized prices. Production declined, with total net production of 65,121 Boe/d in the third quarter versus 68,934 Boe/d a year earlier. Net cash provided by operating activities was $333.1 million for the nine months, and capital expenditures were funded entirely from operating cash flow, with the company paying down about $105 million of credit facility borrowings. During 2021 the company issued $170.0 million of 3.25% convertible senior notes due 2028, used to redeem all $127.1 million of its 8.00% senior secured notes due 2025. Long-term debt, net stood at $1.00 billion at September 30, 2021, with $205.0 million outstanding under the credit facility and $488.5 million of available borrowing capacity. The filing reports the company was in compliance with its covenants. Derivative losses were significant, with a net loss of $150.7 million on derivatives for the nine months, including $89.2 million in cash settlement losses. Subsequent to quarter-end, the company agreed on October 27, 2021 to sell about 6,200 net leasehold acres in Reeves County, Texas for an unadjusted price of $101 million, with an expected net gain of approximately $36.5 million and closing expected in December 2021. Proceeds are planned to repay credit facility borrowings. Management concluded disclosure controls were effective as of September 30, 2021.
Nov 4, 2021
2021-Q2
Permian Resources Quarterly Report for Q2 Ended Jun 30, 2021
Centennial Resource Development, Inc. reported a net loss attributable to Class A Common Stock of $25.1 million for the second quarter of 2021, compared with net income of $5.3 million in the second quarter of 2020. For the six months ended June 30, 2021, the net loss was $59.7 million, versus a net loss of $542.7 million in the prior-year period, which included a $591.8 million proved property impairment in the first quarter of 2020. Oil and gas sales rose to $232.6 million for the quarter, up from $90.5 million, driven by higher realized prices, while oil production fell 15% year over year to 31,912 Bbls/d. Net cash provided by operating activities for the first half of 2021 was $179.6 million, and the company stated it was free cash flow positive during the period and expects to continue paying down its credit facility. During the quarter the company issued $170.0 million of 3.25% Convertible Senior Notes due 2028 (net proceeds of $163.6 million), bought capped call transactions for $14.7 million, and redeemed all $127.1 million of its 8.00% Senior Secured Notes at par, recording a $22.2 million loss on extinguishment of debt. Total long-term debt, net, was $1.05 billion at June 30, 2021, and the Credit Agreement had $255.0 million outstanding with $441.0 million of available borrowing capacity. The company expects 2021 capital expenditures of $260 million to $310 million and operated a two-rig drilling program in the first half of 2021. The filing also highlights a $14.4 million quarterly G&A charge from cash-settled liability awards, which rose with the share price and is re-measured each period, and a subsequent-event modification of restricted stock units. A pending lawsuit related to Winter Storm Uri could result in a loss ranging from zero to $7.6 million.
Aug 4, 2021
2021-Q1
Permian Resources Quarterly Report for Q1 Ended Mar 31, 2021
Centennial Resource Development, Inc. (now Permian Resources Corporation) reported a first-quarter 2021 net loss of $34.6 million, compared with a net loss of $548.0 million attributable to Class A Common Stock in the first quarter of 2020, which included a $591.8 million proved property impairment. Oil and gas sales were $192.4 million, essentially flat with $192.8 million a year earlier, as higher realized prices offset lower production: total net production was 4,878 MBoe (54,202 Boe/d) versus 6,536 MBoe (71,820 Boe/d). Net cash provided by operating activities was $72.3 million, and the company stated it was free cash flow positive during the quarter, using it to pay down its credit facility borrowings. The balance sheet shows total assets of $3.85 billion and total liabilities of $1.29 billion, with long-term debt, net, of $1.06 billion. In March 2021 the company issued $170.0 million of 3.25% Convertible Senior Notes due 2028 (net proceeds of $163.7 million), used partly to repay revolver borrowings and fund $14.7 million of capped call transactions. Subsequent to quarter-end, in April 2021, it redeemed all $127.1 million of its 8.00% Senior Secured Notes and expects a loss on debt extinguishment of approximately $22.2 million. The 2021 capex budget is stated at $260 million to $310 million, with the company operating a two-rig program. The filing also discloses a pending lawsuit from a third-party transportation provider related to unused pipeline capacity following Winter Storm Uri, with a reasonably possible loss range of zero to $7.6 million. The company reports compliance with its credit agreement and senior note covenants as of March 31, 2021.
May 5, 2021
2020-Q3
Permian Resources Quarterly Report for Q3 Ended Sep 30, 2020
Centennial Resource Development, Inc. reported a net loss of $51.5 million for the third quarter of 2020 and a net loss of $596.5 million for the first nine months of 2020, compared with net income of $6.8 million for the same nine-month period of 2019. The nine-month loss was driven primarily by a $591.8 million non-cash impairment of proved oil and gas properties recorded in the first quarter of 2020, partially offset by a $143.4 million gain on the exchange of debt. Oil and gas sales fell 35% year over year to $149.1 million in the third quarter and 37% to $432.4 million for the nine months, as average NYMEX oil prices declined and production volumes decreased. Net cash provided by operating activities was $130.2 million for the nine months, down from $384.9 million a year earlier. The company suspended drilling activity in April 2020, reducing its operated rig count to zero until late September, when it resumed with a one-rig program. Management now expects its 2020 capital expenditure budget to be between $240.0 million and $265.0 million, which it states is an approximate 60% reduction from the midpoint of its original estimate. The company also reported a total of $355.0 million borrowed under its credit facility and $304.4 million of available borrowing capacity as of September 30, 2020, and it states it was in compliance with its debt covenants. Liquidity is further supported by a $700.0 million borrowing base and elected commitments, which the lenders reaffirmed in the fall 2020 redetermination. The filing also discloses a Nasdaq notice, received August 10, 2020, that the company's Class A common stock closed below the $1.00 minimum bid price for thirty consecutive business days, with an initial compliance period running until February 6, 2021. Total stockholders' equity declined to $2.69 billion at September 30, 2020 from $3.26 billion at December 31, 2019, reflecting the accumulated deficit of $311.8 million.
Nov 3, 2020
2020-Q2
Permian Resources Quarterly Report for Q2 Ended Jun 30, 2020
Centennial Resource Development, Inc. reported a net loss attributable to Class A Common Stock of $542.7 million for the six months ended June 30, 2020, compared with net income of $9.8 million in the prior-year period. The result was driven by a $591.8 million non-cash impairment of proved oil and gas properties recorded in the first quarter of 2020, which followed a significant decline in forward price curves in March 2020. For the three months ended June 30, 2020, the company reported net income of $5.3 million, helped by a $143.4 million gain on exchange of debt, while oil and gas sales fell to $90.5 million from $244.2 million a year earlier. Oil sales decreased 66% for the quarter, and the company suspended drilling in April 2020, reducing its operated rig program to zero rigs. The balance sheet shows total assets of $4.02 billion and long-term debt, net, of $1.11 billion as of June 30, 2020, up from $1.06 billion at year-end 2019. Cash and cash equivalents were $7.2 million. In May 2020, the company completed a debt exchange in which $254.2 million of senior unsecured notes were exchanged for $127.1 million of 8.00% second lien senior secured notes due 2025. The borrowing base under the credit facility was reduced to $700.0 million elected commitments, with $370.0 million borrowed and $290.0 million of available capacity as of June 30, 2020. The company expects 2020 capital expenditures of $240.0 million to $270.0 million, and it plans to resume drilling with a one-rig program in the fourth quarter of 2020. The filing also notes that the company received a Nasdaq notice regarding its $1.00 minimum bid price requirement, that its stock had recently fallen back below that level, and that a $10.0 million deposit from a terminated water disposal asset sale is subject to ongoing litigation with the purchaser. The company stated that it was in compliance with its credit agreement and senior notes covenants as of June 30, 2020 and through the filing date.
Aug 3, 2020
2020-Q1
Permian Resources Quarterly Report for Q1 Ended Mar 31, 2020
Centennial Resource Development, Inc. (now Permian Resources Corporation) reported a first-quarter 2020 net loss attributable to Class A Common Stock of $547.98 million, or $1.99 per diluted share, compared with a net loss of $8.11 million, or $0.03 per share, in the first quarter of 2019. The loss was driven primarily by a $611.3 million impairment and abandonment expense, which included a $591.8 million non-cash impairment of proved oil and gas properties recorded as of March 31, 2020 after a sharp decline in forward commodity prices. Oil and gas sales fell 10% to $192.8 million, as lower realized oil, natural gas and NGL prices more than offset a 1% increase in total net production to 71,820 Boe/d. Cash flow from operations was $100.8 million, roughly flat year over year. Liquidity and capital activity were sharply reduced after quarter-end. The company dropped its operated rig count to zero in April 2020, expects its 2020 capital budget to be between $240.0 million and $290.0 million, and may voluntarily curtail up to 40% of production in May. On May 1, 2020, the credit agreement's borrowing base and elected commitments were reduced to $700.0 million from $800.0 million elected commitments, and a minimum availability condition may apply if the senior notes exchange closes. As of March 31, 2020 the company had $235.0 million drawn on its revolver and $882.9 million of senior notes, net, and it commenced exchange offers for its 5.375% 2026 and 6.875% 2027 Senior Notes on April 22, 2020, with expected closing on May 22, 2020. Investors should also note the Nasdaq minimum bid price notice received April 21, 2020, with the compliance period extended to December 28, 2020, and the pending sale of water disposal assets for $150.0 million in cash plus up to $75.0 million deferred, which either party may terminate if it does not close by May 15, 2020. The company recorded a $55.6 million valuation allowance against deferred tax assets in the quarter.
May 4, 2020
2019-Q3
Permian Resources Quarterly Report for Q3 Ended Sep 30, 2019
Centennial Resource Development, Inc. reported a third quarter 2019 net loss attributable to Class A Common Stock of $3.6 million, or $(0.01) per diluted share, compared with net income of $39.3 million in the third quarter of 2018. Oil and gas sales were $229.1 million for the quarter, down from $234.9 million a year earlier, as realized oil, natural gas and NGL prices fell while net production rose 21% on a Boe basis to 76,312 Boe/d. Lease operating expenses rose to $42.3 million from $23.7 million, and interest expense increased to $15.2 million from $6.5 million, reflecting the 6.875% Senior Notes due 2027 issued in March 2019. For the nine months ended September 30, 2019, net income attributable to Class A Common Stock was $6.2 million, or $0.02 per diluted share, versus $168.9 million in the prior-year period. Net cash provided by operating activities was $384.9 million, down from $494.7 million, and drilling and development capital expenditures were $644.9 million. Long-term debt, net, rose to $1.00 billion at September 30, 2019 from $691.6 million at December 31, 2018, and the credit facility had $679.2 million of available borrowing capacity. The borrowing base was reaffirmed at $1.2 billion in the fall 2019 redetermination, with elected commitments of $800.0 million. The company operated a six-rig drilling program on average during the first nine months of 2019, completing 57 gross operated wells. The company's 2019 capital budget is $765 million to $925 million, including $625 million to $725 million for drilling and completion. Noncontrolling interest fell to 0.4% from 4.3% after Centennial Contributors exchanged 10,860,144 CRP Common Units for Class A Common Stock in September 2019.
Nov 4, 2019
2019-Q2
Permian Resources Quarterly Report for Q2 Ended Jun 30, 2019
Centennial Resource Development, Inc. reported results for the three and six months ended June 30, 2019 in this Form 10-Q. Oil and gas sales were $244.2 million for the quarter, up from $217.8 million a year earlier, while net income attributable to Class A Common Stock was $17.9 million, compared with $63.5 million in the prior-year quarter. For the six months, net income attributable to Class A Common Stock was $9.8 million versus $129.6 million, reflecting $35.7 million of abandonment expense related to undeveloped leasehold acreage and higher depreciation, depletion and amortization of $208.7 million. Production grew substantially, with total net production up 32% for the quarter (to 76,122 Boe/d) and 33% for the six months, driven by drilling in the Delaware Basin. Realized prices fell sharply, with the average oil price before hedging down 11% for the quarter and natural gas down 55%, partly due to lower NYMEX prices and wider Permian differentials. Lease operating expenses rose 82% for the quarter, which the company attributed to higher well count and workover activity. The balance sheet shows total assets of $4.54 billion and total long-term debt, net, of $881.4 million, following the March 2019 issuance of $500.0 million of 6.875% Senior Notes due 2027. The credit facility had no borrowings outstanding at June 30, 2019, with $799.2 million of available borrowing capacity. Capital expenditures for the six months totaled $482.6 million, and the 2019 capital budget is estimated at $765 million to $925 million.
Aug 5, 2019
2019-Q1
Permian Resources Quarterly Report for Q1 Ended Mar 31, 2019
Centennial Resource Development, Inc. reported a first-quarter 2019 net loss attributable to Class A Common Stock of $8.1 million, or $(0.03) per share, compared with net income of $66.1 million, or $0.25 per share, in the first quarter of 2018. Oil and gas sales were essentially flat at $214.6 million versus $215.9 million, as higher production volumes (up 33% on a Boe basis) offset lower realized prices. Income from operations fell to $5.1 million from $87.9 million, driven by higher lease operating expenses, DD&A, and a $31.3 million impairment and abandonment expense related to undeveloped leasehold acreage. The company's cash flow from operations was $101.0 million, down from $131.8 million a year earlier. Capital expenditures totaled $245.2 million in the quarter, and the company issued $500.0 million of 6.875% senior notes due 2027 in March 2019, using the proceeds to repay all revolving credit facility borrowings. Long-term debt, net, rose to $880.9 million from $691.6 million at year-end 2018, and the revolver had no borrowings outstanding at March 31, 2019, with $799.2 million of available borrowing capacity. The company's 2019 capital budget is estimated at $765 million to $925 million, including $625 million to $725 million for drilling and completion. Management noted that wider oil and gas differentials, attributed to Permian Basin pipeline takeaway constraints, pressured realized prices. In April 2019, the credit facility borrowing base was increased to $1.2 billion from $1.0 billion, while elected commitments remained at $800.0 million, and the applicable margins were reduced by 25 basis points.
May 6, 2019
2018-Q3
Permian Resources Quarterly Report for Q3 Ended Sep 30, 2018
Centennial Resource Development, Inc. reported a substantial increase in activity and revenue for the third quarter and first nine months of 2018 as it expanded its Permian Basin (Delaware Basin) operations. Oil and gas sales were $234.9 million for the three months ended September 30, 2018, up from $111.6 million, and $668.5 million for the nine months, up from $263.8 million. Net income attributable to Class A Common Stock was $39.3 million for the quarter and $168.9 million for the nine months, with basic EPS of $0.15 and $0.64, respectively. Net cash provided by operating activities for the nine months was $494.7 million, compared with $137.2 million a year earlier, while drilling and development capital expenditures were $723.1 million. The balance sheet shows total assets of $4.02 billion and long-term debt, net, of $531.4 million at September 30, 2018, up from $390.8 million at December 31, 2017. The company had $140.0 million of borrowings outstanding under its revolving credit facility, with $459.1 million of available borrowing capacity. In October 2018, the borrowing base was increased from $800.0 million to $1.0 billion and elected commitments from $600.0 million to $800.0 million. Operationally, the company ran a seven-rig program and brought 58 gross operated wells online year to date, and it reported higher production across oil, natural gas and NGLs, with net production for the nine months up 110% on a Boe basis. Investors should note the widening oil and gas differentials, which the filing attributes to anticipated pipeline takeaway constraints in the Permian Basin, and the rise in interest expense tied to the $400.0 million of 5.375% Senior Notes due 2026. The filing also discloses firm crude oil sales agreements with large integrated oil companies, ranging from approximately 40,000 to 105,000 Bbls/d in aggregate over six years, and natural gas transportation commitments totaling 505.6 million MMBtu of gross volumes.
Nov 5, 2018
2018-Q2
Permian Resources Quarterly Report for Q2 Ended Jun 30, 2018
Centennial Resource Development, Inc. reported a strong first half of 2018 as oil and gas sales rose to $433.7 million for the six months ended June 30, 2018, up from $152.2 million a year earlier, and net income attributable to Class A Common Stock reached $129.6 million, or $0.49 per diluted share. Second-quarter oil and gas sales were $217.8 million, with net income attributable to Class A Common Stock of $63.5 million, or $0.24 per share. Production grew substantially, with total net production of 57,528 Boe/d in the second quarter, driven by a seven-rig drilling program in the Delaware Basin, while operating cash flow was $323.9 million for the six months. The balance sheet remained solid, with cash of $42.7 million, total assets of $3.84 billion, and total equity of $3.16 billion at June 30, 2018. Long-term debt, net, stood at $421.2 million, comprised of $30.0 million drawn under the revolving credit facility and $400.0 million of 5.375% senior notes due 2026. The credit agreement was amended on May 4, 2018, raising the borrowing base to $800.0 million and elected commitments to $600.0 million. Capital expenditures for the six months totaled $441.5 million, and the 2018 capital budget is $885 million to $1,050 million. The filing also highlights risk areas: realized natural gas prices fell 25% year over year for the first half amid wider Permian differentials tied to expected pipeline takeaway constraints, and on August 2, 2018 the company agreed to firm crude oil sales of 20,000 Bbls/d beginning January 2019, rising to 30,000 Bbls/d, with a potential financial obligation if physical delivery is not met.
Aug 6, 2018
2018-Q1
Permian Resources Quarterly Report for Q1 Ended Mar 31, 2018
Centennial Resource Development, Inc. reported a sharp increase in activity and revenue for the first quarter of 2018 as it expanded its Delaware Basin development program. Oil and gas sales were $215.9 million versus $61.1 million a year earlier, and net income was $70.8 million, or $66.1 million attributable to Class A Common Stock ($0.25 per diluted share), compared with $10.7 million and $0.04 per share in the prior-year quarter. Total net production reached 54,069 Boe/d, up from 18,469 Boe/d, and the company operated a seven-rig drilling program that completed 16 gross operated wells. Cash flow and liquidity reflect heavy reinvestment. Operating cash flow was $131.8 million, while investing outflows of $218.6 million included $250.5 million of drilling and development expenditures and $101.8 million of acquisitions, partly offset by $135.5 million of proceeds from sales of oil and natural gas properties. Cash fell to $38.2 million at quarter end, and the company had no revolver borrowings, with $474.1 million of available borrowing capacity. Long-term debt was $390.9 million, consisting of 5.375% Senior Notes due 2026. The 2018 capital budget is $885 million to $1,050 million. Subsequent to quarter end, on May 4, 2018, the company entered into an amended and restated credit agreement that increased the borrowing base from $575.0 million to $800.0 million and elected commitments from $475.0 million to $600.0 million, with lower interest rate margins and commitment fees.
May 8, 2018
2017-Q3
Permian Resources Quarterly Report for Q3 Ended Sep 30, 2017
Centennial Resource Development, Inc. reported a sharp increase in activity and revenue for the third quarter and first nine months of 2017 compared with the 2016 Predecessor period, reflecting its Permian Basin (Delaware Basin) drilling program and the June 2017 GMT Acquisition. Total net revenues for the three months ended September 30, 2017 were $111.6 million, up $84.3 million (309%) from $27.3 million, and net income attributable to common shareholders was $14.4 million, or $0.06 per diluted share. Net production for the quarter was 3,192 MBoe, or 34,700 Boe/d, versus 818 MBoe in the prior-year period. For the nine months ended September 30, 2017, total net revenues were $263.8 million and net income attributable to common shareholders was $45.0 million, or $0.19 per diluted share. The company funded its capital program with $137.2 million of operating cash flow, $340.8 million in gross proceeds from a private placement of Class A common stock, and net borrowings under its revolving credit facility. Total capital expenditures for the nine months were $450.2 million, and the company's capital budget for 2017 is $535.0 million to $625.0 million. Balance sheet items to note at September 30, 2017 include cash of $2.6 million, $165.0 million drawn on the revolving credit facility, and $184.1 million of available borrowing capacity. On November 2, 2017, the company amended its credit agreement to raise the borrowing base from $350.0 million to $575.0 million. The filing states the company was in compliance with its financial covenants as of September 30, 2017 and through the filing date.
Nov 7, 2017
2017-Q2
Permian Resources Quarterly Report for Q2 Ended Jun 30, 2017
Centennial Resource Development, Inc. reported a sharp expansion in activity and revenue in the second quarter of 2017 compared with the predecessor period a year earlier. Total net revenues for the three months ended June 30, 2017 were $91.1 million, up $67.7 million, or 290%, from $23.3 million, driven by net production of 2,700 MBoe versus 713 MBoe. For the six months ended June 30, 2017, total net revenues were $152.2 million, and the company recorded net income attributable to common shareholders of $30.6 million, compared with a net loss of $30.6 million in the prior-year predecessor period. Net income attributable to common shareholders for the three months ended June 30, 2017 was $20.8 million, or $0.09 per diluted share. The balance sheet grew substantially with the June 2017 GMT Acquisition in Lea County, New Mexico, which carried an unadjusted purchase price of $350.0 million and was funded largely by a private placement of 23.5 million Class A shares at $14.50 per share, for gross proceeds of approximately $340.8 million. Total assets rose to $3.10 billion at June 30, 2017 from $2.65 billion at December 31, 2016. Cash was reduced to zero, and the company had $35.0 million drawn on CRP's revolving credit facility, with $314.1 million of available borrowing capacity under a $350.0 million borrowing base. Capital expenditures for the six months totaled $270.4 million, and the 2017 capital expenditure budget is stated as $535.0 million to $625.0 million. Accounts receivable and accrued capital expenditures increased notably, and the company recorded a $9.1 million income tax expense for the six months. Management states that cash flow from operations and borrowings under the credit facility are expected to provide sufficient liquidity for the current capital program, and that CRP was in compliance with its financial covenants as of June 30, 2017.
Aug 9, 2017
2017-Q1
Permian Resources Quarterly Report for Q1 Ended Mar 31, 2017
Centennial Resource Development, Inc. reported first-quarter 2017 (Successor) total net revenues of $61.1 million, up from $15.1 million in the Predecessor period of the first quarter of 2016, with net income attributable to the company of $9.8 million, or $0.04 per diluted share. Oil sales were $46.7 million on net production of 944 MBbls, and total net production was 1,662 MBoe (18,469 Boe/d). The filing attributes the production increase largely to drilling success in the Delaware Basin and the Silverback Acquisition, which closed in December 2016. Cash and cash equivalents declined to $54.9 million at March 31, 2017 from $134.1 million at December 31, 2016, reflecting $98.4 million of net cash used in investing activities, including $62.1 million of drilling and development capital expenditures and $38.7 million of property acquisitions. The company had no borrowings under its revolving credit facility at quarter-end. The company's 2017 capital expenditure budget is stated as $535.0 million to $625.0 million, and the filing describes a fifth operated rig added in February 2017 with a sixth planned for June 2017. In April 2017 the company agreed to acquire GMT Exploration's Northern Delaware Basin assets for approximately $350.0 million, expected to close on or about June 8, 2017. To fund that deal, the company sold 23,500,000 Class A shares in a private placement for gross proceeds of approximately $341.0 million in May 2017. The borrowing base under the credit facility was raised from $250.0 million to $350.0 million on April 28, 2017. The filing also notes that Public Warrants were exercised or redeemed around the March 31, 2017 redemption date, and that the company recognized no income tax expense or benefit for the quarter after releasing $3.5 million of its deferred tax asset valuation allowance. General and administrative expenses rose to $12.1 million, including $2.6 million of equity-based compensation, and lease operating expenses per Boe fell to $4.38 from $6.16 a year earlier.
May 11, 2017
2016-Q3
Permian Resources Quarterly Report for Q3 Ended Sep 30, 2016
Centennial Resource Development, Inc. (formerly known as Silver Run Acquisition Corporation) filed this Form 10-Q on November 10, 2016 for the quarter ended September 30, 2016, while it was still a blank check company. As of that date, the company held $500,549,802 in its Trust Account, which was invested in money market funds investing in U.S. government obligations, and had cash of $137,583 outside the trust. For the three months ended September 30, 2016, it reported a net loss of $524,077, primarily from general and administrative expenses of $747,055 (plus $30,000 of administrative fees paid to a related party), offset by $252,978 of Trust Account interest income. It had generated no operating revenue. The most important event for investors came after the quarter ended. On October 11, 2016, the company completed its Initial Business Combination by acquiring approximately 89% of the membership interests in Centennial Resource Production, LLC (CRP), and changed its name to Centennial Resource Development, Inc. The company contributed $1,485,999,739.31 to CRP, CRP paid the Centennial Contributors $1,186,744,348 in aggregate cash consideration, and the Centennial Contributors retained 20,000,000 CRP common units, representing approximately 11% of CRP's membership interests. The transaction was funded in part by approximately $1.01 billion of private placements of Class A Common Stock, including 81,005,000 shares sold to Riverstone Centennial Holdings, L.P. Post-closing, CRP's Credit Agreement was amended to increase the borrowing base from $140,000,000 to $200,000,000 and to set the interest rate at LIBOR plus 2.25% to 3.25%, and all term loans were repaid at closing. The company also issued one share of Series A Preferred Stock to CRD, which has the right to nominate one director, and Class A authorized shares increased from 200,000,000 to 600,000,000. The filing's financial statements reflect only the pre-merger blank check company and do not include the effects of the business combination.
Nov 10, 2016
2016-Q2
Permian Resources Quarterly Report for Q2 Ended Jun 30, 2016
Silver Run Acquisition Corporation, a blank check company formed to effect an Initial Business Combination, reported its Form 10-Q for the quarter ended June 30, 2016. The company completed its Public Offering of 50,000,000 Units at $10.00 per Unit on February 29, 2016, generating gross proceeds of $500,000,000, and sold 8,000,000 Private Placement Warrants to its Sponsor for $12,000,000. At June 30, 2016, $500,296,824 was held in the Trust Account, and the company held $778,524 in cash outside the Trust Account. For the three and six months ended June 30, 2016, net income was $31,882 and $64,521, respectively, consisting primarily of Trust Account interest income offset by general and administrative expenses and administrative fees paid to a related party. The company had not yet generated operating revenue. After the quarter end, on July 21, 2016, the company entered into an Agreement to Assign with New Centennial, LLC, an affiliate of Riverstone Holdings, LLC, to assume rights under a Contribution Agreement under which the company would acquire approximately 89% of the outstanding membership interests in Centennial Resource Production, LLC (CRP). The transaction contemplates a cash contribution of $1,186,744,348, plus $200,000,000 if a cash election is made, subject to stockholder approval, with the approval deadline of October 10, 2016. Subscription agreements were also entered into for 20,000,000 Class A shares for $200,000,000 from accredited investors and up to 81,005,000 Class A shares for approximately $810,000,000 from a Riverstone affiliate. Investors should note that the company's only significant assets are the funds held in the Trust Account, which are available for release only upon completion of an Initial Business Combination, stockholder redemption rights, or liquidation if no combination is completed within 24 months of the Public Offering closing. The filing describes the proposed transaction's conditions and related subscriptions, but the company is not yet subject to a completed business combination.
Aug 11, 2016
2016-Q1
Permian Resources Quarterly Report for Q1 Ended Mar 31, 2016
Silver Run Acquisition Corporation, now Permian Resources Corporation, is a blank check company formed to effect a business combination with one or more businesses. It completed its initial public offering on February 29, 2016, selling 50,000,000 units at $10.00 per unit for gross proceeds of $500,000,000. The company placed $500,000,000 in a trust account at J.P. Morgan Chase Bank, N.A., and at March 31, 2016 the trust investment was valued at $500,062,592. As of the filing, the company had not engaged in significant operations and was locating suitable targets. It was not subject to any definitive agreement for a business combination. For the three months ended March 31, 2016, the company reported net income of $32,639. This consisted of $62,582 of investment income on the Trust Account, offset by $29,943 of general and administrative expenses. At quarter end, the company held cash of $1,713,777 outside the trust and a working capital surplus of $1,210,738. Total stockholders' equity was $5,000,010, with 47,877,332 Class A shares classified outside permanent equity at approximately $10.00 per share. Investors should note that the company's underwriters are owed a deferred discount of $17,500,000, payable only if an initial business combination is completed. The Sponsor holds 8,000,000 private placement warrants exercisable at $11.50 per share, and the company has 24 months from the offering closing to complete a combination or redeem public shares. The company stated it does not expect to need additional funds before a business combination, though it may raise funds through a private offering of debt or equity at that time.
May 4, 2016