Permian Resources Corporation (“Permian Resources” or the
“Company”) (NYSE: PR) today announced a series of recent portfolio
optimization transactions consisting of two bolt-on acquisitions, a
sizeable acreage swap, a divestiture of non-core assets and
additional grassroots acquisitions.
“Since closing the Earthstone transaction, Permian Resources has
added 14,000 net acres and 5,300 net royalty acres located in the
core of the Delaware Basin at attractive valuations,” said James
Walter, Co-CEO of Permian Resources. “As a result of our portfolio
management efforts over the past year, Permian Resources has more
than replaced the approximately 150 wells included in its 2023
development schedule, effectively increasing inventory life. Going
forward, we will continue our relentless focus on portfolio
optimization, which is one of several key value drivers we believe
differentiates Permian Resources.”
Recent Acquisitions
The Company recently executed two separate transactions to
acquire a total of approximately 11,500 net leasehold acres and
4,000 net royalty acres located in Eddy County, New Mexico from
undisclosed third-parties for a total consideration of
approximately $175 million, or approximately $10,000 per net
leasehold acre after adjusting for production value.
Together, the acquired properties consist of predominately
undeveloped acreage, contiguous to legacy Earthstone’s position and
offset Permian Resources’ highly capital efficient Parkway asset.
Permian Resources has identified over 100 gross operated, two-mile
locations with high NRIs on the acquired properties which
immediately compete for capital.
“The quality of the acquired acreage is consistent with our core
Parkway position, which represents one of the highest returning
assets within our portfolio. We are excited to begin development on
the recently acquired acreage later this year,” said Will Hickey,
Co-CEO of Permian Resources.
Additionally, Permian Resources continues to be highly
successful executing upon its ground game, consisting of smaller
grassroots acquisitions. During the fourth quarter of 2023, the
Company added approximately 500 net acres through over 35
grassroots leasing and working interest acquisitions. Notably, the
majority of these acquisitions are executed ahead of the drill-bit,
making them highly accretive.
Recent Acreage Trade
During the first quarter of 2024, the Company executed an
acreage trade that added high-return, operated inventory with
advantaged NRIs and further bolstered its position in Lea County,
New Mexico. Permian Resources traded into approximately 2,000 net
acres with increased working interest adjacent to its current
position. As part of the transaction, the Company traded out of
approximately 2,000 net acres of non-operated acreage and lower
working interest operated acreage, which consisted of shorter
lateral development that was not on the Company’s near-term drill
schedule. The Company expects to begin development on the newly
acquired acreage in 2024.
Recent Non-Core Divestiture
In the fourth quarter of 2023, Permian Resources closed the
previously announced divestiture of legacy Earthstone’s Eagle Ford
assets for a purchase price of $67 million, which included
approximately 1,000 barrels of oil equivalent per day of net
production.
Full Year 2023 Acquisition & Divestiture Review
Since the beginning of 2023, Permian Resources remained active
in high-grading its portfolio through a series of bolt-on
acquisitions (3), acreage swaps (2), grassroots acquisitions
(>140) and non-core divestitures (2). Overall, Permian
Resources’ robust portfolio optimization efforts added
approximately 17,000 Permian net acres, 7,300 Permian net royalty
acres and over 200 high-quality, gross operated locations in the
core of the Delaware Basin. The cumulative effect of these
transactions resulted in the Company replacing over 100% of its
developed inventory during 2023 on a standalone basis for less than
$100 million net of divestitures.
Additionally, the combined net production impact attributable to
the transactions discussed in this press release is expected to be
immaterial to the Company’s 2024 production. Permian Resources
plans to issue full year 2024 guidance concurrent with its fourth
quarter and full year 2023 earnings results in late February. For
maps and further details summarizing Permian Resources’ recent
transactions, please see the presentation materials on its website
under the Investor Relations tab.
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, making it the
second largest Permian Basin pure-play E&P. 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;
- our plans, objectives, expectations and intentions contained in
this press release that are not historical; and
- the other factors described in our most recent Annual Report on
Form 10-K, and any updates to those factors set forth in our
subsequent Quarterly Reports on Form 10-Q or Current Reports on
Form 8-K.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240130429953/en/
Hays Mabry – Sr. Director, Investor Relations Mae Herrington –
Engineering Advisor, Investor Relations (832) 240-3265
ir@permianres.com
Permian Resources (NYSE:PR)
過去 株価チャート
から 4 2024 まで 5 2024
Permian Resources (NYSE:PR)
過去 株価チャート
から 5 2023 まで 5 2024