Permian Resources to acquire Occidental Delaware Basin assets for $817.5M; launches $750M notes & 26.5M-share offerings

Permian Resources Corp

Acquires ~29,500 net acres, ~9,900 net royalty acres, ~15,000 Boe/d (~55% oil) for $817.5M cash; closes Q3 2024.
Acquisition valued at ~3.4x 2025E EBITDAX; expected accretive to cash flow, FCF, and NAV per share.
Launches $750M senior unsecured notes due 2033 and 26.5M-share public offering to fund acquisition and refinance 7.75% 2026 notes.
Commences tender offer for all $300M outstanding 7.75% 2026 notes; also plans to redeem any untendered notes by Feb 2025.
Preliminary Q2 2024: oil output 152.1-153.6 MBbl/d, capex $511-522M, controllable cash costs $7.41-7.49/Boe.

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